ERIN ENERGY CORPORATION - Erin receives government approval for licence extensionRelease Date: 15/05/2015 14:00:00 Code(s): ERN
Erin Energy Corporation
(Formerly CAMAC Energy Inc)
(Incorporated and registered in Delaware, United States of America)
Share code on the NYSE MKT: ERN
Share code on the JSE: ERN
(?Erin Energy? or ?the Company?)
Erin Energy Receives Government Approval for License Extension in The Gambia
3D seismic acquisition permits approved
HOUSTON, May 15, 2015 ? Erin Energy Corporation (?Erin Energy? or the ?Company?) (NYSE
MKT:ERN) (JSE:ERN) announced today it has received executive approval to extend the initial
exploration period for blocks A2 and A5 in The Gambia by 24 months to December 31, 2018.
The work program includes the requirement to drill one exploration well in either block during
the exploration period.
The Ministry of Petroleum has also approved and will issue the necessary permits to proceed
with the Company?s planned multi-client 3D seismic data acquisition on blocks A2 and A5.
Kase Lawal, Chairman and CEO of Erin Energy commented: ?The extension of the exploration
period of the A2 and A5 licenses is significant and allows us sufficient time to complete the 3D
seismic acquisition on the blocks, develop strategic options for creating value for all
stakeholders and to drill the exploration well. We are grateful for the support from the
government of The Gambia and the staff of the ministry for their cooperation during the
Erin Energy is operator of the A2 and A5 blocks with 100% interest. The A2 and A5 blocks are
located approximately 30 miles offshore and on-trend with the recent FAN-1 and SNE-1 oil
discoveries offshore Senegal by Cairn, Conoco, Petrosen and FAR.
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 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
Chris du Toit, +27 11 593 7301
Lionel McBee, +1 713 797 2960
15 May 2015
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 15/05/2015 02:00:00 Supplied by www.sharenet.co.za
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