The A2 and A5 blocks adjacent to each other are located in water depths ranging between 600 and 1,000m and cumulatively cover an area of about 2,666km2.
CAMAC Energy exploration and production senior vice president Segun Omidele said the company’s exploration and development programs in these areas have the potential to create substantial value for its investors, host countries and other stakeholders.
"In addition, we will continue to strategically pursue opportunities to add to our exploration portfolio in both East and West Africa," Omidele added.
The company will survey, acquire and interpret 2D and 3D seismic data, identify prospects and drill one exploration well on each block during the initial four years of exploration.
The company has 100% interest in each block and The Gambia National Petroleum Company can have 15% participating interest in the exploration blocks, upon approval of a development and production plan.
CAMAC is a US-based oil and gas company engaged in the exploration, development and production.
