Pacific Asia to acquire stake in Oyo oil field

Pacific Asia Petroleum Inc. shareholders have approved the company’s pending acquisition of all interest in Oyo oil field off Nigeria held by Camac Energy Holdings Ltd. and its affiliates.

By OGJ editors
HOUSTON, Apr. 7
-- Pacific Asia Petroleum Inc. shareholders have approved the company’s pending acquisition of all interest in Oyo oil field off Nigeria held by Camac Energy Holdings Ltd. and its affiliates.

The company expects closing the transaction on Apr. 7. Camac currently owns 60% interest in Oyo field. Field operator Nigerian Agip Exploration Ltd., an affiliate of Italy’s Eni SPA, owns the remainder.

Oyo field started production in December 2009 from two subsea wells in 400 m of water about 75 km offshore (OGJ, Dec. 21, 2009, Newsletter).

The field produces through the Armada Perdana floating production, storage, and offloading vessel.

In November 2009, Camac agreed to sell its Oyo interest to Pacific Asia in exchange for 62.74% of the common shares of Pacific Asia and $38.84 million cash.

Pacific Asia of Hartsdale, NY, controls rights to gas acreage in China and is a partner in several Chinese oil fields. Camac International of Houston is a privately-held independent having interests in West Africa and South America.

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