Erin Energy narrows loss, boosts revenues

  • Business & Finance
FPSO Armada Perdana operating on the Erin Energy-operated Oyo field offshore Nigeria.

Oil and gas exploration and production company Erin Energy saw its net loss shrink and revenues grow during the third quarter of the year pushed up by crude sales volumes and higher oil price. 

According to its Wednesday’s report, the company in the third quarter 2017 recorded a net loss of $14.1 million compared to a net loss of $23.5 million for the comparative period 2016.

Erin Energy’s third quarter 2017 revenues increased to $33.6 million during this year’s quarter compared to $28.6 million in the third quarter of 2016.

“During the third quarter, we produced more than 400,000 net barrels of oil and generated revenues of more than $33 million,” said Femi Ayoade, Chief Executive Officer.

“We completed the drilling phase of Oyo-9, have secured a funding commitment for Miocene exploration in OML 120 and will spud the Miocene exploration well before year-end. We also made further progress in our AP and debt reduction efforts.”

The oil company’s production volumes for the quarter were approximately 5,000 net barrels of oil compared to approximately 6,100 net barrels in the comparative period 2016. The company’s crude oil inventory was approximately $1.3 million at September 30, 2017.

Erin Energy lifted and sold approximately 600,000 net barrels of oil at an average price of $56.09 per barrel, compared to approximately 583,000 net barrels of oil at an average price of $49.07 per barrel during the comparative period 2016.

As of September 30, 2017, cash, cash equivalents and restricted cash were approximately $31.9 million.

Offshore Energy Today Staff

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