LONDON, UNITED KINGDOM--(Marketwire -07/12/12)- ODYE Limited ("ODYE" or the "Company") is pleased to announce that the Sierra Leone government has provisionally awarded ODYE participation in two offshore exploration blocks, SL 8A-10 and SL 8B-10, in Sierra Leone.
The exploration blocks were provisionally awarded and subject to negotiations by the Petroleum Directorate of Sierra Leone for its 3rd bid round for nine open offshore exploration blocks, with the bidding closing on 30 March 2012.
According to ODYE spokesperson, Patrizia Ferrarese, "The Company is looking forward to working with the other participants in these provisionally awarded blocks, Chevron Sahara and Noble Energy, to develop the assets for the benefit of all stakeholders and the people of Sierra Leone. ODYE reiterates its commitment to sustainable development and the preservation of the environment in its exploration and operational efforts. In addition, ODYE has pledged to catalyze growth and create more employment opportunities in Sierra Leone's agricultural sector."
The exploration blocks SL 8A-10 and SL 8B-10 contain 2584 sq. km and 3020 sq.km of area respectively. The leads in the exploration blocks consist of Early to Late Cretaceous oil prone marine source rocks, primarily shale, sand and shale basin floor fans, channelized sand sequences and potentially high porosity sands.
ODYE is an oil and gas exploration company focused primarily in West Africa. The Company is actively engaged in the acquisition and development of a portfolio of high quality exploration assets both onshore and offshore. The Company explores, evaluates, and develops each project quickly and with a unique focus. ODYE has particular regard to engaging local contractors and workers to maintain close co-operation with the local governments and people.
Please visit the Company's web site at www.odye.co.uk.
Cautionary Note Regarding Forward-looking Information
Certain statements made in this presentation are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates and projections about its industry and market, its beliefs and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. These factors include, amongst other: political risk; currency and exchange rate movements; commodity pricing changes; the ability of the Company to locate and extract minerals; management of growth; dependence on key personnel; rapid expansion; financial risk management; and future growth subject to risks. The Company cautions recipients of this document not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this document. The forward-looking statements made in this document relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward- looking statements to reflect events, circumstances or unanticipated events occurring after the date of this document except as required by law or by any appropriate regulatory authority.