Erin Energy Corporation (Erin Energy or the Company) reported Wednesday that it has obtained an 18-month extension of the Initial Exploration Period (IEP) of its offshore Kenya blocks, L27 and L28. The IEP on blocks L27 and L28 has been extended to February 2017.
“We are delighted to receive this 18-month extension,” said Segun Omidele, senior vice president, Exploration and Production. “This additional time to evaluate these blocks will allow us to acquire 3D seismic data and to look for suitable partners on the blocks.”
The extension of the IEP of the Production Sharing Contracts for blocks L27 and L28 is effective as of Aug. 9. The required work remaining includes the acquisition, processing, and interpretation of 3D seismic data on both blocks. Erin Energy is the operator and has a 100 percent interest in both offshore blocks.
Erin Energy Corporation is an independent oil and gas exploration and production company focused on energy resources in sub-Saharan Africa. Its asset portfolio consists of 9 licenses across 4 countries covering an area of 10 million acres (43,000 square kilometers), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and The Gambia, and onshore Kenya. Erin Energy is headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN. More information about Erin Energy can be found at www.erinenergy.com.
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