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Company

Presentation

April 2017

Cautionary Language

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E

of the Securities Exchange Act of 1934. These forward-looking statements are based on our current expectations about our company,

our properties, our estimates of required capital expenditures and our industry. Words such as "expect,” "will," "anticipate," "indicate,"

"estimate," "believes," "plans" and similar expressions are intended to identify such forward-looking statements. It is important to note

that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties.

Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to

differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including

permeability and gas content, and commercial viability of the wells; risk and uncertainties associated with exploration, development and

production of oil and gas; drilling and production risks; our lack of operating history; limited and potentially inadequate cash resources;

expropriation and other risks associated with foreign operations; anticipated pipeline construction and transportation of gas; matters

affecting the oil and gas industry generally; lack of oil and gas field goods and services; environmental risks; changes in laws or

regulations affecting our operations, as well as other risks described in our Annual Report on Form 10-K, Quarterly Reports filed on Form

10-Q, and subsequent filings with the Securities and Exchange Commission (“SEC”). Erin Energy undertakes no obligation to publicly

update or revise any forward-looking statements.

We use certain terms in this presentation such as “contingent resources,” “prospective resources,” “leads,” “oil in place” and similar terms

that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. Our Probable (2P) and Possible (3P) reserves may not

meet SEC rules and Guidelines (including those relating to pricing) for such reserves. These terms include reserves with substantially

less certainty, and no discount or other adjustment is included in the presentation of such reserve numbers. U.S. investors are urged to

consider closely the disclosure in our Form 10-K for the year ended December 31, 2016 and in our other filings with the SEC, available

on our website at www.erinenergy.com, from us at 1330 Post Oak Blvd., Suite 2250, Houston, Texas 77056, Attn: Investor Relations, or

by calling us at (713) 797-2940. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov or by

calling the SEC at 1-800-SEC-0330.

Regarding Risks, Forward-Looking Statements and Other Matters

Company Presentation / April 2017 2

Erin Energy Corporation

• Erin Energy Corporation is an independent oil and

gas exploration and production company focused on

energy resources in sub-Saharan Africa

• Asset portfolio consists of 7 licenses across 4

countries covering a gross position of ~19,000km2 (5

million acres)

• Assets include current production and other

exploration projects offshore Nigeria, exploration

licenses offshore Ghana, Kenya and Gambia, and

onshore Kenya

• Highly-experienced management team and board of

directors

• Headquartered in Houston, Texas, and listed on the

New York (NYSE MKT) and Johannesburg Stock

Exchanges (JSE) under the ticker symbol ERN

Who we are and what we do

3.2 Billion barrels of un-risked

resources

16 Million barrels of net

reserves (2P)

World-class assets in 4

African countries 7


Offshore Gross

Acres

Interest Partner Status 2P / 2C

Contingent

(mmboe)

Comment

OML 120 230,000 100% - Production 16.5 (2P) /

43.3

(Uncertified 2C)

• 2016 average production c. 5.1 kbopd

• 3 wells to be drilled and tied-back to existing infrastructure to

increase production

• 5 prospects (G, Ereng, Oyo NW, P and Ewo Deep) with 3.2 bn

bbls of unrisked recoverable prospective resources

• G and Oyo-NW prospects targeted for drilling in 2017-2018

OML 121 217,000 100% - Exploration

Offshore Gross

Acres

Interest Partner Status

Block A2 320,000 20% FAR Exploration NA • Carry on first exploration well - expected in 2018

• Blocks on trend with the SNE oil discovery in Senegal

• 3D seismic acquisition completed and being processed

• Several leads identified with new 3D seismic

Block A5 343,000 20% FAR Exploration

Onshore Gross

Acres

Interest Partner Status

Block L1B 2,246,593 100% - Exploration NA • Early stage exploration activities

• 2D seismic acquired and processed

• Seeking farm-in partner

• No current resources estimates

Block L16 900,000 100% - Exploration

Offshore Gross

Acres

Interest Partners Status

Expanded

Shallow Water

Tano Block

373,000 30%

30%

25%

15%

Ultramar Energy

GNPC

Base Energy

Exploration

Appraisal

16.2 (Certified

2C) +

25.2 (yet to be

certified)

