Erin Energy Provides Operational Update
04 Oktober 2017 - 2:00PM
Business Wire
Funding for Miocene exploration drilling
committed
Oyo 9 well successfully drilled
Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
American:ERN) (JSE:ERN), today announced that funding commitment
has been obtained to drill our high-impact Miocene exploration
well. Site survey of drilling location has been completed and the
well is planned to be spudded during this quarter.
Following the commitment to fund the drilling of the Miocene
exploration well, the first option well of the drilling contract
has been exercised with the drilling contractor.
The company also announced the successful completion of the
drilling phase of the Oyo-9 well. The well results indicate
presence of the target channel system and 85.3 feet of net oil
sand. The results are in line with predictions and confirm field
extension to the western part of the field. Both the engineering
and manufacturing of the subsea equipment are at various stages of
completion.
However, due to chronic delays in the release of the remaining
funds and improper interference by the guarantor of the loan
facility, as agreed to between the bank and Erin for the project,
the Company has decided to temporarily suspend the completion and
hookup of the development program. On several occasions the Company
has demanded the guarantor cease and desist from interfering in the
disbursement of funds for the project. Consequently, the Pacific
Bora drilling rig and all drilling services has been
demobilized.
Following the recent decision of the Special Chamber of the
International Tribunal of the Law of the Sea (ITLOS) in Hamburg
concerning the maritime boundary dispute between Ghana and Côte
d’Ivoire, the Company is working with the Government of Ghana and
its partners to progress the development activities in its ESWT
block, offshore Ghana. The ESWT block has three discovered fields
with total in-place oil volume of 500MMstb. The 3D seismic data
which will be acquired in Q2, 2018, will be used to improve
subsurface definition and optimization of drilling targets.
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 5 licenses
across 4 countries covering an area of 6,100 square kilometers
(~1.5 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/20171004005508/en/
Erin Energy CorporationLionel McBee, +1 713-797-2960Director,
Investor Relations and Corporate
Communicationslionel.mcbee@erinenergy.com
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