A Review of the Nigerian Energy Industry

Camac earmarks April for Oyo field drilling

Camac_Energy14 March 2014, Lagos — CAMAC Energy said horizontal drilling at its recently-discovered Oyo Field would commence next month.

In a trade update released on Thursday, the energy company said the Northern Offshore drillship Energy Searcher had been secured for up to two years commencing upon arrival to the Oyo Field earlier this month.

“Drilling of the horizontal section and completion activities for Oyo-7 will then begin in April 2014,” the firm stated from the United States.

CAMAC said in addition to the drilling rig being secured for up to two years, the floating production, storage, and offloading (FPSO) vessel Armada Perdana had been secured for up to seven years commencing January 1 this year.

It stated a number of highlights in its local operations, including the confirmation of the presence of hydrocarbons in the Miocene formation in three intervals totaling 65 feet, entering into a definitive agreement with the Public Investment Corporation Limited of South Africa for a $270 million equity investment and entering into a definitive agreement with Allied Energy Plc to acquire the remaining economic interests in OMLs 120 and 121 offshore Nigeria as well as securing the Northern Offshore drillship Energy Searcher for up to two years in West Africa.

CAMAC Energy is an independent oil and gas exploration and production company focused on energy resources in Africa.

 

– CajNewsAfrica

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