Junior oil and gas explorer Exile Resources Inc said it received a formal exploration licence for its project in northeastern Zambia.
Exile Resources, which has an investment license 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 2011.
Nigerian oil company Sogenal Ltd has a 60 percent stake in the property, while Exile owns the rest. However, Exile has a farm-out agreement with Oando Petroleum and Exploration Co where Oando can get a 30 percent stake in the property by paying all of Exile’s past exploration costs, leaving Exile with a 10 percent participating interest.
Exile Resources shares, which have gained about 67 percent in the past one year, closed at 17.5 Canadian cents on Tuesday on the Toronto Venture Exchange.
