This Day On The Street
Continue to site
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

ERHC Energy Inc. Reveals Early Positive Results From Airborne FTG Survey Of Kenya Block 11A

HOUSTON, Nov. 26, 2013 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced initial encouraging results from an airborne Full Tensor Gravity Gradiometry (FTG) survey. Bell Geospace, a world leader in gravity gradiometry, is flying the FTG on behalf of ERHC's wholly owned subsidiary, ERHC Energy Kenya Ltd. When completed in a few weeks, the survey will have covered up to 15,500 line kilometers.

An independent third party is bearing the cost of the FTG survey under the Company's previously announced financing initiatives.

"Preliminary results confirm the presence of the Lotikipi basin and it appears to have a larger extent than was indicated by gravity data acquired by previous operators of this area," said Gertjan van Mechelen, ERHC's exploration manager. "Obviously these results are very encouraging and we are looking forward to seeing the eventual final results upon completion of this survey. Those final results are bound to show in much more detail the internal structure of the Lotikipi rift basin and will allow us to identify the most prospective areas."

ERHC plans to pursue a rift margin play in Block 11A similar to those that led to recent major discoveries in neighboring Uganda and northwest Kenya. Block 11A is located to the north of the Lokichar Basin, which was the focus of international attention last week with an oil discovery at the Agete-1 exploratory well. This was the fifth significant discovery in the area, joining the Ekales-1, Etuko-1, Ngamia-1 and Twiga South-1 oil discoveries were drilled.

FTG surveys have much higher resolution than conventional gravity surveys and can aid significantly in identifying prospective hydrocarbon basins. The successes of recent large oil finds in East Africa have been attributed to this survey method.

ERHC announced earlier this month that it has concluded a farm-out agreement for Block 11A with a renowned integrated oil and gas company. Under terms of the agreement, ERHC would transfer a portion of its interest in Kenya Block 11A as well as operatorship in exchange for a carry and other considerations. The parties are awaiting consent of the government of the Republic of Kenya before finalizing the agreement.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%
YHOO $27.10 1.04%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs