JSE- and NYSE-listed Camac Energy on Monday announced that its $270-million private placement with the South African Public Investment Corporation (PIC) has been completed.

Last year, Camac entered into a definitive agreement with the PIC for the equity investment through a private placement of 376.88-million shares, representing a 30% stake in the independent oil and gas exploration and production company.

The first $135-million tranche of the investment closed in February.

Meanwhile, the group continued its onshore and offshore exploration activities across Africa.

The group’s Kenya-based exploration activities continued onshore on blocks L1B and L16 and offshore on blocks L27 and L28, with current efforts directed towards the drilling of either block L27 or L28, as two-dimensional (2D) seismic data acquired in March was processed by WesternGeco.

The results from the 2D interpretation would be used to outline the location for a three-dimensional (3D) seismic acquisition, which would then be processed to interpret the geological framework, the company said in its second quarter results report.

A regional geophysical study was also under way.

Meanwhile, activities offshore Gambia on blocks A2 and A5 continued with Camac reprocessing existing 2D seismic, undertaking a regional geological study and planning a 3D seismic survey.

FINANCIAL RESULTS
Camac posted a net loss of $11.9-million or $0.01 per basic and diluted share for the second quarter. This compared with the net loss of $4.6-million reported during the first quarter of 2014.

The company’s revenue for the period narrowed quarter-on-quarter, from $19.9-million from the net production of 1 700 bbl/d of oil during the first quarter, to $14.9-million from 1 600 bbl/d, net of royalties, by the second quarter.

Revenue on a per barrel basis was $110.40.

Camac reported cash of $39.7-million as at June 30, compared with cash on hand of $70-million as at March 31.