ODYE acquires exploration blocks offshore Sierra Leone

22 November 2012

ODYE and its partners, Chevron and Noble Energy, have received participating interest in two offshore, deepwater exploration blocks from the Sierra Leone Government.

The agreement, signed on 21 September by ODYE's subsidiary ODYE (SL) and Sierra Leone's minister of finance, was ratified by parliament on 24 September.

Combined into one concession range, the blocks, SL 8A-10 and SL 8B-10, cover a combined area of 5,500km² and are located in water depths of 1,500-3,000m, south-west of the capital of Freetown.

ODYE director Dominic Traynor said: "The company is looking forward to working with Chevron and Noble Energy to develop the exploration blocks for the benefit of all stakeholders and the people of Sierra Leone."

Chevron will be the operator of the two blocks with a 55% interest. Meanwhile, Noble Energy owns a 30% stake and ODYE a 15% stake. This is before taking into account a Sierra Leone National Oil Company optional back-in of 15% at the final investment decision.

Patrizia Ferrarese, ODYE corporate communications director, revealed that: "As part of ODYE's commitment to sustainable development, ODYE will implement an agriculture initiative to catalyse growth through food security, employment creation and regional development in Sierra Leone."

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