Wednesday, December 17, 2014

Jammeh continues acting alone in petroleum sector

  • Acquisition to cover approximately 1504 square kilometres.
CAMAC Energy Inc. (NYSE MKT: CAK) announced today that its wholly owned subsidiary, CAMAC Energy Gambia Ltd, awarded a contract for the acquisition of a 3D seismic survey to Polarcus Limited. The survey will cover approximately 1,504 km2 in the Company's A2 and A5 blocks offshore Gambia.

The objectives of the seismic survey are to enhance the definition and maturation of potential prospects in the blocks and provide high-quality sub-surface images that allow high-resolution characterization of reservoirs. The A2 and A5 blocks are located in the offshore Casamance sub-basin, which forms the southern part of the greater Senegal Basin. The southern area, including blocks A2 and A5, now has a proven petroleum system in place due to two recent discovery wells on an adjacent offshore Senegal block.

The recent FAN-1 and SNE-1 offshore Senegal discoveries, by Cairn (LSE: CNE), Conoco (NYSE: COP), FAR (ASX: FAR) and Petrosen (Senegalese NOC), are on-trend with the Company's A2 and A5 blocks and are located approximately 35.5 km NNE and 13.8 km NNW, respectively, of block A2. The 3D seismic survey will help determine the extent of the play fairways into CAMAC's blocks.

Segun Omidele, Senior Vice President of Exploration and Production, commented, 'This 3D acquisition is an important part of our offshore Gambia exploration program. We are encouraged by the recent discoveries north of us and excited that we are able to contract with Polarcus. Given their in-place infrastructure, almost immediately with the 3D seismic acquisition.'