Houston, TX-based Erin Energy Corp. (NYSE MKT: ERN), an oil and gas exploration and production company focused on energy resources in sub-Saharan Africa, has commenced production from the Oyo-8 well located in OML 120 offshore Nigeria. Erin Energy is the operator of the Oyo field and has a 100% interest in the block.
Oyo-8, which was drilled in the third quarter of 2014 to a total depth of approximately 6,100 feet (1,850 meters), was successfully completed horizontally in the Pliocene formation. Oyo-8 is located in approximately 1,000 feet (300 meters) of water and is producing into the Floating Production Storage and Offloading vessel, Armada Perdana. The well is expected to produce approximately 7,000 barrels of oil per day following cleanup and optimization of choke size.
"We are quite pleased with the initial well performance and will be working over the next few days to optimize the flow rate," said Segun Omidele, senior vice president of exploration and production for the company.
The asset portfolio of Erin Energy consists of nine licenses across four countries covering an area of 43,000 square kilometers (10 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and Gambia, and onshore Kenya. Erin Energy is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN.