Camac Energy To Buy African Oil Interests For Roughly $560M

Law360, New York (November 20, 2013, 6:11 PM EST) -- U.S.-based Camac Energy Inc. said Wednesday it will shell out about $560 million to acquire an additional stake in production-sharing contracts for oil mining leases off Nigeria's coast from Allied Holdings Ltd., a unit of Camac's majority shareholder.

The deal includes the Oyo Field, which is already producing, and other areas of oil mining leases 120 and 121 offshore Nigeria. Camac will pay for the deal — estimated to be worth more than $560 million — with 497.5 million shares of common stock, $170 million in...
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