A Review of the Nigerian Energy Industry

Oyo 7 Well: Camac Energy announces arrival of drilling rig

Camac Energy05 September 2013, Houston – Camac Energy Incorporated and partners Allied Energy Plc say the Sedneth 701 drilling rig has arrived on location at OML 120, offshore Nigeria, and is preparing to drill the Oyo 7 well.

After setting anchors and taking on initial drilling materials, it is anticipated that the well will be spud on or before September 10, 2013.

The first phase of drilling operations is expected to last 60 days, during which time the well will be drilled to a target depth of approximately 2,450 metre.

This well section will penetrate the currently producing Pliocene reservoir (T1A), appraise the T1B reservoir and provide an exploration test of the Miocene.

After completion of the first drilling phase, the rig will be released to Nigerian Petroleum Development Corporation Limited, NPDC, per the Deed of Assignment between NPDC and Allied.

The second phase of drilling to complete the well and begin production is expected to commence in 2014 upon receipt of the necessary long-lead items.

“Drilling of the Oyo 7 well is a major milestone for Camac Energy,” commented Segun Omidele, Senior Vice President of Exploration and Production. “We have dual objectives for the well; to increase production from the currently producing Pliocene reservoir and to test the resource potential in the deeper Miocene.”

Camac Energy Inc. is a U.S.-based energy company engaged in the exploration, development and production of oil and gas.

Its 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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