CAMAC Energy Inc. Announces Rig Contract for Oyo #7 Well
HOUSTON, Jan. 7, 2013
HOUSTON, Jan. 7, 2013 /PRNewswire/ -- CAMAC Energy Inc . (NYSE MKT: CAK)
("the Company") today announced that Allied Energy PLC ("Allied"), an
affiliate of the Company's largest shareholder and the operator of its
Nigerian deep water blocks, OML 120 and OML 121, has signed a Deed of
Assignment ("Deed") with Transocean Ltd. ("Transocean") and Nigerian Petroleum
Development Corporation Limited ("NPDC") for the Sedneth 701 semi-submersible
drilling rig to carry out the drilling of the Oyo #7 well.
The Sedneth 701, currently under contract with NPDC and operated by
Transocean, will be assigned to Allied to drill Oyo well #7 between April and
August of 2013. Transocean will continue to operate the rig during the
Transocean, with over 50 years of experience and 18,700 employees, is the
world's largest offshore drilling contractor.
"We are very pleased that Allied has executed an agreement for Transocean's
Sedneth 701 drilling rig," said Senior Vice President of Exploration and
Production, Segun Omidele. "This rig has the necessary specifications to
achieve Oyo #7 well's dual objectives of increasing production from the
Pliocene and testing the resource potential in the Miocene, and it also
provides necessary certainty for our 2013 drilling operations."
About CAMAC Energy Inc.
CAMAC Energy Inc . (NYSE MKT: CAK) is a U.S.-based energy company engaged in
the exploration, development and production of oil and gas.The Company's
principal assets include interests in OML 120 and OML 121, offshore oil and
gas leases in deep water Nigeria which include the currently producing Oyo
Oilfield, and six recently acquired exploration blocks in Kenya and Gambia.
The Company is currently pursuing further additions to its exploration
portfolio in East and West Africa. The Company was founded in 2005 and has
offices in Houston, Texas, Nairobi, Kenya, Banjul, Gambia and Lagos, Nigeria.
This press release contains certain statements that may include
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, are "forward-looking statements," including
statements regarding the Company's proposed transactions, business strategy,
plans and objectives and statements of non-historical information. These
forward-looking statements are often identified by the use of forward-looking
terminology such as "will," "should," "believes," "expects," "anticipates" or
similar expressions, and involve known and unknown risks and uncertainties.
Although the Company believes that the expectations reflected in these
forward-looking statements are reasonable, they involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect. You should
not place undue reliance on these forward-looking statements, which speak only
as of their respective dates. Risks and uncertainties regarding the
transactions described herein include the possibility that the schedule for
drilling may be delayed due to unavailability or delays in procurement of
necessary equipment and materials. In addition, the Company's actual results
could differ materially from those anticipated in these forward-looking
statements as a result of a variety of other factors including those discussed
in the Company's periodic reports that are filed with and available from the
Securities and Exchange Commission ("SEC"). All forward-looking statements
attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
Media: CAMAC Energy Inc. Cristy Taylor, +1-713-797-2940 PR@camacenergy.com
Investor Relations: Jason Lee+1-832-209-1419 IR@camacenergy.com
Press spacebar to pause and continue. Press esc to stop.