CAMAC Energy Inc. announced that a long-term contract has been signed for the floating, production, storage, and offloading vessel ("FPSO") Armada Perdana. The contract provides for an initial term of five years beginning January 1, 2014, with an automatic extension for an additional two years unless terminated by CAMAC with prior notice. The Company plans to utilize the FPSO for its multi-year, high-impact development and production operations in Nigeria.
FPSO Armada Perdana has a production capacity of 40,000 barrels of oil per day, and storage capacity of 1.1 million barrels. It currently supports our daily production of approximately 2,000 barrels of oil and 40 mmcf of natural gas from the Oyo Field in OML Block 120 offshore Nigeria.