CAMAC acquires remaining interest offshore Nigeria

CAMAC Energy Inc. has completed acquisition of the remaining Allied Energy interest in a production sharing contract on OML 120 and 121 offshore Nigeria.

Offshore staff

HOUSTON – CAMAC Energy Inc. has completed acquisition of the remaining Allied Energy interest in a production sharing contract on OML 120 and 121 offshore Nigeria.

OML 120 covers 916.6 sq km in water depths ranging from 150 to 1,000 m, and contains the Oyo field. OML 121 block covers an area of 887 sq km also in water depths ranging from 150 to 1000 m and is directly south of OML 120. Based on internal mapping and 3D seismic studies, nine new prospects have been identified within the 120/121 blocks.

“We now have the opportunity to test deeper horizons in the Miocene, which has been the main producing horizons in most surrounding producing blocks, and has not been tested on our blocks,” says Byron Dunn, CAMAC president and CEO.

02/17/2011

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