Pacific Asia Petroleum Gets Nod to Acquire Oyo Interest

Pacific Asia Petroleum (PAP) approved the acquisition of all of CAMAC's interest in the Oyo oil field, and the transaction is scheduled for completion on or about April 7, 2010. In exchange for all of CAMAC's interest in the production-sharing contract, PAP will pay US $38.84 million in cash to retire existing debts and issue common stock to CAMAC equal to 62.74% of the company's issued and outstanding common stock. CAMAC currently owns 60% interest in the field, with the remaining 40% owned and operated by Eni. The Oyo field is located on Leases 120 and 121, roughly 43 miles (70 kilometers) off the coast of Nigeria.

continue reading about the Oyo oil field on SubseaIQ

continue reading the full article


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Sr Advising Engineer - Tech Development
Expertise: Business Development|IT - Software Development
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours