HOUSTON - Tuesday, March 29th 2016 [ME NewsWire]
(BUSINESS WIRE)-- Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN) (JSE:ERN) announced today the Island Constructor light well intervention (LWI) vessel (the vessel) has departed Skalevic, Norway and is en route to the Oyo field, offshore Nigeria.
The vessel will be used for LWI service on the Oyo-8 well (Oyo-8), which has been necessitated by the failure of the well’s sub-surface controlled sub-surface safety valve (SCSSV) to open following a planned production curtailment in the Oyo field. The Company expects to complete the intervention and re-opening of the SCSSV in April 2016.
The vessel is anticipated to arrive on the Oyo field mid-April and will immediately commence work on Oyo-8. The Company expects the intervention to take a few days to complete and to subsequently re-establish production from the well.
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 40,000 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.
For more information about Erin Energy visit www.erinenergy.com.
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.
Erin Energy Corporation
Lionel McBee, +1 713-797-2960
Director, Investor Relations and Corporate Communications