News Article | May 10, 2017
HOUSTON--(BUSINESS WIRE)--Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT:ERN) (JSE:ERN) announced today financial and operational results for the quarter ended March 31, 2017. “During the first quarter, we produced approximately 597,000 net barrels of oil and generated revenues of approximately $31.3 million,” said Jean-Michel Malek, Interim Chief Executive Officer. “We closed on the capital necessary for this year’s drilling and farmed-out a portion of our assets in The Gambia. As we look ahead, we are excited to kick off our drilling campaign, increase Oyo production, and look to turn to the exploration of the Miocene in Nigeria.” Production volumes for the quarter were approximately 5,500 net barrels of oil compared to approximately 1,800 net barrels in the comparative period 2016. The Company’s crude oil inventory was approximately $3.9 million at March 31, 2017. Erin Energy recently announced it has entered into a drilling services contract with Pacific Drilling and secured a sixth generation drillship, the Pacific Bora. The Company will drill the Oyo-9 well (Oyo-9) first. The Oyo-9 is a development well, which will be drilled on the Oyo field and will be tied in to the field’s current production facility. The well is expected to add an additional 6,000 to 7,000 barrels of oil per day from the field. The Company has the option to drill up to two additional wells with the Pacific Bora. Subject to capital availability, the Company will use the Pacific Bora to drill one to two of its Miocene exploration prospects. Erin Energy has four drill-ready prospects, which target P50 Prospective Resources of 2.4 billion barrels of oil. In The Gambia, the Company announced in March 2017, it entered into a definitive farm-out agreement with FAR Ltd. (FAR), an Australian Securities Exchange listed oil and gas company. As part of the farm-out agreement, FAR will acquire an 80% interest and operatorship of Erin Energy’s offshore A2 and A5 blocks, with the Company retaining a 20% working interest in both blocks. Under the terms of the farm-out agreement, which is subject to approval by the Government of the Republic of The Gambia, upon receipt of this approval, FAR will pay the Company a purchase price of $5.2 million and will carry $8.0 million of the Company’s share of costs in a planned exploration well to be drilled in late 2018. In addition, if the Company’s share of the exploration well is less than $8.0 million, the balance is to be paid in cash to the Company. In Kenya, the Company continues to evaluate the prospectivity of identified leads on its onshore blocks and is currently designing an additional, targeted 2-D seismic acquisition on the blocks. Erin Energy has stated that the most prospective of its Kenya assets are its onshore blocks and has focused the majority of its work on these blocks. The Company also announced it would not seek an additional extension of its offshore L-27 and L-28 blocks due to the high costs and risks associated with frontier exploration in the current price and market environments. Erin Energy stated that relinquishment of the two blocks was in the Company’s long-term best interest. In Ghana, Erin Energy continues to conduct geotechnical subsurface studies of existing 3-D seismic data to further high-grade its prospect inventory on the Expanded Shallow Water Tano block. The Company is also planning a new 3-D marine seismic acquisition survey. The Company expects to issue a formal invitation to tender to marine seismic vendors in the second half of 2017. Actual field operations will take place after the resolution of the Ghana-Cote d’Ivoire maritime border dispute arbitration later this year. First-quarter 2017 revenues were $31.3 million, up from $4.9 million in 2016. For the first quarter 2017, net daily production was approximately 5,500 bopd, compared with 1,800 bopd for the comparative period in 2016. The Company lifted and sold approximately 597,000 net barrels of oil at an average price of $52.41 per barrel, compared to approximately 161,000 net barrels of oil at an average price of $30.54 per barrel. In the first quarter 2017, the Company reported a net loss of $26.5 million, or a loss of $0.12 per basic and diluted share, compared to a net loss of $32.4 million, or a loss of $0.15 per basic and diluted share for the comparative period 2016. As of March 31, 2017, cash, cash equivalents and restricted cash were approximately $28.5 million. The Company will host a conference call on Thursday, May 11, 2017 at 10:00 a.m. CT (11:00 ET) to discuss the results and update its current operations. The dial-in number to access the conference call is 1-844-883-3907 in the United States or 1-412-317-9253 internationally. Participants should ask the call operator to be placed on the “Erin Energy Results Conference Call.” For those unable to participate in the Company’s conference call, a replay will be available for audio playback until March 23, 2017. The number to access the conference call replay is 1-877-344-7529 or outside the US 1-412-317-0088. The passcode for the replay is 10102749. 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 19,000 square kilometres (~5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana 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. For more information about Erin Energy or to request a hard copy of the Company’s most recent complete audited financial statements free of charge, please call +1-713-797-2940 or visit www.erinenergy.com. This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, concerning activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Although the Company believes the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The Company’s actual results could differ materially from those anticipated or implied in these forward-looking statements due to a variety of factors, including the Company’s ability to successfully finance, drill, produce and/or develop the wells and prospects identified in this release, and risks and other risk factors discussed in the Company’s periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. You should not place undue reliance on forward-looking statements, which speak only as of their respective dates. The Company undertakes no duty to update these forward-looking statements.
