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Erin Energy Provides Operational Update

October 04, 2017

Funding for Miocene exploration drilling committed

Oyo 9 well successfully drilled

HOUSTON--(BUSINESS WIRE)-- Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE American:ERN) (JSE:ERN), today announced that funding commitment has been obtained to drill our high-impact Miocene exploration well. Site survey of drilling location has been completed and the well is planned to be spudded during this quarter.

Following the commitment to fund the drilling of the Miocene exploration well, the first option well of the drilling contract has been exercised with the drilling contractor.

The company also announced the successful completion of the drilling phase of the Oyo-9 well. The well results indicate presence of the target channel system and 85.3 feet of net oil sand. The results are in line with predictions and confirm field extension to the western part of the field. Both the engineering and manufacturing of the subsea equipment are at various stages of completion.

However, due to chronic delays in the release of the remaining funds and improper interference by the guarantor of the loan facility, as agreed to between the bank and Erin for the project, the Company has decided to temporarily suspend the completion and hookup of the development program. On several occasions the Company has demanded the guarantor cease and desist from interfering in the disbursement of funds for the project. Consequently, the Pacific Bora drilling rig and all drilling services has been demobilized.

Following the recent decision of the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg concerning the maritime boundary dispute between Ghana and Côte d’Ivoire, the Company is working with the Government of Ghana and its partners to progress the development activities in its ESWT block, offshore Ghana. The ESWT block has three discovered fields with total in-place oil volume of 500MMstb. The 3D seismic data which will be acquired in Q2, 2018, will be used to improve subsurface definition and optimization of drilling targets.

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 4 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, 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.

Source: Erin Energy Corporation

Erin Energy Corporation

Lionel McBee, 1 713-797-2960

Director, Investor Relations and Corporate Communications

lionel.mcbee@erinenergy.com

Prospective and Contingent Resource Disclaimer

This Competent Person’s Report contains estimates of "prospective resources" and "contingent resources." 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.

Prospective resources are those quantities of petroleum estimated, as at a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Contingent resources are those quantities of petroleum estimated, at a given date, to be potentially recoverable from known accumulations, but the applied projects are not yet considered mature enough for commercial development due to one or more contingencies.

Prospective resources have both an associated chance of discovery and a chance of development, while contingent resources have an associated chance of development. Investors should not assume there will be any discovery associated with prospective resources, or that any discovery or any contingent resources will be economically drillable or ever be upgraded into reserves.

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