Gulf Oil and Gas accountACCOUNT

Erin Energy Obtains Funding for Miocene Exploration Well

Source: www.gulfoilandgas.com 10/4/2017, Location: Africa

Share |
Erin Energy Corporation (Erin Energy), announced that funding commitment has been obtained to drill our high-impact Miocene exploration well. Site survey of drilling location has been completed and the well is planned to be spudded during this quarter. Following the commitment to fund the drilling of the Miocene exploration well, the first option well of the drilling contract has been exercised with the drilling contractor.

The company also announced the successful completion of the drilling phase of the Oyo-9 well. The well results indicate presence of the target channel system and 85.3 feet of net oil sand. The results are in line with predictions and confirm field extension to the western part of the field. Both the engineering and manufacturing of the subsea equipment are at various stages of completion.

However, due to chronic delays in the release of the remaining funds and improper interference by the guarantor of the loan facility, as agreed to between the bank and Erin for the project, the Company has decided to temporarily suspend the completion and hookup of the development program. On several occasions the Company has demanded the guarantor cease and desist from interfering in the disbursement of funds for the project. Consequently, the Pacific Bora drilling rig and all drilling services has been demobilized.

Following the recent decision of the Special Chamber of the International Tribunal of the Law of the Sea (ITLOS) in Hamburg concerning the maritime boundary dispute between Ghana and Côte d’Ivoire, the Company is working with the Government f Ghana and its partners to progress the development activities in its ESWT block, offshore Ghana. The ESWT block has three discovered fields with total in-place oil volume of 500MMstb. The 3D seismic data which will be acquired in Q2, 2018, will be used to improve subsurface definition and optimization of drilling targets.

For more information about related Opportunities and Key Players visit West Africa Projects

Financials and Investment News in Nigeria >>

Iraq >>  4/18/2018 - Genel Energy plc announces that the Taq Taq partners have received a gross payment of $8.30 million from the Kurdistan Regional Government ('KRG') for...
Netherlands/Holland >>  4/12/2018 - Royal Dutch Shell plc (Shell) published a report outlining how its strategy should enable it to thrive as the world transitions to lower-carbon energy...

Austria >>  4/10/2018 - The price of a Brent barrel surpassed the $70 mark in morning trading on Tuesday, after a rather rocky start to the week. ...
United Kingdom >>  4/10/2018 - Hurricane Energy, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, has announced its fina...

Netherlands/Holland >>  4/9/2018 - Royal Dutch Shell has published its 2017 Sustainability Report. The report outlines Shell’s approach to sustainability and covers the company’s social...
Nigeria >>  4/9/2018 - Nigerian energy company Neconde has launched an arbitration case against Royal Dutch Shell, the West African firm’s chief executive said, alleging the...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

Oil & Gas Projects in Nigeria >>

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.