CAMAC Energy Inc. Announces Arrival of Rig to Drill Oyo #7 Well
HOUSTON, Sept. 4, 2013 /PRNewswire/ -- CAMAC Energy Inc. (NYSE MKT: CAK) ("the Company") has been informed by Allied Energy PLC ("Allied") that the Sedneth 701 drilling rig has arrived on location at OML 120, offshore Nigeria, and is preparing to drill the Oyo #7 well. After setting anchors and taking on initial drilling materials, it is anticipated that the well will be spud on or before September 10, 2013.
The first phase of drilling operations is expected to last 60 days, during which time the well will be drilled to a target depth of approximately 2,450 meters. This well section will penetrate the currently producing Pliocene reservoir (T1A), appraise the T1B reservoir and provide an exploration test of the Miocene. After completion of the first drilling phase, the rig will be released to Nigerian Petroleum Development Corporation Limited ("NPDC") per the Deed of Assignment between NPDC and Allied. The second phase of drilling to complete the well and begin production is expected to commence in 2014 upon receipt of the necessary long-lead items.
"Drilling of the Oyo #7 well is a major milestone for CAMC Energy," commented Segun Omidele, Senior Vice President of Exploration and Production. "We have dual objectives for the well; to increase production from the currently producing Pliocene reservoir and to test the resource potential in the deeper Miocene."
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 The 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 and 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 for drilling may be delayed due to unavailability or delays in procurement of necessary equipment and materials, including delivery of the drilling rig by the current operator. 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.
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