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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 approximately five million acres (approximately 19,000 square kilometers). The Company's geographical segments include Nigeria, Kenya, The Gambia and Ghana. The Company owns producing properties and conducts exploration activities offshore Nigeria, conducts exploration activities offshore Ghana and The Gambia, and onshore Kenya. The Company has 100% interest in Oil Mining Leases 120 and 121; four Production Sharing Contracts in the Lamu Basin of Kenya; two exploration licenses offshore The Gambia, and interest in Expanded Shallow Water Tano (ESWT) block offshore Ghana.


GREY:ERINQ - Post by User

Erin Energy Corp > BANKRUPT!!
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Comment by radcaton Apr 26, 2018 7:33am
102 Views
Post# 27942548

RE:RE:RE:BANKRUPT!!

RE:RE:RE:BANKRUPT!!Why would they choose to drill oyo-nw instead of increasing production from the oyo-9 discovery. They were looking for more money to drill the miocene as well. Surely the cost of drilling oyo-nw and the miocene would be enough to bring 9 online, and also the 1,800 bopd that was shut in and supposed to be brought back online along with oyo-9. So why the decision to keep drilling only. Production dropped 1,800 bopd to 4,000 in one year and they still keep drilling. I think Kase Lawal will end up buying this company for peanuts since he already owns over 57% and now probably more. It appears management was looking after "a shareholder's" interest rather than "the shareholders". Mart's partners screwed with the pipeline volumes, and Erin did the same with the FPSO. Another Nigerian scam.   
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