HOUSTON–(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.
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.