CAMAC Energy Inc. , a U.S.-based energy company engaged in the exploration, development and production of oil and gas, announced today the results of an independent engineering report prepared by Netherland, Sewell & Associates, Inc. (NSAI) estimating the total resource in place in CAMAC Energy’s OML 120 & 121 Blocks situated offshore Nigeria.
NSAI’s report concludes that the best estimate for gross (100%) undiscovered original oil-in-place for OML 120 & 121 is 1.9 billion barrels with a high of 6.3 billion barrels; and the best estimate for associated recoverable gross contingent and unrisked prospective oil resources is 626 million barrels with a high of 2.2 billion barrels. This is significantly higher than the estimated 500 million barrels of potential recoverable oil detailed in the Company’s recent investor presentation.
“We are pleased to receive this report on resources for the OML 120 & 121 Blocks,” said Dr. Kase Lawal, Chairman and Chief Executive of CAMAC Energy . “This report clearly supports the potential we see in the two blocks and we are excited about the results. OML 120 & 121 are in a known hydrocarbon province, have existing production, extensive 3D seismic coverage and over a dozen identified prospects and leads. Together with ENI, the technical operator of OML 120 & 121, we will now work towards testing the greater potential of this play, including the deeper Miocene zone.”
The NSAI report, which contains further information and qualifications, can be found on CAMAC Energy’s website at www.camacenergy.com in the Investor Relations section.
About CAMAC Energy Inc.
CAMAC Energy Inc. is a U.S.-based energy company engaged in the exploration, development and production of oil and gas. The Company currently has operations in Nigeria and, through its Pacific Asia Petroleum subsidiaries, in China. The Company’s principal assets include interests in OML 120 and OML 121, offshore oil leases in deepwater Nigeria that started production from the Oyo Oilfield in December 2009, and a 100% interest in the Zijinshan Block gas asset located in the Shanxi Province, China. The Company was founded in 2005 and has offices in Houston, Texas, Beijing, China, and Lagos, Nigeria.
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Source:Camac Energy , April 13, 2011