CAMAC Energy Inc. announced it has commenced the shooting of airborne gravity and magnetic geophysical surveys on its Kenya onshore Lamu Basin Blocks L1B and L16. The data acquisition will cover essentially the entire 4,683 square miles (12,129 square kilometers) in Block L1B and the entire 1,395 square miles (3,613 square kilometers) in Block L16, exceeding the gravity and magnetic survey requirements for each Block during the initial exploration period under the relevant Production Sharing Agreements.
The results of the airborne gravity and magnetic survey will be used to optimize the placement of 2-D seismic lines by identifying faults, basement structures and intra-sedimentary volcanic layers and/or intrusions. The Company expects data acquisition to be completed during April of 2013 and to receive initial results in the third quarter of 2013.
"This is the first step to unlocking the high potential value of our onshore Kenya acreage," said Senior Vice President of Exploration and Production Segun Omidele. "These gravity and magnetic surveys will satisfy the survey requirements of the first exploration period, and most importantly, will allow us to delineate an optimal 2-D seismic program on the Blocks."
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