Erin Energy Provides Drilling and Production Update
June 12 2017 - 9:00AM
Business Wire
Completion of Wells Expected to Double
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,
as well as updated its plans for drilling one of its prime
exploration prospects.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170612005503/en/
Pacific Bora (Photo: Business Wire)
Erin Energy currently produces approximately 6,000 barrels of
oil per day (BOPD). Drilling operations for the
Oyo-9 development well are planned to commence next month and
be completed by year end, pursuant to the drilling contract with
Pacific Drilling. Oyo-9 has the potential to increase Oyo
field production by 6,000-7,000 barrels of oil per day, which
alone would double the Company’s current production. Coincidental
with the completion of Oyo-9, the Company will also tie back to its
FPSO the Oyo-7 well, which should add approximately 1,200 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.
The drilling rig under contract with Pacific Drilling is the
Pacific Bora, a highly efficient sixth generation double-hulled
drillship.
Femi Ayoade, Erin Energy’s CEO commented, “We are pleased with
the progress in our drilling operations and the possibility to more
than double 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 in OML 120 and 121. Solid
progress is also being made to restructure the Company's debt,
including the reduction in our accounts payable.”
Frank C. Ingriselli, Erin Energy’s Chairman commented, “When I
was elected to the Board of Directors a few weeks ago, I commented
on the world class assets in Erin Energy’s portfolio and our plans
to maximize value from those assets and the drilling of these Oyo
wells will significantly add value to our portfolio. We plan to
commence non-deal roadshows as soon as possible to communicate the
Company’s story and opportunities to Wall Street so that our share
price reflects the true value of our Company, as we execute on our
development and exploration plans to add hundreds of millions of
barrels of additional 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.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170612005503/en/
Erin Energy CorporationLionel McBee, +1-713-797-2960Director,
Investor Relations and Corporate
Communicationslionel.mcbee@erinenergy.com
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