Erin Energy Corporation has revealed its financial and operational results for the quarter ended 30 June 2016
Erin Energy highlighted it has successfully re-established production from the Oyo-8 well in Nigeria. According to the company, the well achieved a net average daily production of 5,400 barrels of oil per day.
“We continue to make progress with our balance sheet restructuring and debt reduction initiatives, with our debt-to-equity conversion strategy receiving positive responses from some of our vendors. Various cost reduction measures that were initiated in the first-quarter 2016 are now becoming deeply embedded into our operations, even as new ways of managing costs are continually being assessed for implementation," said Segun Omidele.
“In addition to these initiatives, management has made the tactical decision to explore acquisition opportunities created by the current upstream environment and to look for accretive, inorganic ways to grow our business,” added Omidele.
Erin Energy is focused on energy resources in sub-Saharan Africa, with an asset portfolio that consists of nine licenses across four countries covering an area of 40,000 sqm.