ERHC Energy Inc.: Kenya Block 11A 2D Seismic Survey Completed
Interpretation of Seismic Data Underway; Will Help Identify Possible Drilling Targets
HOUSTON, August 6, 2014 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced the successful completion of a major 2D seismic acquisition program of Block 11A in the Republic of Kenya. BGP acquired seismic data over approximately 1,000 line kilometers on behalf of ERHC and its operating partner, CEPSA Kenya Limited (a wholly owned affiliate of Compañía Española de Petróleos, S.A.U. (CEPSA)), completing the work program requirements for the initial two-year exploration period under terms of the Block 11A Production Sharing Contract.
The seismic survey, paired with the structural mapping of prospective basins from a Full Tensor Gravity Gradiometry (FTG) survey completed last winter, will help to identify potential drilling targets in Block 11A.
"Interpretation of the seismic data is not yet complete, but we can say we are encouraged," said Dr. Peter Thuo, General Manager of ERHC Kenya Ltd.
ERHC holds a 35 percent interest in Block 11A after farming out a 55 percent stake to CEPSA. The Block is situated in northwest Kenya, northwest of the significant Ekales-1, Agete-1, Etuko-1, Ngamia-1 and Twiga South-1 oil discoveries.
In addition to Kenya Block 11A, ERHC's oil and gas exploration interests extend across the African continent, including the São Tomé and Príncipe Exclusive Economic Zone (EEZ), the Republic of Chad and the Nigeria- São Tomé and Príncipe 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.
CEPSA is an energy group, 100% owned by International Investment Petroleum Company (IPIC), which employs more than 10,000 professionals working at all stages in the hydrocarbon value chain: exploration and production of oil and gas, refining, transportation and marketing of petroleum and natural gas derivatives, biofuels, co-generation and marketing of electricity. CEPSA has developed a significant petrochemicals department that is highly integrated with its petroleum refining business, where it manufactures and sells raw materials for the production of high added-value products that are used primarily for the processing of new generation plastics and biodegradable detergents. It has a major presence in Spain and, thanks to the gradual internationalization of its activities, also operates in Algeria, Brazil, Canada, Colombia, Kenya, Liberia, Malaysia, Panama, Peru, Portugal, Suriname and Thailand, selling its products throughout the world.
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.