OREANDA-NEWS. For the quarter, Erin Energy reported a net loss of USD 9.2 million, or USD 0.04 per basic and diluted share. Following the tie-in of the Oyo-8 and Oyo-7 wells during the second quarter, oil production averaged 7,642 BOPD (6,725 BOPD net to the Company).

Second quarter revenues were nil as liftings of Oyo crude did not commence until the beginning of the third quarter 2015. Subsequent to second quarter ending, The Company generated revenue of USD 15.3 million from crude lifting in July and received an additional USD 26.5 million as advance payment for a scheduled August lifting of Oyo crude.

Production expense for the second quarter of 2015 was a net credit of USD 5.6 million due to an agreed price reduction in the operating day rate with the operator of the FPSO for the period from July 2014 to April 2015. This resulted in a USD 26 million production cost reduction recorded in June 2015. Production expense for the same period 2014 was USD 15.5 million.

The Company incurred exploration expenses totaling USD 1.5 million during the second quarter of 2015, compared to USD 0.4 million in the same period 2014. Total capital expenditures in the second quarter were approximately USD 68.1 million.