Welcome!

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:

Nigeria
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.

Ghana
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.

Kenya
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.

Gambia
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
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
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 ...
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.
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
SYS-CON Events announced today that Niagara Networks 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. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, 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. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
SYS-CON Events announced today that Sheng Liang to Keynote at SYS-CON's 19th Cloud Expo, which will take place on November 1-3, 2016 at the Santa Clara Convention Center in Santa Clara, California.
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...