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Meridian or Anyone ... what was Meridian's explaination for Why he thought XOM passed on the 2 x 25% picks in BL 2&4
Rambus thx for this "The zone between Sao Tome and Nigeria is looking interesting.
A few days ago we had some interesting news from the fast route drilled in the belt by Chevron.
If that is an indication to go there are least three other blocks then block one where Chevron currently is that could hold ***quite sizable volumes of hydrocarbons***
THX BB & RED -this DEAL is ALL ABOUT THE OIL
KNOW our CEO is shorthanded working round the clock doing his best
The Media on our Co Will come in time
LETS CLOSE the DEALS first
just cant want to see HOW MUCH OIL is really there
Thanks again
Speculation on BL 1 with Chevron
To All
as we await the results of OBO 1 with Chevron in BL 1
was wondering what some more qualifed experts may think of the following ....
The "Chatter" on the find is Growing in intensity, rumors and indications are the numbers are OFF THE CHART
Estimates are anywhere from 2-3 Billion to 5-6 Billion
and that the JDZ entire ZONE many have MUCH more OIL than first thought
20 Billion - 50 Billion perhaps more up to 70 B
Q: How will this Speculation of the oil in the ZONE affect us? Will Wall Street take notice - will investment groups take notice and more importantly WILL THEY BUY ERHC ON THIS SPECULATION knowing production may still be some time along
Q: HOW much could they value you us at?
S.Freed estimates for every Billion Barrels ERHC control the PPS should be $3
is this realistic? too low too high
UMBRA speaking of talking any update when we could expect to hear on OBO 1 results
a poster called the JDA and was told possibly next week !
MERIDIAN by Ultra Deep water you mean only SUPER MAJORS can play
thx for your input
MERIDIAN word was STP was celebrating the PCS and LUSA reports BL 5,6 are going forward as well in a couple weeks
any update on BL 5,6 and any tidbits on the Sao TOME EEZ going forward - when will they launch their round
could ERHC get the GREEN light on their selections before a formal Round is announced.
this year? next year? etc.
sorry if that was asked before.
TDCM trying for a small Shake again on small Volume just like yest. and many days before - same result every time
Look for TD on the Bid to go back up IMO once flippers/sellers are done as TD is accumulating on each and every dip
Thanks Mark for calling - bring on the PR Campaign
ERHC PR still pending / going thru approval process
Trade2Much re: GAS POTENTIAL IN JDZ/EEZ
there are better qualified experts here to discuss a CONSERVATIVE GAS estimate in our blocks
I asked S Freed on EF to give some Guidence
BUT ALWAYS HEARD JDZ / EEZ is LOADED with HUGE
OIL & GAS
Trade2much DONT FORGET THE "GAS"
you may want to change your user name to Invest2much
Big oil firms struggle to find new reserves
LONDON/NEW YORK, March 17 (Reuters) - Big U.S. oil firms
more than matched the oil and gas they pumped last year with new
finds, while European rivals failed to, but the underlying
performance of both reinforced fears the industry is short of
attractive exploration opportunities.
The following are the reserve replacement rates reported by
some of the largest listed western oil firms, as calculated
under rules stipulated by the U.S. financial regulator, the
Securities and Exchange Commission:
Reserve replacement rate
Percent
Exxon Mobil <XOM.N> 112
BP Plc <BP.L> 95
Royal Dutch Shell <RDSa.L> 67
Total <TOTF.PA> SA 95
Chevron <CVX.N> 175
ConocoPhillips <COP.N> 230
ENI <ENI.MI> 40
Statoil <STL.OL> 102
BG Group Plc <BG.L> 120
Repsol <REP.MC> *
Norsk Hydro <NHY.OL> 85
* Repsol did not publish a reserve replacement rate. The
firm announced a 25 percent cut in its reserves in January,
implying a negative reserve replacement rate. Analysts
calculated an organic rate between 10 and 15 percent.
HOMEPORT Blocks 5,6 done within weeks GREAT !!!!
hey with 1 block Sig bonus Free
and and $46 Million coming in right around the time the Sig bonus is required for the other block
couldn't of planned it better
FULL NET CARRY ? Addax agreed to pay all of the Company's future costs in respect of all petroleum operations
FORM 8-K ERHC ENERGY
SECURITIES EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 14, 2006
ERHC ENERGY INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Colorado 000-17325 88-0218499
----------------------- ------------------------ --------------------
(State of organization) (Commission File Number) (IRS Employer
Identification No.)
