10 Mar 2014director interest notice● Neutral
Erin Energy Corp. SVP Exploration-Development Segun Omidele received a stock option grant for 535,714 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2014director interest notice● Neutral
Erin Energy Corp. General Counsel SR VP Nicolas J Evanoff received a stock option grant for 433,036 shares.
27 Feb 2014asset acquisition disposition● NeutralMajor
On February 21, 2014 the company completed the Allied acquisition of the remaining OML 120/121 economic interests, including the Oyo Field. It paid $85 million cash, issued 497,454,857 shares and delivered the convertible note (with $25 million advanced); a further $85 million and $25 million of note are due within two business days after PIC's second $135 million investment. PIC's first $135 million investment (188,442,211 shares) closed the same day, and the company also issued 227,996,378 shares in a stock dividend of 1.4348 new shares per share held. Registration rights and a right-of-first-refusal agreement with Allied were signed. This completes the deal announced in November 2013; the PIC second closing is still pending.
3 Feb 2014agm notice● Neutral
Erin Energy Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
16 Jan 2014agm notice● Neutral
Erin Energy Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
6 Jan 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).
20 Dec 2013agm 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).
22 Nov 2013agm notice● Neutral
Erin Energy Corp. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
22 Nov 2013capital raising announcement● NeutralMajor
On November 19, 2013 the company agreed to buy Allied's remaining economic interest in the OML 120/121 production sharing contract (including the Oyo Field), giving it a 100% economic interest, for $170 million cash, 497,454,857 new shares and a $50 million convertible subordinated note (convertible at $0.7164/share, LIBOR plus 5%, five-year term). To fund the cash, it agreed to sell 376,884,422 shares to South Africa's Public Investment Corporation for $270 million in two equal installments. The filing says PIC's stake is expected to be about 30% after a special stock dividend. The deal needs a stockholder vote including a majority of shares excluding CEHL and its affiliates, plus Johannesburg Stock Exchange listing, and is expected in the first half of 2014. CEO Lawal is linked to the sellers and CEHL holds about 57%, so a special committee of independent directors reviewed and recommended it. The deal ends the Purchase and Continuation Agreement of December 2010, replaced by two $25 million milestone payments for discoveries outside Oyo. This resolves the earlier non-Oyo milestone thread.
18 Nov 2013quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $3.5 million and a net loss of $10.4 million for the period ended 2013-09-30.
14 Nov 2013quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $3.5 million and a net loss of $10.4 million for the period ended 2013-09-30.
16 Sept 2013material agreement● NeutralMajor
On September 10, 2013 the company and Allied amended the $25 million promissory note (originally signed June 2011 for Oyo #5 workover invoices, maturing July 15, 2014, LIBOR plus 2%) and the related guaranty. The parent company is added as a borrower, up to $10 million may be borrowed for general corporate purposes, and the shares of the subsidiary holding the Gambia and Kenya exploration licences are pledged as collateral. This gives the company a debt facility from its largest shareholder's affiliate, secured on the new exploration licences.
23 Aug 2013director interest notice● Neutral
Erin Energy Corp. SVP and CAO Heidi Wong received 175,000 shares and a 800,000-share option grant as part of the equity award.
14 Aug 2013quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $1.9 million and a net loss of $11.9 million for the period ended 2013-06-30.
13 Aug 2013quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $1.9 million and a net loss of $11.9 million for the period ended 2013-06-30.
15 May 2013quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $22.0 million and a net loss of $10.5 million for the period ended 2013-03-31.
14 May 2013quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $22.0 million and a net loss of $10.5 million for the period ended 2013-03-31.
14 May 2013agm 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).
25 Apr 2013director interest notice● Neutral
Erin Energy Corp. SVP - Chief Financial Officer Earl Mcniel received 204,513 shares and a 543,214-share option grant as part of the equity award.
25 Apr 2013director interest notice● Neutral
Erin Energy Corp. SVP Exploration-Development Segun Omidele received 197,461 shares and a 524,482-share option grant as part of the equity award.
25 Apr 2013director interest notice● Neutral
Erin Energy Corp. General Counsel SR VP Nicolas J Evanoff received 157,969 shares and a 419,586-share option grant as part of the equity award.
18 Apr 2013agm 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).
16 Apr 2013quarterly activities report▼ Bad
Erin Energy Corp. reported quarterly revenue of $22.0 million and a net loss of $10.5 million for the period ended 2013-03-31.
2 Apr 2013late filing notice▼ Bad
Erin Energy Corp. notified the SEC that its annual report would be filed late.
5 Mar 2013director interest notice● Neutral
Earl Mcniel became a Erin Energy Corp. SVP - Chief Financial Officer and company insider (initial ownership filing).
10 Jan 2013director interest notice● Neutral
Heidi Wong became a Erin Energy Corp. Vice President and company insider (initial ownership filing).
7 Dec 2012director interest notice● Neutral
Erin Energy Corp. General Counsel SR VP Nicolas J Evanoff sold 20,000 shares at $0.60.
7 Dec 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 38,610 shares on the open market.
5 Dec 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 7,055 shares on the open market.
3 Dec 2012director interest notice● Neutral
Erin Energy Corp. Chairman and CEO Kase Lukman Lawal bought 30,000 shares on the open market at $0.67.