HOUSTON–(BUSINESS WIRE)–Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT:ERN) (JSE:ERN) announced today it has successfully completed acquisition of a new 3D seismic survey off the coast of The Gambia. Polarcus Ltd. was contracted by the Company to carry out the survey using the Polarcus Alima, an ultra-modern 12 streamer 3D/4D seismic vessel. The survey covered approximately 1,613 square kilometres on Erin Energy’s A2 and A5 blocks.
The Company will now commence processing and interpretation of the data, with results expected to be available during the second quarter of 2016.
Segun Omidele, Chief Operating Officer of Erin Energy, commented: “We are pleased to report that the acquisition has been completed on time and within budget. We look forward to receiving the processed seismic data, which will allow us to build upon our understanding of the prolific plays in this emerging basin, and will assist our team in determining exploration activities on the blocks. We would like to thank Polarcus and our contractors for their professional and efficient work.”
Erin Energy is operator of the A2 and A5 blocks with 100% interest. The A2 and A5 blocks are located approximately 28 miles (45 kilometres) offshore The Gambia and are on-trend with the recent FAN-1 and SNE-1 hydrocarbon discoveries offshore Senegal by Cairn (LSE:CNE), Conoco (NYSE:COP), and FAR (ASX:FAR).
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.
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.