Erin Energy Drilling and Production Update
July 10 2017 - 7:00AM
Business Wire
Completion of Wells Expected to Double
Erin's Production
Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
MKT:ERN) (JSE:ERN) provided an update today on its drilling
operations that are expected to double production for the Company
and also updated its plans for drilling one of its prime
exploration prospects.
Erin Energy has finalized its plan to spud Oyo-9 by end of July
and has sent a notification to the rig contractor, Pacific
Drilling, to this effect. The rig contractor has in turn assured
Erin of their readiness to mobilize their sixth generation rig,
Pacific Bora by the end of July.
Oyo-9 is expected to increase Oyo field production by
six to seven thousand barrels of oil per day, which
alone will double the current production of the Company.
Coincidental with the completion of Oyo-9, the Company will also
tie back in to its FPSO the Oyo-7 well which could add an
additional approximately 2,000 barrels of oil per day (BOPD).
The Company is also discussing a possible extension to the
contract with Pacific Drilling, depending on availability
of funds, to drill one or two wells in the prolific
Miocene geological zone located in OML 120.
Erin continues to produce over 6,200 BOPD from its Oyo 8
well.
Femi Ayoade, the Erin CEO commented: "We are pleased with the
continued successful production from our Oyo 8 well, now producing
over 6,200 BOPD, and the mobilization this month of the Pacific
Bora rig to drill our Oyo 9 well and also the re-start of
production from Oyo 7. These operations should allow us to meet our
short-term goal of more than doubling the Company's current
production. Additionally, we believe our greatest
shareholder value creation opportunities are in our Miocene
exploration prospects where we are working to accelerate the
drilling of these prospects in OML 120 and 121. The Company is also
making good progress on restructuring our debt, including the
reduction in our accounts payable."
Frank C. Ingriselli, the Erin Chairman commented: "The drilling
and completion of these Oyo wells will add significant cash flow
and reserves to the Company and thereby deliver on shareholder
value. We plan to as soon as possible embark on a campaign of
non-deal roadshows and other events and actions so that the
marketplace recognizes the true value of our world class assets and
that such value is reflected in our share price."
About Erin Energy
Erin Energy Corporation is an independent oil and gas
exploration and production company focused on energy resources in
sub-Saharan Africa. Its asset portfolio consists of 9 licenses
across 4 countries covering an area of 19,000 square kilometers (~5
million acres), including current production and other exploration
projects offshore Nigeria, as well as exploration licenses offshore
Ghana and The Gambia, and onshore Kenya. Erin Energy is
headquartered in Houston, Texas, and is listed on the New York and
Johannesburg Stock Exchanges under the ticker symbol ERN.
For more information about Erin Energy or to request a hard copy
of the Company’s most recent complete audited financial statements
free of charge, please call +1 713 797 2940 or visit
www.erinenergy.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170710005410/en/
Erin Energy CorporationLionel McBee, +1-713-797-2960Director,
Investor Relations and Corporate
Communicationslionel.mcbee@erinenergy.com
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