Nigeria

Pacific Asia Petroleum Inc., Hartsdale, NY, is to purchase interests in Oyo oil field off Nigeria from Camac Energy Holdings Ltd. and affiliates. The deal is to close in the first quarter of 2010.

Nov 23rd, 2009

By OGJ editors
HOUSTON, Nov. 23
– Pacific Asia Petroleum Inc., Hartsdale, NY, is to purchase interests in Oyo oil field off Nigeria from Camac Energy Holdings Ltd. and affiliates. The deal is to close in the first quarter of 2010.

In exchange for Camac’s interest, Pacific Asia has agreed to pay $38.84 million in cash to retire existing debts and issue common stock to Camac equal to 62.74% of Pacific Asia’s common stock.

Nigerian Agip Exploration Ltd. operates Oyo, in OML 120 in 410 m of water 75 miles off the southern Nigerian coast, with 40% interest. The Camac group holds 60% interest.

Oyo is in the final preparation for production start-up. It will produce into the Armada Perdana floating production, storage and offloading vessel. Peak output is estimated at 29,000 b/d (OGJ Online, July 26, 2008).

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