Erin Energy Announces Execution of a Drilling Rig Contract
March 06 2017 - 7:00AM
Business Wire
Erin Energy Corporation (Erin Energy or the Company) (NYSE
MKT:ERN) (JSE:ERN) announced today the execution of a drilling
services contract with Pacific Drilling for use of the Pacific Bora
drilling rig.
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View the full release here:
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Pacific Bora (Photo: Business Wire)
Erin Energy plans to use this rig to drill the Oyo-9 well
(Oyo-9) on the Oyo field in the deepwater offshore Nigeria. Under
the contract, the Company has the option to drill up to two
additional wells. The option to extend the contract, if exercised,
would be used to drill two of its offshore Nigeria exploration
prospects in the prolific Miocene geological zone.
Jean-Michel Malek, Interim Chief Executive Officer commented:
“The execution of this rig contract is an important step in
advancing our 2017 work program and our development of the Oyo
field in the deepwater offshore Nigeria. We look forward to working
closely with Pacific Drilling on this drilling program.”
The Pacific Bora is a highly efficient sixth generation
double-hulled drillship currently in Nigeria and expected to be
mobilized to the Oyo field and on site in June 2017. The contract
provides for a base operating rate of $195,000 per day. The rig can
be used for both drilling and well completion.
Erin Energy anticipates spudding the Oyo-9 in mid-June and first
production from the well to be in September 2017. The Oyo-9 is
expected to add an additional 6,000 to 7,000 barrels per day.
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 19,000 square kilometres (5
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. More
information about Erin Energy can be found at
www.erinenergy.com.
Forward-Looking Statements
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170306005484/en/
Erin Energy CorporationLionel McBee, +1 713-797-2960Director,
Investor Relationslionel.mcbee@erinenergy.com
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