ERHC Announces Signing of Seismic Data Agreement
HOUSTON, Feb. 25, 2002 - Environmental Remediation Holding Corporation ("ERHC") (OTCBB:ERHC), an oil and gas exploration company focused on the Gulf of Guinea offshore West Africa, is pleased to announce that it has entered into a license agreement for multiclient seismic data with WesternGeco Seismic Holdings Limited, a joint-venture between Schlumberger Ltd. (NYSE:SLB) and Baker Hughes Inc. (NYSE:BHI).
In 1999 WesternGeco shot in excess of 5,900 kilometers of 2-D seismic data in an area that included the north-eastern half of the Joint Development Zone ("JDZ") established between the Federal Republic of Nigeria and the Democratic Republic of Sao Tome & Principe ("DRSTP") as well as the northern portion of the Exclusive Economic Zone ("EEZ") of DRSTP bordering on the waters of Nigeria. Several lines also covered the eastern portion of the EEZ bordering on the waters of Cameroon, Equatorial Guinea and Gabon. These areas were deemed the most likely areas to hold significant oil potential due to the known geological trends and their proximity to large oil finds in adjacent waters, including Nigeria's Akpo and Agbami fields with an estimated 1 billion barrels each and Equatorial Guinea's Zafiro and La Ceiba fields with an estimated 500 million barrels each.
The data is expected to be available for purchase and review by interested oil companies beginning in March, 2002.
Preliminary interpretation of regional data by WesternGeco strongly endorses the expectation that the proven and prolific oil plays, as exemplified by the recent and adjacent Akpo discovery in deepwater Nigeria, extend into the JDZ; that other geologically attractive plays may also be present in the JDZ; and that there is a high likelihood that the play types characterized by the nearby La Ceiba and Okume discoveries extend into the EEZ.
Mr. Chude Mba, president of ERHC, stated: "With the announcement of the signing of the Treaty between Nigeria and Sao Tome last month and our rights in the region established, we are pleased to be able to have access to this data. We now must take the steps necessary to determine the prospectivity of the area."
Environmental Remediation Holding Corporation (OTCBB:ERHC) is a Houston-based publicly traded U.S. oil and gas company focused on oil and gas exploration in prospective undeveloped basins of West Africa. ERHC's initial goal is to maximize value arising from existing contractual rights in the JDZ and the EEZ of DRSTP. ERHC is also in a position to seek other growth options, including additional oil and gas interests within the JDZ and EEZ, elsewhere offshore the Gulf of Guinea, and in other parts of the West African region.