• Waiting for resolution on boundary issues (maritime water

dispute with Côte d’Ivoire)

• 3 Discovered Fields with 2C contingent resources

• 4 high-quality prospects identified

• 3D seismic acquisition planned

Our Company at a Glance

We are a global E&P company with a leading Sub-Saharan Africa portfolio that is well positioned to provide exceptional value for shareholders

Company Presentation / April 2017

NIGERIA

GAMBIA

KENYA

GHANA

4

Key Performance Catalysts for 2017

Oyo-9

Oyo-NW

G-Prospect

Balance

Sheet

• Exploration well to tap into Miocene formation with 160 MMBBLS Mean Resources(2)

• Drilling expected 2H 2017

• Capital requirement of ~$26m

• High % chance of success in relation to benchmarked projects

• Pre-export facility of $100mm closed in 1Q 2017 with MCB

• Balance Sheet currently constrained – restructuring will allow Erin to raise development capital (debt or equity)

• Successfully restructured Zenith note – principal moratorium expires June 2017

• Related Party Notes – potential for equity conversion

• Accounts Payable – restructuring negotiations with vendors underway

5

• Production expected 3Q/4Q 2017

• ~7,000 BOPD tied back to existing infrastructure

• No additional operating costs (tie-back to existing Armada Perdana FPSO)

• Significantly reduces breakeven cost per barrel

(1) Source: Management estimates (un-risked)

(2) Source: DeGolyer and MacNaughton – G Prospect downthrown target

M&A

• Considering strategic acquisitions

• Focus on producing assets

• Targeting 10,000 – 20,000 BOPD


• Exploration well to tap into Miocene formation with 675 MMBBLS Mean Resources(1)

• Drilling expected 2H 2017

• Capital requirement of ~$40m

• High % chance of success in relation to benchmarked projects

5


Oyo-9

Provide additional drainage point in the Oyo Central field T1A reservoir, by drilling

and completing in the western extension area of the field.

Increase field production by ~7000 bopd and develop ~8 MMstb of oil reserves.

Tie-in to existing production facilities

2017 Development Drilling – Oyo-9 Well

Nigeria OML 120

6

Erin Energy

Oyo NW

Oyo-9


Oyo-9 Well Project Schedule

7

Days

0 180 360

• Pacific Bora - Sixth-Generation rig secured

• Long-lead items ordered including x-mas tree

• Necessary services and materials being arranged to meet projected 4Q 2017 first oil

Well Timeline

Erin Energy

Drill-Ready Exploration Wells

Nigeria OMLs 120 and 121

OML 120 & 121

Portfolio of 22 prospects and leads

Anticipated Development Summary

Source: *DeGolyer and MacNaughton.

Prospective resources & production values are unrisked

Est. Production (Net mmbbls)

Prospect G 239 mmbbls

Ereng 1,695 mmbbls

0

10,000

20,000

30,000

40,000

50,000

60,000

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Daily

Pro

duction (

BO

PD

) G Downthrown G Upthrown

0

50,000

100,000

150,000

200,000

250,000

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

Daily

Pro

duction (

BO

PD

) Ereng

• Prolific Western Niger Delta (> 40 Billion Barrels Discovered)

• Flanked by the Giant Fields – Bonga, Erha & Bosi

• Production Facilities on the Block

• Prioritized high-value exploration portfolio

• Mean Prospective Resources of 3.2 Bbbls oil (5 Prospects)

• Five Prospects Drill Ready


Oyo NW

Nigeria: OML120 – G Prospect

• 850 – 900 m water depth

• Drill Depth: 2,600 m

• Upper/Mid Miocene amplitude supported play

• Faulted rollover anticline on top of shale ridge

• Mean un-risked recoverable prospective resources

• Oil: 239 mmbbl

9

Multiple objects in the upper / mid Miocene play

SE

G Horizon Structure with Amplitude Attribute

Nigeria: OML120 – Oyo Northwest Prospect

• 500m water depth


• Pliocene / Miocene

stacked channel

sequences

stratigraphically

trapped at all levels

• Large area amplitude

anomalies /

remarkable flat

events

• Prospective

sequence from 1300

– 4000 meters TVD

10

Massive NE-SW oriented, faulted, shale diapir influenced structure ~ 9 km northwest of the Oyo field

