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CAMAC Energy Inc. Provides Operational Update And Announces Third Quarter 2012 Results

Stocks in this article: CAK

HOUSTON, Nov. 9, 2012 /PRNewswire/ -- CAMAC Energy Inc. (NYSE MKT: CAK) ("the Company") today provided an operational update and announced its third quarter 2012 results.

Operations Update

Nigeria - OML 120 and OML 121

During the third quarter, the Company announced that Allied Energy PLC ("Allied") an affiliate of the Company's largest shareholder and the operator of its deep water blocks, OML 120 and OML 121 achieved several critical milestones related to the drilling of Oyo well #7 currently scheduled to spud in the first quarter of 2013. In October, the Company announced that Allied had engaged Axxis Petroconsultants Limited ("Axxis") as project manager for the drilling of Oyo well #7. Currently Axxis is assisting in acquiring long-lead drilling items from both manufacturers and other operators.

The Company also previously announced that Allied had engaged Halliburton Energy Services Inc. ("Halliburton") as a consultant to provide a feasibility study assessing the complexity and operational risk associated with drilling Oyo well #7 and executing the dual objectives of increasing production from the currently producing Pliocene reservoir and proving reserves by testing the deeper Miocene reservoir. Halliburton has subsequently provided a study confirming the feasibility of the Oyo well #7 drilling plan and is working to further refine drilling specifications.

Also in October, the Company announced that Allied had contracted Wellstream International Limited ("Wellstream") to design, engineer, and manufacture the production flowline and riser for the completion of Oyo well #7 and that Allied had also engaged the subsea engineering firm, Deep Trend Inc. ("Deep Trend") to work with Wellstream on the appropriate design for the flowline and riser. Deep Trend will also provide general subsea engineering support for the definition and planning of Oyo #7 tie backs. Currently, delivery of the flowline and riser is expected in July 2013.

Allied Energy is also currently engaged in advanced negotiations with a National Oil Company and its contracted rig provider to acquire a semi-submersible rig slot in the first quarter of 2013. As part of these negotiations, Allied is currently negotiating to secure a rig slot for an additional production well, Oyo well #8, expected to spud in the fourth quarter of 2013. The Company anticipates that Allied will complete the rig negotiations within this quarter.

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