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.
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 Plus 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