News listings
Bayphase Oct 2017

energy-pedia development and production

Nigeria flagNigeria

Middle East / Africa >>> Nigeria

Nigeria: Erin Energy planning to drill offshore Nigeria - expects to double production

12 Jun 2017

Photo - see caption

Erin Energy has provided an update on its drilling operations that are expected to double production for the Company, as well as updated its plans for drilling one of its prime exploration prospects.

Erin Energy currently produces approx. 6,000 barrels of oil per day (BOPD). Drilling operations for the Oyo-9 development well are planned to commence next month and be completed by year end, pursuant to the drilling contract with Pacific Drilling. Oyo-9 has the potential to increase Oyo field production by 6,000-7,000 barrels of oil per day, which alone would double the Company’s current production. Coincidental with the completion of Oyo-9, the Company will also tie back to its FPSO the Oyo-7 well, which should add approx. 1,200 BOPD. 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.

The drilling rig under contract with Pacific Drilling is the Pacific Bora, a highly efficient sixth generation double-hulled drillship.

Photo - see caption
Pacific Bora

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.'

Original article link

Source: Erin Energy

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Publicly Available Deals

See all deals...

Subscriber Only Deals

Current deals: 1658
Completed deals: 4717

Company Profiles

Current Company Profiles: 2531

Corporate Activity

Current Corporate Activity articles: 2961

Companies Looking

Current number of articles: 417

Company Sales

Current Company Sales articles:1189


Current Geostudies articles: 530

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

RSK Logo 149
SLR Consulting logo
count geophysics
Union Jack Oil 149
Lynx Information Systems
Rose & Assocs 149
KL Publishing
EP Consult Energies
Government of South Australia
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675