ERHC Energy Inc (ERHE)

[RUBY1100]

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.