Oyo-8 reaches first oil
HOUSTON - Monday, May 4th 2015 [ME NewsWire]
(BUSINESS WIRE)-- Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT: ERN) announced today it has commenced production from the Oyo-8 well (“Oyo-8”) located in OML 120 offshore Nigeria. Erin Energy is the operator of the Oyo field and has a 100% interest in the block.
Oyo-8, which was drilled in the third quarter of 2014 to a total depth of approximately 6,100 feet (1,850 meters), was successfully completed horizontally in the Pliocene formation. Oyo-8 is located in approximately 1,000 feet (300 meters) of water and is producing into the Floating Production Storage and Offloading vessel, Armada Perdana. The well is expected to produce approximately 7,000 barrels of oil per day following cleanup and optimization of choke size.
Segun Omidele, Senior Vice-President of Exploration and Production commented: “We are quite pleased with the initial well performance and will be working over the next few days to optimize the flow rate. Bringing this well on production is a milestone achievement for our organization and was made possible through the hard work and dedication of our entire team and our service providers.”
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 9 licenses across 4 countries covering an area of 43,000 square kilometers (10 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and 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.
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.
Source: Erin Energy
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Erin Energy Corporation
Chris Heath, +1 713 797 2945
Lionel McBee, +1 713 797 2960