Wrap Text
Commences Oyo field production
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
ISIN: US1317452001
(“Erin Energy” or “the Company”)
Erin Energy Commences Oyo Field Production
Oyo-8 reaches first oil
HOUSTON, May 4, 2015 - Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
MKT: ERN) (JSE: ERN) announced today it has commenced production from the Oyo-8 well
(“Oyo-8”) located in OML 120 offshore Nigeria. Erin Energy is the operator of the Oyo field and
has a 100% interest in the block.
Oyo-8, which was drilled in the third quarter of 2014 to a total depth of approximately 6,100 feet
(1,850 meters), was successfully completed horizontally in the Pliocene formation. Oyo-8 is
located in approximately 1,000 feet (300 meters) of water and is producing into the Floating
Production Storage and Offloading vessel, Armada Perdana. The well is expected to produce
approximately 7,000 barrels of oil per day following cleanup and optimization of choke size.
Segun Omidele, Senior Vice-President of Exploration and Production commented: “We are
quite pleased with the initial well performance and will be working over the next few days to
optimize the flow rate. Bringing this well on production is a milestone achievement for our
organization and was made possible through the hard work and dedication of our entire team
and our service providers.”
About Erin Energy
Erin Energy 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.
Forward-Looking Statements
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
Investors:
Chris du Toit, +27 11 593 7301
Chris.dutoit@erinenergy.com
Media:
Lionel McBee, +1 713 797 2960
lionel.mcbee@erinenergy.com
4 May 2015
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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