News Feed Item

CAMAC Energy Announces First Quarter 2014 Results

Provides Operational Update on Its West and East Africa Operations

HOUSTON, TX -- (Marketwired) -- 05/08/14 -- CAMAC Energy Inc. ("CAMAC Energy") (NYSE MKT: CAK) announced today financial and operating results for the first quarter of 2014.

Highlights for the quarter ended March 31, 2014 include:

The Northern Offshore Energy Searcher drillship arrived in Nigeria this week. After taking on personnel, equipment and supplies, the rig will move to the Oyo Field, where it is expected to commence drilling operations on the Oyo-8 well in mid-May, with first production expected in October. The drilling rig will then move to complete and hook-up Oyo-7, with first production from Oyo-7 expected before year-end. Both wells are on schedule to commence production this year, enabling CAMAC Energy to exit 2014 at an estimated production rate of 14,000 barrels of oil per day.

CAMAC Energy has signed a Petroleum Agreement with the Government of Ghana covering the Expanded Shallow Water Tano (ESWT) block located in the Tano Basin offshore Ghana, about 15-35 km off the coast of Ghana.

The ESWT block size is 1,508 square kilometers (370,000 acres) in water depths ranging from 55 meters to 116 meters (180 feet to 380 feet) and contains three discovered fields: Tano North, Tano West and Tano South. Significant quantities of oil and gas have been discovered in these fields, and drill stem tests carried out also established producibility of the reservoirs. The agreement requires that the partners evaluate the feasibility of economic development of the discovered fields over the next 9 months. A leading worldwide independent petroleum consulting firm has been identified to assist with the evaluation. Activities will include evaluating existing 3D seismic data, and geological and well data.

CAMAC Energy Ghana Limited, an indirect 50%-owned subsidiary of the company, is the operator of the ESWT block with a 60% participating interest. GNPC Exploration Company Limited holds a 25% participating interest and Base Energy Ghana, Ltd., an indigenous Ghanaian company, holds a 15% participating interest. Ghana National Petroleum Company ("GNPC") will initially have a 10% carried interest and have the right to acquire an additional paying interest of up to 10% following a declaration of commerciality.

Exploration activities are continuing in the Lamu Basin on Blocks L1B and L16 onshore, and on Blocks L27 and L28 offshore.

L1B/L16 Onshore

  • Completed a Gravity and Magnetic Survey in 2013
  • Completed an Environmental and Social Impact Assessment Study in February 2014
  • Submitted "Invitation to Tender" requests to seismic companies that are active in the region. Final bids are due early May 2014

Work is focused on drilling two exploration wells in 2015/2016: one in Block L1B, and one in Block L16.

Current activities onshore Block L1B are targeting net unrisked prospective resources of 900 MMBO from five leads.

L27/L28 Offshore

  • Completed the acquisition of multi-client 2D seismic in March 2014, and processing is currently underway by WesternGeco, a Schlumberger company
  • Presently building a dataset for a Geological and Geophysical Study
  • Results from the 2D interpretation will be used to outline the location for a 3D seismic acquisition in 2014/2015
  • 3D seismic will then be processed to interpret the geologic framework

Evaluations are being directed towards drilling one exploration well in either Block L27 or Block L28 in 2016/2017.

Further frontier exploration activities are also continuing offshore Gambia on Blocks A2 and A5. For 2014, CAMAC Energy is reprocessing existing 2D seismic, and a regional geologic study and possible 3D seismic survey are also planned.

The first offshore exploration well in Gambia is currently anticipated to be drilled in 2016.

Results of Operations

For the first quarter of 2014, revenues were $19.9 million, on net daily production of 1,700 barrels of oil, net of royalties. Revenue on a per barrel basis was $109.11. CAMAC Energy reported a net loss of $4.6 million for the first quarter of 2014, or $0.01 per basic and diluted share. Current cash on hand is approximately $70 million.

Conference Call

CAMAC Energy will host a conference call today at 10:00 a.m. Central time (11:00 a.m. Eastern time) to discuss first quarter 2014 results. To access the conference call, please dial 1-877-317-6789 approximately 15 minutes before the scheduled conference call time. Callers outside the United States should dial 1-412-317-6789.

To access the live audio webcast, please visit the investors section of the company's website at www.camacenergy.com.

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 nine production and exploration licenses across four countries covering an area of 43,000 square kilometers (~10 million acres), including existing production and other projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and Gambia, and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas, and is listed on the New York Stock Exchange under the ticker symbol CAK, and on the Johannesburg Stock Exchange under the ticker symbol CME. For more information, please visit www.camacenergy.com.

Forward-Looking Statements

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 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to impr...
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.