Exile Resources Inc. provided an update on its current operational and corporate initiatives.
Corporately, with regard to the reverse take-over (RTO) by Oando plc, the Toronto Stock Exchange (TSX) is reviewing the listing application and the process is ongoing. The deadline for the Master Agreement has been extended to May 31, 2012, although, obviously it is hoped that a decision will be reached by the TSX before then. Exile and Oando plc continue to work with the TSX towards completion of the RTO.
Operationally, in Nigeria, first oil from the Akepo Field has been delayed by early onset of the rainy season which has delayed pipelay operations, and this is now expected to be in Q4, 2012.
In Turkey, the company is waiting for a decision on the award of the Bostanci License by the Licensing Authorities. In the meantime, discussions are ongoing with GYP, the drilling contractor for the Bostanci well which was terminated early, regarding the unused funds paid by Exile for the well which are still held by GYP.