ERHC Energy Inc. Congratulates São Tomé & Príncipe for EEZ Progress
Six Companies Submit Bids for First Licensing Round
SÃO TOMÉ, SÃO TOMÉ & PRÍNCIPE, November 24, 2010 – 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 West Africa, today congratulated the government of Sao Tome & Principe and the National Petroleum Agency of São Tomé & Príncipe (ANP-STP) for the historic progress made toward offshore exploration in the São Tomé & Príncipe Exclusive Economic Zone (EEZ). This week, ANP-STP announced that six companies submitted bids for the first licensing round of the São Tomé & Príncipe Exclusive Economic Zone (EEZ) which closed on November 15, 2010.
Earlier in the year, ANP-STP awarded ERHC Energy 100 percent working interests in Blocks 4 and 11 of the EEZ, following ERHC's exercise of rights under contracts with the government of São Tomé & Príncipe.
“We are excited about the prospects in the EEZ and applaud the work done to date by the government of São Tomé & Príncipe and the ANP-STP to move the EEZ closer to offshore oil and gas exploration,” said Peter Ntephe, president and CEO of ERHC Energy. “We look forward to starting negotiations on Production Sharing Contracts (PSCs) soon and believe that the conclusion of the bid round will be a catalyst for advancing talks with potential operating partners.”
In addition to the two Blocks already awarded, ERHC has rights to acquire up to a 15 percent working interest in two additional blocks of its choice in the EEZ. The ANP-STP has informed the Company that selection of these other blocks will take place at a later date to be determined.
To coincide with this week’s announcement of bids and the impending acceleration of activities in the EEZ, ERHC announced the securing of a São Tomé & Príncipe office at Amilcar Cabral Avenue, Sao Tome, which is less than a block from the offices of the ANP-STP. The relevant petroleum regulations of São Tomé & Príncipe require PSCs to be signed by companies registered in São Tomé & Príncipe or foreign companies through São Tomé & Príncipe incorporated subsidiaries.
The São Tomé & Príncipe EEZ encompasses an area of approximately 160,000 square kilometers south and east of the Nigeria/São Tomé & Príncipe Joint Development Zone and surrounding the volcanic islands of Príncipe and São Tomé. Block 4 is situated directly east of the island of Principe. Block 11 is directly east of the island of Sao Tome. A map of EEZ block delineations is available on the Company’s website at www.erhc.com/EEZ-Blocks.
ERHC Energy’s management delegation was in São Tomé & Príncipe when the announcement was made. The company is participating as a Gold Sponsor in the 14th UNCTAD Africa Oil, Gas and Minerals conference. ERHC CEO Peter Ntephe made a well-received presentation on “Oil and Gas Value Creation and Retention in Africa.”
About ERHC Energy
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.
Cautionary Statement
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, 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 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.
SÃO TOMÉ, SÃO TOMÉ & PRÍNCIPE, November 24, 2010 – 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 West Africa, today congratulated the government of Sao Tome & Principe and the National Petroleum Agency of São Tomé & Príncipe (ANP-STP) for the historic progress made toward offshore exploration in the São Tomé & Príncipe Exclusive Economic Zone (EEZ). This week, ANP-STP announced that six companies submitted bids for the first licensing round of the São Tomé & Príncipe Exclusive Economic Zone (EEZ) which closed on November 15, 2010.
Earlier in the year, ANP-STP awarded ERHC Energy 100 percent working interests in Blocks 4 and 11 of the EEZ, following ERHC's exercise of rights under contracts with the government of São Tomé & Príncipe.
“We are excited about the prospects in the EEZ and applaud the work done to date by the government of São Tomé & Príncipe and the ANP-STP to move the EEZ closer to offshore oil and gas exploration,” said Peter Ntephe, president and CEO of ERHC Energy. “We look forward to starting negotiations on Production Sharing Contracts (PSCs) soon and believe that the conclusion of the bid round will be a catalyst for advancing talks with potential operating partners.”
In addition to the two Blocks already awarded, ERHC has rights to acquire up to a 15 percent working interest in two additional blocks of its choice in the EEZ. The ANP-STP has informed the Company that selection of these other blocks will take place at a later date to be determined.
To coincide with this week’s announcement of bids and the impending acceleration of activities in the EEZ, ERHC announced the securing of a São Tomé & Príncipe office at Amilcar Cabral Avenue, Sao Tome, which is less than a block from the offices of the ANP-STP. The relevant petroleum regulations of São Tomé & Príncipe require PSCs to be signed by companies registered in São Tomé & Príncipe or foreign companies through São Tomé & Príncipe incorporated subsidiaries.
The São Tomé & Príncipe EEZ encompasses an area of approximately 160,000 square kilometers south and east of the Nigeria/São Tomé & Príncipe Joint Development Zone and surrounding the volcanic islands of Príncipe and São Tomé. Block 4 is situated directly east of the island of Principe. Block 11 is directly east of the island of Sao Tome. A map of EEZ block delineations is available on the Company’s website at www.erhc.com/EEZ-Blocks.
ERHC Energy’s management delegation was in São Tomé & Príncipe when the announcement was made. The company is participating as a Gold Sponsor in the 14th UNCTAD Africa Oil, Gas and Minerals conference. ERHC CEO Peter Ntephe made a well-received presentation on “Oil and Gas Value Creation and Retention in Africa.”
About ERHC Energy
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.
Cautionary Statement
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, 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 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.