CAMAC Energy Signs Licenses for Two Exploration Blocks in Gambia
CAMAC Energy Inc. (NYSE: CAK) today announced that it has signed 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 2,666 square kilometers and are located in water depths of between 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% interest in each Block. The Gambia National Petroleum Company has the right to elect to participate up to a 15% 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.
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