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  • CAMAC Energy (CAK) Awarded Contract To Operate Offshore Exploration Blocks In Highly Sought-after African Province 0 comments
    Jan 25, 2012 5:27 PM | about stocks: ERN
    CAMAC Energy Inc., an energy company engaged in the exploration, development and production of oil and gas, announced its agreement with the Gambian Ministry of Petroleum (on behalf of the Government of the Republic of The Gambia) in which the company was awarded the contract to be the operator of two offshore exploration blocks in water depths between 600-1,000 meters.

    Per the agreement, CAMAC Energy will operate blocks A2 and A5, for which it holds an 85 percent interest in the blocks, which cover 2,666 square kilometers.

    The agreement is a significant achievement for the company, reflecting the opportunity to operate in a highly favored province in West Africa and emphasizing the company's position in the market.

    "We are extremely pleased to be awarded these two blocks. Gambia's blocks A2 and A5 represent highly sought after assets in one of the world's most exciting hydrocarbon provinces, the West African Transform Margin. Today's announcement demonstrates additional progress in our frontier exploration strategy. It also reaffirms the company's reputation as a value added oil and gas partner to National Oil Companies in Africa," CAMAC Energy chairman and CEO Dr. Kase Lawal stated in the press release.

    The two exploration blocks are located in the highly prospective West African Transform Margin, which is home to several recent major discoveries in Ghana and Sierra Leone. The presence of hydrocarbons has been established in the area, and recent extensive 3D seismic shots have revealed several material prospects and leads.

    According to African Petroleum Corporation Limited's (NSX:AOQ) third-party estimates, the Alhamdulilah prospect has potential mean unrisked resources of approximately 500 million barrels.

    The agreement is subject to submission of an Environmental Impact Assessment (NYSEMKT:EIA) and signing of final petroleum exploration licenses within 90 days. CAMAC has submitted the EIA report, and signing of the license documents is expected in the next few weeks.

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