CAMAC Energy has announced the results of an independent assessment of four of the company’s offshore Nigeria prospects.
The independent assessment, conducted by DeGolyer and MacNaughton, increased the company’s unrisked P50 recoverable resources from 537 million barrels of oil to 2 377 million barrels of oil.
CAMAC Energy is the operator and 100% owner of the oil licenses under review (OML120 and OML121).
First exploration in 2015
Drill locations have been identified at each of the prospects. The company will continue technical work with the aim of drilling the first exploration well in H1 2015.
The exploration programme will be funded through cash on hand, available credit facilities and cash flows from the company’s Oyo-7 and Oyo-8 development wells.
“The increase in P50 resources on these four prospects and what that represents in term of the potential of our deepwater Nigerian assets is monumental,” commented CAMAC Energy chairman and CEO Kase Lawal.”
“These results have been achieved through a combination of both the focused efforts of the skilled geoscientists on our team who, bring tremendous local knowledge of the basin and who have played key roles in the discovery of other giant fields within the vicinity of OMLs 120 and 121; and the application of superior techniques that have led to successful discoveries in the Nigerian deepwater by other operators.”
Lawal added that considerable time developing the regional framework, utilising the latest in geoscience and enhanced quantitative interpretation techniques, to define these four high-impact prospects with combined unrisked recoverable P50 resources of almost three billion boe.
“This is a near five-fold increase from our previous assessment of these prospects. Moving forward, we believe these resources, coupled with substantial near-term increases in production, will deliver significant value for our shareholders.”
CAMAC Energy is a oil and gas exploration and production company with operations offshore Nigeria, Ghana, Kenya and Gambia.