This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Stocks in this article: ERHE

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs