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CAMAC Spuds Oyo-8 Development Well in OML 120 Offshore Nigeria

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CAMAC Energy Inc., an independent oil and gas exploration and production company, announced Monday that the Oyo-8 development well offshore Nigeria has been spud June 15. The Oyo-8 well is located offshore Nigeria in OML 120, where CAMAC Energy is the operator and owns a 100 percent working interest. This development well lies within the Oyo field, which was one of the first deepwater oil discoveries made in Nigeria. The Oyo field is located approximately 46.6 miles (75 kilometers) offshore Nigeria in water depths of approximately 984 feet (300 meters).

Oyo-8 will be drilled by the Northern Offshore Energy Searcher (mid-water drillship) to a total depth of approximately 5,905 feet (1,800 meters) in water depths of approximately 1,017 feet (310 meters), and will produce from the Pliocene reservoir. The Oyo-8 well is expected to commence production in the fourth quarter and, together with the Oyo-7 well which will be completed subsequent to the Oyo-8 well, is expected to significantly increase production from the Oyo Field.

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