HOUSTON, TX--(Marketwired - Mar 26, 2014) - CAMAC Energy Inc. ("CAMAC Energy") (NYSE MKT: CAK) is pleased to announce the Parliament of the Republic of Ghana has ratified the Petroleum Agreement between the Government of the Republic of Ghana, Camac Energy Ghana Limited, the Ghana National Petroleum Corporation (GNPC), Base Energy Ghana Limited, and GNPC Exploration and Production Company Limited (GNPC Explorco) covering the Expanded Shallow Water Tano Block offshore Ghana in the Gulf of Guinea's Tano Basin.
The ratification of the Petroleum Agreement followed approval by the Cabinet of the Government of Ghana, and a review by the Parliamentary Select Committee on Mines, Energy and Petroleum.
Camac Energy Ghana Limited holds 60% of the interest; GNPC Explorco holds 25%, and Base Energy holds 15%. The interest held by Camac Energy Ghana Limited will be owned 50% by CAMAC Energy Inc. and 50% by an affiliate of CAMAC International Limited.
The Expanded Shallow Water Tano Block consists of three discovered fields, and comprises 1,508 square kilometers (370,000 acres) in water depths ranging from 55 meters to 116 meters (180 feet to 380 feet). The Shallow Water Tano Block is located 15 km to 35 km (9 miles to 21 miles) offshore Ghana, and is bounded on the north by the Ghana Coastline, on the west by the Maritime Border with Cote D'Ivoire, on the south by the Deepwater Tano Block which hosts the Tweneboa, Enyenra, and Ntomme (TEN) Fields, and on the east by the West Cape Three Points Block which hosts the Jubilee Field and Teak-Akasa discoveries.
Existing discoveries in the Shallow Water Tano Block include the North Tano oil and gas field, the CTS-1X gas discovery, the NWT-1X oil discovery, and the South Tano fields.
"The ratification of the Expanded Shallow Water Tano agreement is a major step towards the realization of the growth aspirations of CAMAC Energy," said Kase Lawal, CAMAC Energy Chairman and Chief Executive Officer. "We believe that it will also result in value creation for all stakeholders, and subject to economic evaluation, a fast track development plan of the discovered resources will be pursued."
CAMAC Energy and its partners will evaluate 3D seismic data, and geological and well data from the discovered fields to determine, within nine months, the commerciality of the discoveries.
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio consists of 9 production and exploration licenses in 4 countries covering an area of 43,000 square kilometers (~10 million acres), including existing production and other major projects offshore Nigeria, as well as exploration licenses with significant hydrocarbon potential onshore and offshore Kenya, offshore Gambia, and offshore Ghana. CAMAC Energy is headquartered in Houston, Texas, and is listed on the New York Stock Exchange under the ticker symbol CAK, and on the Johannesburg Stock Exchange under the ticker symbol CME. For more information about CAMAC Energy, please visit www.camacenergy.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, concerning activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Although the Company believes the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The Company's actual results could differ materially from those anticipated in these forward-looking statements due to a variety of factors, including the Company's ability to successfully drill, complete, test and produce the wells and prospects identified in this release and risk factors discussed in the Company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. You should not place undue reliance on forward-looking statements, which speak only as of their respective dates. The Company undertakes no duty to update these forward-looking statements.