Camac Energy (CAK) signs petroleum exploration licenses with the Gambian government for two...

|By:, SA News Editor

Camac Energy (CAK) signs petroleum exploration licenses with the Gambian government for two offshore blocks, finalizing a provisional deal struck in January, and will operate both blocks with a 100% interest. Gambia's state-run oil company has an option to participate with up to a 15% interest; CAK is on the hook for all expenditures until the option is exercised.