Camac Energy Inc. has signed a letter of intent regarding terms and conditions of a long-term agreement for the Armada Perdana floating production, storage, and offloading vessel.
The agreement encompasses an initial term of 5 years beginning Jan. 1, with an automatic extension for an additional 2 years unless terminated by Camac with prior notice. The parties are working toward executing a definitive agreement on or before the 31st of Jan.
The Armada Perdana FPSO can process as much as 40,000 b/d of oil and has a storage capacity of 1 million bbl. It currently supports production of 2,000 b/d of oil and 40 MMcfd of natural gas from the Oyo field offshore Nigeria in OML 120.
Camac has proceeded with the roadshow presentation to institutional investors for the proposed $300 million bond offering that will provide the company with the capital to complete Oyo-7 and drill and complete Oyo-8 and 9. Pro forma closing of the Allied Energy PLC transaction, these three wells will bring online a total of 21,000 b/d of oil net.
The Oyo-7 well encountered oil and gas in the producing Pliocene reservoir in October, and in November confirmed the presence of oil in Miocene.
[OIL AND GAS JOURNAL]
The agreement encompasses an initial term of 5 years beginning Jan. 1, with an automatic extension for an additional 2 years unless terminated by Camac with prior notice. The parties are working toward executing a definitive agreement on or before the 31st of Jan.
The Armada Perdana FPSO can process as much as 40,000 b/d of oil and has a storage capacity of 1 million bbl. It currently supports production of 2,000 b/d of oil and 40 MMcfd of natural gas from the Oyo field offshore Nigeria in OML 120.
Camac has proceeded with the roadshow presentation to institutional investors for the proposed $300 million bond offering that will provide the company with the capital to complete Oyo-7 and drill and complete Oyo-8 and 9. Pro forma closing of the Allied Energy PLC transaction, these three wells will bring online a total of 21,000 b/d of oil net.
The Oyo-7 well encountered oil and gas in the producing Pliocene reservoir in October, and in November confirmed the presence of oil in Miocene.
[OIL AND GAS JOURNAL]
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