ENP Newswire -
Release date- 09052014 -
Highlights for the quarter ended
Secured the Northern Offshore Energy Searcher drillship for up to two years in
Secured the FPSO Armada Perdana for up to seven years offshore
Closed the acquisition of the remaining economic interests in OML 120 and 121 from
Signed a Petroleum Agreement with the Government of
Commenced a secondary listing on the
The Northern Offshore Energy Searcher drillship arrived in
The ESWT block size is 1,508 square kilometers (370,000 acres) in water depths ranging from 55 meters to 116 meters (180 feet to 380 feet) and contains three discovered fields:
The agreement requires that the partners evaluate the feasibility of economic development of the discovered fields over the next 9 months. A leading worldwide independent petroleum consulting firm has been identified to assist with the evaluation. Activities will include evaluating existing 3D seismic data, and geological and well data.
Exploration activities are continuing in the
Completed an Environmental and Social Impact Assessment Study in
Submitted 'Invitation to Tender' requests to seismic companies that are active in the region. Final bids are due early
Work is focused on drilling two exploration wells in 2015/2016: one in Block L1B, and one in Block L16.
Current activities onshore Block L1B are targeting net unrisked prospective resources of 900 MMBO from five leads.
Completed the acquisition of multi-client 2D seismic in
Presently building a dataset for a Geological and Geophysical Study
Results from the 2D interpretation will be used to outline the location for a 3D seismic acquisition in 2014/2015
3D seismic will then be processed to interpret the geologic framework
Evaluations are being directed towards drilling one exploration well in either Block L27 or Block L28 in 2016/2017.
Further frontier exploration activities are also continuing offshore
The first offshore exploration well in
Results of Operations
For the first quarter of 2014, revenues were
To access the live audio webcast, please visit the investors section of the company's website at www.camacenergy.com.
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, concerning activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.
Although the Company believes the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The Company's actual results could differ materially from those anticipated in these forward-looking statements due to a variety of factors, including the Company's ability to successfully drill, complete, test and produce the wells and prospects identified in this release and risk factors discussed in the Company's periodic reports filed with the
All forward-looking statements are expressly qualified in their entirety by this cautionary statement. You should not place undue reliance on forward-looking statements, which speak only as of their respective dates. The Company undertakes no duty to update these forward-looking statements.
Tel: +1 713-797-2945
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