Erin Energy Announces Production Rate from the Oyo Field
May 18 2015 - 8:00AM
Business Wire
Oyo-8 exceeds 7,000 barrels of oil per
day
Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
MKT:ERN) announced today that the Oyo-8 well (“Oyo-8”) located in
OML 120 offshore Nigeria has exceeded expectations and is currently
producing at a stabilized rate of 7,080 barrels of oil per day.
Erin Energy is the operator and has a 100% interest in the
well.
Erin Energy is currently engaged in drilling and completion
operations on the Oyo-7 development well and expects to achieve
first oil production from the well in a few weeks.
Additionally, in preparation for the planned drilling of one of
its Miocene exploration prospects later this year, the Company has
completed site survey of three of its top prospect drilling
locations. Erin Energy announced last year that it had identified,
and high-graded to drill-ready status, four Miocene exploration
prospects. The four prospects have a combined 2.4 billion barrels
of recoverable P50 prospective resources.
Segun Omidele, Senior Vice-President of Exploration and
Production commented: “We are pleased with the Oyo-8 well’s
performance and delighted that well parameters are stable. We plan
to continue this very cautious well management approach and expect
to bring Oyo-7 on production in a similar manner. We are advancing
both our development and exploration work offshore Nigeria and look
forward to an exciting second half of 2015.”
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 43,000 square kilometers (10
million acres), including current production and other exploration
projects offshore Nigeria, as well as exploration licenses offshore
Ghana, Kenya and 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.
Resource Estimates
This press release refers to prospective resources, including
recoverable resources. The Securities and Exchange Commission
(“SEC”) permits oil and gas companies, in their filings with the
SEC, to disclose only “reserves,” as that term is defined under SEC
rules. Prospective resources are those quantities of petroleum
estimated, as at a given date, to be potentially recoverable from
undiscovered accumulations by application of future development
projects. Prospective resources have both an associated chance of
discovery and a chance of development. Investors should not assume
there will be any discovery associated with prospective resources,
or that any discovery will be economically drillable or ever be
upgraded into reserves.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical fact, concerning activities,
events or developments that the Company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Although the Company believes the expectations
reflected in these forward-looking statements are reasonable, they
involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect.
The Company’s actual results could differ materially from those
anticipated or implied in these forward-looking statements due to a
variety of factors, including the Company’s ability to successfully
finance, drill, produce and/or develop the wells and prospects
identified in this release, and risks and other risk factors
discussed in the Company’s periodic reports filed with the
Securities and Exchange Commission. All forward-looking statements
are expressly qualified in their entirety by this cautionary
statement. You should not place undue reliance on forward-looking
statements, which speak only as of their respective dates. The
Company undertakes no duty to update these forward-looking
statements.
Source: Erin Energy Corporation
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version on businesswire.com: http://www.businesswire.com/news/home/20150518005463/en/
Erin Energy CorporationInvestors:Chris Heath, +1
713-797-2945chris.heath@erinenergy.comorMedia:Lionel McBee, +1
713-797-2960lionel.mcbee@erinenergy.com
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