Erin Energy Targets Oyo-9 Drilling Completion By December

By June 16, 2017 Investment News

The start of drilling operations at dual-listed Erin Energy’s Oyo-9 development well, in Nigeria, are planned for July, with a targeted completion date before year-end.

This follows the signing of a $15-million drilling contract with Pacific Drilling, in March, for the use of its sixth-generation double-hulled drillship, the Pacific Bora rig.

Oyo-9 has the potential to increase Oyo field production by between 6 000 bbl/d and 7 000 bbl/d of oil, which will double Erin’s current production of 6 000 bbl/d.

Coincidental with the completion of Oyo-9, the company will also tie back to its floating production storage and offloading facility the Oyo-7 well, which should add 1 200 bbl/d to its production.

The company is also discussing a possible extension to 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 CEO Femi Ayoade noted that the company was pleased with the progress of its 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 our debt, including the reduction in our accounts payable.”

Source: Mining Weekly