CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT:CAK) announced today that it has signed a contract with a subsidiary of Transocean Ltd. for the provision of the semi-submersible drilling unit Sedco Express for drilling and completion activities offshore Nigeria . The contract allows for the drilling or completion of up to three wells, and CAMAC intends to use the rig to accelerate timing of the tie-in of production from the Oyo-7 and Oyo-8 development wells. With the ability to drill a third well, and an option to extend the contract, the Company is also considering using the rig to accelerate its 2015 exploration drilling program.
“CAMAC is fully committed to bringing on production from our next two development wells as soon as possible, and we are pleased to secure this additional rig to accomplish our goals. The Sedco Express is a highly-efficient rig, and we may also utilize it to accelerate our exploration program.”
The Sedco Express is an ultra deepwater, semi-submersible drilling rig built in 2000, and is already within close proximity of the Oyo Field in OML 120 . The Company’s other rig, the drillship Energy Searcher, will continue the plugging and abandonment operations on the Oyo-5 and Oyo-6 wells.
Kase Lawal, Chairman and Chief Executive Officer, commented, “CAMAC is fully committed to bringing on production from our next two development wells as soon as possible, and we are pleased to secure this additional rig to accomplish our goals. The Sedco Express is a highly-efficient rig, and we may also utilize it to accelerate our exploration program.”
