CAMAC Energy Inc. has been informed by Allied Energy PLC that the assignment of the Sedneth 701 rig, proposed for July 31, 2013 under the previously announced Deed of Assignment with Transocean Ltd. and Nigerian Petroleum Development Corporation Limited (“NPDC”) for the drilling of Oyo Well #7 has been delayed.
The deal has been put off due to unanticipated drilling problems at the rig’s its current location and efforts are being made to resolve the problems and release the rig to Allied.
The Company currently expects that the spudding of Oyo #7 well will be delayed at least two to four weeks and also that it will be able to provide further information on the timing of the rig assignment during its second quarter earnings call on August 13th, 2013.