Camac Energy will acquire Allied Energy’s total interest in a production sharing contract (PSC) for oil mining leases 120 and 121 off the coast of Nigeria.

Once the transaction is complete, CAMAC Energy will receive Allied’s full interest in the PSC and recombined the Oyo Field within OML 120.

CAMAC will also have acquired all of Allied’s rights under OML 121.

OML 120 covers an area of 916.6km² in water depths from 150m to 1,000m, and contains the Oyo Field.

The OML 121 block covers an area of 887km² in water depths from 150m to 1,000m and is located directly south of OML 120.

Nine new prospects have been identified within the two blocks that are expected to have a potential for over 500 million barrels of recoverable oil resources.