Allied Energy Plc. Celebrates the Launching of FPSO Armada Perdana

Allied Energy Plc., a member of the CAMAC Group, a global energy company, celebrated the launching of the FPSO Armada Perdana, a multi-million dollar floating, production, storage and offloading vessel. The Armada Perdana will sail away from Keppel Shipyard in Singapore and will be stationed on Allied’s OYO Field OML 120 offshore West Africa.

The FPSO Armada Perdana was designed and constructed by the Malaysia-based Bumi Armada Berhad and has a storage capacity of 1,000,000 barrels of processed oil with water and gas injection capabilities topside. In 2005, Allied Energy Plc. and CAMAC signed a joint venture agreement to work with Nigerian Agip Exploration Ltd., a subsidiary of Italy’s ENI Spa., as the operating contractor on OML 120.

CAMAC Chairman and Chief Executive Officer Kase Lawal said, “We are pleased to celebrate the launching of the FPSO Armada Perdana. This FPSO will enable Allied Energy Plc. to begin production on OYO Field in OML 120 discovered in 1995 with proven oil reserves of 50,000,000 barrels. With first oil targeted for the fourth quarter of 2009, we are confident that this FPSO will enable Allied Energy Plc. to continue our pioneering leadership as an independent oil and gas company, a stakeholder and contributor to the Nigerian and world economies, and as a worldwide supplier of energy resources.”

Bumi Armada’s Chief Executive Officer, Mr. Hassan Basma said, “The completion of this FPSO on time and on budget underscores the trust our clients have in our competence in the execution of large and fast track projects. Our team did an incredible job contending with a global shortage of resources which was quickly followed by the global financial crisis.”

Allied Energy Plc. is a member of The CAMAC Group, a Houston-based global energy company with interests in the exploration, development and operation of oil properties in Africa and around the world. The flagship project, Oyo field, is being developed with first oil targeted for the fourth quarter of 2009.

In 1992, Allied became the first indigenous corporation to hold interests as an operator with a Nigerian deepwater license. As a member of an international oil consortium, Allied made the first indigenous discovery in deepwater offshore Nigeria on OPL 210 in 1995. Allied’s core mission is to build a diversified portfolio of exploration development and production assets in West Africa. The company currently owns several oil mining leases located in a highly prolific and producing region offshore Nigeria.