CAMAC Energy Terminates the Northern Offshore Energy Searcher Drilling Rig Contract
12 Janvier 2015 - 12:00PM
Business Wire
CAMAC Energy Inc. (“CAMAC” or the “Company”) (NYSE MKT: CAK)
announced today it has terminated its contract with Northern
Offshore International Drilling Company Ltd. (“Northern”) for the
drillship Energy Searcher. The Company notified Northern on January
7, 2015 that it elected to terminate the contract with immediate
effect for Northern’s repudiatory breach of contract and other
material breaches of the drilling contract by Northern. These
breaches have caused significant damages and loss, including delay
damages and wasted spread costs to the Company. CAMAC is
considering all legal options to enforce its rights under the
contract.
The Company‘s Oyo Field drilling and completion operations are
now being conducted by the Transocean (NYSE: RIG) Sedco Express
semi-submersible drilling rig, which arrived on location in
December, and production is still expected to be online by the end
of Q1 2015.
About CAMAC Energy
CAMAC Energy is an independent oil and gas exploration and
production company focused on energy resources in sub-Saharan
Africa. Its asset portfolio consists of nine licenses across four
countries covering an area of 43,000 square kilometers, including
current production and other exploration projects offshore Nigeria,
as well as exploration licenses offshore Ghana, Kenya, and Gambia,
and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas.
For more information about CAMAC Energy, please visit
www.camacenergy.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical fact, concerning activities,
events or developments that the Company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Although the Company believes the expectations
reflected in these forward-looking statements are reasonable, they
involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. The Company’s actual
results could differ materially from those anticipated or implied
in these forward-looking statements due to a variety of factors,
including the Company’s ability to successfully drill and complete
the wells and prospects identified in this release and risks and
other risk factors discussed in the Company’s periodic reports
filed with the Securities and Exchange Commission. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement. You should not place undue
reliance on forward-looking statements, which speak only as of
their respective dates. The Company undertakes no duty to update
these forward-looking statements.
CAMAC Energy Inc.Investors:Christopher D. Heath,
713-797-2945Director, Corporate Finance and Investor
Relationschris.heath@camacenergy.comorMedia:Lionel C. McBee,
713-797-2960Manager, Corporate
Communicationslionel.mcbee@camacenergy.com
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