The Parliament of Sierra Leone has Ratified the Award of Offshore Exploration Blocks for ODYE Limited With Partners, Chevron and

The Parliament of Sierra Leone has Ratified the Award of Offshore Exploration
       Blocks for ODYE Limited With Partners, Chevron and Noble Energy

  PR Newswire

  LONDON, October 8, 2012

LONDON, October 8, 2012 /PRNewswire/ --

ODYE Limited ("ODYE" or the "Company") is pleased to announce that the Sierra
Leone Government has awarded ODYE's subsidiary, ODYE (SL) Limited, a
participating interest in two offshore deepwater exploration blocks, SL 8A-10
and SL 8B-10, along with its partners, Chevron and Noble Energy.

ODYE's 100% owned subsidiary, ODYE (SL) Limited, has signed a petroleum
license with Sierra Leone's Minister of Finance on 21 September 2012 which was
ratified by the Parliament of Sierra Leone on 24 September 2012 for the
exploration blocks that were provisionally awarded and subject to negotiations
by the Petroleum Directorate for its 3 ^rd bid round, with the bidding closing
on 30 March 2012.

The two blocks, SL-08A and SL-08B, have been combined into one concession and
are located between 75 and 110 miles (120 and 180 km) southwest of the capital
of Freetown and cover a combined area of about 2,100 square miles (5,500 sq.
km). The new blocks have average water depths ranging approximately 4,900 to
9,800 feet (1,500 to 3,000 m).

According to ODYE Director, Dominic Traynor, "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."

Under the award, Chevron (SL) Ltd. will be operator with a 55 percent
interest, along with Noble Energy SL Limited. (30 percent) and ODYE (SL)
Limited (15 percent). This is before a Sierra Leone National Oil Company
optional back-in of 15 percent at final investment decision.

In addition, ODYE's Corporate Communications Director, Ms. Patrizia Ferrarese
states, "As part of ODYE's commitment to sustainable development, ODYE will
implement an agriculture initiative to catalyze growth through food security,
employment creation and regional development in Sierra Leone. The ODYE led
Agriculture Initiative will commence with a commercial rice project in the
country and the company is currently completing its feasibility study for the
project."

About ODYE

ODYE is an oil and gas exploration company focused primarily in West Africa.
The Company is actively engaged in the acquisition of a portfolio of high
quality exploration assets both onshore and offshore.

Please visit the Company's web site at http://www.odye.co.uk

Cautionary Note Regarding Forward-looking Information Certain statements made
in this presentation are forward-looking statements. These forward-looking
statements are not historical facts but rather are based on the Company's
current expectations, estimates and projections about its industry and market,
its beliefs and assumptions. Words such as 'anticipates,' 'expects,'
'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors, some of which are beyond the Company's
control, are difficult to predict and could cause actual results to differ
materially from those expressed or forecasted in the forward-looking
statements.  These factors include, amongst other: political risk; currency
and exchange rate movements; commodity pricing changes; the ability of the
Company to locate and extract minerals; management of growth; dependence on
key personnel; rapid expansion; financial risk management; and future growth
subject to risks. The Company cautions recipients of this document not to
place undue reliance on these forward-looking statements, which reflect the
view of the Company only as of the date of this document.  The
forward-looking statements made in this document relate only to events as of
the date on which the statements are made. The Company will not undertake any
obligation to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances or unanticipated
events occurring after the date of this document except as required by law or
by any appropriate regulatory authority.

Image with caption: "The two exploration blocks, SL-08A and SL-08B, have been
combined into one concession and are located between 75 and 110 miles (120 and
180 km) southwest of the capital of Freetown and cover a combined area of
about 2,100 square miles (5,500 sq. km). (CNW Group/ODYE Limited)". Image
available at:
http://photos.newswire.ca/images/download/20121008_C5021_PHOTO_EN_19009.jpg



For further information: Patrizia Ferrarese Tel: +1-416-554-6443
patrizia@liplimited.co.uk