• Mean un-risked recoverable prospective resources(1)

• Oil: 675 mmbbl

(1) Management's Estimates

Nigeria: OML120 – Ereng Prospect

11

Targets Miocene mini-basin play; mean unrisked recoverable resources of 1.7bn bbl

• 715 m water depth


• Mix structural-stratigraphic

prospect with 4 amplitude

supported sedimentary units

• Multi-targets Miocene Mini-

basin play: ponded slope fan

lobes, confined amalgamated

channel/lobe systems and

unconfined sheet sands

systems

• Mean unrisked recoverable

prospective resources

• Oil: 1,700 mmbbl

• Associated gas: 2,086

bcf

NW SE

1

2

3

4

5

6

Proposed Location

5 km

(sT

WT

)Tim

e

Ghana

• Prospects are arranged in corridor

between West Tano and South Tano

near field opportunities

Overview • Block with 3 discovered fields

• Near term development opportunity

• In-place oil volumes of 500 million barrels

Exploration Potential • Identified four high quality prospects adjacent to the

discovered fields

• Exploration portfolio provides low risk update to discovered fields

• 3D acquisition planned to better define prospectivity


The Gambia

Overview • Blocks A2 & A5 awarded in 2012 for 4 years to December 2018

• Farmed out 80% interest to FAR for $5.2MM and secured a carry on the first exploration well

• Exploration Well Planned for 2018

Exploration Potential • On trend with Cairn’s Senegal SNE Oil Discovery with 2C contingent

resource of 561 MMBO

• Large 4- Way dip closure prospect

• Mapped on new modern 3D Seismic

• Proven Petroleum System

• High Chance of Success

• Same reservoir section penetrated in the SNE Discovery


SNE

Discovery

Fan

Discovery

Erin Energy

Prospect

Depth Structure Map - Albian Sandstone

Kenya

Overview

• 4 blocks awarded in 2012

• Allowed two ultra-deepwater blocks to expire in February

2017 to focus on the two onshore blocks

• First extension period for L1B and L16 (June 2017)

• Completed Gravity & Magnetics & 2D Seismic

• Seeking partner to acquire infill 2D Seismic Survey on

L16

Exploration Potential

• Proven petroleum system demonstrated by hydrocarbon shows

from offsetting wells

• Numerous high potential leads have been identified


L1B

L16

14

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjcl-qdmIjQAhVlyoMKHUPoD30QjRwIBw&url=http://www.africa-confidential.com/article/id/5812/Bad_time_for_an_oil_boom&bvm=bv.137132246,d.cGc&psig=AFQjCNHg5JGYre1ZtWykyZ8QKedx0GRH0w&ust=1478111388871451

Strategic Corporate Goals

Matrix of Erin’s strategic goals

Near Term

(2017)

Medium Term

(2018-19)

Long Term

(2020 +)

– Increase Production

– Stabilise Cash Flow

– Drill & Complete Oyo-9

– Drill G Prospect*

– Drill Oyo-NW Prospect*

– Await resolution of boundary

issue

– Explore option to improve

development economics

– Plan 3D seismic acquisition

– Interpreting new 3D seismic

– Secured Farm-out partner

– Explore portfolio options in

Kenya

– Farm down interest

– Convert debt to equity

– Launch Equity Raise

– Drill Oyo-10 to maintain

production

– Explore G Prospect tie back

& appraisal

– Tie-back of Oyo-NW early

production wells

– Further exploration of Ereng

and Oyo-West Prospects

– Seismic acquisition,

processing & interpretation

– Consider development

decision

– Assess exploration potential

– Appraisal of fields

– High grade prospect

inventory

– 1st exploration well (non-

operating)

– Kenya Carried interest

– Explore M&A Opportunities

– Reduce debt

– Increase liquidity

– Drill Oyo-11 to maintain

production

– Explore tie in of Near Field

– G Field development

– Oyo-NW, Ereng and Oyo-

West Field Development

– Develop 3 discovered Tano

Fields

– Drill further exploration wells

– Appraisal drilling

– Plan of development / FEED

– Execute on M&A strategy

– Significantly reduce net debt

– Increase equity & liquidity

– Manage accounts payable

Nigeria Ghana Gambia Kenya / M&A / Other

* With Equity Capital Raise Company Presentation / April 2017 15

Reserves and Un-risked Resource Potential

16 Company Presentation / April 2017

2P Reserves, 2C Resources and Prospective Resources Identified within Erin Energy’s Portfolio

Estimated 2P reserves and 2C resources add up to ~101 mmboe at 2016 year-end with a prospective resource base of up to 3.2 bn boe contributed from the various prospects in OMLs 120 and 121

Source: Erin Energy disclosure, 2016YE reserves. DeGolyer & MacNaughton (Nigeria prospective

resources report, 15/09/2014).

