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ERHC Energy Inc. Releases Shareholder Update, Seeks Government Consent For Farm-Out Agreement For Kenya Block 11A

Stocks in this article: ERHE

HOUSTON, Nov. 13, 2013 (GLOBE NEWSWIRE) -- 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.

Republic of Kenya Block 11A

  • ERHC has concluded a farm-out agreement with a renowned integrated oil and gas company.
  • The farm-out agreement is subject to the consent of the government of the Republic of Kenya.
  • Under terms of the agreement, ERHC would transfer of a portion of its interest in Kenya Block 11A as well as operatorship.
  • The proposed farm-out agreement includes a carry and other considerations.
  • As required under the farm-out agreement, until government consent is granted, details regarding the partner and terms will remain confidential.
  • Pending government consent to the farm-out agreement, ERHC continues to operate Block 11A.
  • Work is ready to commence on the airborne Full Tensor Gravity Gradiometry (FTG) survey of Block 11A following the subcontractor's completion of work on a neighboring block.

"This is an excellent time for the entry of a technically and financially capable operating partner," said ERHC President and CEO Peter Ntephe. "We have negotiated a mutually beneficial agreement that advances ongoing exploration in Block 11A and enhances shareholder value."

Republic of Chad Block BDS 2008

  • A comprehensive Environmental Impact Assessment (EIA) of ERHC's approved work program on Block BDS 2008 is nearing completion.
  • The EIA is being conducted by ERHC's subcontractor ASAT (Archeologie et Socio-Antropologie au Tchad) and is the necessary first step in exploration.
  • ERHC is currently accepting bids for an airborne FTG of its BDS-2008 block which is the next step in the approved work program.
  • BDS 2008 overlies the Doseo Basin, which hosts much of Chad's current oil production.

"We are pleased to be making progress with our exploration work program in Chad," said Mr. Ntephe. "These are all necessary steps toward eventual drilling."

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