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.