Note: Oyo North West prospect resources not included the D&M Sep ’14 report and based on Erin’s internal

estimates. Key: ** Certified; # Yet to be Certified; ## Internal Estimates

16

Share Structure


Top 20 Institutional Shareholders* Shareholding Split by Type

Top Insiders

%OS Position (000)

BlackRock Fund Advisors 0.29 607

Millennium Management LLC 0.14 289

The Vanguard Group, Inc. 0.09 193

Northern Trust Investments, Inc. 0.05 97

SSgA Funds Management, Inc. 0.04 89

Goldman Sachs & Co. (Private Banking) 0.04 75

Absa Asset Management (Pty) Ltd. (Inv. Mgt.) 0.03 62

The California Public Employees Retirement System 0.03 56

UBS Financial Services, Inc. 0.03 54

BlackRock Investment Management LLC 0.02 52

TIAA-CREF Investment Management LLC 0.02 47

Wells Fargo Advisors LLC 0.02 47

Cutter & Co. Brokerage, Inc. (Inv. Mgt.) 0.02 42

Susquehanna Financial Group LLLP 0.02 36

Teachers Advisors, Inc. 0.02 35

Morgan Stanley Smith Barney LLC (Private Banking) 0.02 34

Parametric Portfolio Associates LLC 0.02 32

California State Teachers' Retirement System 0.01 31

IFP Advisors, Inc. 0.01 27

The Bank of New York Mellon Corp. (Inv. Mgt.) 0.01 26

Other Institutional Investors 0.12 192

Total 1.05 2,123

Management & BoD1.8%

Public Investment Corp. SOC Ltd.

29.3%

Allied Energy PLC38.6%

CAMAC International

Ltd.16.8%

Other Institutional and Retailers

13.5%

%OS Position (000)

Allied Energy PLC 38.6 82,909

Public Investment Corp. SOC Ltd. 29.3 62,855

CAMAC Energy Holdings Ltd. 16.8 36,172

Management and Board of Directors 1.8 3,922

Total 86.5 185,857

Strong Equity Support

*Factset 3 January 2017

The Board

Distinguished Board of Directors

John Hofmeister

Chairman

Veteran of multiple industries for over 35 years; Former president, Shell Oil Company; Key

leadership positions, General Electric, Nortel, AlliedSignal; Chairman, National Urban League;

Member, U.S. Department of Energy’s Hydrogen and Fuel Cell Technical Advisory Committee;

founder, not-for-profit Citizens for Affordable Energy; Group Human Resource Director, Shell

Group, Hague; non-executive director, Hunting PLC; Board member, Foreign Policy

Association, Strategic Partners, LLC Gas Technology Institute, Center for Houston's Future;

fellow, National Academy of Human Resources; Director, Greater Houston Partnership.

Lee P. Brown

Independent Director

Board member since April, 2010; career in law enforcement; three-term Mayor of Houston;

Director, White House Office of national Drug control Policy, Clinton administration; honorary

doctorates from Florida International University, Portland State University, State University of

new York, Fresno state University, John Jay College of Criminal Justice, Paul Quinn College,

Howard University; Chairman, CEO of Brown Group International, Board Chairman, Unity

National Bank.

Dudu Hlatshwayo


Board member since 2015; Independent non-executive director, Public Investment

Corporation of South Africa, since December 2013; Chairman and founder, Change EQ,

privately-held management consulting firm; board member, KZN Growth Fund, AFMETCO,

and the Land Bank; passionate about building ethical and sustainable corporate organisations

that are sensitive to the environment.

