CAMAC Concludes Acquisition of Offshore Nigerian Contract Rights

CAMAC Energy has completed the acquisition of the remaining Allied Energy interest in Production Sharing Contract on OML 120 and 121 offshore Nigeria. OML 120 covers an area of 226,596 acres (917 square kilometers) in water depths ranging from 492 to 3,281 feet (150 to 1,000 meters), and contains the Oyo field. The OML 121 block covers an area of 219,182 acres (887 square kilometers) in water depths ranging from 492 to 3,281 feet (150 to 1,000 meters) and is located directly south of OML 120. Based on internal mapping and 3D seismic studies, nine new prospects have been identified within the two blocks. CAMAC Energy believes the OML 120,121 blocks, including these nine prospects, may potentially hold over 500 million barrels of recoverable oil resources.

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