This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Chad Contracts Bridgeporth For Airborne Gravity/Magnetic Survey Of BDS 2008 In Chad

Stocks in this article: ERHE

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).

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

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 Bankrate.com

  • 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