CAMAC Energy Inc. (“CAMAC” or “the Company”) (NYSE MKT:CAK) announced
today it has finished completion operations on the Oyo-8 well, located
offshore Nigeria, and is now ready to commence oil production.
Oyo-8 is hooked up to the FPSO Armada Perdana owned by Bumi
Armada Berhad (“Bumi”). However, CAMAC has been informed by Bumi
that the FPSO is not ready to receive oil production from the well due
to class certification inspections of the vessel’s mooring lines being
conducted by the American Bureau of Shipping (“ABS”). Bumi estimates
these inspections to be completed within two weeks, at which time Oyo-8
will be allowed to produce into the FPSO.
In the meantime, CAMAC is demobilizing the Sedco Express drilling
rig from the Oyo-8 location and the rig will then mobilize to the Oyo-6
well location to continue its planned Oyo field operations. The Company
does not anticipate further changes to the project schedule of the Oyo-7
well as a result of the FPSO inspection delays.
Kase Lawal, Chairman and Chief Executive Officer, commented: “The
successful well completion operations on Oyo-8 and our readiness to
commence oil production are significant milestones for creating
long-term shareholder value. The delay in commencing production due to
the ABS certification process on the FPSO is very unfortunate; however,
we are confident that Bumi is taking all necessary steps to complete the
process as quickly as possible.”
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and production
company focused on energy resources in sub-Saharan Africa. Its asset
portfolio consists of nine licenses across four countries covering an
area of 10 million net acres, including current production and other
exploration projects offshore Nigeria, as well as exploration licenses
offshore Ghana, Kenya, and Gambia, and onshore Kenya. CAMAC Energy is
headquartered in Houston, Texas. For more information about CAMAC
Energy, please visit www.camacenergy.com.
Forward-Looking Statements
This news 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
or implied in these forward-looking statements due to a variety of
factors, including the Company’s ability to successfully finance, drill
and develop the wells and prospects identified in this release, delays
in the class certification process for the Armada Perdana FPSO
and risks and other risk factors discussed in the Company’s periodic
reports filed with the Securities and Exchange Commission. 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.
Copyright Business Wire 2015
Source: Business Wire
(March 31, 2015 - 8:00 AM EDT)
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