Erin Energy Corporation - Erin Energy Provides Production And Operations UpdateRelease Date: 07/07/2015 13:00:00 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 Provides Production and Operations Update
Oyo field production exceeds 14,000 boe/d
HOUSTON July 7, 2015 ? Erin Energy Corporation (?Erin Energy? or the ?Company?) (NYSE
MKT:ERN) (JSE:ERN) provides an update on Oyo field production and updates its offshore
operations in The Gambia.
Erin Energy?s current average production from the Oyo field is in excess of 14,200 barrels of oil
equivalent per day (?boe/d?) and is 94% oil. The Company is continuing further production
optimization efforts on both the Oyo-7 and Oyo-8 wells.
The Oyo-7 and Oyo-8 wells are producing into the Floating Production Storage and Offloading
vessel (?FPSO?), Armada Perdana, and Erin Energy has scheduled the first lifting from the
FPSO for sale of at least 300,000 barrels of crude oil to occur mid-July, with a second lifting
scheduled for end-July.
Segun Omidele, Senior Vice President of Exploration and Production commented: ?Since
becoming operator in February 2014, we are pleased with the increase in current production
from an average of 1,300 boe per day in 2014 to more than 14,000 boe per day today. Drilling
these two deepwater wells as 100% owner and operator is a testament of our operational
abilities and we are very proud of our team. The cash flow generated by these two wells will
contribute to our ongoing exploration and development efforts offshore Nigeria.?
The necessary permits for the 3D seismic acquisition have been issued by the government of
The Gambia, and the Company expects to commence the acquisition this month. Erin Energy
will acquire approximately 1,500 square kilometres of 3D data over blocks A2 and A5.
Erin Energy?s A2 block is on trend with the recent offshore Senegal oil discoveries, and the
Company is in continued discussions with potential farm-in partners on the blocks.
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 kilometres (10 million acres), including
current production and other exploration projects offshore Nigeria, as well as exploration
licenses offshore Ghana, Kenya 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. More information about Erin Energy can be found at
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
Lionel McBee, +1 713 797 2960
Chris du Toit, +27 11 593 7301
Sasfin Capital (a division of Sasfin Bank Limited)
7 July 2015
Date: 07/07/2015 01:00:00 Supplied by www.sharenet.co.za
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