Joint Development Authority States No Delay in JDZ Licensing Round as a Result of Coup in Sao Tome, Reports Environmental Remediation Holding Corporation
HOUSTON, Aug. 6, 2003 - Environmental Remediation Holding Corporation ERHC reports that the Joint Development Authority (JDA) which administers the Joint Development Zone (JDZ) between Nigeria and the Democratic Republic of Sao Tome and Principe (DRSTP) in the Gulf of Guinea has issued a statement that the recent coup d''etat in DRSTP, and its subsequent resolution, will not delay the licensing round.
The statement released today by the JDA and listed on its Web site (http://www.nigeriasaotomejda.com), says the program of the 2003 licensing round will not be delayed in any way, and indeed the Treaty between Nigeria and DRSTP was designed to insulate the activities of the JDA from political instability in either country. The full text of the JDA statement is reproduced hereunder.
Reacting to the events, Mr. Chude Mba, president of ERHC said; "ERHC is pleased that the coup in Sao Tome & Principe has been resolved to the satisfaction of all parties and that the instruments of democracy have been restored in the country, including president de Menezes being re-instated. We are now working very closely with several oil companies and are evaluating proposals to maximize the value of ERHC''s rights in the JDZ. We are particularly pleased to note that the coup will have no effect on the opening of the bids and look forward to exercising our rights."
Environmental Remediation Holding Corporation ("ERHC"), doing business as Chrome Energy Corporation ("Chrome") ERHC, is an oil and gas exploration company focused on the Gulf of Guinea offshore West Africa.
Full text of the JDA statement follows:
STATEMENT BY THE NIGERIA-SAO-TOME AND PRINCIPE JOINT DEVELOPMENT AUTHORITY ON THE 2003 LICENSING ROUNDS AND OTHER ACTIVITIES OF THE AUTHORITY.
Recent developments in the Democratic Republic of Sao-Tome & Principe (DRSTP) have raised concerns about the Licensing round and other activities of the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ).
The situation in the DRSTP has since returned to normal and we wish to state that the programme of the 2003 Licensing round with Nine blocks on offer, which started on the 22nd April 2003 and scheduled to close on the 18th October 2003, remains unchanged. Other activities in the zone will continue as planned.
We also wish to seize this opportunity to reassure prospective investors in the zone that the JDZ was established by a Treaty signed between the two countries for 45yrs, subject to review after 30 years. The Treaty which was ratified by the National Assemblies of the two countries before being deposited in the United Nations is designed to insulate the activities of the JDZ from possible shocks that may arise from changes in the states parties.
This press release contains certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this release, these forward-looking statements are subject to risks and uncertainties, including government regulation, competition, capital resources, general economic conditions, and other risks detailed in ERHC''s SEC reports. These forward-looking statements can be identified by the use of terminology such as "intends," "may," "will," "should," "could", "expects," and "plans." Forward-looking statements in this release include the ability of ERHC to exploit its oil and gas exploration concession in Sao Tome and its ability to locate, acquire and develop high potential oil and gas prospects.