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Erin Energy Appoints Segun Omidele New CEO

Erin Energy Corporation announced Friday that it has appointed its senior vice president for exploration and production, Segun Omidele, as its new chief operating officer, effective immediately. The announcement comes after the company secured time extension for exploration work in two Kenyan offshore blocks.

Omidele has worked for Erin Energy since 2011 and led the company’s technical team in its successful deepwater drilling and completion campaign of the Oyo-7 and Oyo-8 wells, located offshore Nigeria.

The company’s new COO has over 35 years of experience in the oil and gas industry, including 28 years with Shell Oil companies in Nigeria, the U.K. and the U.S. Kase Lawal, chairman and chief executive officer of Erin Energy, commented in a company statement: “Segun’s leadership and knowledge of the business and region have proved exceptionally valuable to our company and I am very pleased he will now serve us as chief operating officer.”

It not stated whether the new appointment is connected to the company’s 18 month exploration period extension in two Kenya. Kenyan authorities gave Erin Energy an eighteen-month extension of the Initial Exploration Period (IEP) of its offshore Kenya blocks, L27 and L28. The IEP on the two blocks has been extended to February 2017.Blocks L27 and L28 are in deepwater Lamu Basin in the Indian Ocean.

This has been considered a gas prone area, but the discoveries have been very minor. The additional time, the company says, “will allow to acquire 3D seismic data and to look for suitable partners on the blocks”, says Segun Omidele, Erin’s Senior Vice President, Exploration and Production. Erin Energy is also hoping to be granted approval to enter the First Additional Exploration Period (FAEP) of both onshore blocks L1B and L16.

The Company submitted application for the FAEP on both blocks in June 2015. Analysts say that Erin is not as keen on spending its own money to acquire seismic data as it is in getting a well-heeled partner who will pay for the 3D acquisition on L27 and L28. Under the terms of the IEP, Erin is not obliged to drill a well. “The extension of the IEP of the Production Sharing Contracts for blocks L27 and L28 is effective as of August 9, 2015.

The required work remaining includes the acquisition, processing, and interpretation of 3D seismic data on both blocks. Erin Energy is the operator and has a 100% interest in both offshore blocks,” Erin reports.

“We are delighted to receive this 18-month extension,” said Segun Omidele, senior vice president, Exploration and Production. “This additional time to evaluate these blocks will allow us to acquire 3D seismic data and to look for suitable partners on the blocks.”

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