Erin Energy Corp (PK:ERINQ)
Business Focus: Oil & Gas Exploration and Production
| Sector: Energy | Industry: Oil & Gas Exploration and Production |
| See Regulatory Filings on SEC | |
| Company Contact | |
| Address: | 1330 Post Oak Blvd Ste 2250 HOUSTON TX 77056 |
| Tel: | N/A |
| Website: | https://erinenergy.com |
| IR: | See website |
| Key People | ||
| Sakiru Adefemi Ayoade Chief Executive Officer, Director | Heidi Wong Senior Vice President, Corporate Services and Assistant Corporate Secretary | Abdsulsabur Oladipupo Bello Vice President - Financial Planning and Treasurer |
| Business Overview |
| Erin Energy Corporation is an independent oil and gas exploration and production company. The Company is focused on energy resources in Africa. It is focused on exploration for and production of hydrocarbons where commercial reserves have been found and developed. As of December 31, 2016, the Company's asset portfolio consisted of seven licenses across four countries covering an area of approximately five million acres (approximately 19,000 square kilometers). The Company's geographical segments include Nigeria, Kenya, The Gambia and Ghana. The Company owns producing properties and conducts exploration activities offshore Nigeria, conducts exploration activities offshore Ghana and The Gambia, and onshore Kenya. The Company has 100% interest in Oil Mining Leases 120 and 121; four Production Sharing Contracts in the Lamu Basin of Kenya; two exploration licenses offshore The Gambia, and interest in Expanded Shallow Water Tano (ESWT) block offshore Ghana. |
| Financial Overview |
| For the fiscal year ended 31 December 2017, Erin Energy Corp revenues increased 30% to $101.2M. Net loss increased 7% to $151.9M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Higher net loss reflects Ghana segment loss increase of 22% to $2.1M, Development Costs increase from $1.7M to $56.4M. |
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