Erin Energy posts 18% y/y increase in oil sales
JOHANNESBURG (miningweekly.com) – Dual-listed Erin Energy achieved crude sales volumes of more than 1.7-million net barrels of oil during the fourth quarter of 2016 – an 18% increase over 2015.
This resulted in the company realising a 14% year-on-year increase in revenue to $77.8-million.
CEO Jean-Michel Malek noted that, although 2016 had been a challenging year for the industry, the company still produced about 1.8-million net barrels of oil, up from the 1.6-million barrels produced in 2015.
“Our perseverance allowed for good progress in our cost-cutting and balance sheet restructuring efforts,” he said, adding that Erin Energy’s finance team worked diligently to raise the capital necessary for this year’s drilling.
“Looking ahead, 2017 promises to be an exciting year as we kick off our drilling campaign, increase Oyo production, and look to drill some of West Africa’s most prospective exploration wells,” Malek highlighted.
Average net production for 2016 was around 4 800 bbl/d of oil, up from the prior year’s 4 300 bbl/d. For the fourth quarter, net production stood at 5 800 bbl/d, compared with 2 500 bbl/d for the comparative period in 2015. The average price received for 2016 was $45.45/bl, compared to $47.24/bl in 2015.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation