|By Daniel Keeney||
|May 1, 2014 02:53 PM EDT||
ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced that it has now received the arrêté (decree) of the President of Chad giving presidential seal of approval to the Company's retention of oil exploration Block BDS 2008 and its voluntary relinquishment of the Manga and Chari-Ouest III Blocks. ERHC had earlier announced the agreement of the Ministry of Mines, Energy and Oil to ERHC's request for relinquishment. The request was made to enable the Company to focus its resources on the highly prospective Block BDS 2008.
With the receipt of the Presidential Order clearing the path for ERHC to proceed with exploration activities in BDS 2008, the Company has commenced – in advance of a potential farm-out – the financing of approved geological and geophysical work. ERHC is currently issuing a series of convertible notes to fund magnetic/gravity surveys and, thereafter, 2D seismic acquisition.
Modeling for gravity/magnetic surveys of BDS 2008 was completed recently and constitutes the basis for ERHC's request for bids from reputable survey companies for the requisite surveys. ERHC's plan is to gather data from an area of 5,000 square kilometers, with two main areas of focus:
- North of Esso's Tega and Maku discoveries in the Doseo basin; and
- East of and on trend with OPIC's Benoy-1 margin discovery in the Doba basin.
ERHC has 100 percent of the interest in BDS 2008 in southern Chad, which encompasses 41,800 square km. or more than 10 million acres. The Block is located on the northern edge of the Doba and Doseo basin, the site of active exploration and development projects with discoveries exceeding 1,290 MMBOE. Based on its current understanding of available data, ERHC estimates the un-risked resource potential in the two focus areas in BDS 2008 to be 250 million barrels of oil equivalent (MMBOE).
In addition to its oil and gas exploration interests in the Republic of Chad, ERHC holds interests in the Republic of Kenya, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ).
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its stockholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
This press release contains statements concerning ERHC Energy Inc.'s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future stockholders' meetings as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company's ability to exploit its commercial interests in Kenya, Chad, the JDZ and the Exclusive Economic Zone of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company's control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.
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