Done deal for Oyo exchange

Armada Perdana FPSO: Oyo production floater.

Bumi Armada

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Tan Hwee Hwee

 08 April 2010 01:48 GMT

Camac Energy has completed the sale of its interest in Nigeria’s Oyo oilfield in exchange for a 62.74% stake in US junior Pacific Asia Petroleum.

The deal was first unveiled in November and included a cash payment of $38.8 million.



Camac’s chief Kase Lawal has been appointed to the board of Pacific Asia Petroleum together with three other industry veterans.



Oyo was owned jointly with a subsidiary of Italy’s Eni, which operates the field.

The project has commenced production from two subsea wells last December using the Armada Perdana floating production storage and offloading vessel.

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