SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Microcap & Penny Stocks : Environmental Remediation (ERHC)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: leigh aulper who started this subject12/30/2003 2:27:18 PM
From: mikehunt2   of 30
 
(DJ Sao Tome Oil Blocks To Be Awarded After Rights
Decision)

LAGOS (Dow Jones)--The joint development authority overseeing the award
of nine offshore oil blocks shared between Nigeria and Sao Tome and
Principe will not award rights until after two companies have exercised
their preemptive rights on the area.
ExxonMobil Corp. (XOM) and Environmental Remediation Holding (ERHC).,
which is 48% owned by Nigeria-based Chrome Energy, will choose which
blocks they want to take options on before the winners of the tender are
announced, a JDA spokesman told Dow Jones Newswires by telephone from
Abuja.
"The companies are going to get the blocks in which they want to
exercise their rights to enable a final determination of the awards," the
spokesman said.
ExxonMobil will be allowed to bid for any five blocks within 30 days
from Dec. 30. ERHC will be allowed to bid for any three blocks within 15
days.
The two companies must match the highest bidder in any of the blocks.
The licensing round will be completed as soon as the rights are decided.
Both companies had signed earlier agreements with the Sao Tome
government, which were renegotiated before the current tender round.
ChevronTexaco Corp. (CVX) was the only oil major to bid in the licensing
round, tabling a $123-million bid for Block 1, thought to be the most
lucrative area in the joint development zone.
Analysts said ChevronTexaco is favorite to win a 70% stake in the
Block.
-By Vincent Nwanma and Sam Cage, Dow Jones Newswires; +44-20-7842-9344;
sam.cage@dowjones.com

(END) Dow Jones Newswires
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News