News Article | May 18, 2017
HOUSTON--(BUSINESS WIRE)--Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE MKT:ERN) (JSE:ERN) announced today the results of the Company’s Annual Meeting of Shareholders held on May 17, 2017 and changes to its board of directors (Board) and management team. “I am honored to be returning to Erin Energy as Chairman and thank John Hofmeister for all his contributions to the Company over his seven years of service. I plan to take a very active role in working with the Erin management team and the Board to efficiently and economically deliver on its development plans. The Company is blessed with world class assets that can deliver value in both the short and long term. I will focus all my efforts on maximizing the value of our portfolio by staying focused on growing production, reserves and thereby significantly growing shareholder value.” Mr. Frank C. Ingriselli replaces John Hofmeister as the Chairman of the Board. Mr. Ingriselli serves as the President and Chief Executive Officer of Blackhawk Energy Ventures Inc., a position he has held since founding the company in 2016, and has more than 36 years of experience in the energy industry with wide ranging oil and natural gas exploration and production company experience in diverse geographies, business climates and political environments. Mr. Ingriselli was the founder in 2011 of PEDEVCO Corp. a NYSE MKT listed company and the founder of Pacific Asia Petroleum Inc. in 2005 (Erin Energy’s predecessor entity). Mr. Ingriselli began his career at Texaco, Inc. (Texaco) in 1979 and held management positions in Texaco’s Producing-Eastern Hemisphere Department and Middle East/Far East Division and Texaco’s International Exploration Company. While at Texaco, Mr. Ingriselli negotiated a successful foreign oil development investment contract in China in 1983. In 1992, Mr. Ingriselli was named President of Texaco International Operations Inc. and over the next several years directed Texaco's global initiatives in exploration and development. Mr. Ingriselli graduated from Boston University in 1975 with a Bachelor of Science degree in Business Administration. He also earned a Master of Business Administration degree from New York University in both Finance and International Finance in 1977 and a Juris Doctor degree from Fordham University School of Law in 1979. Mr. Femi Ayoade, Dr. John Rudley and Mr. Mahmud Yayale Ahmed were elected to fill vacancies resulting from the retirement of Mr. William J. Campbell, Mr. Ira Wayne McConnell and Mr. Segun Omidele. At its meeting, following the Company’s Annual Meeting of Shareholders, the Board elected Mr. Ayoade as Chief Executive Officer of the Company to replace Interim CEO, Jean-Michel Malek. Mr. Ayoade has served as Vice President of Production Operations for the Company since 2016 and the Managing Director of Erin Petroleum Nigeria Limited since 2013. He has more than 20 years’ of experience in the oil and gas industry and possesses in depth knowledge on the regulatory and political environment of Nigeria, and extensive experience on exploration and production operations offshore Nigeria. From 2008 to 2013, he was a Senior Technical Executive at CAMAC Petroleum Limited and Allied Energy Plc Nigeria and from 2006 to 2008, he was a Senior Drilling Engineer at Nigeria Agip Exploration (a subsidiary of ENI). Mr. Ayoade also served as a Senior Petroleum Engineer at Allied Energy Resources Nigeria Limited. Mr. Ayoade earned a Master of Science in petroleum engineering from the University of Houston and a Higher National Diploma from the Petroleum Training Institute and has had extensive training in drilling, completion and subsea engineering. Dr. Rudley served as the President of Texas Southern University from February 2008 to July 2016, where he was responsible for instituting substantive and far-reaching changes via administrative, academic, student and outreach initiatives. From June 2007 to February 2008, Dr. Rudley served as the Interim Chancellor for the University of Houston System and the Interim President for the University of Houston. Dr. Rudley has also held administrative positions for Tennessee Board of Regents, the University of Tennessee at Chattanooga and has served as a Senior Technical Advisor at the U.S. Department of Education. In addition to his experience in education, Dr. Rudley held positions at Arthur Andersen / Arlington McRae and Coopers and Lybrand, Certified Public Accountants. Dr. Rudley served on the board of directors and audit committee of AMSouth Bank. Dr. Rudley is a Certified Public Accountant in Texas, earned a bachelor’s degree in business administration from the University of Toledo and a M.Ed. and Ed.D. from Tennessee State University. Mr. Ahmed has an extensive history of government service on behalf of the Republic of Nigeria and has served at the highest levels of the Nigerian Government. Mr. Ahmed served as the Secretary to the Government of the Federation of Nigeria, a role that involved serving as Secretary to all Councils and bodies chaired by the President of the Republic, such as the Federal Executive Council and the