Targets Resources of More Than One Billion Barrels
HOUSTON–(BUSINESS WIRE)–Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE American:ERN) (JSE:ERN) today announced it has commenced drilling of the Oyo North West well (Oyo-NW). Oyo-NW is a high-impact exploration well being drilled with the Pacific Bora, a sixth-generation drilling rig, on the Company’s offshore Nigeria block 120. The well is expected to take approximately 60 days to drill and log.
“We are extremely pleased to have commenced drilling of the Oyo North West Prospect,” said Femi Ayoade, Chief Executive Officer. “Our team has worked hard to mature our extensive portfolio of prospects and we look forward to positive results from this campaign. A discovery in the Miocene formation would be a significant step forward in the evolution of our company.”
The Oyo-NW is one of Erin Energy’s multiple drill-ready Miocene prospects and will target mean resources of 1.1 billion barrels.(1) The Company’s offshore blocks 120 and 121 are located near many of the region’s “super-fields” in the prolific-producing Niger Delta. Miocene and Pliocene sandstone reservoirs are proven across the blocks and within the region, providing the reservoir with numerous large-fields and discoveries. Detailed mapping of Erin Energy’s prospect portfolio is based on interpretation of modern 3-D seismic data the Company has acquired on the blocks.
Erin Energy also stated that upon a successful discovery, given the close proximity to its current floating production and offloading facilities located on the producing Oyo Field, the Company would plan to eventually complete the well as a producer with production tie-back to the Oyo Field facilities.
About Erin Energy
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 5 licenses across 3 countries covering an area of 6,100 square kilometers (~1.5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana and The Gambia. Erin Energy is headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN.