ERHC Energy Inc (ERHE)

[RUBY1100]

UPSTREAM UPDATE PSCs still set for the 14th

Wait on Obo wildcat

By Upstream staff

Chevron this week reached target depth on its Obo-1 wildcat in the Joint Development Zone (JDZ) managed by Nigeria and Sao Tome&Principe, writes Barry Morgan.
Logging by Transocean drillship Deepwater Discovery started on Tuesday amid ongoing speculation of a discovery, which many view as a litmus test of oil potential in the Gulf of Guinea deep water.

However, no announcement on the well's findings is expected until April.

Partners anticipate an agreed statement will emerge after a technical committee meeting scheduled later this month. Chevron operates Block-1 and is partnered by ExxonMobil and an alliance of Dangote-Energy Equity Resources-Afren.

The Abuja-based Joint Development Authority reiterated its intent to formally ratify the remaining JDZ blocks 2, 3, 4, 5 and 6 on 14 March.


--------------------------------------------------------------------------------
10 March 2006 00:01 GMT | last updated: 10 March 2006 00:01 GMT