Erin Energy Announces Production Rate from the Oyo Field
Erin Energy Corporation announced today that the Oyo-8 well (“Oyo-8”) located in OML 120 offshore Nigeria has exceeded expectations and is currently producing at a stabilized rate of 7,080 barrels of oil per day. Erin Energy is the operator and has a 100% interest in the well.
Erin Energy is currently engaged in drilling and completion operations on the Oyo-7 development well and expects to achieve first oil production from the well in a few weeks.
Additionally, in preparation for the planned drilling of one of its Miocene exploration prospects later this year, the Company has completed site survey of three of its top prospect drilling locations. Erin Energy announced last year that it had identified, and high-graded to drill-ready status, four Miocene exploration prospects. The four prospects have a combined 2.4 billion barrels of recoverable P50 prospective resources.
Segun Omidele, Senior Vice-President of Exploration and Production commented: “We are pleased with the Oyo-8 well’s performance and delighted that well parameters are stable. We plan to continue this very cautious well management approach and expect to bring Oyo-7 on production in a similar manner. We are advancing both our development and exploration work offshore Nigeria and look forward to an exciting second half of 2015.”