CAMAC Energy Terminates the Northern Offshore Energy Searcher Drilling Rig Contract
CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT: CAK) announced
today it has terminated its contract with Northern Offshore
International Drilling Company Ltd. (“Northern”) for the drillship Energy
Searcher. The Company notified Northern on January 7, 2015 that it
elected to terminate the contract with immediate effect for Northern’s
repudiatory breach of contract and other material breaches of the
drilling contract by Northern. These breaches have caused significant
damages and loss, including delay damages and wasted spread costs to the
Company. CAMAC is considering all legal options to enforce its rights
under the contract.
The Company‘s Oyo Field drilling and completion operations are now being
conducted by the Transocean
(NYSE: RIG) Sedco Express semi-submersible drilling rig, which
arrived on location in December, and production is still expected to be
online by the end of Q1 2015.
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 43,000 square kilometers, 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 drill and
complete the wells and prospects identified in this release 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
(January 12, 2015 - 6:00 AM EST)
News by QuoteMedia
www.quotemedia.com