Petroleum Africa
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Friday, April 25, 2014
CAMAC Energy reported that it has identified an additional 10 exploration prospects and 12 leads on its acreage offshore Nigeria, specifically within OMLs 120 and 121. The company has upgraded three prospects containing unrisked prospective resources in excess of 200 million barrels of oil each.
Current efforts being undertaken by CAMAC are focused on determining where to drill the first exploration well from those prospects, planned for 2015.
The company is expected to see the spud of the Oyo-8 well in the next month and is just waiting for the Department of Petroleum Resources (DPR) to give final clearance for the rig to enter Nigerian waters and commence drilling. The rig, the Energy Searcher, is currently offshore Cameroon awaiting approval to move to the Oyo field in Nigeria. CAMAC said the DPR has completed its inspection, and is expected to issue final clearance imminently. The drilling rig is anticipated to arrive at the Oyo Field by the end of April.
In order to optimize drilling, completion, and production activities, current plans are to spud Oyo-8 mid-May, with well-hookup and first production expected in October. The drilling rig will then move to complete and hook-up Oyo-7, with first production expected in November. Both wells continue to be on track to commence production this year, enabling CAMAC to exit 2014 at an estimated production rate of 14,000 bpd.
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