According to a company statement, the rig will be delivered to the Oyo Field in OML 120 offshore Nigeria and drilling activities are expected to commence in Q1 or Q2 2014.
The Energy Searcher has the capacity to operate in total depths of up to 25,000 feet, and in water depths of up to 2,500 feet. CAMAC Chairman and Chief Executive Officer, Kase Lawal said the rig contract with Northern Offshore ensures a highly capable and efficient rig to execute on its transformational development and exploration program in 2014 and beyond.
New-York-listed CAMAC plans to utilize the rig on its multi-year, high-impact development and exploration portfolio. The long-term drilling contract agreement covers an initial period of one year, with an option to extend the contract for an extra 12 months.According to Northern Offshore, the contract which is valued at roughly $100 million, excludes mobilisation fees.
CAMAC Energy’s asset of 8 licenses in 3 African countries covers an area of 41,000 square kilometers including production, offshore projects in Nigeria, as well as exploration licenses offshore and onshore Kenya, and offshore Gambia.