Camac Energy +7.5% on FPSO contract for work offshore Nigeria

|By:, SA News Editor

Camac Energy (CAK+7.5% premarket after announcing the long-term charter of a Bumi Armada FPSO unit for production operations offshore Nigeria.

The contract provides for an initial term of five years beginning Jan. 1, 2014, with an automatic two-year option.

The FPSO has a production capacity of 40K bbl/day of oil and storage capacity of 1.1M barrels; it currently supports daily production of ~2K barrels of oil and 40M cf of natural gas from the Oyo Field in OML Block 120 off Nigeria.