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CAMAC Initiated with a Buy at Aegis Capital Corp

Source: 9/23/2014, Location: Africa

Aegis Capital Corp. is initiating coverage on CAMAC Energy, Inc. with a Buy rating and a 12-month price target of $1.00 per share. CAMAC Energy is an independent oil exploration and production company focused on energy resources in Africa. Its asset portfolio consists of nine licenses and an area of 43,000 square kilometers (10 million acres) covering offshore Nigeria, offshore Ghana, offshore Gambia, and offshore and onshore Kenya. The Oyo Field in the OML 120 block, 46 miles offshore Nigeria, currently contains the company's entire proved reserves of 9.9 million barrels of oil. The Oyo-5 and Oyo-6 wells in the Oyo Field produced oil at ~2,000 barrels a day in 2013 and ~1,600-1,700 barrels a day during 2014. The firm has recently shut-in these two wells in order to complete Oyo-8 and Oyo-7 wells for oil production in 1Q 2015, each of which is expected to produce ~7,000 barrels a day. The firm may drill the Oyo-9 well in 2H 2015 and could potentially exit 2015 at a production rate of ~20,000 barrels a day. Though oil productions from Oyo-8 and Oyo-7 wells represent the near-term catalysts for the company's shares, positive results from the prospective fields in the Miocene formation, which is deeper than the currently producing Pliocene formation, should drive up the firm's value substantially in the mid-to-long term. The firm currently plans to drill the first Miocene exploratory well in 2H 2015.

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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