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Wednesday, July 12, 2017
Erin Energy has finalized its plans for the Oyo-9 spud in Nigeria. The well is set to be spud by the end of July and the company has sent a notification to the rig contractor, Pacific Drilling, to this effect. The rig contractor has in turn assured Erin of their readiness to mobilize the Pacific Bora by the end of July.
The Oyo-9 is expected to increase the production on the Oyo field by six to seven thousand bpd, which will double the company’s current production. Coincidental with the completion of Oyo-9, Erin will also tie back in to its FPSO the Oyo-7 well which could add an additional 2,000 bpd of crude.
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.
Erin continues to produce over 6,200 bpd from its Oyo-8 well.
Femi Ayoade, the Erin CEO commented, “We are pleased with the continued successful production from our Oyo 8 well, now producing over 6,200 BOPD, and the mobilization this month of the Pacific Bora rig to drill our Oyo 9 well and also the re-start of production from Oyo 7. These operations should allow us to meet our short-term goal of more than doubling 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 of these prospects in OML 120 and 121. The company is also making good progress on restructuring our debt, including the reduction in our accounts payable.”
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