Erin Energy Corporation - Erin Provides Operational UpdateRelease Date: 04/10/2017 14:43:00 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 PROVIDES OPERATIONAL UPDATE
Funding for Miocene exploration drilling committed
Oyo 9 well successfully drilled
HOUSTON--(BUSINESS WIRE)-- Erin Energy Corporation (?Erin Energy? or the ?Company?) (NYSE
American:ERN) (JSE:ERN), today announced that funding commitment has been obtained to drill our
high-impact Miocene exploration well. Site survey of drilling location has been completed and the well
is planned to be spudded during this quarter.
Following the commitment to fund the drilling of the Miocene exploration well, the first option well of
the drilling contract has been exercised with the drilling contractor.
The company also announced the successful completion of the drilling phase of the Oyo-9 well. The
well results indicate presence of the target channel system and 85.3 feet of net oil sand. The results
are in line with predictions and confirm field extension to the western part of the field. Both the
engineering and manufacturing of the subsea equipment are at various stages of completion.
However, due to chronic delays in the release of the remaining funds and improper interference by
the guarantor of the loan facility, as agreed to between the bank and Erin for the project, the
Company has decided to temporarily suspend the completion and hookup of the development
program. On several occasions the Company has demanded the guarantor cease and desist from
interfering in the disbursement of funds for the project. Consequently, the Pacific Bora drilling rig and
all drilling services has been demobilized.
Following the recent decision of the Special Chamber of the International Tribunal of the Law of the
Sea (ITLOS) in Hamburg concerning the maritime boundary dispute between Ghana and Cote
d?Ivoire, the Company is working with the Government of Ghana and its partners to progress the
development activities in its ESWT block, offshore Ghana. The ESWT block has three discovered
fields with total in-place oil volume of 500MMstb. The 3D seismic data which will be acquired in Q2,
2018, will be used to improve subsurface definition and optimization of drilling targets.
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 5 licenses across 4
countries covering an area of 6,100 square kilometers (~1.5 million acres), including current
production and other exploration projects offshore Nigeria, as well as exploration licenses
offshore Ghana 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
For more information about Erin Energy or to request a hard copy of the Company?s most recent
complete audited financial statements free of charge, please call +1 713 797 2940 or
View source version on
Source: Erin Energy Corporation
Erin Energy Corporation
Lionel McBee, 1 713-797-2960
Director, Investor Relations and Corporate Communications
4 October 2017
Sponsor: Sasfin Capital (a member of the Sasfin group)
Date: 04/10/2017 02:43:00 Supplied by www.sharenet.co.za
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