CAMAC Energy Inc.’s updated assessment of the prospective resources has increased the company’s unrisked P50 recoverable resources.
The four offshore Nigeria prospects’ unrisked P50 recoverable resources have moved from 537 million barrels of oil to 2,377 MMbbl in four of its top exploration prospects.
The independent assessment was prepared in accordance with the Petroleum Resources Management System (PRMS).
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Kase Lawal, chairman and chief executive officer welcomed the recent development.
“The increase in P50 resources on these four prospects and what that represents in term of the potential of our deep-water Nigerian assets is monumental,” said Lawal.
“These results have been achieved through a combination of both the focused efforts of the skilled geoscientists on our team who and the application of superior techniques that have led to successful discoveries in the Nigerian deep-water by other operators.”
The company says these estimates reflect only a select portion of the company’s prospective resources offshore Nigeria, and do not include any resource estimates for the company’s assets in Ghana, Kenya, and Gambia.
“Drilling locations have been identified on each of the four prospects, and technical work is continuing to allow for the first exploration well to be drilled in the first half of 2015,” reported the company.
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“The wells will target the Miocene formation, which has been successfully demonstrated to be a prolific oil producing layer in deep-water Nigeria.”
The company said the exploration drilling programme will be carried out utilising either the drillship Energy Searcher, which is currently under contract drilling the Oyo-7 and Oyo-8 development wells, or a second rig to be contracted.
[DATA CME:CEMAC] added that the exploration program will be funded with future cash flows from the Oyo-7 and Oyo-8 development wells, cash on hand, and available credit facilities.