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Slide #48. CAMAC Energy Inc. — Interests From Allied Energy Plc
Acquirer:
CAMAC Energy Inc. (CAK)
Acquiree:
Interests From Allied Energy Plc
Details:
CAMAC Energy Inc. (NYSE MKT: CAK) (the "Company" or "CAMAC Energy") today announced that it has entered into a definitive agreement to acquire the remaining economic interests that it does not currently own in the production sharing contract covering Oil Mining Leases 120 and 121 (the "OMLs") offshore Nigeria, which include the currently producing Oyo Field, from Allied Energy Plc ("Allied"). Allied is a wholly owned subsidiary of CAMAC Energy Holdings Limited ("CEHL"), the 57.2% majority stockholder of the Company. To acquire the interests, CAMAC Energy will issue 497,454,857 shares of common stock, pay US$170 million in cash and issue a US$50 million convertible subordinated note.
CAMAC Energy is engaged in the exploration, development, and production of oil and gas outside the U.S. As of Dec 31 2013, Co.'s exploration, development and production activities were focused in Sub-Saharan Africa. As of the same date, Co.'s asset portfolio consisted of eight licenses in three countries. Co. owns producing properties and conducts exploration activities as a non-operator in Nigeria, conducts explorations activities as an operator onshore and offshore Kenya, and conducts exploration activities as an operator in The Gambia. As of Dec 31 2013, Co. had proved developed crude oil reserves of 92,000 barrels and proved undeveloped crude oil reserves of 2.4 million barrels.
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