CAMAC Energy Confirms Hydrocarbons in Miocene Offshore Nigeria
CAMAC Energy Inc. (NYSE MKT: CAK) announced it has been informed by Allied Energy Plc that the Oyo-7 well offshore Nigeria in OML 120 has confirmed the presence of hydrocarbons in the Miocene formation. This marks the first time a well has been successfully drilled into the Miocene formation of the Oyo oil field. Hydrocarbons were encountered in three intervals totaling approximately 65 feet, as interpreted from the logging while drilling (“LWD”) data.
“This result is very encouraging and will be integrated into ongoing studies to solidify further exploration plans in OML 120 and 121,” said Dr. Kase Lawal, Chairman and CEO of CAMAC Energy. “The Miocene is the most prolific producing zone offshore Nigeria, and the presence of these hydrocarbons significantly de-risks the large Miocene prospects in our blocks.”
The Oyo-7 well has successfully achieved its primary and secondary objectives, and will now be temporarily suspended. Drilling of the horizontal section and completion activities are expected to commence in the first quarter of 2014. It is currently anticipated that Oyo-7 will begin production mid-2014 at an initial production rate of 7,000 barrels of oil per day.
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