CALGARY, March 24, 2014 /CNW/ - Caracal Energy Inc. ("Caracal" or the "Company") (LSE:CRCL) today announced that the first shipment of Badila oil for
export sales has been loaded at the Kribi sea terminal offshore
Cameroon. Total cargo size of the lifting was approximately 950,000
barrels of oil, and Caracal's net entitlement share was 560,000 barrels
of oil. Caracal's partner, GlencoreXtrata plc ("Glencore"), was
entitled to the balance of the cargo. Caracal and Glencore joint lift
cargos, and Glencore markets the shipments on behalf of the partners.
Ceremonies were held in Kribi and Douala to mark this significant event.
In addition to Caracal senior executives, also attending were high
ranking officials from the Republic of Chad, senior executives from
Société des Hydrocarbures du Tchad (SHT), the Chadian national oil
company, COTCO, the operator of the Kribi offshore terminal, and senior
representatives of the Pipeline Committee of Cameroon (CPSP).
Gross production from the Badila field during March has averaged 14,100
barrels of oil per day (up from 12,000 bopd on 20 January 2014), and
Caracal is on schedule to expand the production processing and shipping
facilities during Q3 of 2014.
About Caracal Energy Inc.
Caracal Energy Inc. is an international exploration and development
company focused on oil and gas exploration, development and production
activities in the Republic of Chad, Africa. In 2011, the Company
entered into three production sharing contracts ("PSCs") with the
government of the Republic of Chad. These PSCs provide exclusive
rights, along with its partners, to explore and develop reserves and
resources over a combined area of 26,103 km2 in southern Chad. The PSCs
cover two world-class oil basins with oil discoveries, and numerous
The Company's shares trade on the London Stock Exchange under the symbol
This announcement contains certain forward-looking information and
statements. Forward-looking information typically contains statements
with words such as "intend", "target", "anticipate", "plan",
"estimate", "expect", "potential", "could", "will", or similar words
suggesting future outcomes. Information relating to reserves and
resources is deemed to be forward-looking information, as it involves
the implied assessment, based on certain estimates and assumptions,
that the reserves and resources described exist in the quantities
predicted or estimated, and can be profitably produced in the future.
The Company cautions readers not to place undue reliance on
forward-looking information which by its nature is based on current
expectations regarding future events that involve a number of
assumptions, inherent risks and uncertainties, which could cause actual
results to differ materially from those anticipated by the Company. In
addition, any forward-looking information is made as of the date
hereof, and each of the Company and its affiliates expressly disclaim
any obligation or undertaking to update, review or revise such
forward-looking information contained in this announcement to reflect
any change in its expectations or any change in events, conditions or
circumstances on which such information is based unless required to do
so by applicable law.
Forward-looking information is not based on historical facts but rather
on current expectations and assumptions regarding, among other things,
the timing and scope of certain of the Company's operations and the
timing and level of production from the Company's properties, plans for
and results of drilling activity and testing programs, future capital
and other expenditures (including the amount, nature and sources of
funding thereof), continued political stability, and timely receipt of
any necessary government or regulatory approvals. Although the Company
believes the expectations and assumptions reflected in such
forward-looking information are reasonable, they may prove to be
incorrect. Forward-looking information involves significant known and
unknown risks and uncertainties. A number of factors could cause actual
results to differ materially from those anticipated by the Company
including, but not limited to, risks associated with the oil and gas
industry (e.g. operational risks in exploration and production;
inherent uncertainties in interpreting geological data; changes in
plans with respect to exploration or capital expenditures;
interruptions in operations together with any associated insurance
proceedings; reductions in production capacity, the uncertainty of
estimates and projections in relation to costs and expenses and health,
safety and environmental risks), the risk of commodity price and
foreign exchange rate fluctuations, the uncertainty associated with
negotiating with foreign governments, risk associated with
international activity, including the risk of political instability,
the risk of adverse economic market conditions, the actual results of
marketing activities and the risk of regulatory changes.
Forward-looking information cannot be relied upon as a guide to future
performance. Well-test results are not necessarily indicative of
long-term performance or ultimate recovery.
SOURCE: Caracal Energy Inc.
For further information:
Caracal Energy Inc.
Gary Guidry, President and Chief Executive Officer
Trevor Peters, Chief Financial Officer
Longview Communications - Canadian Media Enquiries
Alan Bayless +1 604-694-6035
Joel Shaffer +1 416-649-8006
FTI Consulting - UK Media Enquiries
Ben Brewerton / Ed Westropp
+ 44 (0) 207 8313 3113