Another accomplishment by ERHC's qualified CEO. Bravo!
"With the issuance of the EEA, ERHC can now commence its Chad exploration work program in earnest," said ERHC's President and CEO Peter Ntephe. "ERHC's goal is to advance quickly toward the identification of leads and prospects and thereafter to drill as quickly as the circumstances permit."
Excellent news. Now that Chad has issued the Exclusive Exploration Authorization to ERHC for its three massive exploration blocks, ERHC can move forward. Wonderful.
Yes, this taking a year to complete may seem like "African time" and a long time to us impatient investors, but it is a very reasonable period to work out all the details. It can take much longer, even in the much more mature exploration environment of the United States.
Look at how long the agreements with STP regarding the EEZ and JDZ where negotiated, re-negotiated, challenged, arbitrated, and finally concluded with rock solid legal agreements.
Those unhappy with this time frame who may have considered this a "failure" by the ERHC CEO (lol), should instead submit a letter with their recommendations to the Oil Minister Mahamat Nasser Hassan of the Ministere Du Petrole du Tchad. The actual party which granted ERHC its exploration blocks and now authorization. Perhaps one could apply for a seat on the Ministry and tell then how to run their Ministry, as there is no Board of Director seat to beg for in this case.
ERHC, and countries like Chad, need tightly negotiated and well worked through agreements to avoid challenges and arbitration.
As ERHC has as CEO Peter Ntephe, a man with three degrees in law, including one with a specialization in regulatory issues, he has the training and qualifications to work out iron clad legal agreements that protect the interest of ERHC in acquiring these rights.
You are entitled to your own opinions, but you are not entitled to your own facts. - Daniel Patrick Moynihan
