ERHC Energy Inc (ERHE)

[Homeport]

STP News: Govt has sent 3 preparatory laws for the holding of EEZ block auctions to parliament for action - Correio da Semana reports.

Says the Framework Law for Petroleum Operations, the Petroleum Tax Law and the Production Sharing Contract Model had been ready for one year (since Sept '07) but only now presented to legislature for discussion and approval due to recent govt crises.

On the PSC Model, the onliner says the bill describes the EEZ as "a New Frontier Region in terms of depths, the scarcity and spacing of existing seismic lines and several other uncertainties that mean there is a lesser probability of finding comercial oil."

P.S. IMO, this seems to be the latest indication that our hope lies primarily with the JDZ. The EEZ may eventually provide the cherry to top the cake.