HOUSTON - Tuesday, February 10th 2015 [ME NewsWire]
(BUSINESS WIRE) CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT:CAK) announced today the successful completion of its onshore 2D seismic acquisitions on blocks L-1B and L-16 in the Republic of Kenya.
The 2D seismic program was conducted by BGP Kenya Limited (“BGP”) and covers approximately 700 line kilometers on L-1B and 325 line kilometers on L-16.
The objective of the acquisition is to identify potential exploration targets in the Paleozoic, Jurassic, Cretaceous, and Middle to Lower Tertiary sections, which are known to be oil-bearing in the East Africa region. The seismic survey, paired with the previously completed airborne gravity and magnetic surveys, will be used to help identify potential drilling targets on the block.
“The preliminary results from data processing in the field are encouraging”, commented Segun Omidele, Senior Vice President of Exploration and Production. “These seismic surveys are fundamental to advancing our onshore Kenya work program and our understanding of the resource potential on these blocks and will help us determine potential locations to begin our exploration drilling.”
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of nine licenses across four countries covering an area of 43,000 square kilometers, including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya, and Gambia, and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas. For more information about CAMAC Energy, please visit www.camacenergy.com.
This news 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 or implied in these forward-looking statements due to a variety of factors, including the Company’s ability to successfully drill and complete the wells and prospects identified in this release and risks and other risk factors discussed in the Company’s periodic reports filed with the Securities and Exchange Commission. 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.
CAMAC Energy Inc.
Christopher D. Heath, 713-797-2945
Director, Corporate Finance and Investor Relations
Lionel C. McBee, 713-797-2960
Manager, Corporate Communications