CAMAC Energy Concludes Oyo-8 Completion Operations
31 March 2015 - 11:00PM
Business Wire
Ready to Commence Oil Production
CAMAC Energy Inc. (“CAMAC” or “the Company”) (NYSE MKT:CAK)
announced today it has finished completion operations on the Oyo-8
well, located offshore Nigeria, and is now ready to commence oil
production.
Oyo-8 is hooked up to the FPSO Armada Perdana owned by Bumi
Armada Berhad (“Bumi”). However, CAMAC has been informed by Bumi
that the FPSO is not ready to receive oil production from the well
due to class certification inspections of the vessel’s mooring
lines being conducted by the American Bureau of Shipping (“ABS”).
Bumi estimates these inspections to be completed within two weeks,
at which time Oyo-8 will be allowed to produce into the FPSO.
In the meantime, CAMAC is demobilizing the Sedco Express
drilling rig from the Oyo-8 location and the rig will then mobilize
to the Oyo-6 well location to continue its planned Oyo field
operations. The Company does not anticipate further changes to the
project schedule of the Oyo-7 well as a result of the FPSO
inspection delays.
Kase Lawal, Chairman and Chief Executive Officer, commented:
“The successful well completion operations on Oyo-8 and our
readiness to commence oil production are significant milestones for
creating long-term shareholder value. The delay in commencing
production due to the ABS certification process on the FPSO is very
unfortunate; however, we are confident that Bumi is taking all
necessary steps to complete the process as quickly as
possible.”
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and
production company focused on energy resources in sub-Saharan
Africa. Its asset portfolio consists of nine licenses across four
countries covering an area of 10 million net acres, including
current production and other exploration projects offshore Nigeria,
as well as exploration licenses offshore Ghana, Kenya, and Gambia,
and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas.
For more information about CAMAC Energy, please visit
www.camacenergy.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical fact, concerning activities,
events or developments that the Company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Although the Company believes the expectations
reflected in these forward-looking statements are reasonable, they
involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. The Company’s actual
results could differ materially from those anticipated or implied
in these forward-looking statements due to a variety of factors,
including the Company’s ability to successfully finance, drill and
develop the wells and prospects identified in this release, delays
in the class certification process for the Armada Perdana FPSO and
risks and other risk factors discussed in the Company’s periodic
reports filed with the Securities and Exchange Commission. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. You should not place undue
reliance on forward-looking statements, which speak only as of
their respective dates. The Company undertakes no duty to update
these forward-looking statements.
CAMAC Energy Inc.Investors:Chris Heath, +1 713 797
2945chris.heath@camacenergy.comMedia:Lionel McBee, +1 713
797 2960lionel.mcbee@camacenergy.com
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