5444 Westheimer Road, Suite 1570 77056
------------------------------------------------------- -------------------
Houston, TX
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (713) 626-4700
Former name or former address, if changed since last report: Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a- 12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Item 1.01 Entry into a Material Definitive Agreement.
On November 17, 2005, ERHC Energy Inc. ("Company") entered into a participation agreement with Addax Petroleum (Nigeria Offshore 2) Limited ("Addax") as subsequently amended whereby the Company agreed to assign to Addax a 33.3% participating interest in Block 4 of the Joint Development Zone between Sao Tome & Principe and Nigeria ("JDZ"), leaving a 17.7% participating interest in Block 4 to the Company. In exchange, Addax has paid the Company $1.35 million, and will pay an additional $16.65 million ten days after the execution of a production sharing contract for Block 4. ERHC agreed to support Addax as operator, and Addax agreed to pay all of the Company's future costs in respect of all petroleum operations in Block 4. Addax is entitled to the Company's share of cost oil until Addax recovers the Company's costs.
On February 16, 2006, the Company entered into a participation agreement with Addax Petroleum Resources Nigeria Limited ("Addax Sub") whereby the Company agreed to assign to Addax Sub a 15% participating interest in Block 3 of the JDZ, leaving a 10% participating interest in Block 3 to the Company. In exchange, Addax Sub has paid the Company $500,000 and will pay the Company an additional $7 million ten days after the execution of a production sharing contract for Block 3. Under this agreement, Addax Sub agreed to pay all of the Company's future costs in respect of petroleum operations in Block 3. Addax Sub is entitled to the Company's share of cost oil until Addax Sub recovers the Company's costs.
On March 2, 2006, the Company entered into a participation agreement with Sinopec International Petroleum Exploration and Production Corporation Nigeria ("Sinopec"), and Addax Energy Nigeria Limited ("Addax Ltd."), whereby the Company agreed to assign a 28.67% participating interest in Block 2 of the JDZ to Sinopec, and a 14.33% participating interest in Block 2 of the JDZ to Addax Ltd., leaving a 22% participating interest in Block 2 to the Company. In exchange, Sinopec agreed to pay the Company $13.6 million ten days after execution of a production sharing contract for Block 2, and Addax Ltd. agreed to pay the Company $6.8 million ten days after execution of a production sharing contract for Block 2. Under this agreement, ERHC agreed to support Sinopec as operator, and Sinopec and Addax Ltd. agreed to pay all of the Company's future costs in respect of petroleum operations in Block 2. Sinopec and Addax Ltd. is entitled to the Company's share of cost oil until they recover the Company's costs.
On March 14, 2006, a subsidiary of the Company, Addax, and several other oil and gas companies (collectively, the "Contractor") entered into an exclusive production sharing contract with the Nigeria-Sao Tome and Principe Joint Development Authority ("JDA") to conduct petroleum operations in Block 4 of the JDZ, where Addax serves as operator. The term of the production sharing contract with the JDA is twenty eight years consisting of a three-phase exploration period and a development and production period. The contract requires minimum work commitments to be performed during the eight year exploration period. During the first four years, or Phase I, the Contractor is required to drill at least two wells, with an option for a third well depending on the results of the first two wells, to a minimum total depth of 3,500 meters subsea, process existing 3D and 2D seismic date, conduct AVO attribute analysis, acquire additional geochemical, structural restorations and/or sequence stratigraphic analysis and perform geological and geophysical studies. During the next two years, or Phase II, the Contractor is required to drill another well and acquire additional seismic data. During the last two years, or Phase III, the Contractor is required to drill another well. The Contractor is required to spend at least $53 million in Phase I, $16 million in Phase II, and $16 million in Phase III. If these minimum financial commitments are not met, the Contractor is required to pay the JDA the difference between the commitment for the then current Phase and the amount actually expended in petroleum operations for such Phase as liquidated damages. The Contractor may, however, terminate this contract at the end of any Phase provided it has fulfilled its obligations relative to that Phase. The Contractor is required to post a performance bond in an amount equal to its minimum financial commitment for each Phase, to insure its property and to obtain liability insurance. The Contractor has a right to produce all commercially viable hydrocarbons discovered and may be granted a series of twenty year extension periods until the hydrocarbons are economically depleted.
