Acquisition to cover approximately 1,504 km2 (372,647 acres)
HOUSTON - Tuesday, December 16th 2014 [ME NewsWire]
(BUSINESS WIRE)-- CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT: CAK) announced today that its wholly owned subsidiary, CAMAC Energy Gambia Ltd, awarded a contract for the acquisition of a 3D seismic survey to Polarcus Limited. The survey will cover approximately 1,504 km2 in the Company’s A2 and A5 blocks offshore Gambia.
The objectives of the seismic survey are to enhance the definition and maturation of potential prospects in the blocks and provide high-quality sub-surface images that allow high-resolution characterization of reservoirs. The A2 and A5 blocks are located in the offshore Casamance sub-basin, which forms the southern part of the greater Senegal Basin. The southern area, including blocks A2 and A5, now has a proven petroleum system in place due to two recent discovery wells on an adjacent offshore Senegal block.
The recent FAN-1 and SNE-1 offshore Senegal discoveries, by Cairn (LSE: CNE), Conoco (NYSE: COP), FAR (ASX: FAR) and Petrosen (Senegalese NOC), are on-trend with the Company’s A2 and A5 blocks and are located approximately 35.5 km NNE and 13.8 km NNW, respectively, of block A2. The 3D seismic survey will help determine the extent of the play fairways into CAMAC’s blocks.
Segun Omidele, Senior Vice President of Exploration and Production, commented, “This 3D acquisition is an important part of our offshore Gambia exploration program. We are encouraged by the recent discoveries north of us and excited that we are able to contract with Polarcus. Given their in-place infrastructure, we are able start almost immediately with the 3D seismic acquisition.”
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.
CAMAC Energy Inc.
Christopher D. Heath, 713-797-2945
Director, Corporate Finance and Investor Relations
Lionel C. McBee, 713-797-2960
Manager, Corporate Communications