In a bid to build a strong asset portfolio, Johannesburg-listed energy firm, Camac Energy, on Thursday said it had reached an agreement with the government of Ghana to help in the evaluation of the economic development of the Expanded Shallow Water Tano (ESWT) block for the next nine months.

ESWT is situated in the Tano Basin, 15-35 km off the coast of Ghana. It has three discovered fields that include Tano North, Tano West and Tano South.

Substantial amounts of oil and gas have been found in these fields and “drill stem” examinations have been conducted.

“’The Tano Basin offers the kind of high-reward oil prospects that we believe will enable us to build near-term value for our shareholders through the drillbit,” Kase Lawal, Camac Energy CEO, said in a statement.

“We intend to pursue various development scenarios to economically develop the discovered fields on a fast track basis,” Lawal affirmed in the same statement.