HOUSTON, Nov. 13, 2013 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today issued an update on the Company's progress. ERHC Shareholders: ERHC is pleased to present highlights of the Company's recent progress. Republic of Kenya Block 11A
- ERHC has concluded a farm-out agreement with a renowned integrated oil and gas company.
- The farm-out agreement is subject to the consent of the government of the Republic of Kenya.
- Under terms of the agreement, ERHC would transfer of a portion of its interest in Kenya Block 11A as well as operatorship.
- The proposed farm-out agreement includes a carry and other considerations.
- As required under the farm-out agreement, until government consent is granted, details regarding the partner and terms will remain confidential.
- Pending government consent to the farm-out agreement, ERHC continues to operate Block 11A.
- Work is ready to commence on the airborne Full Tensor Gravity Gradiometry (FTG) survey of Block 11A following the subcontractor's completion of work on a neighboring block.
- A comprehensive Environmental Impact Assessment (EIA) of ERHC's approved work program on Block BDS 2008 is nearing completion.
- The EIA is being conducted by ERHC's subcontractor ASAT (Archeologie et Socio-Antropologie au Tchad) and is the necessary first step in exploration.
- ERHC is currently accepting bids for an airborne FTG of its BDS-2008 block which is the next step in the approved work program.
- BDS 2008 overlies the Doseo Basin, which hosts much of Chad's current oil production.
São Tomé and Príncipe Exclusive Economic Zone (EEZ) Blocks 4 and 11
- Both ERHC and the National Petroleum Agency of São Tomé and Príncipe(ANP-STP) are conducting legal reviews of the draft Production Sharing Contracts (PSCs) for EEZ Blocks 4 and 11, the significant terms of which have been finalized by the parties.
- ERHC's and the ANP-STP's efforts to generate interest in the EEZ as a whole have increased interest in ERHC's EEZ Blocks among International Operating Companies (IOCs).
- ERHC is in discussions with several IOCs about possible partnerships following the signing of the PSCs in Blocks 4 and 11.
- The Joint Development Authority (JDA), ERHC and other contracting parties are continuing to review possible next steps.
- One of the possibilities that the parties are collectively examining is to bring in exploration companies to spread risk and to reinterpret existing data with a fresh perspective and possibly a fresh exploration strategy.
CONTACT: Dan Keeney, APR DPK Public Relations 832-467-2904 firstname.lastname@example.org