Petroleum Africa
Find us on: 
Friday, February 28, 2014
CAMAC Energy closed its acquisition of the remaining economic interests not already owned in the PSCs for OML 120 and 121 offshore Nigeria from Allied Energy. These OMLs include the currently producing Oyo field.
According to the company on its website, to fund the cash portion of the consideration for the transaction with Allied and a portion of anticipated capital expenditures for development of the Oyo field, the company has also closed the first $135 million of a total $270 million equity investment from the Public Investment Corp. (SOC) Ltd. (PIC) of South Africa.
Kase Lawal, chairman and CEO, CAMAC, said: “We are pleased to announce the closing of these transformational events for our company. We are especially honored that the PIC has invested in our growth plans with confidence and we welcome them on board as a significant strategic partner on our exciting journey ahead.”
“With 100% interest in all of our assets in Nigeria, Kenya, and Gambia, we can now focus on our drilling program to increase current production and reserves,” he added.
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
