The Gambia: CAMAC Energy to get deepwater blocks

The ministry of petroleum of The Gambia has provisionally awarded two offshore exploratory blocks in the West African Transform Margin to CAMAC Energy Inc., HOUSTON.

The ministry of petroleum of The Gambia has provisionally awarded two offshore exploratory blocks in the West African Transform Margin to CAMAC Energy Inc., HOUSTON.

The A2 and A5 blocks total 2,666 sq km in 600-1,000 m of water. CAMAC Energy will be the operator with 85% interest, and Gambia National Petroleum Co. will be carried at 15% through the start of any oil production.

The agreement sets forth the negotiated fiscal terms and work program for the blocks, and the award is subject to submission of an environmental impact assessment and signing of final petroleum exploration licenses within 90 days. The company has submitted the EIA and said signing of license documents is expected in a few weeks.

Chevron drilled the Jammah-1 well on Block A2 in 1979 on the basis of sparse 2D seismic data. The well had gas shows, thereby establishing the presence of hydrocarbons. More recently, extensive 3D seismic shot on the A1 and A4 blocks immediately west of A2 and A5 has revealed a number of material prospects and leads, said the operator, African Petroleum Corp. Ltd.

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