CAMAC Energy Inc. (ticker: CAK) operates as an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio consists of 8 licenses covering an area of 41,000 square kilometers, including production and other projects offshore Nigeria, as well as exploration licenses offshore and onshore Kenya, and offshore Gambia. CAMAC Energy is headquartered in Houston, Texas.
Arctic Securities Research Analyst Christian Yggeseth initiated research coverage on CAMAC Energy. Arctic is based in Oslo, Norway covering a wide range of sectors, including finance, communication, oil and gas, technology, investments, real estate, consumer goods, pharmaceuticals and shipping.
OAG360 notes Arctic Securities other oil and gas E&P and OilService coverage includes, but is not limited to: Transocean (ticker: RIG), DNO International (ticker: NOK), Statoil (ticker: STO), Ensco (ticker: ESV), Lundin Petroleum (ticker: LUPE.ST), and CGG (ticker: CGG).
Click here for CAMAC Energy’s Corporate Presentation on April 9, 2014.
Ghana Block Ratified
On March 26, 2014, CAMAC Energy announced an petroleum agreement with the Parliament of the Republic of Ghana concerning the expanded shallow water Tano Block offshore Ghana in the Gulf of Guinea’s Tano Basin. CAK holds 60% interest in the block and has two partners in GNPC Explorco (25% interest) and Base Energy (15% interest).
Tano Block, located roughly nine miles offshore, spans 370,000 acres and holds three discovered oil fields. CAK and its partners will evaluate 3D seismic data from well tests and geological surveys to determine future plans in the region. Results are expected within nine months.
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