HOUSTON--(BUSINESS WIRE)--CAMAC Energy Inc. (NYSE Amex: CAK), a U.S.-based energy company engaged in the exploration, development and production of oil and gas, announced today the positive results from the ZJS-03 well that was successfully drilled to a total depth of 1598 meters. Mud logs during drilling confirmed the presence of gas in several intervals ranging in depth from 1489 to 1515 meters.
The electric logs and cores obtained during the drilling are currently being evaluated by third party contractors to allow full assessment of the size of this discovery.
“We are encouraged by the preliminary interpretation of the well log which has identified eight meters of gas bearing interval,” said Chief Executive Officer, Dr. Kase Lawal. “ZJS-03 was the first well in the planned three well program for 2011, and was also the first well in the larger, upthrown part of the Zijinshan Asset.” Data obtained from ZJS-03 well will be used to refine the well location of ZJS-05 well to further evaluate the resource potential of ZJS 3 structure. ZJS-05 well is expected to be drilled following the completion of the next planned well, ZJS-04, which will test the ZJS 2 structure, on which a gas discovery was made last year.
The Company’s Zijinshan Gas Asset covers an area of 175,000 acres in the Ordos Basin in Shanxi Province, the second largest petroleum-bearing basin in China. It is in close proximity to major infrastructure, including the West-East Gas Pipeline and the Ordos- Beijing Pipeline.
CAMAC Energy owns 100% of the foreign contract interest in the Zijinshan production sharing contract in partnership with PetroChina CBM Co.
About CAMAC Energy Inc.
CAMAC Energy Inc. (NYSE Amex: CAK) is a U.S.-based energy company engaged in the exploration, development and production of oil and gas. The Company currently has operations in Nigeria and, through its Pacific Asia Petroleum subsidiaries, in China. The Company's principal assets include interests in OML 120 and OML 121, offshore oil leases in deepwater Nigeria that started production from the Oyo Oilfield in December 2009, and a 100% interest in the Zijinshan Block gas asset located in the Shanxi Province, China. The Company was founded in 2005 and has offices in Houston, Texas, Beijing, China, and Lagos, Nigeria.
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