Energy Searcher drillship waiting approval to drill in Nigeria

CAMAC Energy Inc. has informed that the Northern Offshore Energy Searcher drillship is currently located offshore Cameroon, where it is awaiting final clearance by the Nigerian Department of Petroleum Resources (“DPR”) to enter Nigeria and commence drilling operations at the Oyo Field.

CAMAC said that the department has completed its inspection and is expected to issue final clearance imminently. The drilling rig is anticipated to arrive at the Oyo Field by the end of April.
In order to optimize drilling, completion, and production activities, current plans are to spud Oyo-8 mid-May, with well-hookup and first production expected in October. The drilling rig will then move to complete and hook-up Oyo-7 with first production expected in November. Both wells continue to be on track to start production this year, enabling CAMAC Energy to exit 2014 at an estimated production rate of 14,000 barrels of oil per day.

In addition to the development wells offshore Nigeria, the company has identified 10 exploration prospects and 12 leads, and has currently high-graded three prospects containing unrisked prospective resources in excess of 200 MMBO each. Current efforts are focused on determining the first exploration well location to be drilled in 2015.

 

Press Release, April 22, 2014

 

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