ERIN ENERGY CORPORATION - Erin Energy Announces the arrival of Rig to Oyo Field
Expected To Double Erin's ProductionRelease Date: 01/08/2017 15:55:00 Code(s): ERN
Expected To Double Erin's Production
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 the arrival of Rig To Oyo Field
Expected To Double Erin's Production
HOUSTON--(BUSINESS WIRE) - Erin Energy Corporation (Erin Energy or the Company) (NYSE
MKT:ERN) (JSE:ERN) announced today the arrival of the Pacific Bora drilling rig to the Oyo field
offshore Nigeria. Erin Energy plans to use Pacific Bora to drill the Oyo-9 well (Oyo-9) on the Oyo field
in deepwater offshore Nigeria. The Company expects to commence drilling of Oyo-9 in approximately
10 days and the well to add an additional 6,000 to 7,000 barrels per day.
The Pacific Bora is a highly efficient sixth generation double-hulled drillship, which the Company has
the option to drill up to two additional wells. If exercised, the rig will be used to drill two of its
offshore Nigeria exploration prospects in the prolific Miocene geological zone, which has been proven
highly prolific in neighboring 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 7 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 andGambia, 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
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
Source: Erin Energy Corporation
Lionel C. McBee, 1 713-797-2960
1 August 2017
Sponsor: Sasfin Capital (a member of the Sasfin Group)
Date: 01/08/2017 03:55:00 Supplied by www.sharenet.co.za
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