Exile finds home in Zambia

JUNIOR OIL AND gas explorer Exile Resources has received a formal exploration licence for its project in north-eastern Zambia.

Exile Resources, which has an investment licence for Block 26, is currently reviewing data and undertaking geochemical surveys to study the potential for oil and gas in Zambia.

The Toronto-based company, which is focussed on the acquisition and development of oil and gas properties in sub-Saharan Africa, also said first production at its Akepo field project in Nigeria is targeted for May.

Nigerian oil company Sogenal has a 60 per cent stake in the property, while Exile owns the rest. However, Exile has a farm-out agreement with Oando Petroleum and Exploration Company where Oando can get a 30 per cent stake in the property by paying all of Exile's past exploration costs, leaving Exile with a 10 per cent participating interest.

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