New rig assignment date for Oyo #7 well

New rig assignment date for Oyo #7 well

CAMAC Energy Inc. today announced that Allied Energy PLC (“Allied”) has received notification of the new proposed assignment date of the Sedneth 701 rig under its previously announced Deed of Assignment with Transocean Ltd. (“Transocean”) and Nigerian Petroleum Development Corporation Limited (“NPDC”). According to the notification from NPDC, the proposed date of assignment has been changed to July 31, 2013 in order to accomodate the completion of NPDC’s ongoing drilling operations. NPDC will assign the rig to Allied for a term of sixty days, during which Transocean personnel will continue to operate.
“We are pleased to receive notification of the new proposed assignment date for the Sedneth 701 rig,” said Senior Vice President of Exploration and Production, Segun Omidele. “Due to our extensive work to date, we are prepared to begin drilling operations for the Oyo well #7 as soon as the rig is assigned with the objectives of increasing production from the Pliocene and exploring the potential of the deeper Miocene.”

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