Petroleum Africa
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Wednesday, June 14, 2017
Erin Energy plans to commence drilling operations on the Oyo-9 development well in Nigeria during July. The well is expected to be complete by year end, pursuant to Erin’s contract with Pacific Drilling for use of the Pacific Bora rig.
The Oyo-9 has the potential to increase Oyo field production by 6,000-7,000 bpd, which alone would double the company’s current production.
In addition, Erin will also tie back the Oyo-7 well to the FPSO, which should add approximately 1,200 bpd. The company is also discussing a possible extension to the contract with Pacific Drilling, depending on availability of funds, to drill one or two wells in the prolific Miocene geological zone located in OML 120.
Femi Ayoade, Erin Energy’s CEO commented: “We are pleased with the progress in our drilling operations and the possibility to more than double the Company’s current production. Additionally, we believe our greatest shareholder value creation opportunities are in our Miocene exploration prospects, where we are working to accelerate the drilling in OML 120 and 121. Solid progress is also being made to restructure the Company’s debt, including the reduction in our accounts payable.”
Frank C. Ingriselli, Erin Energy’s Chairman commented: “When I was elected to the Board of Directors a few weeks ago, I commented on the world class assets in Erin Energy’s portfolio and our plans to maximize value from those assets and the drilling of these Oyo wells will significantly add value to our portfolio. We plan to commence non-deal roadshows as soon as possible to communicate the Company’s story and opportunities to Wall Street so that our share price reflects the true value of our Company, as we execute on our development and exploration plans to add hundreds of millions of barrels of additional reserves.”
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