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Erin Energy expects to double production

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Oilfield Technology,

Erin Energy Corporation (Erin Energy) has provided an update on its drilling operations, which are expected to double production for the company. This includes an update regarding its plans for drilling a prime exploration prospect.

The company has finalised its plan to spud Oyo-9 by end of July and has sent a notification to the rig contractor, Pacific Drilling, to this effect. The rig contractor has assured Erin Energy of its readiness to mobilise a sixth generation rig, Pacific Bora, before the end of the month.

Oyo-9 is expected to increase Oyo field production by 6000 - 7000 bpd of oil, which will double the current production of the company alone. The company will also tie back in to its FPSO the Oyo-7 well, which could add an additional approximately 2000 bpd of oil.

Erin Energy is also discussing a possible extension of the contract with Pacific Drilling, depending on the availability of funds, to drill one or two wells in the prolific Miocene geological zone located in OML 120.

Erin continues to produce over 6200 bpd of oil from its Oyo-8 well.

Femi Ayoade, Erin Energy’s CEO, commented: "We are pleased with the continued successful production from our Oyo-8 well, now producing over 6200 bpd of oil, and the mobilisation this month of the Pacific Bora rig to drill our Oyo-9 well and also the restart 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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