Petroleum Africa
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Wednesday, August 12, 2015
Erin Energy had a busy Q2 across the continent according to its recently released quarterly report. In Nigeria the company saw production from the Oyo-7 and Oyo-8 wells commence. As of August 1 the combined production rate of the Oyo-7 and Oyo-8 wells was approximately 13,100 bpd gross or around 11,500 bpd net to the company.
In the Gambia, Erin saw an extension to its initial exploration period granted for the A2 and A5 blocks. The company subsequently commenced a 1,500 sq km 3D seismic data acquisition over the blocks, which is expected to be completed in September 2015 and is a key step in high-grading the asset.
In June, based on the 2D seismic interpretation and in accordance with the provisions of the PSC, Erin Energy met with the Kenyan government and submitted the required applications to enter the First Additional Exploration Period (FAEP) of both onshore blocks L1B and L16. The company expects the FAEP on both blocks will be granted during Q3. Additionally in Kenya the company applied for a two-year extension of the Initial Exploration Period for the offshore Kenya blocks L27 and L28 in order to seek a farm-in partner and to acquire 3D seismic data.
Over in Ghana, Erin made significant progress on the technical evaluation of the three previously discovered oil fields on the Expanded Shallow Water Tano block. The company has now commenced the economic evaluation of the resource volumes in place and expects to complete the economic modeling and engage with the JV partners by September 2015. Additionally, Erin Energy’s technical team continues the maturation process on several identified prospects on the block.
“Erin Energy continued to build momentum during the second quarter,” said Kase Lawal, Chairman and CEO. “Bringing the Oyo-7 and Oyo-8 wells on production were significant milestones in your company’s history. During the quarter, we delivered production in excess of 450,000 barrels of oil once the Oyo field was brought online. Growth is at the center of Erin Energy and this achievement is just the beginning for us.”
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