|By Marketwired .||
|February 23, 2014 11:00 PM EST||
HOUSTON, TX -- (Marketwired) -- 02/23/14 -- CAMAC Energy Inc. (NYSE MKT: CAK) (JSE: CME) ("CAMAC Energy" or the "Company") announced today that it has closed the acquisition of the remaining economic interests that it did not already own in the production sharing contract covering Oil Mining Leases 120 and 121 (the "OMLs") offshore Nigeria, which include the currently producing Oyo Field, from Allied Energy Plc ("Allied").
CAMAC Energy now has operatorship and a 100% interest in 8 production and exploration licenses in 3 countries, including the OMLs, Blocks L1B and L16 onshore Kenya, Blocks L27 and L28 offshore Kenya, and Blocks A2 and A5 offshore Gambia. Total net acreage is just over 41,000 square kilometers, or approximately 10 million acres. Current net daily production is approximately 2,000 barrels of oil, and 40 million cubic feet of natural gas.
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, CAMAC Energy has also closed the first $135 million of a total $270 million equity investment from the Public Investment Corporation (SOC) Limited ("PIC") of South Africa. In connection with the investment by the PIC, and in addition to its current listing on the New York Stock Exchange's NYSE MKT, the Company begins trading today on the Johannesburg Stock Exchange ("JSE").
"We are pleased to announce the closing of these transformational events for our company," said Chairman and Chief Executive Officer Kase Lawal. "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."
Further, the previously announced stock dividend equal to 1.4348 shares per share outstanding has been paid as of February 21, 2014. Following the closing of the Allied acquisition, the first $135 million PIC investment, and the stock dividend, the current total number of outstanding common shares is 1,072,892,046.
Zeona Jacobs, Director of Issuer and Investor Relations of the JSE, said, "We are pleased to see CAMAC Energy list on our main board today. The listing in Johannesburg gives CAMAC Energy a presence on Africa's biggest bourse and access to a large and diverse investor base with an array of investors looking to gain exposure to the African continent."
Sasfin Capital acted as corporate adviser and sponsor in connection with the Company's secondary listing on the JSE. Sidley Austin LLP acted as U.S. legal counsel to the Company and ENSafrica acted as South African legal counsel to the Company. Vinson & Elkins LLP acted as U.S. legal counsel to Allied. Canaccord Genuity Limited acted as financial advisor and Andrews Kurth LLP acted as legal counsel to the special committee of the Company's board of directors that considered the transactions with Allied and PIC.
About the Public Investment Corporation (SOC) Limited
The PIC is a state-owned company registered and incorporated in South Africa. Established in 1911, the PIC is one of the largest investment managers in Africa, managing assets of over US$140 billion, and manages funds on behalf of The Government Employees Pension Fund.
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio consists of 8 production and exploration licenses in 3 countries covering an area of 41,000 square kilometers (~10 million acres), including existing production and other major projects offshore Nigeria, as well as exploration licenses with significant hydrocarbon potential onshore and offshore Kenya, and offshore Gambia. CAMAC Energy is headquartered in Houston, Texas and is listed on the New York and Johannesburg Stock Exchanges. For more information, visit www.camacenergy.com.
This press 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 in these forward-looking statements due to a variety of factors, including the Company's ability to successfully drill, complete, test and produce the wells and prospects identified in this release, the Company's ability to continue current or anticipated levels of production, successful completion of a second investment of $135 million with PIC and 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.
The common stock being sold by CAMAC Energy Inc. has not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Dec. 1, 2015 08:00 AM EST Reads: 250
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Dec. 1, 2015 08:00 AM EST Reads: 395
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Dec. 1, 2015 08:00 AM EST Reads: 396
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Dec. 1, 2015 06:30 AM EST Reads: 514
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Dec. 1, 2015 06:00 AM EST Reads: 271
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Dec. 1, 2015 05:00 AM EST Reads: 620
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Dec. 1, 2015 05:00 AM EST Reads: 359
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Dec. 1, 2015 04:45 AM EST Reads: 458
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
Dec. 1, 2015 04:15 AM EST
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Dec. 1, 2015 03:30 AM EST Reads: 532
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Dec. 1, 2015 03:00 AM EST Reads: 470
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Dec. 1, 2015 03:00 AM EST Reads: 111
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Dec. 1, 2015 03:00 AM EST Reads: 469
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Dec. 1, 2015 01:15 AM EST Reads: 125
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Dec. 1, 2015 01:00 AM EST Reads: 437