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Erin Energy provides market up date on oil in offshore Ghana
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 Provides Operational Updates
Discovered oil in place of approximately 500 MMbbls offshore Ghana
HOUSTON, October 5, 2015 - Erin Energy Corporation (Erin Energy or the Company) (NYSE
MKT:ERN) (JSE:ERN) today announced that the resource volume assessment of the three
previously discovered fields (Tano North, Tano West, and Tano South) has been completed in
the Expanded Shallow Water Tano (ESWT) Block, located offshore Ghana. The ESWT block is
operated by its subsidiary company, Camac Energy Ghana Limited. The total discovered in-
place oil and gas volumes have been assessed at approximately 500 million barrels and 282
BCF respectively. A total of 14 wells have been drilled in the fields, and many of the wells were
also flow tested with oil and gas produced to surface. From the production tests oil production
rates ranged between 600 and 2,047 barrels per day, with the API gravity of the produced oil
ranging between 15 and 32 degrees. A maximum gas rate of about 13 million cubic feet per day
was also established.
The resource evaluation was conducted by a US independent resources evaluator and various
development concepts were screened under multiple oil and gas price scenarios. Efforts are
continuing to further optimize the development in the current commodity price environment.
Erin Energy believes this evaluation is an important step in determining the commerciality of the
development of the West, North, and South Tano fields, and is currently working with the joint
venture partners and relevant government entities on further optimization studies towards
declaration of commerciality, which is expected within the next few months.
“We are very encouraged by the results of the evaluation of resources and believe this asset
holds significant potential for Erin Energy,” said Segun Omidele, Chief Operating Officer. “We
are continuing to work with our partners and the government of Ghana to be able to declare
commerciality of field development. The commencement of commercial oil production from
Ghana would provide significant value to our stakeholders.”
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.
Oil-in-Place Estimates
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This press release refers to volumes of discovered oil- and gas-in-place. The Securities and
Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to
disclose only “reserves,” as that term is defined under SEC rules. Discovered petroleum
initially-in-place is that quantity of petroleum that is estimated, as of a given date, to be
contained in known accumulations prior to production. The recoverable portion of discovered
petroleum initially-in-place is subject to application of recovery efficiency factors and economic
analysis before any such volumes can be categorized as reserves. There is no certainty that
any such volumes will ultimately be categorized as reserves or that it will be commercially viable
to produce any portion of the petroleum initially-in-place.
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 Corporation
Contact:
Lionel McBee, +1 713 797 2960
lionel.mcbee@erinenergy.com
Chris du Toit, +27 11 593 7301
chris.dutoit@erinenergy.com
5 October 2015
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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