Nigeria: CAMAC to get rights year Oyo field

CAMAC Energy Inc., Hartsdale, NY, signed a definitive agreement to buy Allied Energy PLC’s interest in a production sharing contract on OML 120 and 121 off Nigeria.

Dec 13th, 2010

By OGJ editors
HOUSTON, Dec. 13
– CAMAC Energy Inc., Hartsdale, NY, signed a definitive agreement to buy Allied Energy PLC’s interest in a production sharing contract on OML 120 and 121 off Nigeria.

Closing requires consent by Allied’s partner under the PSC, Nigerian Agip Exploration Ltd., which CAMAC Energy expects to receive shortly.

The acquisition gives CAMAC the means to plan block development holistically and to structure wells that effectively drain the existing Oyo field producing horizons and test deeper horizons in imaged Miocene reservoirs that underlie Oyo’s currently producing reservoir.

OML 120 lies east of OML 133, which contains 500 million bbl Erha field, and north of OML 121, where in the southeast corner of the block Allied has detected signs of potential gas resources in preliminary drilling results. OML 120 covers 916.6 sq km in 150-1,000 m of water and contains Oyo field. OML 121 covers 887 sq km in 150-1,000 m of water south of OML 120. Allied has identified nine prospects.

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