Erin Energy Corporation - Erin Energy Announces Execution Of A Drilling Rig ContractRelease Date: 06/03/2017 14:00:00 Code(s): ERN
Erin Energy Corporation
(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 Announces Execution of a Drilling Rig Contract
HOUSTON, March 6, 2017 - Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT:ERN)
(JSE:ERN) announced today the execution of a drilling services contract with Pacific Drilling for use of the
Pacific Bora drilling rig.
Erin Energy plans to use this rig to drill the Oyo-9 well (Oyo-9) on the Oyo field in the deepwater offshore
Nigeria. Under the contract, the Company has the option to drill up to two additional wells. The option to
extend the contract, if exercised, would be used to drill two of its offshore Nigeria exploration prospects in
the prolific Miocene geological zone.
Jean-Michel Malek, Interim Chief Executive Officer commented: ?The execution of this rig contract is an
important step in advancing our 2017 work program and our development of the Oyo field in the
deepwater offshore Nigeria. We look forward to working closely with Pacific Drilling on this drilling
The Pacific Bora is a highly efficient sixth generation double-hulled drillship currently in Nigeria and
expected to be mobilized to the Oyo field and on site in June 2017. The contract provides for a base
operating rate of $195,000 per day. The rig can be used for both drilling and well completion.
Erin Energy anticipates spudding the Oyo-9 in mid-June and first production from the well to be in
September 2017. The Oyo-9 is expected to add an additional 6,000 to 7,000 barrels per day.
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 kilometres (5 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. More information about Erin Energy can
be found at www.erinenergy.com.
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
Investors and media:
Lionel C. McBee, +1 713 797 2960
6 March 2017
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
Date: 06/03/2017 02:00:00 Supplied by www.sharenet.co.za
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