CAMAC Energy makes progress in oyo field amid 3rd Qtr $42.2m net loss
CAMAC Energy has made great progress towards bringing on production the two high impact development wells in the Oyo field, Oyo-7 and Oyo- 8 in Nigeria, said Dr. Kase Lukman Lawal, the Chairman and Chief executive Officer of CAMAC Group during the company’s 3rd Qtr Earning Reports.
According to Dr. Lawal, CAMAC commenced and completed the Oyo field expansion project which included the installation and testing of the two- flow lines in Oyo-7 and Oyo-8, these would allow for the wells to be connected to the FPSO. He also emphasized that the Energy Searcher Drillship is in the process of plugging and abandoning the Oyo-number 5 and Oyo-6 wells and will then move to Oyo-8 to do the horizontal completion of the well.
Dr Kase Lukman Lawal, Chairman & CEO, CAMAC Energy
Meanwhile, CAMAC Energy is also running some analysis to determine the economic viability of developing the three previously discovered oil fields by the company in Ghana. Lawal went further to state that they have made significant progress in Kenya and have awarded contracts for the acquisition of 2d seismic survey on onshore Kenya blocks.
The acquisition is expected to be completed during the first quarter of 2015. In offshore Kenya, blocks l-27 and L-28, the 2D seismic was acquired in March this year and has been processed and it is under review by a technical team. CAMAC is also processing 2D seismic in Gambia and been encouraged with hopes as a result of the two new offshore discoveries in Senegal by Cairn, a British based Oil Company.
However, Earl McNeil, the company’s senior vice president and chief financial officer said that for the third quarter, CAMAC Energy reported a net loss of $42.2 million, or 0.03 per basic and diluted share.