Key Developments: CAMAC Energy Inc (CAK)
0.58USD
17 May 2013
$-0.01 (-2.34%)
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$0.57
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125,274
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Latest Key Developments (Source: Significant Developments)
CAMAC Energy Inc Announces Appointment Of CFO-Form 8-K
CAMAC Energy Inc reported in its Form 8-K that on February 27, 2013, CAMAC Energy Inc. (Company) appointed Earl W. McNiel as Senior Vice President and Chief Financial Officer (CFO) of the Company, effective as of February 27, 2013. Mr. McNiel has served as Interim Chief Financial Officer of the Company since March 1, 2012. Full Article
CAMAC Energy Inc Announces Divestiture Of China Gas Block And Hong Kong Subsidiary Pacific Asia Petroleum Limited
CAMAC Energy Inc announced that it has signed a definitive share sale and purchase agreement to divest its interest in the Zijinshan Gas Block in China to Leyshon Resources Limited (Leyshon), a natural resources mining company based in Beijing. Under the agreed terms, CAMAC Energy will divest its wholly owned Hong Kong subsidiary Pacific Asia Petroleum Limited (PAPL) for a cash consideration of $2.5 million and 10 million fully paid ordinary shares in Leyshon. The transaction is expected to close within 14 days. Full Article
Leyshon Resources Limited Proposes Acquisition Of Pacific Asia Petroleum Limited From CAMAC Energy Inc.
Leyshon Resources Limited announced that it expects to finalize terms shortly to acquire a company which holds a 100% interest in the Zijinshan Production Sharing Contract located on the eastern fringe of the prolific Ordos Gas Basin in Central China. RISC has advised that in its view the Zijinshan Gas Project contains gross prospective resources that are potentially large due to the confirmation of the presence of unconventional gas, with in place estimates in the range 1 to 3.8 Trillion Cubic Feet. Under the proposal Leyshon will acquire a 100% interest in Hong Kong Company Pacific Asia Petroleum Limited (PAPL) from Houston based CAMAC Energy Inc. PAPL is in the oil and gas exploration sector in China. Full Article
CAMAC Energy Inc Signs Four Production Sharing Contracts With Republic of Kenya-FLYWAL
FLYWAL reported that CAMAC Energy Inc announced that it has signed Production Sharing Contracts (PSCs) with the government of The Republic of Kenya for previously awarded exploration Blocks L1B, located onshore in the Lamu Basin, and L16, located in the Lamu Basin transition zone. In addition, the Company has signed PSCs for Block L27 and Block L28, two deep water blocks. CAMAC Energy Inc will be the operator and have a 90% interest in all four PSCs, with the government of Kenya holding a 10% carried interest prior to designation of any commercial discoveries. The Company expects to partner with an indigenous company for a minority interest. Full Article
CAMAC Energy Inc Announces Execution Of Definitive Agreement With Avana Petroleum
CAMAC Energy Inc announced that it has been informed that Nigerian Agip Exploration (NAE),[ a subsidiary of Eni SpA (Eni)], its partner in Nigerian OMLs 120 and 121 (the OMLs), has signed a definitive agreement to divest its 40% working interest in OMLs to Allied Energy PLC. According to NAE, transaction is expected to conclude during first quarter of 2012. As part of its West African regional growth strategy, the Company also announced that it has reached agreement on commercial terms with two national oil companies to acquire three offshore exploration licenses covering three blocks. Per the agreed terms, CAMAC Energy will be the operator, with majority working interests in each of the license blocks. The license blocks are located in prospective West African Transform Margin, home to several recent discoveries in Ghana and Sierra Leone and a core focus area for the Company’s expansion efforts. Finally, the Company is announcing that it has signed a definitive agreement with principal shareholders of Avana Petroleum Limited, a private Isle of Man company, that following completion of transactions contemplated by the agreement will result in the acquisition of 100% of the issued share capital of Avana. The total purchase price is USD15 million, payable in shares of the Company’s common stock in three tranches, with first tranche of USD10 million payable upon completion and the second and third tranches of USD2.5 million payable at six-month intervals following completion. Full Article
CAMAC Energy Inc Spuds ZJS-04 Well In China
CAMAC Energy Inc announced the spudding and progress of its ZJS-04 well in China. Drilling is expected to take about 50 days to reach the well’s target depth of approximately 5,900 feet. Currently the penetrating depth is 2,630 feet drilled towards the main target formations. The ZJS-04 well is the second well of the three wells planned to be drilled in 2011, in accordance with the annual work program as approved by CAMAC Energy and its Chinese Partner, PetroChina CBM Co. Full Article
CAMAC Energy Inc Announces Closure Of $25 Million Credit Facility
CAMAC Energy Inc announced the closure of the $25 million term credit facility with Allied Energy, Plc, which credit facility was originally announced by the Company on March 10, 2011. CAMAC Energy has received the full $25 million from Allied Energy, and intends to apply the funds toward payment of Oyo Field well #5 workover expenses. " Interest on the $25 million loan accrues at a rate of LIBOR +2% per annum. The promissory note matures on June 6, 2013. Full Article
CAMAC Energy Inc Names New Chief Financial Officer
CAMAC Energy Inc announced the appointment of Edward G. Caminos as Senior Vice President and Chief Financial Officer of the Company, effective as of July 1, 2011, and the appointment of Alan W. Halsey as Senior Vice President, Exploration and Production, of the Company, effective as of June 6, 2011. Full Article
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