MissionIR News - CAMAC Energy Awarded Contract to Operate Offshore Exploration Blocks in Highly Sought-after African Province

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Agreement supports CAMAC Energy’s strategy for frontier exploration, reflects company reputation.

Gambia’s blocks A2 and A5 represent highly sought after assets in one of the world’s most exciting hydrocarbon provinces, the West African Transform Margin.

MissionIR would like to highlight CAMAC Energy, Inc., a publicly traded company. CAMAC Energy is a U.S.-based energy company engaged in the exploration, development and production of oil and gas. The company currently has operations in Nigeria and, through its Pacific Asia Petroleum subsidiaries, in China. The company's principal assets include interests in OML 120 and OML 121, offshore oil leases in deepwater Nigeria that started production from the Oyo Oilfield in December 2009, and a 100% interest in the Zijinshan Block gas asset located in the Shanxi Province, China.

In the company’s news earlier this week,

CAMAC Energy Inc. announced its agreement with the Gambian Ministry of Petroleum (on behalf of the Government of the Republic of The Gambia) in which the company was awarded the contract to be the operator of two offshore exploration blocks in water depths between 600-1,000 meters.

Per the agreement, CAMAC Energy will operate blocks A2 and A5, for which it holds an 85 percent interest in the blocks, which cover 2,666 square kilometers.

The agreement is a significant achievement for the company, reflecting the opportunity to operate in a highly favored province in West Africa and emphasizing the company’s position in the market.

“We are extremely pleased to be awarded these two blocks. Gambia’s blocks A2 and A5 represent highly sought after assets in one of the world’s most exciting hydrocarbon provinces, the West African Transform Margin. Today’s announcement demonstrates additional progress in our frontier exploration strategy. It also reaffirms the company’s reputation as a value added oil and gas partner to National Oil Companies in Africa,” CAMAC Energy chairman and CEO Dr. Kase Lawal stated in the press release.

The two exploration blocks are located in the highly prospective West African Transform Margin, which is home to several recent major discoveries in Ghana and Sierra Leone. The presence of hydrocarbons has been established in the area, and recent extensive 3D seismic shots have revealed several material prospects and leads.

According to African Petroleum Corporation Limited’s third-party estimates, the Alhamdulilah prospect has potential mean unrisked resources of approximately 500 million barrels.

The agreement is subject to submission of an Environmental Impact Assessment (EIA) and signing of final petroleum exploration licenses within 90 days. CAMAC has submitted the EIA report, and signing of the license documents is expected in the next few weeks.

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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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