ERHC Energy Inc. Pushing To Complete PSC Negotiations For EEZ Blocks
HOUSTON, Feb. 11, 2013 (GLOBE NEWSWIRE) -- In a wide ranging interview, ERHC Energy Inc. (OTCBB:ERHE) President and CEO Peter Ntephe confirmed the Company's intention to complete negotiations quickly on a Production Sharing Contract covering its oil and gas blocks in the São Tomé and Príncipe Exclusive Economic Zone (EEZ). ERHC, a publicly traded American company with oil and gas assets in Sub-Saharan Africa, has 100 percent working interest in EEZ Blocks 4 and 11 free of signature bonuses.
Acknowledging that that the remaining clauses are being finalized between ERHC and São Tomé and Príncipe National Petroleum Agency (STP-ANP), Mr. Ntephe said the two sides are 'working hard' to finish the PSC.
"We are confident that we can soon have a final document that works for both sides," said Mr. Ntephe in an interview at Winter NAPE 2013, the world's largest E&P (upstream) expo, which attracted approximately 20,000 attendees and exhibitors to highlight producing properties and prospects from around the world, capital formation and services and technologies. The interview is posted online at http://erhc.com/articles/nape-interview/ .Seismic data for EEZ Blocks 4 and 11 contain highly prospective structures and they are situated close to the proven hydrocarbon systems in the adjacent territorial waters of Gabon, Equatorial Guinea, Nigeria and Cameroon. "As we continue the discussions with potential partners for the EEZ, we are forging ahead with the PSC," Mr. Ntephe said. "We will not delay the PSC negotiations. ERHC has no signature bonus to pay on its blocks so if we did sign the PSC before getting a big partner, we could start the preliminary geophysical and geological work ourselves." ERHC's analysis to date suggests its EEZ Blocks have all the necessary components of a successful petroleum system. EEZ Block 4, which totals 5,808 square km, is situated directly east of the island of Príncipe. The northeastern area near EEZ Block 4 contains a large graben structure, which is bound by the Kribi Fracture Zone. EEZ Block 11, which totals 8,941 square km, is situated directly east of the island of São Tomé and abuts the territorial waters of Gabon. The Southern area, where EEZ Block 11 is situated, contains parts of the Ascension and Fang Fracture Zones.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV