Erin Energy corporation posts USD98.6 million net loss for Q2

Erin Energy corporation posts USD98.6 million net loss for Q2

Erin Energy corporation in its financial report for the second quarter of the year reported a net loss of USD98.6 million compared to USD22.6 million reported same period in the year 2016.

The company ended the period with USD14.5 million revenue in contrast to USD23.5 million dollar posted in the year before while operating loss was USD91.3 million dollar against USD27.1 million in the year before.

Erin Energy corporation said it acquired USD190.1 million in the period under review compared to USD289.2 million in the year before while total liabilities was USD540.1 million versus USD513.8 million in the year before.

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 7 licenses across 4 countries covering an area of 19,000 square kilometres (~5 million acres), including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana and The Gambia, and onshore Kenya.

Erin Energy is headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN.