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.