CAMAC takes Allied interest offshore Nigeria

CAMAC Energy Inc. says it has acquired the remaining Allied Energy Plc interest in the production sharing contract covering OML 120 and 121 offshore Nigeria.

Offshore staff

HOUSTON – CAMAC Energy Inc. says it has acquired the remaining Allied Energy Plc interest in the production sharing contract covering OML 120 and 121 offshore Nigeria. The agreement is subject to approval by Nigerian Agip Exploration Ltd., Allied’s partner in the PSC.

This past April, CAMAC acquired Allied’s interest in Oyo field in OMS 120 and this new agreement extends the same to OML 121.

OML 120 block is east of OML 133, which contains the 500 MMbbl Erha field, and north of OML 121. OML 120 covers 916.6 sq km (354 sq mi) in water depths ranging from 150 to 1000 m (492 to 3,281 ft), and contains the Oyo field.

The OML 121 block covers 887 sq km (342 sq mi) in the same water depths. Based on internal mapping and 3D seismic studies, nine new prospects have been identified by Allied within OML 120/121.

12/13/2010

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