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 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.
- 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts