CAMACCAMAC Energy has been informed by Allied Energy that the Sedneth 701 drilling rig has arrived on location at OML 120, offshore Nigeria, and is preparing to drill the Oyo-7 well. After setting anchors and taking on initial drilling materials, it is anticipated that the well will be spud on or before September 10, 2013.

The first phase of drilling operations is expected to last 60 days, during which time the well will be drilled to a target depth of approx. 2,450 meters. This well section will penetrate the currently producing Pliocene reservoir (T1A), appraise the T1B reservoir and provide an exploration test of the Miocene. After completion of the first drilling phase, the rig will be released to Nigerian Petroleum Development Corporation Limited (NPDC) per the Deed of Assignment between NPDC and Allied. The second phase of drilling to complete the well and begin production is expected to commence in 2014 upon receipt of the necessary long-lead items.

‘Drilling of the Oyo-7 well is a major milestone for CAMAC Energy,’ commented Segun Omidele, Senior Vice President of Exploration and Production. ‘We have dual objectives for the well; to increase production from the currently producing Pliocene reservoir and to test the resource potential in the deeper Miocene.’

 

Information from a CAMAC Energy press release was used in this report.

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