CAMAC Energy Announces Drilling Rig Contract
Secures Drillship Commitment for up to Two Years Offshore Nigeria
CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT: CAK) announced that CAMAC International Limited has signed a letter of intent regarding terms and conditions of a long-term drilling contract with Northern Offshore Ltd. (OSLO: NOF.OL) for the drillship Energy Searcher. Both parties are working towards executing a definitive drilling contract on or before December 31, 2013. The rig is expected to be delivered to the Oyo Field offshore Nigeria in OML Block 120 in the first half of 2014 to commence drilling and completion activities.
The signed letter of intent provides for an initial contract period of one year, with an option to extend the contract for an additional one-year term. The Company plans to utilize the rig on its multi-well, high-impact development and exploration portfolio.
Kase L. Lawal, Chairman and Chief Executive Officer, commented, “We are pleased that CAMAC International has executed this letter of intent with Northern Offshore, which ensures availability of a highly capable and efficient rig to execute on our transformational development and exploration program in the Oyo Field deepwater offshore Nigeria.”
Source: CAMAC Energy Inc.
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