7 Oct 2014director interest notice● Neutral
Erin Energy Corp. director Leary Hazel O sold 59,819 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Oct 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 30,000 shares on the open market at $0.57.
2 Oct 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 25,000 shares on the open market at $0.60.
30 Sept 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 50,000 shares on the open market at $0.59.
12 Sept 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 15,000 shares on the open market at $0.60.
11 Sept 2014debt financing● NeutralMajor
On Sept 5, 2014 the Nigerian subsidiary CAMAC Petroleum Limited signed a five-year term loan with Zenith Bank Plc for up to $100 million, in four $25 million drawings within 12 months, to develop OMLs 120 and 121 including the Oyo Field. US dollar borrowings carry LIBOR plus 7.5% (floor 9.5%) and the loan is secured over the OMLs, CPL's assets and CPL's shares, with a corporate guarantee from the company. The loan also bars other expansion debt for the OMLs without the lender's consent and gives Zenith a right of first refusal on such financing. This is new debt alongside the Allied notes.
11 Sept 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 5,000 shares on the open market at $0.63.
22 Aug 2014director interest notice● Neutral
Public Investment Corp (soc) LTD became a Erin Energy Corp. 10%+ owner and company insider (initial ownership filing).
19 Aug 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 15,000 shares on the open market at $0.65.
12 Aug 2014quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $11.9 million for the period ended 2014-06-30.
11 Aug 2014quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $11.9 million for the period ended 2014-06-30.
1 Aug 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 10,049 shares on the open market at $0.58.
18 July 2014quarterly activities report▼ Bad
Erin Energy Corp. reported a quarterly net loss of $11.9 million for the period ended 2014-06-30.
27 June 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 1,200 shares on the open market at $0.67.
25 June 2014financial restatement▼ BadMajor
The company said its first-quarter 2014 unaudited financial statements (the 10-Q filed in May) should no longer be relied on and will be restated. A miscalculation of the crude oil inventory of the assets bought from Allied in February 2014 understated inventory at Dec 31, 2013 by about $9.5 million, and Allied also corrected some figures it had supplied. This affects accumulated deficit, production costs, net loss, loss per share, paid-in capital and operating costs. A further review may bring more adjustments, and management found a material weakness in internal control over complex, non-recurring transactions as of March 31, 2014. This corrects the quarterly results reported on 2014-05-09.
18 June 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 10,000 shares on the open market at $0.77.
13 June 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 15,000 shares on the open market at $0.79.
12 June 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 88,686 shares on the open market.
10 June 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 11,214 shares on the open market.
2 June 2014director interest notice● Neutral
Erin Energy Corp. director William Jefferson Campbell received 166,667 shares as part of the equity award.
2 June 2014director interest notice● Neutral
Erin Energy Corp. director Lee Patrick Brown received 166,667 shares as part of the equity award.
2 June 2014director interest notice● Neutral
Erin Energy Corp. director John Hofmeister received 166,667 shares as part of the equity award.
2 June 2014director interest notice● Neutral
Erin Energy Corp. director Leary Hazel O received 166,667 shares as part of the equity award.
2 June 2014director interest notice● Neutral
Erin Energy Corp. director Ira Wayne Mcconnell received 166,667 shares as part of the equity award.
21 May 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 55,000 shares on the open market.
12 May 2014director interest notice● Neutral
Erin Energy Corp. Chairman & CEO Kase Lukman Lawal bought 50,000 shares on the open market at $0.65.
9 May 2014quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $19.9 million and a net loss of $14.9 million for the period ended 2014-03-31.
8 May 2014quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $19.9 million and a net loss of $14.9 million for the period ended 2014-03-31.
6 May 2014material agreement● NeutralMajor
On April 30, 2014 the company, through an indirect 50%-owned subsidiary, signed a Petroleum Agreement with Ghana for the Expanded Shallow Water Tano Block. The contracting parties (CAMAC Energy Ghana Limited as operator 60%, GNPC Exploration and Production Company 25%, Base Energy Ghana 15%) hold 90% of the participating interest, with GNPC carrying 10%. The two-year initial exploration period requires one exploration well. A one-time $2.0 million payment to GNPC is due within 30 days, with a $1.0 million annual training allowance, and the parties must decide on commerciality of three earlier discoveries within nine months. This adds a West African block to the exploration portfolio beyond Kenya and Gambia.
30 Apr 2014agm 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).