CAMAC Energy logo
CAMAC Energy logo
CAMAC Energy logo
CAMAC Energy logo

CAMAC Energy Inc.has signed a Petroleum Agreement with the Government of Ghana covering the Expanded Shallow Water Tano block located in the Tano Basin offshore Ghana, about 15-35 km off the coast of Ghana.

The block size is 1,508 square kilometers (370,000 acres) in water depths ranging from 55 meters to 116 meters (180 feet to 380 feet) and contains three discovered fields: Tano North, Tano West and Tano South. Significant quantities of oil and gas have been discovered in these fields, and drill stem tests carried out also established producibility of the reservoirs. The agreement requires that the partners evaluate the feasibility of economic development of the discovered fields over the next 9 months.
The block is bounded on the north by the Ghana Coastline, on the west by the Maritime Border with Cote D’Ivoire, on the south by the Deepwater Tano Block, which hosts the Tweneboa/Enyenra/Ntomme (TEN) fields, and on the east by the West Cape Three Points Block, which hosts the Teak-Akasa discoveries as well as the largest offshore oil discovery in West Africa over the last decade, the Jubilee field. Companies currently active in the Tano Basin include Tullow Oil plc? Kosmos Energy Ltd., Anadarko Petroleum Corporation, and Hess Corporation, among others.
CAMAC Energy Ghana Limited, an indirect 50%-owned subsidiary of the company, is the operator of the ESWT block with a 60% participating interest. GNPC Exploration Company Limited holds a 25% participating interest and Base Energy Ghana, Ltd., an indigenous Ghanaian company, holds a 15% participating interest. Ghana National Petroleum Company (“GNPC”) will initially have a 10% carried interest and have the right to acquire an additional paying interest of up to 10% following a declaration of commerciality.
Management Comments
“The Tano Basin offers the kind of high-reward oil prospects that we believe will enable us to build near-term value for our shareholders through the drillbit,” said Kase L. Lawal, CAMAC Energy Chairman and Chief Executive Officer.
“The signing of this Petroleum Agreement is another major step in building a robust asset portfolio. We intend to pursue various development scenarios to economically develop the discovered fields on a fast track basis. We are pleased to be partnering with the Ghana National Petroleum Corporation and Base Energy to pursue this opportunity, and we look forward to building a long-term relationship with the Ghanaian government as we work towards developing this asset,” Lawal added.
CAMAC Energy is an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio consists of nine production and exploration licenses across four countries covering an area of 43,000 square kilometers (10 million acres), including existing production and other projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and Gambia, and onshore Kenya. CAMAC Energy is headquartered in Houston, Texas, and is listed on the New York Stock Exchange under the ticker symbol CAK, and on the Johannesburg Stock Exchange under the ticker symbol CME.

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