CAMAC Energy Inc. has signed a Petroleum Exploration, Development & Production Licenses with The Republic of The Gambia for two previously awarded offshore exploration blocks, A2 and A5 (the Blocks). The Blocks, which are contiguous, cover a combined area of approximately 1,029 square miles (2,666 square kilometers) and are located in water depths of between 1,969 and 3,280 feet (600 and 1,000 meters). The Blocks are immediately east of deep water Blocks A1 and A4, both of which are operated by African Petroleum Corporation.
CAMAC Energy is the operator with a 100 percent interest in each Block. The Gambia National Petroleum Company has the right to elect to participate up to a 15 percent interest, following approval of a development and production plan. The Company is responsible for all expenditures prior to such approval even if the GNPC elects to participate. During the initial four year exploration phase, CAMAC Energy will conduct surveys, acquire and interpret 2D and 3D seismic data, identify prospects for future drilling and drill one exploration well on each of the Blocks.
Segun Omidele, Senior Vice President, Exploration and Production, commented, "With these two blocks in Gambia, the four blocks in Kenya announced earlier this month, and our position in deep water Nigeria, CAMAC Energy is now a significant participant in highly prospective oil and gas basins in both East and West Africa. Our exploration and development programs in these areas have the potential to create substantial value for our investors, our host countries and other stakeholders. In addition, we will continue to strategically pursue opportunities to add to our exploration portfolio in both East and West Africa."
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