ERHC Energy Inc. Receives Presidential Seal of Approval on BDS 2008 in Chad; Commences Funding of Work Program
28 Avril 2014 - 1:01PM
ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company
with oil and gas assets in Sub-Saharan Africa, today announced that
it has now received the arrêté (decree) of the President of Chad
giving presidential seal of approval to the Company's retention of
oil exploration Block BDS 2008 and its voluntary relinquishment of
the Manga and Chari-Ouest III Blocks. ERHC had earlier announced
the agreement of the Ministry of Mines, Energy and Oil to ERHC's
request for relinquishment. The request was made to enable the
Company to focus its resources on the highly prospective Block BDS
2008.
With the receipt of the Presidential Order clearing the path for
ERHC to proceed with exploration activities in BDS 2008, the
Company has commenced – in advance of a potential farm-out – the
financing of approved geological and geophysical work. ERHC is
currently issuing a series of convertible notes to fund
magnetic/gravity surveys and, thereafter, 2D seismic
acquisition.
Modeling for gravity/magnetic surveys of BDS 2008 was completed
recently and constitutes the basis for ERHC's request for bids from
reputable survey companies for the requisite surveys. ERHC's plan
is to gather data from an area of 5,000 square kilometers, with two
main areas of focus:
- North of Esso's Tega and Maku discoveries in the Doseo basin;
and
- East of and on trend with OPIC's Benoy-1 margin discovery in
the Doba basin.
ERHC has 100 percent of the interest in BDS 2008 in southern
Chad, which encompasses 41,800 square km. or more than 10 million
acres. The Block is located on the northern edge of the Doba and
Doseo basin, the site of active exploration and development
projects with discoveries exceeding 1,290 MMBOE. Based on its
current understanding of available data, ERHC estimates the
un-risked resource potential in the two focus areas in BDS 2008 to
be 250 million barrels of oil equivalent (MMBOE).
In addition to its oil and gas exploration interests in the
Republic of Chad, ERHC holds interests in the Republic of Kenya,
the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the
Nigeria-Sao Tome and Principe Joint Development Zone (JDZ).
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas
company focused on growth through high impact exploration in Africa
and the development of undeveloped and marginal oil and gas fields.
ERHC is committed to creating and delivering significant value for
its stockholders, investors and employees, and to sustainable and
profitable growth through risk balanced smart exploration, cost
efficient development and high margin production. For more
information, visit www.erhc.com.
Cautionary Statement
This press release contains statements concerning ERHC Energy
Inc.'s future operating milestones, future drilling operations, the
planned exploration and appraisal program, future prospects, future
investment opportunities and financing plans, future stockholders'
meetings as well as other matters that are not historical facts or
information. Such statements are inherently subject to a
variety of risks, assumptions and uncertainties that could cause
actual results to differ materially from those anticipated,
projected, expressed or implied. A discussion of the risk
factors that could impact these areas and the Company's overall
business and financial performance can be found in the Company's
reports and other filings with the Securities and Exchange
Commission. These factors include, among others, those relating to
the Company's ability to exploit its commercial interests in Kenya,
Chad, the JDZ and the Exclusive Economic Zone of São Tomé and
Príncipe, general economic and business conditions, changes in
foreign and domestic oil and gas exploration and production
activity, competition, changes in foreign, political, social and
economic conditions, regulatory initiatives and compliance with
governmental regulations and various other matters, many of which
are beyond the Company's control. Given these concerns, investors
and analysts should not place undue reliance on these statements.
Each of the above statements speaks only as of the date of this
press release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement to reflect any change in the Company's
expectations with regard thereto or any change in events,
conditions or circumstances on which any of the above statements is
based.
CONTACT: Dan Keeney, APR
DPK Public Relations
832-467-2904
dan@dpkpr.com
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