Erin Energy To Begin Lifting Of Oil From Oyo-7, Oyo-8 Wells

Erin

Erin Energy Corporation has said that it is poised to commence the lifting of oil from its Oyo-7 and Oyo-8 wells this month.

The company stated this in an update on its Oyo field production as well as an updates on its offshore operations in The Gambia.

Erin Energy said its current average production from the Oyo field was in excess of 14,200 barrels of oil equivalent per day and is 94% oil. The Company said it is continuing further production optimization efforts on both its Oyo-7 and Oyo-8 wells.

The Oyo-7 and Oyo-8 wells, the company said, were producing into the Floating Production Storage and Offloading vessel (“FPSO”), Armada Perdana, noting that it 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.

Senior Vice President of Exploration and Production, Segun Omidele, said, “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 company also noted that the necessary permits for the 3D seismic acquisition have been issued by the government of The Gambia, saying that the Company expects to commence the acquisition this month.

Erin Energy said it will acquire approximately 1,500 square kilometres of 3D data over blocks A2 and A5, explaining that its A2 block was on trend with the recent offshore Senegal oil discoveries, adding that the Company was in continued discussions with potential farm-in partners on the blocks.

Erin Energy Corporation said it was an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. It noted that its asset portfolio consists of nine licenses across four 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.

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