Erin Energy Announces the Spud of Oyo-NW Well

Targets Resources of More Than One Billion Barrels

HOUSTON–(BUSINESS WIRE)–Erin Energy Corporation (“Erin Energy” or the “Company”) (NYSE
American:ERN) (JSE:ERN) today announced it has commenced drilling of the
Oyo North West well (Oyo-NW). Oyo-NW is a high-impact exploration well
being drilled with the Pacific
Bora, a sixth-generation drilling rig, on the Company’s
offshore Nigeria block 120. The well is expected to take approximately
60 days to drill and log.

“We are extremely pleased to have commenced drilling of the Oyo North
West Prospect,” said Femi Ayoade, Chief Executive Officer. “Our
team has worked hard to mature our extensive portfolio of prospects and
we look forward to positive results from this campaign. A discovery in
the Miocene formation would be a significant step forward in the
evolution of our company.”

The Oyo-NW is one of Erin Energy’s multiple drill-ready Miocene
prospects and will target mean resources of 1.1 billion barrels.(1) The
Company’s offshore blocks 120 and 121 are located near many of the
region’s “super-fields” in the prolific-producing Niger Delta. Miocene
and Pliocene sandstone reservoirs are proven across the blocks and
within the region, providing the reservoir with numerous large-fields
and discoveries. Detailed mapping of Erin Energy’s prospect portfolio is
based on interpretation of modern 3-D seismic data the Company has
acquired on the blocks.

Erin Energy also stated that upon a successful discovery, given the
close proximity to its current floating production and offloading
facilities located on the producing Oyo Field, the Company would plan to
eventually complete the well as a producer with production tie-back to
the Oyo Field facilities.

About Erin Energy

Erin Energy Corporation is an independent oil and gas exploration and
production company focused on energy resources in sub-Saharan Africa.
Its asset portfolio consists of 5 licenses across 3 countries covering
an area of 6,100 square kilometers (~1.5 million acres), including
current production and other exploration projects offshore Nigeria, as
well as exploration licenses offshore Ghana and The Gambia. Erin Energy
is headquartered in Houston, Texas, and is listed on the New York and
Johannesburg Stock Exchanges under the ticker symbol ERN.

Notes to Editor:

(1) Source: Based on third-party independent analysis and management
inputs.

For more information about Erin Energy or to request a hard copy of the
Company’s most recent complete audited financial statements free of
charge, please call +1 713 797 2940 or visit www.erinenergy.com.

Contacts

Erin Energy Corporation
Lionel McBee, +1 713-797-2960
Director,
Investor Relations and Corporate Communications
[email protected]