ERHC Energy Inc. Releases Shareholder Update
10 Juillet 2014 - 2:57PM
ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company
with oil and gas assets in Sub-Saharan Africa, today issued an
update on the Company's progress.
ERHC Shareholders:
ERHC is pleased to present highlights of the Company's recent
progress.
São Tomé and Príncipe Exclusive Economic Zone (EEZ)
Block 11
- Last week, ERHC President and CEO Peter Ntephe participated in
ceremonies commemorating the 10th anniversary of the National
Petroleum Agency of São Tomé and Príncipe(ANP-STP), during which it
was announced that ERHC and ANP-STP have concluded the final terms
for the Production Sharing Contract for EEZ Block 11.
- The PSC contains three exploration phases spread over an
eight-year period. The work program in the first 4-year phase
commits ERHC to purchase and re-process existing data and then
carry out an aeromagnetic survey over the Block. ERHC is also
committed to acquiring 2,500 kms of 2D seismic data during the
first phase.
- If, after the completion of Phase 1, ERHC chooses to continue
its exploration work program, Phases 2 and 3 will last two years
each with a well commitment during each phase.
- As was the case in Kenya and earlier in the Joint Development
Zone, management's intention is to bring a technically and
financially capable operating partner onboard. The Company's
discussions continue with several international oil companies about
partnerships in EEZ Block 11. Some of those discussions are on the
possibility of a 'right-to-earn' partnership where the operator
commits to carrying only one aspect of the work program in return
for a pre-determined interest in the PSC if the results of that
aspect convince the operator to commit to the rest of the work
program.
- The PSC for EEZ Block 11 will become effective in due course
following the receipt of certain legislative and administrative
approvals and the official Portuguese translation of the PSC.
- The Company has posted a presentation Mr. Ntephe delivered at
the ceremony at http://erhc.com/presentations/. It provides an
extensive overview of the prospectivity of EEZ Block 11, including
evidence of what the Company's technical team believes could be a
high quantity of hydrocarbon resources.
"Everyone familiar with our story, going all the way back to
ERHC's pioneering exclusive agreement with the government of Sao
Tome and Principe in 1997, understands how momentous this
achievement is," said Dr. Ntephe. "We thank the government and the
people of São Tomé and Príncipe, and we are looking forward to
starting exploration work in the EEZ."
Republic of Kenya Block 11A
- The 2D seismic program covering approximately 1,000 line
kilometers on Block 11A is nearing completion. BGP, the
international seismic company, is carrying out the survey on behalf
of the CEPSA and ERHC partnership on the Block.
- Based on analysis of the 2D seismic data combined with data
from an airborne Full Tensor Gravity Gradiometry (FTG) survey
conducted earlier, ERHC and the Block operator, CEPSA, will
determine whether to acquire 3D seismic or proceed directly to
drilling.
- Upon completion of the 2D seismic program, CEPSA and ERHC will
have satisfied the minimum work program requirements for the
initial two-year exploration period under terms of the Block 11A
Production Sharing Contract.
"Results to date from the 2D seismic have been encouraging and
we are very proud that every step of the first phase of our
exploration work program has gone precisely as planned," said Dr.
Ntephe.
Republic of Chad Block BDS 2008
- ERHC is in active discussions with potential partners who may
be interested in farming into Block BDS 2008, which helps to spread
the risk of exploration and is an important component in the
Company's fundraising strategy.
- Additionally, ERHC is currently issuing a series of convertible
notes as part of its previously announced comprehensive fundraising
program. Proceeds from the issue are being applied to funding the
Company's exploration work program in Chad, among other
obligations.
- As announced earlier, ERHC has awarded a contract for
acquisition, processing and interpretation of gravity/magnetic data
of BDS 2008 in Chad to Bridgeporth Ltd.
- The agreement calls for Bridgeporth to fly 4,720 line
kilometers over BDS 2008.
- The administrative approvals necessary for Bridgeporth to begin
work are currently being pursued.
Oando Energy Resources Investment
- ERHC holds a small stake in Oando Energy Resources (TSX:OER) as
a result of a strategic investment in Exile Resources, which was
later acquired by OER.
- Management is closely monitoring the Company's holding
following consent of the Minister of Petroleum in Nigeria for OER's
acquisition of the Nigerian Upstream Oil and Gas Business of
ConocoPhillips.
- It is possible that if completed, the acquisition may have a
positive impact on OER's market valuation and, therefore, ERHC's
holding.
- You can learn more about Oando Energy Resources at
http://www.oandoplc.com.
If you have questions, please reference the Company's SEC
filings, which are available at http://erhc.com/secfilings/ or
contact Daniel Keeney, ERHC's investor relations representative, at
dan@dpkpr.com.
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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