Wayne McConnell


Managing Partner, McConnell & Jones LLP, Houston; Founder, McConnell & Jones, July 1987;

active in the public services sector; Board member, American Heart Association, South West

Affiliate of the American Heart Association; former chairman, Audit Committee of the American

Heart Association National Board.

William J. Campbell


Board member since June 2011; experience in legal, investment and energy industries; Diverse

background in management, finance, legal, land and marketing; owner and managing director,

PPPCo-CB Energy, CB Energy; Principle, vice president, corporate council, Fremont Energy

Corporation; Active in community and civic affairs.

J. Michael Stinson


More than 37 years experience in upstream and mid-stream oil and gas with ConocoPhillips and

its predecessor company, Conoco, Inc. Multi-national operational and leadership experience with

extensive experience in business development, corporate planning and M&A activity as an

executive at ConocoPhillips and as a director of numerous listed companies. Extensive

experience in government and public relations as SVP, Government Relations at ConocoPhillips

and as Senior Advisor to the Iraqi Ministry of Oil for the U.S. Department of Defence.

1.

2.

3.

4.

5.

6.

1. 2. 3. 4. 5. 6.


Our Team

Experienced and diverse international management team

Jean-Michel Malek

BA and JD, University of Texas, Austin

Interim CEO, General Counsel and Secretary

Adjunct Professor, University of Houston Law Centre; served as Honorary Consul of

Namibia for the State of Texas, for five years. Previously Executive Vice President and

General Counsel at CAMAC International corporation. Engaged in private practice with

law firms in Houston and was in-house counsel with multi-national companies.

Daniel Ogbonna

MBA, Harvard Business School

Senior Vice President and Chief Financial Officer

Previously Executive Vice President and Chief Strategy Officer, CAMAC International

Corporation; extensive experience working with financial institutions; acute

understanding of Erin Energy’s

business, the African business climate and the countries in which company operates.

Prior positions with Limited Brands, Deloitte Consulting and JP Morgan Securities

Heidi Wong

MBA, Wuhan University

Senior Vice President and Chief Administrative Officer

Appointed Senior Vice President and Chief Administrative Officer, September 2013;

joined the Company in 2008; Two decades experience, business development,

government liaison and commercial affairs With Texaco and Chevron; Member of the

Association of International Petroleum Negotiators, Society of Petroleum Engineers.

Carl Scharpf

MSc (Geology), University of Cincinnati

VP, Exploration and Geoscience

26 years experience in the oil and gas industry worldwide. Was offshore gulf of Mexico

exploration manager for Apache Corporation. Previous positions at Murphy Oil, Marathon Oi,

Burlington Resources, Union Texas Petroleum and Amoco. Member of American

Association of Petroleum Geologists.

Ojay Uzoh

Masters (petroleum engineering), University of Houston

VP, Technical

Over 29 years engineering experience spanning five continents. Spent 20 years at shell

international E&P and Shell Oil SA. Technical consultant to a major Los Angeles hedge

fund. Member of the Society of Petroleum Engineers.

Olu Marinho

BS degree in Civil engineering, Case Western Reserve University; MS structural

engineering, Stanford University

VP, Projects

Twenty years experience in the upstream oil and gas sector. Previously senior project

management positions Eni E&P S.p.A and the Royal Dutch Shell group. Hands on

experience in the planning and execution of multi-billion dollar projects for deep water

applications

1.

2.

3.

4.

5.

6.

2. 1. 3. 4. 5. 6.


7. Femi Ayoade

Vice President, Production Operations, Country Manager, Nigeria

Mr. Ayoade joined the company as technical manager in September 2011. Prior to joining

Erin Energy, he was technical manager of Allied Energy Plc where he provided leadership in

a variety of positions, including Drilling, Petroleum Engineering, and Project and Petroleum

Operations.

7.

Contact us

For more information: www.erinenergy.com

NYSE MKT: ERN I JSE: ERN

Main +1 713 797 2940

Investor Relations US +1 713 797 2960

SA +27 11 593 7303

Media +1 713 797 2960

Erin Energy Corporation

Corporate Headquarters South Africa Office

1330 Post Oak Blvd., Suite 2250 Katherine & West

Houston, Texas 77056 114 West Street, Unit 10

www.erinenergy.com Sandton, 2196, Johannesburg


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