Council of State. Mr. Ahmed served as the Minister of Defense and as the Head of Civil Service, where he was responsible for instituting fundamental reforms. Mr. Ahmed has served on the board of directors of Industrial and General Insurance since 2014 and assumed the role of chairman of the board of Industrial and General Insurance in 2016. Mr. Ahmed holds an undergraduate degree in social science with a specialization in government and a master’s degree in public administration with a specialization in public finance from Ahmadu Bello University. At the meeting, Erin Energy shareholders passed the Company’s proposed resolutions including, appointing PKF as the Company’s auditors for 2017 and approving, on a non-binding advisory basis, the compensation of the Company’s named executive officers as set forth in the Company’s Proxy Statement. The option that received the greatest number of votes for the frequency to hold an advisory vote to approve the Company's executive compensation was three years. Based on the recommendation of the Board of Directors in the Company’s proxy statement and the voting results with respect to the advisory vote on the frequency of future advisory votes on executive compensation, the Company has decided to hold an advisory vote on executive compensation every three years. 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 19,000 square kilometres (~5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana 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. For more information about Erin Energy or to request a hard copy of the Company’s most recent complete audited financial statements free of charge, please call +1 713 797 2940 or visit www.erinenergy.com.
News Article | April 17, 2017
Amex Exploration Inc. ("Amex") (TSX VENTURE:AMX) is pleased to announce the beginning of an approximately 2000-meter drill program on its 100% owned Eastmain River North property ("ERN"). This program consists of 13 diamond drill holes (DDH) that were selected and planned from the combined results of an airborne Magnetic and Time Domain Electromagnetic (TDEM) survey (see PR 2016-08-02) and a ground induced polarization survey. (see PR 2017-02-27). The 26 km-IP survey covered an area of 3.8 km by 1 km of the same volcano-sedimentary assemblage hosting the newly discovered gold and base metals showings of SOQUEM's Lac Harbour property. The airborne geophysical survey demonstrated the continuity of the same magnetic pattern from SOQUEM to Amex's ERN property, pattern characterized by NE-SW trending horizons of high and low magnetic conformable anomalies. Amex has identified 9 high priority targets on the ERN property for immediate diamond drilling of approximately 2,000 m. To view the figure associated with this release, please click on the following link: http://media3.marketwire.com/docs/AMEX_1091479.jpg This property is situated in the Eeyou Istchee Territory, James Bay, Québec, approximately 350 km North of the town of Chibougamau. The claims are accessible from Chibougamau by the new 243-kilometer-long all-season road to Stornoway's Renard diamond mine (route 167 extension from Temiscamie). Amex acquired the property by staking in 2016 and has carried out in August 2016 an Heliborne airborne Magnetic and Time -Domain Electromagnetic survey. The 2017 winter IP survey has been carried by Geophysics TMC of Val D'Or, Québec while supervision and interpretation of the survey was under the responsibility of Joel Dubé, P. Eng registered in Quebec. Amex Exploration Inc. is a junior mining exploration company which primary objective is to develop and bring into production viable gold and base metals deposits in mining-friendly jurisdictions. Amex has two main projects: the 100% owned Perron gold project located 110 kilometres north of Rouyn-Noranda, Quebec, consisting of 116 adjacent claims covering 4518 hectares; and the 100% owned Eastmain River gold properties consisting of four distinct properties totalling 135 claims covering 7,102 hectares. Alain Vachon, P.Eng., who is a Qualified Person as defined by Canadian NI 43-101, have approved the technical information reported in this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Article | May 2, 2017
HOUSTON--(BUSINESS WIRE)--Erin Energy Corporation (Erin Energy or the Company) (NYSE MKT:ERN) (JSE:ERN) has scheduled release of its 2017 first quarter results to occur after close of market on Wednesday, May 10, 2017. The Company will host a conference call on Thursday, May 11, 2017 at 10:00 a.m. CT (11:00 a.m. ET) to discuss the results and update its current operations. The dial-in number to access the conference call is 1-844-883-3907 in the United States or 1-412-317-9253 internationally. Participants should ask the call operator to be placed on the “Erin Energy Results Conference Call.” To access the live audio webcast, please visit the “Investors” section of the Company’s website at www.erinenergy.com. 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 7 licenses across 4 countries covering an area of 19,000 square kilometres (5 million acres), 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.
