Photo by: Bloomberg
As Camac Energy progresses its interests in Nigeria, Ghana and Kenya, the dual-listed group plans to implement the drilling of its first offshore exploration well in Gambia in 2016.
Frontier exploration activities are also continuing offshore Gambia on Blocks A2 and A5, where the Africa-focused independent oil and gas exploration and production company is reprocessing existing two-dimensional (2D) seismic data.
A regional geologic study and possible three-dimensional (3D) seismic survey are also planned during 2014, Camac said on Thursday in a statement to shareholders.
This comes as the company continued its exploration activities within the Lamu basin on Blocks L1B and L16 onshore and on Blocks L27 and L28 offshore Kenya.
Camac completed an environmental- and social-impact assessment study of its onshore assets in February, as well as issued a tender to active seismic companies in the region, for which the final bids were due early in May.
The company was currently targeting net unrisked prospective resources of 900-million barrels of oil from five leads within Block L1B, while drilling was planned for Block L1B and Block L16 in 2015/2016.
Further, the company was currently undertaking evaluations for the drilling of an offshore exploration well in either Block L27 or Block L28 in 2016/2017.
The group was building a dataset for a geological and geophysical study of the offshore exploration projects, while results from a 2D interpretation would in 2014/2015 be used to outline the location for a 3D seismic acquisition, which would be processed to interpret its geological framework.
FINANCIAL PERFORMANCE
Camac posted a net loss of $4.6-million during the first quarter of 2014, while revenues accrued reached $19.9-million on net production of 1 700 bbl/d of oil, net of royalties.
Camac reported current cash-on-hand of about $70-million.