HOUSTON, May 29, 2014 (GLOBE NEWSWIRE) -- ERHC Energy Chad today announced the award of a contract for acquisition, processing and interpretation of gravity/magnetic data of BDS 2008 in Chad to Bridgeporth Ltd., a specialist geosciences company. Under terms of the agreement, Bridgeporth will fly 4,720 line kilometers over BDS 2008 in southern Chad commencing in the third quarter of the year. ERHC Energy Chad is a subsidiary of ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa.
ERHC has 100 percent of the interest in BDS 2008. The Block is located on the northern edge of the Doba and Doseo basin, the site of active exploration and development projects with discoveries exceeding 1,290 MMBOE. Bridgeporth's survey will focus on two main areas: north of Esso's Tega and Maku discoveries in the Doseo basin; and east of and on trend with OPIC's Benoy-1 margin discovery in the Doba basin.
"We were impressed with Bridgeporth's work in the early stages of ERHC's oil and gas exploration work program in Kenya and we are happy to bring them onboard for our program in Chad," said ERHC President and CEO Peter Ntephe. "As we saw firsthand in Kenya, we expect this gravity/magnetic data will enable the exploration team in Chad identify the most prospective areas for acquisition of 2D seismic data, which is the next step in the work program."Earlier this spring, ERHC received the arrêté (decree) of the President of Chad giving presidential seal of approval to the Company's retention of oil exploration Block BDS 2008 and voluntary relinquishment of the two other Blocks that were also contained in the PSC. The receipt of the Presidential Order enables ERHC to focus its exploration activities on Block BDS 2008 and revamp its discussions with potential farm-in partners. Based on its current understanding of available data, ERHC estimates the un-risked resource potential in the two focus areas in BDS 2008 to be 250 million barrels of oil equivalent (MMBOE).
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