CAMAC Energy Inc enters into PSCs for four exploration blocks, marking official entry into Kenya.
M2 EQUITYBITES-May 16, 2012-CAMAC Energy Inc enters into PSCs for four exploration blocks, marking official entry into Kenya(C)2012 M2 COMMUNICATIONS http://www.m2.com
Energy company CAMAC Energy Inc (NYSE Amex:CAK) reported on Tuesday the execution of Production Sharing Contracts (PSCs) with the government of The Republic of Kenya for the exploration blocks L1B, L16, L27 and L28, all located in Kenya.
The company added the exploration block L1B is located onshore in the Lamu Basin and L16 is located in the Lamu Basin transition zone. The deep water blocks L27 and L28 cover a combined area of 21,170 square kilometers.
According to the company, it will be the operator with a 90% interest in all four PSCs, with the government of Kenya holding a 10% carried interest prior to designation of any commercial discoveries.
As part of the initial exploration phase contract, the company will be conducting surveys, acquiring and interpreting 2D and 3D seismic data and identifying prospects for future drilling.
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|Publication:||M2 EquityBites (EQB)|
|Date:||May 16, 2012|
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