SOURCE: CAMAC Energy Inc.
HOUSTON, TX--(Marketwired - Sep 3, 2014) - CAMAC Energy Inc. (NYSE MKT: CAK) announced today that its wholly owned subsidiary, CAMAC Energy Kenya Limited, has awarded seismic contracts for the acquisition of 2D seismic surveys on Block L1B onshore Kenya, and Block L16 partly onshore and partly offshore Kenya. The contract awards are each subject to negotiation and signing of a definitive agreement for the provision of seismic services.
BGP Kenya Limited has been engaged to conduct a 2D seismic survey covering 170,000 acres (700 sq. km.) within Block L1B onshore Kenya.
Polaris Seismic International Limited has been engaged to conduct a 2D seismic survey covering 125,000 acres (506 sq. km.) within Block L16 partly onshore and partly offshore Kenya.
The objectives of the seismic surveys are to identify the geologic prospect elements that could lead to a commercial hydrocarbon discovery and meet the obligations of the work program. There are five broad play types in the area that may extend onto CAMAC Energy's acreage: the pre-rift Permian, Lower Jurassic Karoo equivalent sequences in tilted fault blocks, Jurassic to Lower Cretaceous synrift sediments in drape and roll-over anticlines, Upper Cretaceous fans, and the post-rift Tertiary sequences that include stratigraphic plays and carbonate build-up/reef targets.
Further, CAMAC Energy acquired 2D seismic covering offshore Blocks L27 and L28 in March 2014. These survey results are currently being processed by WesternGeco, a division of Schlumberger.
"In addition to the environmental and social impact assessment that has been completed, and the airborne gravity and magnetic survey data that has been acquired, these 2D seismic surveys will continue to advance our work program and our understanding of the petroleum resource potential in these blocks," said Segun Omidele, CAMAC Energy's Senior Vice President of Exploration and Production.
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 nine licenses across four countries, including current production and other projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya, and Gambia, and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas. For more information, visit www.camacenergy.com.
This news 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 develop the assets identified in this release and risks and other 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.