April 29, 2014 - 9:00 AM EDT
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CAMAC Energy Initiated With a Buy at Arctic Securities

Target $0.90; NAV $0.91

OSLO, NORWAY--(Marketwired - Apr 29, 2014) - Arctic Securities initiates coverage on CAMAC Energy Inc. (NYSE MKT: CAK) with an Arctic Buy rating and USD 0.90 per share target price. Following the closing of the Allied Energy transaction, CAMAC is focusing its efforts on increased oil recovery from the Oyo field, which is expected to bring production from the current 2,000 boepd to 15,000 boepd under phase 1 and towards 30,000 boepd under the second phase of development. The strong increase in estimated cash flow will enable CAMAC to explore potential upside in both prospects within the Nigerian licences and new ventures in Kenya, Gambia and Ghana. CAMAC has a highly experienced management team, which not only add technical competence, but will also contribute strongly in accessing new opportunities in Africa. Through developing its current asset base and potential new ventures CAMAC is well underway to become a pan-African mid-sized independent company.

Arctic Securities ASA:

Christian Yggeseth
[email protected]
+47 21013100

Equity Sales
Sebastian Baartvedt
[email protected]
+47 21013152

Source: Marketwired (Canada) (April 29, 2014 - 9:00 AM EDT)

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