CAMAC Energy Announces Additional Drilling Rig for Offshore Nigeria
December 03 2014 - 7:00AM
Business Wire
Transocean Sedco Express
semi-submersible secured for completion of Oyo-7 and Oyo-8
CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT:CAK)
announced today that it has signed a contract with a subsidiary of
Transocean Ltd. for the provision of the semi-submersible drilling
unit Sedco Express for drilling and
completion activities offshore Nigeria. The contract allows
for the drilling or completion of up to three wells, and CAMAC
intends to use the rig to accelerate timing of the tie-in of
production from the Oyo-7 and Oyo-8 development wells. With the
ability to drill a third well, and an option to extend the
contract, the Company is also considering using the rig to
accelerate its 2015 exploration drilling program.
The Sedco Express is an ultra deepwater, semi-submersible
drilling rig built in 2000, and is already within close proximity
of the Oyo Field in OML 120. The Company’s other rig, the drillship
Energy Searcher, will continue the plugging and abandonment
operations on the Oyo-5 and Oyo-6 wells.
Kase Lawal, Chairman and Chief Executive Officer, commented,
“CAMAC is fully committed to bringing on production from our next
two development wells as soon as possible, and we are pleased to
secure this additional rig to accomplish our goals. The Sedco
Express is a highly-efficient rig, and we may also utilize it to
accelerate our exploration program.”
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and
production company focused on energy resources in sub-Saharan
Africa. Its asset portfolio consists of nine licenses across four
countries covering an area of 43,000 square kilometers, including
current production and other exploration projects offshore Nigeria,
as well as exploration licenses offshore Ghana, Kenya, and Gambia,
and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas.
For more information about CAMAC Energy, please visit
www.camacenergy.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical fact, concerning activities,
events or developments that the Company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Although the Company believes the expectations
reflected in these forward-looking statements are reasonable, they
involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. The Company’s actual
results could differ materially from those anticipated or implied
in these forward-looking statements due to a variety of factors,
including the Company’s ability to successfully drill and complete
the wells and prospects identified in this release and risks and
other risk factors discussed in the Company’s periodic reports
filed with the Securities and Exchange Commission. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. You should not place undue
reliance on forward-looking statements, which speak only as of
their respective dates. The Company undertakes no duty to update
these forward-looking statements.
CAMAC Energy Inc.Investors:Christopher D. Heath,
713-797-2945Director, Corporate Finance and Investor
Relationschris.heath@camacenergy.comorMedia:Lionel C. McBee,
713-797-2960Manager, Corporate
Communicationslionel.mcbee@camacenergy.com
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