OTCPK:MAUXF - Post by User
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radcaton Oct 16, 2013 8:55am
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CAMAC OML-120 Drill Results
CAMAC OML-120 Drill Results
Follow up to a previously mentioned Nigerian play:
Preliminary drill results have been released. Better than expected. CAMAC pulls off what MRP failed to do. Should hear about the Miocene soon which is where the huge discoveries are. Should be a good day for CAK.
SOURCE: CAMAC Energy, Inc.
October 16, 2013 08:00 ET
CAMAC Energy Provides West Africa Drilling Update
HOUSTON, TX--(Marketwired - Oct 16, 2013) - CAMAC Energy, Inc. (: CAK) today announced it has been informed by Allied Energy PLC ("Allied") of preliminary results from the Oyo-7 well in OML 120 offshore Nigeria. The results exceed internal pre-drill expectations. Oyo-7 commenced drilling operations on September 9, 2013. Based on logging while drilling ("LWD") data, the well encountered gross oil pay of 133 feet (net oil pay of 115 feet) and gross gas pay of 103 feet (net gas pay of 93 feet) in the gas cap from the currently producing Pliocene reservoir, with excellent reservoir quality. The top of the reservoir was penetrated at 5,564 feet. The well is currently drilling to the planned total depth of 8,038 feet and is expected to penetrate the deep Miocene secondary objective.
"We are highly encouraged by these preliminary net pay results in the Pliocene reservoir, which is the primary objective of the well," said Dr. Kase Lawal, Chairman and CEO of CAMAC Energy. "Not only have we confirmed net oil pay results that exceed our internal expectations, but a smaller than expected gas column was also penetrated. As a result, we expect improved oil production from the horizontal section. I am proud of the technical teams at both Allied Energy and CAMAC Energy for our successful drilling operations, and look forward to updating shareholders as we complete drilling and evaluation of the deep Miocene reservoir."
About CAMAC Energy
CAMAC Energy, Inc. (: CAK) is an independent exploration and production company engaged in the acquisition and development of energy resources in Africa. The Company's principal assets include interests in Oil Mining Leases ("OMLs") 120 and 121 in Nigeria, which include our current production in the Oyo Field, and additional exploration blocks in Kenya and The Gambia. CAMAC Energy is based in Houston, Texas. For more information about CAMAC Energy, please visit www.camacenergy.com.