CAMAC Energy contracts semi to drill deepwater Nigeria Oyo #7 well

1/8/2013

CAMAC Energy contracts semi to drill deepwater Nigeria Oyo #7 well

HOUSTON -- CAMAC Energy announced that Allied Energy, an affiliate of the company's largest shareholder and the operator of its Nigerian deepwater blocks OML 120 and OML 121, has signed a deed of assignment with Transocean and NPDC for the Sedneth 701 semi-submersible drilling rig to drill the Oyo #7 well.

The Sedneth 701, currently under contract with NPDC and operated by Transocean, will be assigned to Allied Energy to drill Oyo well #7 between April and August of 2013. Transocean will continue to operate the rig during the assignment period.

CAMAC said the rig has the necessary specifications to achieve Oyo #7 well's dual objectives of increasing production from the Pliocene and testing the resource potential in the Miocene.

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