Good report.
Pretty solid financials, $40m, $6m ahead.
Firm statement on Cap and upstream.
This on Erin..
In another event post the end of the quarter, Erin Energy Corporation announced on 25 April 2018 that it and
certain of its subsidiaries had filed voluntary petitions under Chapter 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division to pursue a plan of reorganization.
FAR understands that Erin Energy Gambia Ltd, which holds the 20% interests in the A2 and A5 licences in The Gambia, is not one of the subsidiaries which has filed a petition. FAR believes that Erin Energy Corporation has
been in financial difficulties for some time and that Erin Energy Gambia Ltd is in default of payments to FAR
Gambia Ltd as Operator of the A2 and A5 joint ventures – so the filing of the petitions has not come as a surprise to FAR. Erin Energy Gambia Ltd has been given default notices under the applicable joint operating agreements. FAR has rights under those joint operating agreements when a co-venturer becomes insolvent. FAR is taking advice on these matters and is assessing its position. A further ASX announcement will be made when appropriate.
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