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Gold/Mining/Energy : ERHE - Erhc Energy, Inc.

ERHE 0.000800

+60.0%

Oct 31 11:15 AM EST

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From: jmhollen	6/3/2005 10:34:24 AM
	of 36

Nigeria, Sao Tome Award Five Offshore Oil Blocks Xinhua News Agency Wednesday, June 01, 2005 Nigeria and Sao Tome have announced the award of five offshore oil exploration licenses in their joint offshore development zone, Nigeria's media reported Wednesday. The long-awaited announcement came at the end of a tri-partite meeting in Abuja Tuesday by Olusegun Obasanjo of Nigeria, Fradique de Menezes of Sao Tome and Nguema Mbasogo of Equatorial Guinea on security in the oil-rich Gulf of Guinea. A consortium of two US-based firms, ERHC Energy and Noble, won a 60 percent stake and the operatorship of block four, while block two was won by a consortium of ERHC Energy, Devon and Pioneer as the operator with equity of 65 percent. For block three, the lead operator is US firm Anardako with equity of 51 percent while the consortium of International Commerce and Communications (ICC and Oil Exploration Consortium ( OEC) have block five with equity of 75 percent and Filthim-Huzod takes 85 percent equity and operatorship for block six. The winners of the blocks are to pay a signature bonus of 283 million US dollars. The two countries had earlier realized 123 million dollars as signature bonuses from block one. Obasanjo expressed satisfaction that approval had been given for the bids conducted in December 2004. "Transparency and accountability is the watchword for our working together in the area of JDZ (joint development zone) for oil and gas," Obasanjo said. rigzone.com .

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