17 June 2014, Sweetcrude, Lagos – CAMAC Energy Inc. has announced today that the Oyo-8 development well was spudded on June 15, 2014 which is located offshore Nigeria in OML120, where CAMAC Energy is the operator and owns a100 per cent working interest.
In the oil and gas industry, ‘spud’ is the process of beginning to drill a well.
This development well lies within the Oyo field, which was one of the first deepwater oil discoveries made in Nigeria.
According to a statement by CAMAC posted on it website today said the Oyo field is located approximately 75 kilometers offshore Nigeria in water depths of approximately 300 meters.
The company said Oyo-8 will be drilled by the Northern Offshore Energy Searcher drillship to a total depth of approximately 1,800 meters in water depths of approximately 310
meters, and will produce from the Pliocene
The Oyo-8 well CAMAC said is expected to commence production in the fourth quarter and, together with the Oyo-7 well which will be completed subsequent to the Oyo-8 well, is expected to significantly increase production from the Oyo Field.
CAMAC Energy Inc. is an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio consists of nine licenses across four countries covering an area of 43,000 square kilometers, including existing production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya, and
Gambia, and onshore Kenya.
CAMAC Energy headquartered is in Houston, Texas, and is listed on the New York Stock Exchange under the ticker symbol CAK,and on the Johannesburg Stock Exchange under the ticker symbol CME.