29 Nov 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 21,700 shares on the open market.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Nov 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 27,950 shares on the open market.
23 Nov 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 60,000 shares on the open market.
21 Nov 2012director interest notice● Neutral
Jeffrey S Courtright became a Erin Energy Corp. Vice President, Controller, TR and company insider (initial ownership filing).
20 Nov 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 30,770 shares on the open market at $0.65.
13 Nov 2012quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $7.9 million and a net loss of $6.9 million for the period ended 2012-09-30.
9 Nov 2012quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $7.9 million and a net loss of $6.9 million for the period ended 2012-09-30.
13 Aug 2012auditor change● Neutral
On August 9, 2012 the company dismissed its auditor RBSM LLP and engaged Grant Thornton LLP, effective with the interim period ending September 30, 2012; the audit committee approved the change. The filing says RBSM's reports had no adverse opinion and there were no disagreements.
9 Aug 2012asset acquisition disposition● NeutralMajor
The sale of Pacific Asia Petroleum Limited to Leyshon Resources closed on August 6, 2012, with the company receiving US$2.5 million cash and 10 million Leyshon shares; this ends its interest in the Zijinshan Gas Block in China (effective July 1, 2012) and resolves the pending sale. The attached results release also says Allied completed its purchase of Eni subsidiary NAE's 40% interest in OMLs 120/121 on June 29, 2012 and is now Oyo Field operator. Second-quarter 2012 had no oil lifting and no Oyo revenue, a net loss of $4.0 million, and cash of $3.4 million at June 30 (down from $8.5 million at March 31). The company says it expects to invest the proceeds and China savings in African exploration.
8 Aug 2012quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $4.0 million for the period ended 2012-06-30.
27 July 2012material agreement● NeutralMajor
On July 23, 2012 the company agreed to sell its Hong Kong subsidiary Pacific Asia Petroleum Limited, which holds the Zijinshan Gas Block in China, to Leyshon Resources for US$2.5 million cash plus 10 million Leyshon shares, effective July 1, 2012. Closing needs conditions such as ASX listing approval of the Leyshon shares, with a long-stop date of August 6, 2012. This exits the China business inherited from the Pacific Asia Petroleum days; the company says proceeds and savings will be reinvested in African exploration.
7 June 2012agm notice● Neutral
Erin Energy Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
31 May 2012material agreement● NeutralMajor
On May 24, 2012 the company signed licences for two Gambian offshore exploration blocks, A2 and A5, as operator with a 100% interest in each; Gambia's national oil company may take up to 15% after a development plan is approved. Work commitments over a four-year initial period include one exploration well per block, and the signature bonus is $1,000,000 for each licence, payable within 30 days. This adds to the Kenyan blocks signed earlier in May.
16 May 2012material agreement● NeutralMajor
On May 10, 2012 the company signed four production sharing contracts with Kenya's government covering offshore Blocks L1B, L16, L27 and L28, with the company as operator and responsible for all exploration spending. Minimum commitments are $5.25M each for L1B and L16 in the initial two years and $11.7M each for L27 and L28 in the initial three years, with larger commitments if it takes extension periods, and a $310,000 signature bonus per contract. This follows the December 2011 announced plan to add exploration licences and takes the place of the Kenyan interest the abandoned Avana deal would have given.
9 May 2012quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $5.7 million and a net loss of $1.3 million for the period ended 2012-03-31.
9 May 2012quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $5.7 million and a net loss of $1.3 million for the period ended 2012-03-31.
30 Apr 2012agm notice● Neutral
Erin Energy Corp. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
2 Apr 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 100,000 shares on the open market.
29 Mar 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 105,000 shares on the open market.
27 Mar 2012director interest notice● Neutral
Erin Energy Corp. General Counsel SR VP Nicolas J Evanoff bought 5,100 shares on the open market at $0.90.
27 Mar 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 80,000 shares on the open market.
23 Mar 2012director interest notice● Neutral
Erin Energy Corp. General Counsel SR VP Nicolas J Evanoff bought 12,000 shares on the open market.
21 Mar 2012director interest notice● Neutral
Erin Energy Corp. SVP Exploration-Development Segun Omidele received 127,273 shares and a 280,000-share option grant as part of the equity award.
21 Mar 2012director interest notice● Neutral
Erin Energy Corp. General Counsel SR VP Nicolas J Evanoff received 127,273 shares and a 280,000-share option grant as part of the equity award.
3 Feb 2012material agreement termination● NeutralMajor
On Jan 30, 2012 the company told Avana's principal shareholders it would not proceed with the Dec 30, 2011 agreement to buy Avana, because certain obligations and conditions were not fulfilled by the required deadlines. The company says it does not expect material liability from withdrawing. This ends the Avana deal and the share issuance it would have required.
6 Jan 2012material agreement● NeutralMajor
On Dec 30, 2011 the company agreed to buy Avana Petroleum Limited, a private Isle of Man company, for up to US$15 million paid in company shares in three tranches (US$10M at completion, then US$2.5M at 6 and 12 months). The first tranche is 9,906,875 shares, and up to 30,754,168 new shares (up to 19.9% of current shares) may be issued, so this would dilute existing holders. It needs at least 90% acceptances (holders of about 78% have committed), Kenyan government approval and other conditions, with a long-stop date of Feb 28, 2012; if the Kenyan conditions are unmet the price drops to US$10M. The attached press release also says NAE (an Eni subsidiary) has agreed to sell its 40% working interest in OMLs 120/121 to Allied, an affiliate of the largest shareholder, and that the company has agreed commercial terms for three offshore exploration licences. Kase Lawal is described as Chairman and CEO and the CFO signing is Edward Caminos, both changes from the earlier context.
9 Nov 2011quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $675 thousand for the period ended 2011-09-30.
9 Nov 2011quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $675 thousand for the period ended 2011-09-30.
9 Sept 2011director interest notice● Neutral
Nicolas J Evanoff became a Erin Energy Corp. General Counsel SR VP and company insider (initial ownership filing).
9 Sept 2011director interest notice● Neutral
Segun Omidele became a Erin Energy Corp. Sr VP Business Development and company insider (initial ownership filing).