ERHC Energy Inc.: 2D Seismic Program Underway on Kenya Block 11A
Survey to encompass at least 1,000 line kilometers on Northwestern Kenya oil exploration Block
HOUSTON, April 22, 2014 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced the start of a 2D seismic program covering at least 1,000 line kilometers on Block 11A in the Republic of Kenya. BGP Kenya Limited, one of the world’s leading geophysical service companies, is carrying out the seismic acquisition.
Block 11A is located to the northwest of the Lokichar Basin where the significant Ekales-1, Agete-1, Etuka-1, Ngamia-1 and Twiga South-1 oil discoveries were made. ERHC holds a 35 percent interest in the Block after farming out a 55 percent stake to CEPSA Kenya Limited (a wholly owned affiliate of Compañía Española de Petróleos, S.A.U. (CEPSA)), which is now the operator. The remaining 10 percent interest in the Block is held by the Government of the Republic of Kenya.
“Upon completion of the 2D seismic program this summer, ERHC and its operating partner will have satisfied the minimum work program requirements for the initial two-year exploration period under terms of the Block 11A Production Sharing Contract,” said Dr. Peter Thuo, General Manager of ERHC Kenya Ltd.
The 2D seismic program was designed to cover areas of interest resulting from structural mapping of prospective basins enabled by the airborne Full Tensor Gravity Gradiometry (FTG) survey of Block 11A completed recently. The FTG survey confirmed that the Lotikipi basin extends into Block 11A significantly advanced the exploration team’s understanding of the internal structure of the Lotikipi rift basin and enabled the identification of the most prospective areas.
In addition to its oil and gas exploration interests in the Republic of Kenya, ERHC holds interests in the Republic of Chad, 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.