CAMAC International affiliate, Allied Energy Resources Nigeria Limited undertakes upstream oil and gas exploration and production activities in Nigeria. Allied Energy is currently engaged in production activities centered on an oil block on which the first deepwater offshore discovery in West Africa was made.

In 1995, Allied Energy production tested a discovery well in an area now known as the Oyo field, which is located within the area of current Oil Mining Lease 120. Seismic data research indicates that the Oyo field has more than 45 million barrels of proved and probable recoverable reserves of light 34.5° crude oil. Identified prospects on Allied Energy’s combined OML 120 and OML 121, which includes the area of the Oyo field, represent an estimated 2 billion potential barrels estimated of light crude oil reserves potential.

Allied also signed a production agreement with Italy's ENI/Agip for Oyo field. Once production starts in first quarter 2007, this block is expected to yield more than 50,000 barrels per day. In addition, Allied and ENI will review gas processing for NGL and LNG, gas transmission, power generation and power transmission opportunities on this block. CAMAC/Allied maintains 60% equity interest in this block.

In the 2005 Nigeria Licensing Round, CAMAC International affiliates won the rights to a 54% equity interest in Oil Prospecting License 278, which is located onshore in the Niger Delta Basin and a 6% equity interest in Oil Prospecting License 282, which is located in shallow water on the Niger Delta continental shelf zone.

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