ERIN ENERGY CORPORATION - Erin Energy discovers hydrocarbons in its OYo-NW well

Erin Energy discovers hydrocarbons in its OYo-NW well

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
ISIN: US1317452001
(“Erin Energy” or “the Company”)



Erin Energy discovers hydrocarbons in its OYo-NW well

MULTIPLE STACKED SANDS IN MIOCENE FORMATION DISCOVERED

HOUSTON--(BUSINESS WIRE)-- Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
American:ERN) (JSE:ERN) today announced that it has completed the drilling of the Oyo-NW well
and, based on preliminary evaluation, it has discovered hydrocarbons in the Miocene Formation. The
well is located approximately 9.5 kilometers northwest of the Oyo Central field on the Company’s
offshore Nigeria block 120. The Miocene formation is where several of Erin Energy’s neighbors have
discovered billions of barrels of hydrocarbons and from which several hundred thousand barrels per
day are produced offshore Nigeria.

The Company is currently completing well-suspension activities so it can re-enter the well in the future
for possible production.

“These results are very encouraging and support our technical team’s evaluation of the prospectivity
of the Miocene and have significantly de-risked the other major Miocene prospects in blocks 120 and
121,” stated Femi Ayoade, Chief Executive Officer. “We will move quickly to appraise the discovery.
The Miocene is the most prolific producing zone offshore Nigeria, and the presence of these
hydrocarbons is a significant step forward in unleashing the value of the Miocene Formation in our
blocks.”

The well was successfully drilled to the proposed total vertical depth subsea (TVDSS) of 12,218 feet
and penetrated multiple sand units with total gross thickness of 260 feet in the depth range from 7,052
                                                           (1)
– 10,873 feet TVDSS as interpreted from wireline log data.

Preliminary evaluation of the well data shows that the two main sand units, the Miocene U7.0 and
                                                                                  (1)
U8.0, with a gross thickness of approximately 83.6 feet are hydrocarbon-bearing. Work has
commenced to estimate the discovered volumes and to determine the relevant appraisal and
development program.

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 3
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. Erin Energy is headquartered in Houston, Texas, and is listed on
the New York and Johannesburg Stock Exchanges under the ticker symbol ERN.
(1) Source: Based on management estimates.

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
visit 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 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

Erin Energy Corporation

Lionel McBee, 1 713 797 2960
Director, Investor Relations and Corporate Communications
lionel.mcbee@erinenergy.com
Houston
31 January 2018


Sponsor: Sasfin Capital (a member of the Sasfin group)

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