--------------------------------------------------------------------------------
The Contractor is required to make several expenditures to the JDA, including a $90 million signature bonus. Addax is required to pay on behalf of the Company its proportionate share of the various guaranties and expenditures pursuant to the participation agreement executed November 17, 2005, as amended. The JDA may terminate the production sharing contract if the Contractor fails to pay any of the expenditures or the minimum financial commitments, among other events. The contract shall expire if no petroleum is found in Block 4 at the end of the exploration period.
On March 14, 2006, a subsidiary of the Company, Addax Sub, and several other parties entered into a production sharing contract with the JDA to conduct petroleum operations in Block 3 of the of the JDZ, the terms of which are substantially similar to the production contract in Block 4, except that the drilling commitment is only one well and the signature bonus is $40 Million.
On March 15, 2006, a subsidiary of the Company, Sinopec, Addax Ltd, and several other parties entered into a production sharing contract with the JDA to conduct petroleum operations in Block 2 of the of the JDZ, the terms of which are substantially similar to the production contract in Block 4, except that the drilling commitment is only one well and the signature bonus is $71 Million.
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ERHC Energy Inc.
By: /s/ Walter F. Brandhuber
-------------------------
Walter F. Brandhuber, President
DATE: March 16, 2006
Thx LEO - its a TEAM effort for sure its a great group of individuals who contribute to the boards which make this board especially so enjoyable
Thanks to you and everyone
FINGERS CROSSED ERHC delivers the GOODS !!!
FINGERS CROSSED THE JDZ/EEZ has more OIL than KUWAIT
FINGERS CROSSED Wall Street takes notice
ERHC 8K to be filed today *ERHC PR Tomorrow
*Pending Approval of Partners
as always call the company to verify
UMBRA you figure the $45 MM in Cash we get could get a decent PR Firm on the payroll
Hell I'll do it for $1 Million LOL
UMBRA an Afren Poster hinted 5-6 Billion Bbls in BL 1
so the entire zone could be what 15-30 Billion ??
original estimates below
In 1999, Geco-Prakla (now WesternGeco) shot a 2D seismic survey of approximately 5,900km covering the major part of the JDZ and EEZ.
Interpretation carried out by WesternGeco has enabled the identification of 56 prospective structures within Blocks 1 to 9 in the JDZ, of which 17 were defined as prospects and 39 as leads.
WesternGeco used reservoir parameters similar to those known from nearby fields in Nigeria and Equatorial Guinea. Combined recoverable reserves potential of the 17 prospects was estimated by WesternGeco to be 14.4 billion barrels of oil. [4.5 Billion in BL 1,2,4]
The scope of the WesternGeco report was to interpret and map seismic data, highlight prospectivity, and calculate volumetrics.
ERHE.OB: A Pennypicker's Dream ,ERHC Featured at Market Vibrations
http://www.marketvibrations.com/index.php?subaction=showfull&id=1142488318&archive=&star...
JDubs NOT that I am aware except as an after thought - but the chatter on the CVX find is growing everyday - and expect to hear in short order
just was indicating BIG NEWS is PENDING from
ERHC
ANADARKO - NYSE: APC
SINOPEC - NYSE: SNP
ADDAX - TSE: AXC
Centurion- CA: CUX
JDA -
Other Indies
other Local Media
O&G Media
Perhaps Dow Jones
other Financial Publications / Newspapers
The Significant News tag was just that. That our company has achieved a historic milestone to have PSC contracts signed with Nigeria and Sao Tome for 45 YEARS !!!
THE OIL is NOT Going Anywhere -
and
anxiously await hearing about our new
$Cash infusion
PSC details
JOA Details
Financing details
Drilling schedules
and Company Vision / Strategy / Leadership
*the penny flippers may want to reconsider However our small company has still much work to do to change our image and convince WALL STREET - we are the REAL DEAL
tryoty I use Power E*Trade and got the news immediately NO PROBLEM as verified by my earlier news posts
Poker that may explain it - seemed like 6 Million shares took us up [New 52 Wk High] and held us above $.95 most of the day and 1 million took us down
was expecting more volume 10-15M but that is where we fell short - and ran out of gas - We simply need to reach a new audience and this should happen in short order.
