CAMAC continues frontier exploration in Gambia

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“CAMAC Energy is reprocessing existing 2D seismic, conducting a regional geological study, and also has plans for a 3D seismic survey,” it stated.

The independent oil and gas exploration and production company, which focuses on energy resources in Africa, also stated that it had commenced drilling at the Oyo-8 development well offshore Nigeria during second quarter of 2014.

(READ MORE: Camac Energy reports muted Q1 results)

“The Northern Offshore Energy Searcher drillship commenced drilling operations on the Oyo-8 development well on June 15 and successfully encountered four new oil and gas reservoirs with total gross hydrocarbon thickness of 112 feet,” [DATA CME:CAMAC Energy] said.

“In addition, the company has identified 10 exploration prospects and 12 leads, and is in the process of maturing several prospects to drill-ready status, each containing substantial prospective resources. The company plans to commence drilling of the first exploration well in 2015.”

It added that exploration activities in the Lamu Basin in Kenya on Blocks L1B and L16 onshore were ongoing and that its current efforts were being directed towards drilling one exploration well in either Block L27 or Block L28.

In Ghana, the company recently signed a petroleum agreement relating to the Expanded Shallow Water Tano (ESWT) block in the Tano Basin.

“The block contains three discovered fields, and the work program requires the partners to determine the economic viability of developing the discovered fields. In collaboration with its partners, the company is working on plans to conduct basin modelling and field studies,” said CAMAC.

(READ MOREGhana approves Camac oil agreement)

“Significant quantities of oil and gas have been discovered in these fields, and drill stem tests also established producibility of the reservoirs. A leading worldwide independent petroleum consulting firm has been identified to assist with the evaluation.”

CAMAC reported that revenues for the quarter were 14.9 million dollars, on net daily production of 1,600 barrels of oil, net of royalties.

“Revenue on a per barrel basis was 110.40 dollars. CAMAC Energy reported a net loss of 11.9 million dollars for the second quarter of 2014, or 0.01 dollar per basic and diluted share. Cash and cash equivalents at June 30, 2014 was 39.7 million dollars,” it said.

However, the company also reported an operating loss of 11.2 million dollars for the 2014 quarter from a loss of 11.9 million dollars for the same quarter in 2013.