Erin Energy is an independent oil and gas exploration and
production company focused on energy resources in sub-Saharan Africa. The
company’s asset portfolio includes nine licenses across four countries covering
an area of approximately 16,600 square miles, including current production and
exploration projects offshore Nigeria, as well as exploration licenses offshore
Ghana and the Gambia and both offshore and onshore Kenya. By expertly managing
its investments and on-going operations, Erin Energy is able to combat current
market conditions by limiting capital exposure while maintaining economic
efficiency in its operations and maximizing investment value.
In recent months, the company has made tremendous progress
in advancing its exploration and development programs. On its project in
Nigeria, Erin Energy successfully tied in two wells, Oyo-7 and Oyo-8, in the
Oyo field. This achievement preceded the commencement of production in May. In
total, the two wells accounted for production of more than 450,000 barrels of
oil in the second quarter of 2015, giving the company considerable momentum as
it looks to increase its production capacity moving forward.
“Bringing the Oyo-7 and Oyo-8 wells on production were
significant milestones in the company’s history,” Kase Lawal, chairman and
chief executive officer of Erin Energy, stated in a news release. “Growth is at
the center of Erin Energy and this achievement is just the beginning for us.”
The company’s recent progress in the development of its
Nigeria asset has been accompanied by equally noteworthy progress on other
assets in its portfolio. On August 21, Erin Energy announced that it had
received approval from the government of Kenya to enter the first additional
exploration period on its onshore blocks, L1B and L16. According to the terms
of this approval, the company will be required to acquire, process and
interpret approximately 116 square miles of 3D seismic data and drill one
exploration well on each block within the next two years.
“We are very pleased to begin the next phase of exploration
in Kenya,” continued Lawal. “Our team is greatly encouraged by the results of
our exploration efforts thus far, and excited by the significant hydrocarbon
potential we see on the blocks.”
Since the start of oil production, the company’s wells have
consistently outperformed pre-drill projections. As of August 1, the combined
production rate of Oyo-7 and Oyo-8 was approximately 13,100 barrels of oil per
day, giving Erin Energy a strong channel with which to generate revenue while
continuing to expand its operations. Look for the company to build on these
strong results as it progresses exploration efforts across its sizable asset
portfolio in the months to come.
For more information, visit www.erinenergy.com
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