ERHC TO Commence Sao Tome Drilling (Release 8-20-97)
Jack Kanak
_______________________
Wednesday August 20 12:03 PM EDT
Company Press Release
ERHC Moves to Commence Test Well on Sao Tome
BROUSSARD, La.--(BUSINESS WIRE)--Aug. 20, 1997--
-- Recent Favorable Information and Data Accelerates Project --
Environmental Remediation Holding Corp. (OTC BB:ERHC - news) announced
today that favorable information and data acquired from the Gulf of
Guinea, has accelerated its time table for the evaluation of the
Democratic Republic of Sao Tome and Principe's (DRSP) potential as a
commercial petroleum producing province. As a result, ERHC is currently
negotiating with Nabor's International Drilling as the contractor for
the DRSP's C.O.S.T. (Continental Offshore Strategraphic Test) project.
ERHC President, Samuel L. Bass, Jr. stated, ``While we are still in
negotiations with two major international seismic companies and did not
expect final proposals from them before the first of September, this
recent data justifies accelerating our program for Sao Tome and
Principe. Nabors is the largest drilling contractor in the world, and is
an ideal candidate because of its strong presence and prior experience
in the area.''
The company is currently negotiating with Nabors International Drilling
to provide manpower and supervision for the operation of ERHC's
company-owned drilling rig located on the island of Sao Tome, or to
furnish its drilling equipment and personnel for this stratographic
test.
Bass continued, ``This C.O.S.T well is to be drilled off-structure in
order to verify and confirm the results of our seismic surveys,
accelerate our proposed drilling program and effectively choose future
well-site locations. Combining results, we can then best determine the
methodology for efficient commercial development of DRSP's potential
onshore and offshore reserves.''
Environmental Remediation Holding Corporation is engaged in oil and gas
production activities and environmental remediation, both domestically
and internationally. Through a series of acquisitions, the company has
formed a unique, full service organization dedicated to providing oil
and gas related services to major oil companies and governmental
institutions. This includes the development and rework of oil and gas
properties, plug and abandonment services (P&A), environmental
engineering and consultation, hazardous waste management (including NORM
waste), non-hazardous waste clean-up, transportation and disposal, and
the manufacture and distribution of waste clean-up materials.
Environmental Remediation Holding Corporation's stock is traded on the
NASD OTC Bulletin Board under the symbol ``ERHC'' and is listed in
Standard & Poor's Corporate Records.
Safe Harbor Notice: This release may contain forward looking statements
regarding ERHC's future plans and expected performance based upon
assumptions ERHC believes to be reasonable. A number of risks and
uncertainties could cause actual results to differ materially from these
statements, including without limitation: fluctuations in the price of
crude oil and natural gas, the success rate of exploration efforts, the
timeliness of development activities in Texas, Utah, and the Gulf of
Guinea, West Africa; changes in the political and economic environment
in which ERHC has international operations as well as other risk factors
described from time to time in the company's documents and reports filed
with the Securities and Exchange Commission.
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Contact:
ERHC
Noreen Wilson, V.P., and Jim Griffin, Director
516/433-9119
website at www.erhc.com
or
GFC Communications Corp.
Investor Relations
Geoffrey Plank, 561/655-7575 |
