This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ERHC Energy Inc. Firms Up Exploration Work Programs In Kenya And Chad

HOUSTON, Sept. 27, 2012 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today released additional details of its planned exploration work programs in the Republics of Kenya and Chad. ERHC's immediate goal is to quickly identify specific leads and prospects upon which an aggressive drilling campaign can then be carried out. The announcement comes as the Company intensifies fund raising for its exploration programs in highly prospective acreages in East, Central and West Africa.

Kenya

ERHC expects to begin exploration operations in Kenya's Block 11A by the end of calendar year 2012. The main surface feature of Block 11A is the Lotikipi plain, a broad depression measuring approximately 110 km from east to west. The proximity and in-trend relationship between the Lotikipi plain and the Abu Gabra Rift basins of southern Sudan – established petroleum provinces – suggest high oil and gas prospectivity. The initial exploration period is two years, during which ERHC's exploration plan calls for the following specific action items:

  • Environmental Impact Assessment.
  • Airborne full tensor gravity survey (FTG) to define the major structural elements.
  • 2D seismic data acquisition, processing and interpreting to prepare regional structure maps at key formations and tectonic horizons.
  • Regional geology and field studies.
  • Integrate interpretation of gravity, magnetic and 2D seismic for mapping of leads and prospects.
  • If necessary, 3D seismic data acquisition to further delineate lead/prospect areas.

Chad

ERHC is planning for exploration operations to commence in Chad by early 2013. The Company plans to focus initially on its 100 percent interest in BDS 2008 which is on trend with the Doba Basin oilfield, which in 2010 had an average daily production of 122,500 barrels of crude oil per day. Based on technical assessments made by the operator of an adjacent block, ERHC's preliminary projections suggest the likelihood of at least three prospects with a reasonable chance of success on ERHC's blocks. The Company's preliminary projections of the prospects suggest the combined mean potential may be up to 63 MMBOE, with upside potential of more than 332 MMBOE. ERHC's planned work program in 2013 and 2014 includes the following:

  • Environmental Impact Assessment.
  • Regional geology and field studies using existing well logs and 2D seismic data.
  • Regional structure isopach and facies maps and cross-sections at key formation tops.
  • Gravity and magnetic surveys to define the major structural elements.
  • Airborne full tensor gravity survey to further define structural elements.
  • 2D seismic data acquisition, processing and interpretation.
  • Integrate interpretation of gravity, magnetic and 2D seismic for mapping of leads and prospects.
  • If necessary, 3D seismic data acquisition to further delineate lead/prospect areas.

Financing

Subject to the availability of financing and favorable outcomes on the geological and geophysical work outlined, ERHC intends to fast-track exploration in both countries so as to satisfy drilling obligations as quickly as possible. ERHC has a minimum commitment of one well each in Kenya and Chad with options for further drilling during the terms of the PSCs. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,067.56 -30.89 -0.18%
S&P 500 2,002.28 -1.09 -0.05%
NASDAQ 4,598.1880 +17.9170 0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs