re: Ann: Notice of Annual General Meeting/Pro... The original...

re: Ann: Notice of Annual General Meeting/Pro... The original reason for CAMAC divestment -

"CAMAC Energy is pleased to execute this definitive share sale and purchase agreement with Leyshon Resources for the sale of our Chinese assets," said Chairman and CEO, Dr. Kase Lawal. "In addition to providing a cash infusion and a shareholder interest in Leyshon, this transaction also eliminates the Company's future financial obligations for overhead and exploration expense in China. All proceeds and savings will be reinvested in our African exploration projects. Finally, I'd like to thank all of our employees in China for their years of dedicated service, and I wish them well as they join the team at Leyshon Resources."

CAMAC are focused on Africa and were always going to unload their LRL shares, I believe the deal was done on LRL terms and not CAMAC's.


This from an analyst covering CAMAC - Monetizing E&P Interests in China: In late 2011, CAMAC ceased its gas exploration and production resource efforts in the Zijinshan and retained a financial advisor to assist in the identification and evaluation of opportunities to monetize the Zijinshan gas asset. The proceeds of any such transaction are expected to be invested in the Company’s current or planned core Africa opportunities. However, there can be no assurance that any transaction will be consummated.


CANAC has just committed to a purchase in Africa -http://www.prnewswire.com/news-releases/camac-energy-inc-announces-agreement-to-purchase-production-flowline-and-riser-for-oyo-7-well-174369121.html


So while its dissapointing that they are unloading, IMO they want the cash for their African venture.


They have less than 4 share million to go as of 30/10/12.

I think SP will start to move up to a much more healthier level when they are out.


Cheers

Oscar

IMO DYOR