The Gambia: CAMAC gets deepwater blocks

The Gambia has formalized two previously awarded petroleum exploration, development, and production licenses to offshore Blocks A2 and A5 to CAMAC Energy Inc., Houston.

The blocks cover a combined 2,666 sq km in 600-1,000 m of water east of deepwater Blocks A1 and A4 operated by African Petroleum Corp.

CAMAC Energy is the operator with a 100% interest in each block. The Gambia National Petroleum Co. has the right to elect to participate up to a 15% interest following approval of a development and production plan. CAMAC is responsible for all expenditures prior to such approval even if GNPC elects to participate.

During the initial 4-year exploration phase, CAMAC Energy will conduct surveys, acquire and interpret 2D and 3D seismic data, identify prospects, and drill one exploration well on each block.

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