Nino M.,National Autonomous University of Mexico |
Jaimes M.A.,National Autonomous University of Mexico |
Reinoso E.,National Autonomous University of Mexico |
Reinoso E.,ERN Inc
Natural Hazards | Year: 2014
A seismic-event-based methodology to generate earthquake-induced translational landslide maps using Newmark method is proposed. The steps are: (1) to construct a GIS-based geotechnical database; (2) to identify those areas that are susceptible to the occurrence of translational landslides based on available geological information; (3) to compute a static safety factor; (4) to compute the critical acceleration that defines the threshold acceleration required to cause a displacement; (5) to characterize the seismic hazard as a set of stochastic events, collectively exhaustive and mutually exclusive, that fully describes the hazard spatial distribution and annual frequency of occurrence (in accordance with the earthquake location, depth and magnitude) with the appropriate ground-motion prediction equations; (6) to compute the Newmark displacement; and finally, (7) to carry out a probabilistic translational landslide hazard analysis to estimate an exceedance rate of a given displacement. This methodology is applied to Mexico, and maps for return periods of 150 and 500 years are presented. Results shown in maps are estimations of where translational landslides may occur and should be useful to carry out local studies to elaborate recommendations of site specific hazard reduction plans as well as to calculate insurance rates. In addition, these results are useful to identify civil protection actions, risk management at regional and local level, and land use planning, as well as for promoting more detailed vulnerability and risk studies at different scales. © 2014 Springer Science+Business Media Dordrecht.
Jaimes M.A.,National Autonomous University of Mexico |
Jaimes M.A.,ERN Inc |
Reinoso E.,National Autonomous University of Mexico |
Reinoso E.,ERN Inc |
Esteva L.,National Autonomous University of Mexico
NCEE 2014 - 10th U.S. National Conference on Earthquake Engineering: Frontiers of Earthquake Engineering | Year: 2014
A criterion for the estimation of losses of a system exposed to several multi-hazard sources is presented. The procedure considers the statistical correlation of failure modes of a system due to the action of groups of multiple simultaneous natural processes, each group associated with events generated by a given hazard source; this means that the possible interaction between natural processes generated by that hazard source is taken into account in a formal way. Finally, all relevant hazard sources of different origins that may significantly contribute to the risk for the system of interest are taken considered as independent processes, with a negligible probability of producing simultaneous groups of significant events.
Jaimes M.A.,National Autonomous University of Mexico |
Nino M.,National Autonomous University of Mexico |
Huerta B.,ERN Inc
Natural Hazards | Year: 2015
This paper proposes a hurricane event-based method to construct a map for heavy rainfall-induced translational landslides. This method involves five steps: (1) construct a GIS-based geotechnical database; (2) identify the areas in the vicinity which are susceptible to translational landslides based on the slope of the terrain and the geological information available; (3) characterize the heavy rainfall hazard due to hurricanes (typhoon) as a set of collectively exhaustive and mutually exclusive stochastic events, that fully describe spatial distribution and annual frequency of occurrence (in accordance with storm category, storm position, distance between the eye of the storm and the site of interest, among others factors); (4) compute the ratio between the steady-state rainfall produced by a hurricane event affecting the tributary area of the slope under analysis, Qs, and the critical steady-state rainfall necessary to trigger slope instability, Qc, and finally; (5) carry out a probabilistic translational landslide hazard analysis to estimate the exceedance rate of a given ratio Qs/Qc. This method is applied to maps of Mexico for return periods of 50 and 150 years. The results shown in these maps are estimates of where the translational landslides may occur, and they should be useful to carry out local studies and to elaborate recommendations of site-specific hazard reduction plans as well as to calculate insurance rates. In addition to this, these results are useful for identifying actions of civil protection, regional and local risk management, and land use planning, as well as the promotion of more detailed vulnerability and risk studies on different scales. © 2014, Springer Science+Business Media Dordrecht.
