After recently restructuring, junior oil and gas producer Camac Energy (CAK) is looking like a very solid emerging company. The company recently reported its first operating revenues from the Oyo Oilfield, offshore Nigeria and from the commercialization of its Enhanced Oil Recovery and Production (EORP) technology in China. At the same time, Camac benefits from a strong balance sheet, with assets of $419.5 million, no debt and cash and cash equivalents of $22 million.
The Oyo Oilfield is currently the major producing asset owned by CAK and was purchased from Camac Energy Holdings Ltd. for a 62.74% interest in the company. This was made up of 89.5 million shares in CAK, plus two cash payments for a total of $38.84 million. Oyo is located 75 miles offshore from Nigeria in 200-500 meter deep water. The Oilfield has two wells that currently produce from 12,000 to 20,000 barrels of oil per day, and gas of 15 MMCF per day and is operated by ENI/Agip, a major worldwide energy company. Oyo uses a floating production storage and offloading vessel rated at 40,000 barrels per day, with storage capacity of 1 million barrels connected to subsea wellheads. The 10 year development plan for the field envisions the drilling of 2 additional production wells.