Erin Energy impairment drags it into a deeper loss for 2017
An impairment of R78.7m for oil and gas expenses offset lower exploration expenses to drag Erin Energy into a deeper loss of $151.9m for the year to end-December, from $142.4m in the prior period. The oil and gas company’s unaudited financial and operational results, released on Friday, show a 30% growth in revenue — thanks to a higher oil price — from $77.8m to $101m. Erin Energy is headquartered in Houston, Texas, and is listed on the New York Stock Exchange and JSE. Its asset portfolio consists of five licences across three countries — Nigeria, Ghana and The Gambia. The company, previously known as Camac Energy, has never declared a dividend, and its former CEO was accused of defrauding the Nigerian government by illegally pumping and exporting 10-million barrels of oil. Exploration expenses totaled $4.6m for the full year, from $39.2m. Average net oil production for 2017 was about 4,900 barrels per day (bpd), compared to 4,800 for 2016. In the fourth quarter, net production was ...
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