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CAMAC Energy closes Allied Energy acquisition


Published Feb 25, 2014
CAMAC Energy - Oyo #7 well

CAMAC Energy Inc. has closed the acquisition of the remaining economic interests that it did not already own in the production sharing contract covering Oil Mining Leases 120 and 121 (the "OMLs") offshore Nigeria, which include the currently producing Oyo Field, from Allied Energy Plc (Allied).

CAMAC Energy now has operatorship and a 100% interest in 8 production and exploration licenses in 3 countries, including the OMLs, Blocks L1B and L16 onshore Kenya, Blocks L27 and L28 offshore Kenya, and Blocks A2 and A5 offshore Gambia. Total net acreage is just over 41,000 square kilometers, or approximately 10 million acres. Current net daily production is approximately 2,000 barrels of oil, and 40 million cubic feet of natural gas.

Tags: CAMAC Energy Inc., CAMAC Energy Inc.




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