Live Chat with ERHC Energy Inc. CEO Peter Ntephe
On Wednesday, July 6, 2011, ERHC CEO Peter Ntephe met virtually with shareholders and others interested in ERHC Energy for a live chat. Below is a transcript of the exchange that took place.
The chat followed the announcement that ERHC signed a production sharing contract (PSC) on the three oil blocks formally awarded to the company last week by the Republic of Chad. ERHC has 100 percent of the interest in two blocks – BDS 2008 and Manga -- and a 50 percent interest in the third, Chari-Ouest Block 3.
The West African Republic of Chad is one of sub-Saharan Africa’s significant crude oil producers. It shares borders with Nigeria and Libya, which are Africa’s largest oil and gas producers, and with Cameroon and Sudan, which both produce oil. Chad has proven oil reserves of 1.5 billion barrels with studies establishing the prospect of more discoveries.
Apart from its new holdings in Chad, ERHC holds working interests in six Blocks in the Nigeria-São Tomé & Príncipe Joint Development Zone (JDZ). ERHC also holds 100 percent of Blocks 4 and 11 of the São Tomé & Príncipe Exclusive Economic Zone (EEZ) with an option to acquire up to 15 percent working interests in two other EEZ Blocks.