ERHC Energy Inc (ERHE)

[Spec29]

Here you go, leo...

Damn we ran our mouths today. I had to go back 4 pages for this, LOL.

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STP NEWS: In its first public comment/reaction to Feb. 24 JDZ fiasco in Abuja, STP has officially denied it blocked action on B-4 PSC and blamed NG for trying to pressure it into signing blindly, Portuguese Lusa agency reports from Sao Tome.

Citing a National Petroleum Agency (ANP) communique issued late Saturday, it says STP has yet to receive a copy of the altered B-4 JOA it demanded to see before signing the respective PSC.

"At no moment did the govt of STP request any postponement of the signing ceremony of the PSC for B-4, neither did it manifest opposition to the signing of any other contract", Lusa quotes the communique as saying.

It paraphrases the ANP statement as saying STP govt denies NG accusations it blocked the process and notes Abuja had demanded a public apology from islands.

Says NG tried to pressure STP into signing the document without its 'knowledge of details of last alterations produced in text of the contract by ERHC, a NG-controlled company that shares operatorship of B-4 with Addax of Switzerland.'

'The last-minute change was due above all to inclusion of Godsonic, which acquired a 9% interest from ERHC,' thus 'altering distribution' made in May 2005 awards, Lusa paraphrases statemenet as saying.

'STP demanded a copy of the final version in order to take a final decision' but 'the JOA has not been received to date,' Lusa cites ANP as saying.

NOTE: I find it interesting how close to chest STP has kept this entire process, only reacting 8 days on and that response to Dr. D's angry public comments is made by the ANP, notnot govt or Pres Menezes. Looks like they may acting/reacting in tandem, in contrast to past intramural feuding.

Look forward to your analysis, comment.