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Erin Energy (F/D/B/A Camac Energy and Pacific Asia Petroleum) and three affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, case number 18-32106.
The Company, which explores and produces energy resources in sub-Saharan Africa, is represented by Matthew Okin of Okin Adams. Femi Ayoade, Erin Energy’s C.E.O., comments, “We will work diligently with all parties involved to complete the restructuring as quickly as possible so as to restructure all of the Company’s debt obligations in order to achieve financial stability and reposition Erin Energy with a strengthened liquidity position to execute on our extensive asset development opportunities.”
As an exploration and production (E&P) company, Erin Energy’s strategy has been to acquire and develop high potential E&P assets in Sub-Saharan Africa. According to a corporate release, Erin Energy recently successfully drilled a discovery well in offshore Nigeria on a structure that “independent analysis estimates could hold over a billion barrels of reserves”; and the Company holds a 20% interest in The Gambia that potentially contain more than 800 million barrels of reserves, “according to its Operator.”
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