HOUSTON, TX--(Marketwired - May 5, 2014) - CAMAC Energy Inc. ("CAMAC Energy" or the "Company") (NYSE MKT: CAK) announced today that the Energy Searcher drillship, owned by Northern Offshore Ltd., has arrived in Nigeria. After taking on personnel, equipment and supplies, the rig will move to the Oyo Field, where it is expected to commence drilling operations on the Oyo-8 well in mid-May.
The rig, which is capable of drilling to total depths of up to 25,000 feet, and in water depths of up to 2,500 feet, is under contract for an initial term of one year, which may be extended for an additional one year, to carry out the Company's development program for the Oyo Field and to drill one or more high-impact exploration wells on OMLs 120 and 121 offshore Nigeria.
About CAMAC Energy
CAMAC Energy 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 (approximately 10 million acres), including existing production and other projects offshore Nigeria, as well as exploration licenses offshore Ghana, onshore and offshore Kenya, and offshore Gambia. CAMAC Energy is headquartered 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. For more information, please visit www.camacenergy.com.
This press 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 in these forward-looking statements due to a variety of factors, including the Company's ability to successfully drill, complete, test and produce the wells and prospects identified in this release and risk factors discussed in the Company's periodic reports filed with the Securities and Exchange Commission (SEC). 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.
(May 5, 2014 - 9:00 AM EDT)
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