Bullboard - Stock Discussion Forum Erin Energy Corp ERINQ

Energy Oil & Gas E&P

Erin Energy Corporation is an independent oil and gas exploration and production company. The Company is focused on energy resources in Africa. It is focused on exploration for and production of hydrocarbons where commercial reserves have been found and developed. As of December 31, 2016, the Company's asset portfolio consisted of seven licenses across four countries covering an area of... see more

Add To Watchlist

GREY:ERINQ - Post Discussion

Erin Energy Corp > Drilling Begins @ OYO-9

View:

Post by radcat on Aug 14, 2017 7:37am

Drilling Begins @ OYO-9

Production to more than double in the next few months. Far is drilling wells for 70% less than what it was paying in 2014. Somewhere between $40-$60 million per well. Since ERN has access to a $100 million line of credit, they should have enough to drill one miocene well if we esperience the same costing as FAR. Both are using sixth generation drill ships.

ERIN ENERGY ANNOUNCES THE SPUD OF OYO-9 WELL

August 14, 2017

HOUSTON--(BUSINESS WIRE)-- Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN) (JSE:ERN) today announced it has commenced drilling of the Oyo-9 well (Oyo-9). Oyo-9 is being drilled with the Pacific Bora sixth-generation drilling rig on the Oyo field offshore Nigeria.

The well is expected to take approximately 62 days to drill and complete. The tie-in of the well to the FPSO for production commencement is expected in the later part of the fourth-quarter 2017. The well is expected to add an additional 6,000 to 7,000 barrels of oil per day to the field’s current production.

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 7 licenses across 4 countries covering an area of 19,000 square kilometers (~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 ERN.

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.