CAMAC awaits Oyo well production. Changes name to Erin Energy

CAMAC Energy Inc. has informed that the Floating Production, Storage, and Offloading vessel (FPSO) Armada Perdana will be ready for production from the Oyo-8 well, offshore Nigeria, in one week’s time.

The owner of the vessel, Malaysia’s Bumi Armada Berhad, informed the company that the renewal of the FPSO’s class certification is now expected to be completed by April 24, 2015.

According to CAMAC, the Oyo-8 well, located in the Oyo field offshore Nigeria, is ready to start production into the FPSO upon the vessel’s class certificate renewal.

To remind, CAMAC finished the completion operations on the Oyo-8 well on March 31, 2015. The well was hooked up to the Armada Perdana FPSO and ready to start production. However, the FPSO was not ready to receive the oil production from the well due to class certification inspections of the vessel’s mooring lines being conducted by the American Bureau of Shipping (ABS). At the time, the inspection was expected to be completed in two weeks’ time.

Name change

CAMAC Energy also announced that it will implement a reverse stock split of its common stock pursuant to which each six shares of common stock will be converted into one share of common stock, effective as of 5:00 p.m. Eastern time on Wednesday, April 22, 2015.

Concurrently with the reverse stock split, the company announced it will change its name to Erin Energy Corporation (Erin Energy) and will trade under the new ticker symbol “ERN” on both the NYSE MKT and the Johannesburg Stock Exchange (the JSE). Shares of the company’s common stock will begin to trade under the new symbol and on a split-adjusted basis at the opening of trading on Thursday, April 23, 2015 and will have new CUSIP and ISIN numbers.

Kase Lawal, Chairman and Chief Executive Officer commented: “These important actions together with our impending production from the Oyo field are the next phase of our company’s transformation into a focused, world-class, international exploration and development company. We are a fundamentally different company than we were a few years ago, and our rebranded company represents the transformation our organization has undergone over time.

“As we anticipate production tie-in from the Oyo-8 and Oyo-7 wells, it is with great excitement that we look to the future and the significant growth potential of Erin Energy.”

(source: www.offshoreenergytoday.com)