Sub-Sahara focused oil and gas exploration company CAMAC Energy has announced that it has changed its name to Erin Energy Corporation and will trade under the new ticker symbol “ERN” on both the NYSE MKT and the Johannesburg Stock Exchange .
The company whose asset portfolio consists of nine licenses across four countries covering an area of 43,000 square kilometers, including current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya, and Gambia and onshore Kenya also announced a a reverse stock split of its common stock pursuant to which each six shares of common stock will be converted into one share of common stock.
According to chairman and CEO Kase Lawal the rebranding signifies changes the company has undergone through the years with the company now preparing for production in the Oyo field.
“These important actions together with our impending production from the Oyo field are the next phase of our company’s transformation into a focused, world-class, international exploration and development company.We are a fundamentally different company than we were a few years ago, and our rebranded company represents the transformation our organization has undergone over time.As we anticipate production tie-in from the Oyo-8 and Oyo-7 wells, it is with great excitement that we look to the future and the significant growth potential of Erin Energy,” commented Kase.
In Kenya the company holds various licences and the single largest acreage by any single explorer. Erin was awarded 4 Production Sharing Contracts in the Lamu Basin of Kenya for a combined acreage of 36,913 km2. Block L1B is onshore, block L16 is along the coast and is partly onshore and partly offshore in shallow water. Blocks L27 and L28 are located offshore in the ultradeep water of the Indian Ocean.