Ready to Commence Oil Production
HOUSTON - Tuesday, March 31st 2015 [ME NewsWire]
(BUSINESS WIRE) -- CAMAC Energy Inc. (“CAMAC” or “the Company”) (NYSE MKT:CAK) announced today it has finished completion operations on the Oyo-8 well, located offshore Nigeria, and is now ready to commence oil production.
Oyo-8 is hooked up to the FPSO Armada Perdana owned by Bumi Armada Berhad (“Bumi”). However, CAMAC has been informed by Bumi that the FPSO is not ready to receive oil production from the well due to class certification inspections of the vessel’s mooring lines being conducted by the American Bureau of Shipping (“ABS”). Bumi estimates these inspections to be completed within two weeks, at which time Oyo-8 will be allowed to produce into the FPSO.
In the meantime, CAMAC is demobilizing the Sedco Express drilling rig from the Oyo-8 location and the rig will then mobilize to the Oyo-6 well location to continue its planned Oyo field operations. The Company does not anticipate further changes to the project schedule of the Oyo-7 well as a result of the FPSO inspection delays.
Kase Lawal, Chairman and Chief Executive Officer, commented: “The successful well completion operations on Oyo-8 and our readiness to commence oil production are significant milestones for creating long-term shareholder value. The delay in commencing production due to the ABS certification process on the FPSO is very unfortunate; however, we are confident that Bumi is taking all necessary steps to complete the process as quickly as possible.”
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 10 million net acres, 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 visitwww.camacenergy.com.
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 finance, drill and develop the wells and prospects identified in this release, delays in the class certification process for the Armada Perdana FPSO 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.
Chris Heath, +1 713 797 2945
Lionel McBee, +1 713 797 2960