re: Ann: Notice of Annual General Meeting/Pro... Further...

re: Ann: Notice of Annual General Meeting/Pro... Further evidence that they just wanted out from CAMAC Nov 11 release -

China

CAMAC Energy and its Chinese Partner, PetroChina, have completed the planned work program for 2011 to delineate the gas resources in the Zijinshan contract area. Both of the ZJS-3 and ZJS-4 wells encountered gas accumulations. Data from the wells is being analyzed, and further evaluation on the area is required to determine if the discovered gas can be economically developed. As a result, the Company expensed approximately $2.1 million in exploratory costs in the third quarter related to the ZJS-3 and ZJS-4 wells. CAMAC Energy and PetroChina also agreed to revise the work program to delay the drilling of the previously planned ZJS-5 well to 2012. Data obtained from ZJS-3 and ZJS-4 will be used to refine the well location for ZJS-5.

In addition, CAMAC Energy has retained a financial advisor to assist in the identification and evaluation of opportunities to monetize its Zijinshan gas asset. The proceeds of any such transaction, if consummated, are expected to be invested in the Company’s existing or planned core Africa opportunities. The Company anticipates this could be a lengthy process and will make market updates as necessary.


So there you have it. CAMAC IMO are selling for no other reason than they need the money for other things.



Thanks for making me do my own research people, its good to get others views, particularly as this one was a concen to me, but no longer.