ERHC Energy Inc. Seeks Clarification from Joint Ministerial Council of the Nigeria - Sao Tome and Principe Joint Development Zone
HOUSTON, September 8, 2008 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of central West Africa, is seeking the reaffirmation of government officials regarding the Company’s rights in Joint Development Zone (JDZ) Blocks 5 and 6. In May 2005, the Nigeria-São Tomé and Príncipe Joint Development Authority (JDA) confirmed ERHC Energy’s 15 percent interest in the Blocks.
ERHC is committed to exploiting its rights and meeting its contractual obligations in the JDZ. The Company wants to eliminate uncertainty stemming from recent press reports in which members of the JMC were quoted. The reports raised questions about the status of ERHC rights in JDZ Blocks 5 and 6.
Letters sent by ERHC Energy Chief Operating Officer Peter Ntephe to the Joint Ministerial Council (JMC) of the Nigeria-São Tomé and Príncipe JDZ and to the JDA, which manages the JDZ, assert the company’s intent and commitment to exploit its rights in JDZ Blocks 5 and 6.
“We have the utmost respect and regard for the JMC and JDA, and we hope that media reports questioning our rights in JDZ Blocks 5 and 6 are erroneous, in which case we respectfully apologize for raising the issue,” said Mr. Ntephe.
The letters also declare that if ERHC’s rights in JDZ Blocks 5 and 6 are tampered with or compromised, the Company will take all necessary legal steps to protect its corporate interest.
ERHC Energy has interests in six of the nine Blocks in the offshore JDZ between Nigeria and the Democratic Republic of São Tomé & Príncipe. The Company has additional interests in the territorial waters of Democratic Republic of São Tomé & Príncipe known as the Exclusive Economic Zone (EEZ).
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, 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 shareholders’ meetings, response to the Senate Subcommittee investigation, developments in the SEC investigation of the Company and related proceedings, 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 the JDZ and the exclusive territorial waters 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.