ERHC Energy Announces Start of EEZ PSC Negotiations, Addition to Technical Team
HOUSTON, November 16, 2010 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced the commencement of formal Production Sharing Contract (PSC) negotiations with the National Petroleum Agency of São Tomé and Príncipe (ANP-STP). The Company also announced the addition of Peter Kinyua Thuo, PhD. to its technical team.
The PSC negotiations between ERHC and the ANP-STP opened Monday, November 14th in Sao Tome. The PSCs pertain to ERHC’s 100 percent working interest in Blocks 4 and 11 of the São Tomé and Príncipe Exclusive Economic Zone (EEZ). Seismic data for EEZ Blocks 4 and 11 contain highly prospective structures and they are situated close to the proven hydrocarbon systems in the adjacent territorial waters of Gabon, Equatorial Guinea, Nigeria and Cameroon.
“We acknowledge the efforts of the ANP-STP and of the government of São Tomé and Príncipe under the leadership of His Excellency, Prime Minister Patrice Trovoada to expedite exploration for hydrocarbons offshore São Tomé and Príncipe," said Peter Ntephe, ERHC’s President/CEO. “We are working towards reaching mutually acceptable PSC terms that will advance the common goal of discovering hydrocarbons in commercial quantities.”
On the appointment of Dr. Peter Thuo, a geoscientist, ERHC announced that that he is expected to bring valuable expertise and experience, particularly in assessing the exploration potential of basins in East and Central Africa. ERHC recently announced it is pursuing applications in East Africa, which has become an exciting new oil and gas province.
“We welcome Dr. Thuo at this important moment in the remarkable growth of ERHC,” said Mr. Ntephe. “We anticipate he will play an important role in enhancing shareholder value as we examine new opportunities to add to our asset portfolio while advancing our interests in the Gulf of Guinea and the Republic of Chad.”
Prior to joining ERHC’s technical team, Dr. Thuo worked for 26 years with the National Oil Corporation of Kenya (NOCK), most recently serving as Exploration Team Leader, leading the Exploration and Production department. In addition to sitting on the National Fossil Fuels Advisory Committee, which negotiates terms of the Production Sharing Contracts, Dr. Thuo had extensive experience working as a senior geologist and geochemist in the NOCK.
Dr. Thuo earned his Postgraduate Diploma in Exploration Geology from the University of London, Masters of Science Degree in Geology from the University of St. Andrews in Scotland and a PhD from the Université de Bretagne Occidentale in France.
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 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 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 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.
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