CAMAC Energy terminates contract for drillship Energy Searcher

CAMAC Energy has announced it has terminated its contract with Northern Offshore International Drilling Company Ltd. for the drillship Energy Searcher.

CAMAC says it notified Northern on January 7, 2015 that it elected to terminate the contract with immediate effect for Northern’s repudiatory breach of contract and other material breaches of the drilling contract by Northern.

These breaches according to CAMAC have caused significant damages and loss, including delay damages and wasted spread costs to the Company with the explorer considering all legal options to enforce its rights under the contract.

The Company‘s Oyo Field drilling and completion operations are now being conducted by the Transocean Sedco Express semi-submersible drilling rig, which arrived on location in December, and production is still expected to be online by the end of Q1 2015.

The Houston headquarterd company has its asset portfolio consists of nine licenses across four countries including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya, and Gambia, and onshore Kenya.

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