Erin Energy announced that the drilling operations at its Oyo-9 development well in Nigeria are scheduled for July and are expected to be finalized before the end of 2017, Ecofin Agency reported
According to Mining Weekly, the announcement came after the signing of the $15m drilling contract with Pacific Drilling, in March, for the use of its sixth-generation double-hulled drill ship, the Pacific Bora rig.
The Oyo-9 development well is capable of boosting the Oyo field’s production by between 6000 and 7000b/d, which will double Erin’s current production of 6000b/d.
In addition to the drilling, the company also plans to connect its floating production storage and offloading facility (FPSO) to the Oyo-7 well that will accordingly add 1,200b/d to its production.
Erin CEO, Femi Ayoade, noted that the company was pleased with the progress of its drilling operations and the possibility to more-than-double the company’s current production.
Ayoade stated “we believe our greatest shareholder value-creation opportunities are in our Miocene exploration prospects, where we are working to accelerate the drilling in OML 120 and 121. Solid progress is also being made to restructure our debt, including the reduction in our accounts payable.”