Tomorrow expect Significant News [perhaps the most significant ever] and more media coverage
$45+ Million in CASH
Fortune 500 partners
3 prime blocks contracts for 45 years
Potential of BIG OIL in the most prolific region
Looking forward to some needed management direction and leadership going forward
as Merdian said Walter in 6 weeks took us from $.28-$.98
hope they can concentrate on the shareholder / investor / media relations and as UMBRA said EARN THEIR KEEP
I have a feeling they will
Mr.BLOG sells his shares and then Bashes the stock
isn't that illegal !!
PLATTS NEWS ERHC
Nigeria and the Gulf of Guinea island nation of Sao Tome and Principe Wednesday signed a production-sharing contract for block 2 in the Joint Development Zone of the Gulf of Guinea.
The PSC was signed by the Joint Development Authority with Chinese refiner Sinopec along with US-based ERHC Energy, Switzerland-based Addax Petroleum and three Nigerian oil companies, Momo Petroleum, Ophir and Foby
Engineering. The signature bonus for the block was $71 million.
Winners of five blocks--2,3,4,5,6--were announced in May 2005 but the process has been plagued by allegations of corruption, political wrangling
that have delayed signing of the agreements.
The JDA Tuesday signed a PSCs for block 3 with a consortium led by US independent Anadarko Petroleum and block 4 with consortium headed by ERHC and
Addax.
Under the treaty governing the JDZ, revenue to be derived from the operation of oil blocks are to be shared on the basis of 60/40 for Nigeria and
Sao Tome and Principe, respectively. 15Mar2006/1056 am EST/1556 GMT
UPDATE NEWS Nigeria, Sao Tome sign oil deal with ERHC, Sinopec
By Camillus Eboh
ABUJA, March 15 (Reuters) - Nigeria and Sao Tome on
Wednesday signed a production sharing contract with a consortium
led by ERHC <ERHE.OB> and Sinopec <SNP.N><0386.HK> for one of
the deep-water oil exploration blocks they jointly administer.
Nigeria, Africa's top oil producer, and the tiny twin island
nation of Sao Tome and Principe, which has not yet started
producing oil, have a joint development zone in the Gulf of
Guinea, one of the world's most promising exploration areas.
The consortium led by little-known Houston-based ERHC and
Chinese energy giant Sinopec will pay a signature bonus of $71
million for block 2 in the joint development zone. The two firms
are the operators.
ERHC, which has been at the centre of controversies since it
gained stakes in all five exploration blocks awarded by Nigeria
and Sao Tome last May, brought in Sinopec as its partner for
block 2 after two previous partners pulled out.
China is among several Asian economic heavyweights vying
with the United States for West African oil in an effort to
secure supplies from outside the volatile Middle East.
Chinese, Indian and Korean firms have competed fiercely for
other Nigerian oil concessions.
Other stakeholders in block 2 include London-listed Equator
Exploration <EEL.L> and ONGC <ONGC.BO> of India, which together
have 15 percent. A & Hartman has 10 percent while Foby
Engineering and Momo Oil and Gas have 5 percent each.
DELAYS
The Nigeria-Sao Tome licensing round was repeatedly delayed
by arguments between the two countries and accusations of
corruption. After the blocks were finally awarded, the process
of negotiating contracts was also delayed for months, with
companies pulling out and new allegations of bribery.
U.S. firm Devon <DEV.N> ducked out of a partnership with
ERHC in block 2 last year. It was replaced by another U.S.
company, Pioneer Natural Resources Co. <PXD.N>, which pulled out
on Feb. 7 because of disagreements with ERHC.
In block 4, ERHC also lost its initial partner when Noble
Energy withdrew and was replaced by Canada-based Addax Petroleum
<AXC.TO>.
ERHC, listed in the United States but controlled by private
Nigerian firm Chrome, emerged as the big winner of the joint
development zone licensing round despite having little
exploration experience or financial means to carry out the work.
