Camac confirms successful drilling of Oyo-7 well in Nigeria
CAMAC Energy, Inc. (CAMAC) today announced it has been informed by Allied Energy PLC (Allied) of preliminary results from the Oyo-7 well in OML 120 offshore Nigeria. The results exceed internal pre-drill expectations. Oyo-7 commenced drilling operations on September 9th, 2013. Based on logging while drilling (LWD) data, the well encountered gross oil pay of 133 feet (net oil pay of 115 feet) and gross gas pay of 103 feet (net gas pay of 93 feet) in the gas cap from the currently producing Pliocene reservoir, with excellent reservoir quality. The top of the reservoir was penetrated at 5,564 feet. The well is currently drilling to the planned total depth of 8,038 feet and is expected to penetrate the deep Miocene secondary objective.