Business Wire ERHE
ERHC - Awards Announced in the 2004 JDZ Licensing Round
Business Wire - June 01, 2005 08:47
The Nigeria-Sao Tome and Principe Joint Development Authority (JDA) issued a press statement on May 31, 2005 announcing the award of five blocks on offer in the 2004 JDZ Licensing Round.
ERHC Energy Inc. (ERHC) (OTCBB:ERHE) had previously exercised its option rights in all the five Blocks on offer in the 2004 JDZ Licensing Round, and in December 2004 submitted bids as a consortium member for Blocks 2, 3 and 4.
In Block 2, the ERHC/Devon/Pioneer consortium has been awarded 65% interest, which is inclusive of ERHC's 30% signature bonus free interest. The consortium has been designated operator for Block 2.
In Block 3, the ERHC/Devon/Pioneer consortium has been awarded 25% interest, which is inclusive of ERHC's 20% signature bonus free interest.
In Block 4, the ERHC/Noble consortium has been awarded 60% interest, which is inclusive of ERHC's 25% signature bonus free interest. The consortium has been designated operator for Block 4.
In making the awards for Blocks 5 and 6, the JDA confirmed ERHC's 15% interest in each of these Blocks. ERHC's interest in Block 6 is free of signature bonus.
"The announcement of the awards is a significant milestone for ERHC. We look forward to working with the JDA and other participants towards developing the petroleum resources in the JDZ for the mutual benefit of the peoples of Nigeria and Sao Tome & Principe as well as our respective companies," commented Ali Memon, President & CEO of ERHC.
About ERHC
ERHC is an independent oil and gas company focused on exploration in the Gulf of Guinea offshore West Africa. ERHC's headquarters are in Houston, Texas. For more information, visit ERHC's Web site at www.erhc.com.
The statements in this document are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements and the business prospects of ERHC are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties are described on Forms 10-Q and 10-K filed with the Securities and Exchange Commission.
SOURCE: ERHC
ERHC, Houston
John Coleman, 713-626-4700
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