It was the only company to gain stakes in all five blocks
awarded last May. It was named operator, along with other
companies, in two of the blocks.
The Joint Development Authority says ERHC had been granted
preferential rights on stakes in the blocks in return for
exploration investment in Sao Tome in the 1990s, before the
joint development zone was set up.
Details of those investments have not been made public.
Late last year, the Sao Tome attorney-general said there
were indications that ERHC made improper payments to Sao Tome
officials. The company denies any wrongdoing.
Nigeria has dismissed the attorney-general's report as a
product of internal politics of Sao Tome, which holds elections
later this year and where political tensions have risen as the
country prepares to enter the world of big oil.
(c) Reuters 2006. All rights reserved.
*NEWS* SINOPEC AND ERHC SIGN JDZ BL 2
REUTERS
Nigeria, Sao Tome sign oil deal with ERHC, Sinopec
ABUJA, March 15 (Reuters) - Nigeria and Sao Tome on
Wednesday signed a production sharing contract with a consortium led by ERHC <ERHE.OB> and Sinopec <SNP.N><0386.HK> for one of the deep-water oil exploration blocks they jointly administer.
The consortium will pay a signature bonus of of $71 million
for block 2 in the joint development zone in the Gulf of Guinea, one of the world's most promising oil exploration areas.
Meridian I assume the signing today will have the BL 2 indies in attendence
How was the After Party - Was SEO there
Whats the local BUZZ about the JDZ potential as the LEAKS on BL 1 are starting to trickle out
GM all who is hosting the $Buck Party ?
UMBRA because I respect WIRE and just disagree with his views. There has been a long history for ERHC shareholders to be disappointed especially in the stock price as ERHC has not been over $1 since 2000
6 years
THAT SAID - this is the most SIGNIFICANT NEWS EVENT in the COMPANY's HISTORY
this saga has just began a new chapter !!!!
BUT I AWAIT THE GIANT CHEVRON NEWS that will take our minnow [now small fish] to the next level
WIRE, if it wasn't for all the BS and Probe and continued delay and headfakes we would have sailed past $1
This news is only 2 hours old -
IMO this stock is CHEAP and UNKNOWN - go ask your neighbor or his neighbor if he has heard of ERHC or Sao Tome
give it time
FYI there are many who wish to sell here and take some profit on news, that is totally cool - we were at $.30 in Jan
just need more buyers to take em out - to be continued tomorrow at 4 pm
WIRE, while we all wanted $1+ close there is still more work to do here -
a] only reported on Reuters and Upstream thus far
b] Tomorrow official PRs by ERHC/APC/AXC/SNP/CUX Local Indies and all the other O&G media
c] tomorrow BL 2 signed SINOPEC
d] Details of the PSC
e] Details of the JOA
f] $40 Million coming to ERHC
g] and lets not forget what many believe may be one of the most significant OIL Finds in recent history coming up and we have front row tickets
Be Happy dude - !!!
UMBRA Thanks again for your GREAT NEWS Earlier
You said it would be a historic week and it certainly is
good job
CALLED ERHC IR to wish my CONGRATS on behalf of all of us and to extend a BIG THANK YOU to WALTER and the ER team
Expect Official News TOMORROW !!!!!!!!!!!
**UPSTREAM** NEWS ERHC
Two JDZ contracts signed
By Upstream staff
Nigeria and Sao Tome have signed production sharing contracts with oil companies on two of the deep-water exploration blocks the two countries jointly administer in the Gulf of Guinea after months of delays.
According to Reuters, a consortium led by US independent Anadarko Petroleum will pay a signature bonus of $40 million for block 3.
Houston-based ERHC and Canada-based Addax are to head a consortium that will pay a $90 million signature bonus for block 4.
--------------------------------------------------------------------------------
14 March 2006 19:33 GMT | last updated: 14 March 2006 19:33 GMT
UPDATE 1-Nigeria, Sao Tome sign long-delayed oil deals
Tue Mar 14, 2006 1:34 PM ET
(Adds details of stakeholders, background)
By Tom Ashby
FACT BOX
APC.N (Anadarko Petroleum Corp)
Last: $97.71
Change: +0.26
Up/Down: +0.27%
MarJunSepDec
Quote
Full Chart
Company Profile
Analyst Research
News for APC.N
UPDATE 1-Nigeria, Sao Tome sign long-delayed oil deals
Nigeria, Sao Tome sign long-delayed oil deals
Nova Scotia in talks on attracting new refinery
ABUJA, March 14 (Reuters) - Nigeria and Sao Tome on Tuesday signed production sharing contracts with oil companies on two of the deep-water exploration blocks the two countries jointly administer in the Gulf of Guinea, after months of delays.
