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Camac boosts recoverable resource potential at four prospects offshore Nigeria

29th September 2014

Camac Energy has announced that an updated independent assessment of the company’s prospective resources for four offshore Nigeria prospects located within Oil Mining Leases (OMLs) 120 and 121 by DeGolyer and MacNaughton (D&M) has increased the company’s un-risked P50 recoverable resources from 537 million barrels of oil (MMbbl) to 2,377 MMbbl in four of its top exploration prospects.

Camac boosts recoverable resource potential at four prospects offshore Nigeria
Drilling locations have been identified on each of the four prospects, and technical work is continuing to allow for the first exploration well to be drilled in the first half of 2015

“The increase in P50 resources on these four prospects and what that represents in term of the potential of our deepwater Nigerian assets is monumental,” said Kase Lawal, Camac chairman and chief executive officer.

“These results have been achieved through a combination of both the focused efforts of the skilled geoscientists on our team who, bring tremendous local knowledge of the basin and who have played key roles in the discovery of other giant fields within the vicinity of OMLs 120 and 121; and the application of superior techniques that have led to successful discoveries in the Nigerian deepwater by other operators.”

“The team has spent considerable time developing the regional framework, utilising the latest in geoscience and enhanced quantitative interpretation techniques, to define these four high-impact prospects with combined un-risked recoverable P50 resources of almost three billion boe.  This is a near fivefold increase from our previous assessment of these prospects. Moving forward, we believe these resources, coupled with substantial near-term increases in production, will deliver significant value for our shareholders.”

The independent assessment was prepared in accordance with the Petroleum Resources Management System (PRMS) approved in March 2007 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, and the Society of Petroleum Evaluation Engineers.

The effective date of the report is September 15, 2014.

Given the large quantity of prospects in Camac Energy’s portfolio, these estimates reflect only a select portion of the company’s prospective resources offshore Nigeria, and do not include any resource estimates for the company’s assets in Ghana, Kenya, and Gambia.  Camac Energy is operator and owns a 100 per cent working interest in OMLs 120 and 121.   

Drilling locations have been identified on each of the four prospects, and technical work is continuing to allow for the first exploration well to be drilled in the first half of 2015. The wells will target the Miocene formation, which has been successfully demonstrated to be a prolific oil producing layer in deepwater Nigeria.

The exploration drilling programme will be carried out utilising either the drillship Energy Searcher, which is currently under contract drilling the Oyo-7 and Oyo-8 development wells, or a second rig to be contracted. The exploration program will be funded with future cash flows from the Oyo-7 and Oyo-8 development wells, cash on hand, and available credit facilities.

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