Oyo-8 exceeds 7,000 barrels of oil per day
HOUSTON. - Monday, May 18th 2015 [ME NewsWire]
(BUSINESS WIRE)-- 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.
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.
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.
Erin Energy Corporation
Chris Heath, +1 713-797-2945
Lionel McBee, +1 713-797-2960