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CAMAC Energy Signs PSCs For Four Exploration Blocks In Kenya

Stocks in this article: CAK

CAMAC Energy Inc. (NYSE Amex: CAK) today announced that it has signed Production Sharing Contracts (“PSCs”) with the government of The Republic of Kenya for previously awarded exploration Blocks L1B, located onshore in the Lamu Basin, and L16, located in the Lamu Basin transition zone. Block L16 is bordered on the east by Block L8, operated by Apache Corporation (NYSE: APA), and is located just northwest of Block L9, operated by Ophir Energy plc (LSE: OPHR).

In addition, the Company has signed PSCs for Block L27 and Block L28, two recently created deep water blocks. The two offshore blocks, which are contiguous, cover a combined area of approximately 21,170 square kilometers. Blocks L27 and L28 are immediately east of deep water blocks L11A and L11B, respectively, both operated by Anadarko Petroleum Corporation (NYSE: APC).

CAMAC Energy will be the operator and have a 90% interest in all four PSCs, with the government of Kenya holding a 10% carried interest prior to designation of any commercial discoveries. The Company expects to partner with an indigenous company for a minority interest. During the initial exploration phase under each contract, the Company will be conducting surveys, acquiring and interpreting 2D and 3D seismic data and identifying prospects for future drilling. The execution of the PSCs represents CAMAC Energy’s official entry into Kenya and the East African exploration frontier.

Segun Omidele, Senior Vice President, Exploration and Production, commented, “Signing the PSCs for these four blocks in Kenya represents a milestone in CAMAC Energy’s strategy to acquire highly prospective exploration acreage in targeted oil and gas basins in Africa. Moving forward, the Company will focus on unlocking the value from these assets as well as our positions in West Africa, as we continue to pursue additional opportunities to add to our exploration portfolio in both East and West Africa.”

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