Independent Report Concludes CAMAC Energy, Inc.’s (CAK) OML 120 & 121 Blocks Host Substantial Quantities of Oil

By @ibtimes on

CAMAC Energy Inc., a U.S.-based energy company focused on exploring for, developing and producing oil and gas, was excited to announce today the results of an independent engineering report prepared by Netherland, Sewell & Associates, Inc. (NSAI) for the purpose of estimating the total resource in place at the OML 120 & 121 Blocks situated offshore Nigeria.

The report concluded that the best estimate for gross undiscovered original oil-in-place for OML 120 & 121 is 1.9 billion barrels with a high of 6.3 billion barrels; and the best estimate for associated recoverable gross contingent and unrisked prospective oil resources is 626 million barrels with a high of 2.2 billion barrels. This is substantially greater than the estimated 500 million barrels of potential recoverable oil stated in the company’s recent investor presentation.

“We are pleased to receive this report on resources for the OML 120 & 121 Blocks,” commented Dr. Kase Lawal, Chairman and Chief Executive of CAMAC Energy. “This report clearly supports the potential we see in the two blocks and we are excited about the results. OML 120 & 121 are in a known hydrocarbon province, have existing production, extensive 3D seismic coverage and over a dozen identified prospects and leads. Together with ENI, the technical operator of OML 120 & 121, we will now work towards testing the greater potential of this play, including the deeper Miocene zone.”

The NSAI report, with further information and qualifications, can be found on CAMAC Energy’s website at www.camacenergy.com in the Investor Relations section.

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