HOUSTON--(BUSINESS WIRE)--CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT:CAK) announced today that it has signed a contract with a subsidiary of Transocean Ltd. for the provision of the semi-submersible drilling unit Sedco Express for drilling and completion activities offshore Nigeria. The contract allows for the drilling or completion of up to three wells, and CAMAC intends to use the rig to accelerate timing of the tie-in of production from the Oyo-7 and Oyo-8 development wells. With the ability to drill a third well, and an option to extend the contract, the Company is also considering using the rig to accelerate its 2015 exploration drilling program.
The Sedco Express is an ultra deepwater, semi-submersible drilling rig built in 2000, and is already within close proximity of the Oyo Field in OML 120. The Company’s other rig, the drillship Energy Searcher, will continue the plugging and abandonment operations on the Oyo-5 and Oyo-6 wells.
Kase Lawal, Chairman and Chief Executive Officer, commented, “CAMAC is fully committed to bringing on production from our next two development wells as soon as possible, and we are pleased to secure this additional rig to accomplish our goals. The Sedco Express is a highly-efficient rig, and we may also utilize it to accelerate our exploration program.”
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.
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.