The Government of Senegal Announced Elenilto as the Operator of the Offshore Sud Shallow Oil Block

DAKAR, Senegal - Monday, December 31st 2012 [ME NewsWire]

(BUSINESS WIRE)-- After two years of operations in Senegal and negotiations with the Government of the Republic of Senegal, ELENILTO, one of the leading African oil and minerals developers, has been awarded the decree by the President of Senegal to the Production Sharing Contract (PSC) it has recently executed with the Government of Senegal and Petrosen, the national oil company of Senegal, to develop the prospective Senegal Offshore Sud Shallow Oil block. ELENILTO will be the operator of the block and Petrosen shall have minority participation interest in the project.

The block is 7,920 sq km and is located in Southern Senegal Casamance offshore basin, covered by 2D seismic. Oil Resources volumetric assessment based on reprocessed 2D seismic coverage indicates potential of 500-800 million barrels of oil in first priority leads. Other deeper possibilities are highly likely and will be explored by Elenilto.

ELENILTO has selected two areas of interest as first priority for immediate further exploration and shall begin the 3D seismic survey shortly.

ELENILTO shall invest in exploration tens of Millions US Dollars which shall include the 3D seismic coverage and drilling wells in the shallow water block.

ELENILTO is operating in Senegal since 2010 in the Hydrocarbon and Minerals sectors, and its operations in Senegal are managed by its local manager and minority partner, Mr. David Ericson through Capital Investments and Management (CIM). Mr. Ericson is an experienced business man cooperating with Elenilto for over 10 years in several countries.

About Elenilto

Elenilto is one of the leading oil, gas and minerals developers in Africa and is developing offshore & onshore oil blocks, iron ore, tantalum, coal and other minerals large scale projects in 8 countries in Africa and Europe, in the scope of billions of US dollars.

Contacts

Elenilto

CEO Senegal

David Ericson

+44 (20) 8457 7249

www.elenilto.com