Erin Energy’s current average production from the Oyo field is in excess of 14,200 barrels of oil equivalent per day (“boe/d”) and is 94% oil. The Company is continuing further production optimization efforts on both the Oyo-7 and Oyo-8 wells.
The Oyo-7 and Oyo-8 wells are producing into the Floating Production Storage and Offloading vessel (“FPSO”), Armada Perdana, and Erin Energy has scheduled the first lifting from the FPSO for sale of at least 300,000 barrels of crude oil to occur mid-July, with a second lifting scheduled for end-July.
Segun Omidele, Senior Vice President of Exploration and Production commented: “Since becoming operator in February 2014, we are pleased with the increase in current production from an average of 1,300 boe per day in 2014 to more than 14,000 boe per day today. Drilling these two deepwater wells as 100% owner and operator is a testament of our operational abilities and we are very proud of our team. The cash flow generated by these two wells will contribute to our ongoing exploration and development efforts offshore Nigeria.”
The necessary permits for the 3D seismic acquisition have been issued by the government of The Gambia, and the Company expects to commence the acquisition this month. Erin Energy will acquire approximately 1,500 square kilometres of 3D data over blocks A2 and A5.
Erin Energy’s A2 block is on trend with the recent offshore Senegal oil discoveries, and the Company is in continued discussions with potential farm-in partners on the blocks.
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.