This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CAMAC Energy Provides Update On Nigerian OMLs 120/121 And West African Growth; Announces Execution Of Definitive Agreement With Avana Petroleum

CAMAC Energy Inc . (NYSE Amex: CAK), a U.S.-based energy company engaged in the exploration, development and production of oil and gas, today announced that it has been informed that Nigerian Agip Exploration (“NAE”),[ a subsidiary of Eni SpA (“Eni”)], its partner in Nigerian OMLs 120 and 121 (the “OMLs”), has signed a definitive agreement to divest its 40% working interest in the OMLs to Allied Energy PLC (“Allied”), an affiliate of the Company’s largest shareholder. According to NAE, the transaction is subject to customary conditions for closing and is expected to conclude during the first quarter of 2012.

The Company has also been informed that following the closing, Allied plans to expedite the development of Oyo Field by drilling two additional production wells commencing in 2012. These two wells are expected to significantly increase oil production over current levels. It is the Company’s understanding that Allied also intends to accelerate exploration activities in the OMLs to fully exploit potential outside of Oyo Field, independently estimated at up to two billion barrels of unrisked prospective oil resources.

As part of its West African regional growth strategy, the Company is also announcing today that it has reached agreement on commercial terms with two national oil companies to acquire three offshore exploration licenses covering three blocks (“license blocks”). Per the agreed terms, CAMAC Energy will be the operator, with majority working interests in each of the license blocks. The license blocks are located in the highly prospective West African Transform Margin, home to several recent major discoveries in Ghana (Jubilee, Odum) and Sierra Leone (Venus, Mercury) and a core focus area for the Company’s expansion efforts. All terms and final award of the license blocks are subject to the final governmental approvals and signing of production sharing contracts, which are expected in the first quarter of 2012. Full details are expected to be released at that time.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs