Erin Energy Corporation announced that the Government of the Republic of The Gambia has approved the farm-out agreement with FAR Ltd., whereby FAR will acquire an 80% interest and operatorship of Erin Energy’s offshore A2 and A5 blocks in The Gambia. The highlights include: Erin Energy will retain a 20% working interest in the highly-prospective offshore blocks A2 and A5 in The Gambia; FAR to fund Erin Energy through the first exploration well; Erin Energy’s blocks are adjacent and on-trend with FAR’s world-class SNE oil field offshore Senegal; Blocks A2 and A5 have potential to contain prospective resources in excess of one billion barrels of oil; (on an unrisked best estimated 100%) according to FAR. Under the terms of the farm-out agreement approved by the Government of the Republic of The Gambia, FAR will pay Erin Energy a purchase price of $5.18 million and will carry $8.0 million of the company’s share of costs in a planned exploration well to be drilled in late 2018. In addition, if Erin Energy’s share of the exploration well is less than 8.0, the balance is to be paid in cash to the company.