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United Nations Visit Yields Maritime Moundaries for ERHC's West African Oil & Gas Joint Venture
PR Newswire - December 17, 1997 08:16
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Jump to first matched term JV company, STPETRO, to develop off-shore oil and gas reserves in the
Gulf of Guinea
DRSTP receives $2 million from ERHC as part of joint venture agreement
BROUSSARD, La., Dec. 17 /PRNewswire/ -- Environmental Remediation Holding
Corp. (ERHC) recently hosted a delegation of eleven dignitaries from the
Democratic Republic of Sao Tome and Principe (DRSTP), including its Prime
Minister, H.E. Raul Braganca Neto.
ERHC arranged meetings with the United Nations and United States
representatives for the Prime Minister to discuss programs that may assist the
economic development of the West African country. The Prime Minister and his
delegation also met with ERHC's board of directors and management at ERHC's
headquarters in Louisiana. The Louisiana visit included a helicopter tour of
wells and off-shore platforms in the Gulf of Mexico.
"We accomplished a number of important steps toward the development of the
nation's oil and gas resources," said ERHC's chairman and CEO, Samuel Bass,
Jr., "including the establishment of the country's maritime boundaries, an
expanded agreement regarding the jointly owned oil and gas company, and a
significant payment to the country as evidence of our mutual commitment."
The UN introduced the JV partners to respected cartographer, Scott Edmonds
of GeoSystems Global Corp., who has since completed the mapping of coordinates
that establish the maritime boundaries surrounding the islands of the DRSTP.
By the end of January, the DRSTP plans to submit official maps and
supporting documentation to the United Nations, which serves as a registrar of
international borders. The DRSTP's neighboring states are members of the UN
and have agreed to abide by the Law of the Sea which governs the delineation
of international maritime boundaries.
As a result of these developments, ERHC has made a $2 million cash payment
to the DRSTP as part of their joint venture agreement, signed in June. Another
undisclosed amount will be paid to the country upon submission of the maritime
boundaries to the UN. Establishment of boundaries is a critical step toward
off-shore oil and gas exploration and development.
At the conclusion of the delegation's visit in Washington, D.C., Mr. Bass
and the Prime Minister Neto signed an amendment to the joint-venture agreement
that established the JV's company as the Sao Tomean Petroleum Company or
"STPETRO," and outlines the measures the DRSTP will take to secure the company
as an autonomous commercial entity. The amendment also provided for the
development of a seaport, off-shore logistics center, and the expansion of the
airport within the authority of STPETRO.
"We believe that this joint venture oil company will be unique to the
region," remarked Bass. "We do not know of any other U.S. public corporation
that is in partnership with a West African country for the development of all
of its oil and gas reserves."
The DRSTP is an independent country comprised of four islands that
straddle the equator in the Atlantic Ocean, off the West Coast of Africa. It
is strategically located in the "Heart of the Arc" of the Gulf of Guinea,
which extends from La Cote D'Ivorie to Angola. The main island of Sao Tome is
approximately 290 km from the mainland of Africa. The island of Principe lies
approximately 150km north of Sao Tome.
The Gulf of Guinea has become one of the most active exploration and
production areas for oil and gas in the African continent. The former
Portuguese colony is one of the last countries in the area to begin oil and
gas exploration.
Headquartered in Lancaster, Pennsylvania, privately held GeoSystems is the
world's leading supplier of geographic information products and services. For
more information visit "http://www.geosys.com" on the Internet. Environmental
Remediation Holding Corp. 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 government institutions. The company's stock is traded on the
OTC Bulletin Board under the symbol "ERHC" and is listed in Standard & Poor's
Corporate Records. For more information, visit ERHC's website at
"http://www.erhc.com."
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: the
availability of adequate financing, 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 and
other company locations; 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.
SOURCE Environmental Remediation Holding Corporation
/CONTACT: Noreen Wilson, C.F.O., and Jim Griffin, Director, 516-433-4730,
both of ERHC; or Investor Relations for ERHC: Geoffrey Plank or
James Dryer, both of GFC Communications, 561-655-7575/
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