CAMAC: Sedneth 701 Rig to Spud Oyo well in July (Nigeria)

CAMAC Sedneth 701 Rig to Spud Oyo well in July (Nigeria)

CAMAC Energy Inc.  today announced that Allied Energy PLC has received notification of the proposed assignment date of the Sedneth 701 rig under its previously announced Deed of Assignment with a subsidiary of Transocean Ltd.  and Nigerian Petroleum Development Corporation Limited (“NPDC”).

According to the notification from NPDC, the proposed date of assignment is July 6, 2013. NPDC will assign the rig to Allied for a term of sixty days, during which Transocean personnel will continue to operate. Oyo well #7 drilling operations are expected to begin immediately following the assignment from NPDC in July.

“We are very pleased to receive notification of the assignment date for the Sedneth 701 rig,” said Senior Vice President of Exploration and Production, Segun Omidele. “With the rig assignment date set, we can now focus on making our final preparations to spud the Oyo well #7 in July with the objectives of increasing production from the Pliocene and exploring the potential of the deeper Miocene.”


Press Release, May 29, 2013