HOUSTON - Tuesday, July 21st 2015 [ME NewsWire]
(BUSINESS WIRE) -- Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN) through its subsidiary Camac Energy Gambia Limited, has commenced the shooting of a 3D seismic survey off the coast of The Gambia. Polarcus Ltd. has been contracted by the Company to carry out the survey using the Polarcus Alima, an ultra-modern 12 streamer 3D/4D seismic vessel. The survey is expected to take approximately 50 days to complete and will cover approximately 1,500 square kilometres on Erin Energy’s A2 and A5 blocks.
Kase Lawal, Chairman and CEO of Erin Energy commented: “The acquisition of 3D seismic data in this emerging West Africa margin basin will provide valuable pre-drill information that is key to evaluating the exploration potential of these blocks, which are in close proximity to recent offshore Senegal oil discoveries. Polarcus has a reputation for high-quality data acquisition and a commitment to the highest environmental standards, and we are pleased to be working with them.”
Erin Energy is operator of the A2 and A5 blocks with 100% interest. The A2 and A5 blocks are located approximately 28 miles (45 kilometers) offshore The Gambia and are on-trend with the recent FAN-1 and SNE-1 hydrocarbon discoveries offshore Senegal by Cairn (LSE: CNE), Conoco (NYSE: COP), Petrosen and FAR (ASX: FAR).
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 43,000 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. More information about Erin Energy can be found at 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