CAMAC signs two exploration licenses in Gambia

exploration_offshoreCAMAC Energy will look to drill an exploration hole in each of its offshore Gambia blocks. (Image source: mrpbps)CAMAC Energy has signed licenses for two exploration blocks in Gambia that cover a combined area of approximately 2,666 sq km

Located in water depths of between 600 and 1,000 metres, the signed licenses on the contiguous blocks mark the company’s first steps into the West African nation.

The firm will operate both blocks with a 100 per cent interest, but the Gambia National Petroleum Company (GNPC) will retain the right to elect to participate up to a 15 per cent interest, following the approval of a development and production plan.

CAMAC Energy senior vice president of exploration and production, Segun Omidele, said, “With these two blocks in Gambia, the four blocks in Kenya announced earlier [in May 2012] , and our position in deep water Nigeria, CAMAC Energy is now a significant participant in highly prospective oil and gas basins in both East and West Africa.

“Our exploration and development programmes in these areas have the potential to create substantial value for our investors, our host countries and other stakeholders.”

The company signed Petroleum Exploration, Development & Production Licenses with Gambia for the previously-awarded offshore exploration blocks A2 and A5, which are located east of the African Petroleum Corporation-operated deep water blocks A1 and A4.

CAMAC will be responsible for all expenditures prior to final approval and during the initial four-year exploration phase will conduct surveys, acquire and interpret 2D and 3D seismic data, identify prospects for future drilling and drill one exploration well on each of the blocks.

“We will continue to strategically pursue opportunities to add to our exploration portfolio in both East and West Africa,” Omidele added.

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