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Erin obtains extension of exploration period - Kenya
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 Obtains Extension of Exploration Period Offshore Kenya
Initial exploration period of blocks L27 and L28 extended to 2017
HOUSTON, September 9, 2015 - Erin Energy Corporation (Erin Energy or the Company)
(NYSE MKT:ERN) (JSE:ERN) announced today it has obtained an eighteen-month extension of
the Initial Exploration Period (IEP) of its offshore Kenya blocks, L27 and L28. The IEP on
blocks L27 and L28 has been extended to February 2017.
“We are delighted to receive this eighteen-month extension,” said Segun Omidele, Senior Vice
President, Exploration and Production. “This additional time to evaluate these blocks will allow
us to acquire 3D seismic data and to look for suitable partners on the blocks.”
The extension of the IEP of the Production Sharing Contracts for blocks L27 and L28 is effective
as of August 9, 2015. The required work remaining includes the acquisition, processing, and
interpretation of 3D seismic data on both blocks. Erin Energy is the operator and has a 100%
interest in both offshore 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
www.erinenergy.com.
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
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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
Contact:
Lionel McBee, +1 713 797 2960
lionel.mcbee@erinenergy.com
Chris du Toit, +27 11 593 7301
chris.dutoit@erinenergy.com
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
9 September 2015
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