Jan. 2013 - A Deed of Assignment was recently signed between Allied Energy, Nigerian Petroleum Development Corp (NPDC) and Transocean for use of the Sedneth 701 (mid-water semisub) to drill a well on the Allied-operated Oyo field off Nigeria. The rig will drill the Oyo-7 development well between April and August of this year. Objectives of the well are to increase production of the Pliocene reservoir and test the resource potential of the deeper Miocene interval.

Jun. 2012 - Allied Energy reported that it plans to drill a development well on the Oyo field in 4Q 2012. The new well, Oyo No. 7, is being designed to test the prospective resource potential of the deeper Miocene reservoir in the field, but also to increase production in the Pliocene reservoir. With these dual objectives, the No. 7 well is expected to both significantly increase oil production from the currently producing reservoir and de-risk much of the unrisked resource potential in the field.

Jan. 2012 - Nigerian OML Agip Exploration, a subsidiary of Eni, has signed a definitive agreement to divest its 40 percent working interest in OML leases 120 and 121 (containing the producing Oyo field) to Allied Energy. The transaction is subject to customary conditions for closing and is expected to conclude during the first quarter of 2012. Once approved, Allied plans to expedite the development of the Oyo field by drilling two additional production wells commencing in 2012. These two wells are expected to significantly increase oil production over current levels. Allied also intends to accelerate exploration activities in the OMLs to fully exploit potential outside of the field, independently estimated at up to two billion barrels of unrisked prospective oil resources. The Oyo field is located on Leases 120 and 121, roughly 43 miles (70 kilometers) off the coast of Nigeria.

Apr. 2011 - CAMAC Energy, a partner in OML 120 & 121, announced the results of an independent engineering report prepared by Netherland, Sewell & Associates. The company estimates that these two blocks, located offshore Nigeria, hold 1.9 billion barrels with a high of 6.3 billion barrels of oil-in-place; and the best estimate for associated recoverable gross contingent and unrisked prospective oil resources is 626 million barrels with a high of 2.2 billion barrels. This amount is significantly higher than the estimated 500 million barrels of potential recoverable oil the company previously announced. The consortium plans to test the greater potential of this play, including the deeper Miocene zone. These two blocks house the Oyo field, situated about 43 miles (70 kilometers) off the coast of Nigeria.

Feb. 2011 - CAMAC Energy has completed the acquisition of the remaining Allied Energy interest in Production Sharing Contract on OML 120 and 121 offshore Nigeria. OML 120 covers an area of 226,596 acres (917 square kilometers) in water depths ranging from 492 to 3,281 feet (150 to 1,000 meters), and contains the Oyo field. The OML 121 block covers an area of 219,182 acres (887 square kilometers) in water depths ranging from 492 to 3,281 feet (150 to 1,000 meters) and is located directly south of OML 120. Based on internal mapping and 3D seismic studies, nine new prospects have been identified within the two blocks. CAMAC Energy believes the OML 120,121 blocks, including these nine prospects, may potentially hold over 500 million barrels of recoverable oil resources.

Apr. 2010 - Pacific Asia Petroleum (PAP) approved the acquisition of all of CAMAC's interest in the Oyo oil field. In exchange for all of CAMAC's interest in the production-sharing contract, PAP will pay US $38.84 million in cash to retire existing debts and issue common stock to CAMAC equal to 62.74% of the company's issued and outstanding common stock. CAMAC currently owns a 60% interest in the Eni-operated field, with the remaining 40% owned by Eni. The Oyo field is located on Leases 120 and 121, roughly 43 miles (70 kilometers) off the coast of Nigeria.

Dec. 2009 - Eni has commenced production at the deepwater Oyo field offshore Nigeria. Initial production from the field is from two subsea wells connected to the Armada Perdana FPSO at approximately 25,000 bopd. The field's associated gas will be re-injected to prevent flaring and maximize oil recovery. First oil from Oyo was achieved less than two years from project sanction. Oyo is located on Lease 120 and 121, roughly 43 miles (70 kilometers) off the coast in a water depth of 1,345 feet (410 meters). Eni serves as the operator of Oyo and holds a 40% interest; Allied Petroleum holds the remaining 60% interest.

Sep. 2009 - Bumi Armada successfully closed the US $190 million limited recourse loan facility with a group of 7 mandated lead arrangers, which originally committed more than US $260 million. The funding commitments were scaled back to US $190 million split into a US $100 million ECA tranche fully guaranteed by SACE, the leading Italian provider of credit management, and a US $90 million commercial tranche, both with a tenor of five years. The transaction was the first ever FPSO financing done by SACE. The loan will partly finance the construction of the FPSO Armada Perdana which will be owned and operated by Bumi Armada in the Oyo Field offshore Nigeria operated by Nigeria Agip Exploration Ltd, part of the ENI group. The FPSO is being converted at Keppel Shipyard in Singapore and is expected to sail away at the end of August to meet first oil in the last quarter of the year.

Jul. 2009 - Keppel Shipyard is close to completing the conversion of FPSO Armada Perdana for repeat customer Bumi Armada Berhad. A ceremony for the naming of the FPSO prior to its deployment in the Oyo field, 43 miles (70 kilometers) off the coast of Nigeria was held at the shipyard on July 20. The vessel will work for Nigerian Agip Exploration Ltd (NAE), a subsidiary of Italian oil major, Eni SpA, and is expected to deliver first oil in fourth Quarter 2009. The Oyo field, located in OML 120, has proven oil reserves of 50,000,000 barrels. The vessel, which arrived in May last year, underwent fabrication, installation and integration of a 12-point spread mooring system, riser balcony, topside facilities and upgrade of accommodation and auxiliary support systems.