Nigeria, Africa's top oil producer, and the tiny twin island nation of Sao Tome and Principe, which has not yet started producing oil, have a joint development zone in one of the world's exploration hotspots.
The Joint Development Authority (JDA) signed a production sharing contract for block 3 with a consortium led by U.S. independent Anadarko Petroleum Corp. (APC.N: Quote, Profile, Research). The signature bonus for the block is $40 million.
Anadarko has a 51 percent stake in the block and is the operator. Other stakeholders are Houston-based ERHC (ERHE.OB: Quote, Profile, Research) and Canada-based Addax who together have 25 percent, DNO (DNO.OL: Quote, Profile, Research) and Energy Equity Resources (EER) of Norway with 10 percent, and smaller partners Ophir of South Africa and Broadlink of Nigeria with 4 percent.
The JDA also signed a production sharing contract for block 4 with a consortium headed by ERHC and Addax, who together have 60 percent of the block and are the operators. The signature bonus is $90 million.
Others with stakes in block 4 are Nigerian firms Conoil (NTOL.LG: Quote, Profile, Research), with 20 percent, and Godsonic, with 5 percent. Hercules, controlled by Canada-based Centurion, has 10 percent while smaller Nigerian company Overt has 5 percent.
The JDA had been due to sign a production sharing contract for block 4 on Feb. 24 but the signing fell through at the last moment in what Nigerian Minister of State for Petroleum Edmund Daukoru called a "very embarrassing" episode.
The failed signing came just over two weeks after U.S. firm Pioneer Natural Resources Co. (PXD.N: Quote, Profile, Research) withdrew from two of the Nigeria-Sao Tome blocks after failing to agree terms with its partner, ERHC.
ERHC, which is controlled by private Nigerian firm Chrome, has since gained approval from the JDA to bring in Chinese refiner Sinopec (SNP.N: Quote, Profile, Research) (0386.HK: Quote, Profile, Research) as its new partner in block 2.
Daukoru said the production sharing contract for block 2 would be signed on Wednesday.
Blocks 3 and 4, along with three others, were awarded last May after a turbulent five-month delay plagued by disagreements between the countries and accusations of corruption.
The JDA had previously signed a production sharing contract for block 1 in the joint development zone with a consortium led by U.S. energy giant Chevron (CVX.N: Quote, Profile, Research). The drilling of the first well on that block was completed a week ago but the results are still a closely-guarded secret.
"So far drilling is progressing steadily with indications of activity in the well of a positive sort. We are awaiting a discovery very soon," Daukoru said during the signing.
© Reuters 2006. All Rights Reserved.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq and all other quotes delayed by at least 15 minutes.
Reuters does not endorse the views or opinions given by any third party content provider.
BLOCK 2 to BE SIGNED WED !!!!!!
Nigeria, Sao Tome sign long-delayed oil deals
http://yahoo.reuters.com/news/articlehybrid.aspx?type=comktNews&storyid=urn:newsml:reuters.com:2...
Tue Mar 14, 2006 1:30 PM ET
ABUJA, March 14 (Reuters) - Nigeria and Sao Tome on Tuesday signed production sharing contracts with oil companies on two of the deep-water exploration blocks the two countries jointly administer in the Gulf of Guinea, after months of delays.
A consortium led by U.S. independent Anadarko Petroleum Corp. (APC.N: Quote, Profile, Research) will pay a signature bonus of $40 million for block 3. Houston-based ERHC (ERHE.OB: Quote, Profile, Research) and Canada-based Addax (AXC.TO: Quote, Profile, Research) head a consortium that will pay a $90 million signature bonus for block 4.
NEWS !!!!!!!!!! BL 3 and 4 SIGNED !!!!!!!!!!
REUTERS !!!!!!!!!
thx please post link if you have it