HOUSTON, Feb. 25, 2013 /PRNewswire/ -- CAMAC Energy Inc. (NYSE MKT: CAK) ("the Company") today announced it has signed an agreement with Sander Geophysics Limited ("SGL") to shoot airborne gravity and magnetic geophysical surveys on its Kenya onshore Lamu Basin Blocks L1B and L16 ("Blocks"). The data acquisition will cover the entire 12,197 square kilometers in Block L1B and the entire 3,613 square kilometers in Block L16, exceeding the first exploration period's gravity and magnetic survey requirements for each Block.
The results of the airborne gravity and magnetic survey will be used to optimize the placement of 2-D seismic lines by identifying faults, basement structures and intra-sedimentary volcanic layers and/or intrusions. Airborne gravity and magnetic data combined with 2-D seismic has been utilized to identify successful exploration targets in East African Rift Basins by regional operators Heritage, Tullow and Africa Oil. The Company expects SGL to commence data acquisition in the second quarter of 2013 and provide initial results in the third quarter of 2013.
Founded in 1956, the Ottawa-based SGL provides worldwide airborne geophysical surveys for petroleum and mineral exploration, and geological and environmental mapping. SGL has operated on every continent including Antarctica, and under diverse conditions ranging from the tropics, deserts, mountains and offshore.
"Executing this agreement with SGL is an important milestone for our Kenya exploration program," said Senior Vice President of Exploration and Production Segun Omidele. "These gravity and magnetic surveys will satisfy the first requirement of the first exploration period, and most importantly, will allow us to delineate an optimal 2-D seismic program on the Blocks. This is the first step to unlocking the high potential value of our onshore Kenya acreage."
About CAMAC Energy Inc.
CAMAC Energy Inc. (NYSE MKT: CAK) is a U.S.-based energy company engaged in the exploration, development and production of oil and gas. The Company's principal assets include interests in OML 120 and OML 121, offshore oil and gas leases in deep water Nigeria which include the currently producing Oyo Oilfield, and six recently acquired exploration blocks in Kenya and Gambia. The Company is currently pursuing further additions to its exploration portfolio in East and West Africa. The Company was founded in 2005 and has offices in Houston, Texas, Nairobi, Kenya, Banjul, Gambia and Lagos, Nigeria.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, are "forward-looking statements," including statements regarding the Company's proposed transactions, business strategy, plans and objectives, prospectivity of oil and gas acreage and other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "will," "should," "believes," "expects," "anticipates" or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of their respective dates. Risks and uncertainties regarding the transactions described herein include the possibility that the schedule may be delayed due to delays in aircraft availability. In addition, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of other factors including those discussed in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission ("SEC"). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
CAMAC Energy Inc.
Cristy Taylor, 713-797-2940
SOURCE CAMAC Energy Inc.