CAMAC Energy Propose Rig Assignment Date for Oyo Well

CAMAC Energy yesterday announced that Allied Energy has received notification of the proposed assignment date of the Sedneth 701 rig under its previously announced Deed of Assignment with a subsidiary of Transocean Ltd. Transocean and Nigerian Petroleum Development Corporation Limited (NPDC). According to the notification from NPDC, the proposed date of assignment is July 6, 2013. The rig will be assigned to Allied, by NPDC for a period of sixty days, during which Transocean personnel will continue to operate. Oyo well #7 drilling operations are expected to begin immediately following the assignment from NPDC in July.

Segun Omidele, Senior VP of Exploration and Production, said “we are very pleased to receive notification of the assignment date for the Sedneth 701 rig,”.  He also said, “With the rig assignment date set, we can now focus on making our final preparations to spud the Oyo well #7 in July with the objectives of increasing production from the Pliocene and exploring the potential of the deeper Miocene.”

Camac Energy Inc. is a U.S. based energy company whose 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 The 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.

 

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