News Article | October 6, 2013
In what feels like an ever-so-slightly protracted seed round, ERN has raised a further $1 million in seed funding, bringing the total raised by the London-headquartered company to $5.6 million. This time the fresh injection of capital is pegged to finance its expansion into Asian markets, as ERN is also announcing that it’s hired ex-American Express Head of Global Marketing Brian Thom as its president for Asia. Unsurprisingly, given the startup’s mission to use big data to enable banks and merchants to create loyalty-based offers for cardholders, Thom has a background in retail banking and cards, having previously served at American Express Bank, along with being Regional Marketing Head for MasterCard Asia Pacific, and President of Citibank Card Services for Japan. He’s also said to have “more than 10 years of experience” in managing startups in Asia. So, on paper at least, the fit is good. ERN’s analytics platform, dubbed “Looop,” enables banks/card issuers and participating merchants to boost customer loyalty by creating new products and offers based on the analysis of their card transactions. The idea is that by drilling into the big data around a customer’s transactional history — after they’ve opted in, of course — individually tailored offers can be pushed to their smartphones via the Looop app or other channels in the form of an e-coupon redeemable in-store. In addition to insights gained through mining customers’ transactional big data, the targeting of offers can also be geo-fenced, e.g. only pushed an offer when a customer who has previously bought a dress is within a certain radius of the participating store. Last month the company announced its first major client win since unveiling the platform at the FinovateEurope 2013 conference in February. It’s signed up The Retail Data Partnership (TRDP), which supplies a network of some 1,500+ independent merchants in the UK with EpoS systems, who will have access to ERN’s Looop Big Data Analytics platform and customer loyalty capabilities to maximise the transactions that customers make. In today’s announcement it also mentions a number of other unnamed clients in both Europe and Asia. As for why it needed to raise more funding, which once again comes from unnamed private investors, big data costs big money, while specifically, Asia expansion is the target this time around. We can also presume that some of its previous funds will have been spent on two acquisitions ERN made in August. It bought two UK companies, Inspired Analytics and Elucidata, to bolster the analytics side of its platform, not least personnel, in what looked a lot like an acqui-hire.
News Article | August 2, 2013
ERN, the London-headquartered startup that’s planning to use Big Data to enable banks and merchants to create loyalty-based offers for cardholders, has acquired two U.K. companies to bolster the analytics side of its platform. In a transaction consisting of “undisclosed fees and stock”, the company has purchased Inspired Analytics, which offers analytical consultancy services — specifically to help design and build production analytics solutions — and Elucidata, which also provides consultancy and specialises in “data strategy and high-complexity, regulated data implementations”. As a result, Jim Jeffrey, Inspired Analytics’ Director of Analytics, will become ERN’s Analytics Director, and James Baldwin, Managing Director of Elucidata, will become Managing Director of ERN’s Analytical Consulting Division. If it smells like an acqui-hire, it probably is an acqui-hire, though a spokesperson for ERN stressed that the acquisitions are for both the tech and the teams of the respective companies. Meanwhile, ERN is announcing yet another round of seed funding. This time it amounts to a further $1 million, once again from unnamed high-net worth individuals, all of whom have previously helped finance the startup to the tune of $3.6 million. This brings the total raised by the company before it’s shipped a commercial product to $4.6 million. As we’ve noted before, Big Data costs big money, not least when you’re gunning to be a major player in the FinTech/transactional data space. However, my understanding is that ERN is on the cusp of announcing its first commercial customer after trials with a number of “household names”. More on that should follow shortly. ERN’s analytics platform, dubbed “Looop”, enables banks (or more specifically, card issuers) and participating merchants to boost customer loyalty by creating new products and offers based on the analysis of their card transactions. The idea is that by drilling into the Big Data around a customer’s transactional history — after they’ve opted in, of course — individually-tailored offers can be pushed to their smartphone via the Looop app, in the form of an e-coupon redeemable in-store. In addition to insights gained through mining customers’ transactional Big Data, the targeting of offers can also be geo-fenced e.g. only push an offer when a customer who has previously bought a dress is within a certain radius of the participating store. The new management personnel picked up via the two acquisitions being announced today are definitely a good fit for ERN’s mission, and presumably should provide in-roads to exactly the type of B2B customers that the young startup is hoping to sign up. Inspired Analytics’ Jeffrey is the former Head of Data Innovation at Barclaycard Freedom, where he developed “market basket analysis algorithms” for retailers, and was also a Business Partner within Lloyds Banking Group’s Customer Insight area. Elucidata’s Baldwin also has ties with Barlaycard as former Head of B2B Targeting where he developed the analytics platform for the bank’s cardholder offers programme.