Tuesday, February 16, 2016 4:24:08 PM
Infrastructure development well underway and drilling rig mobilized in advance of late March spud date
HOUSTON, February 16, 2016 – ERHC Energy Inc. (OTCMKTS:ERHED), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today issued the following update on exploration progress in Kenya Block 11A as well as other matters from Dr. Peter Ntephe, president and chief executive officer.
To ERHC Shareholders:
I am pleased to update the investment community and other interested parties on ERHC Energy Inc.
1. Kenya Block 11A
a) We continue to work relentlessly toward a spud date for the Tarach-1 well near the end of the first quarter of 2016.
b) The rig is being mobilized to the drill site where concreting work and installation of conductors have already been completed. The contracting parties have completed over 80 kilometers (50 miles) of access road.
c) The Tarach-1 well is designed to drill from a 20-inch surface casing through intermediate casings down to 2,442 meters and set a seven-inch liner down to total depth (TD) of 3,000 meters.
d) As disclosed previously, the Tarach-1 prospect's mean estimate of oil prospective unrisked resources is 66 million barrels. Mean unrisked prospective resources of all prospects and leads in Block 11A totals 662 million barrels.
e) ERHC holds a 35 percent interest in Block 11A. As previously disclosed, ERHC is obligated, under existing agreements, to pay 25 percent of its proportionate share of the costs of well and is carried for the remaining 75 percent of its proportionate share. ERHC has paid all cash calls relating to its obligations for the costs of the well to date.
2. First Quarter Reporting and General Meeting
a) ERHC's quarterly Form 10-Q is being finalized. As is the practice, shareholders will be able to access it as soon as it is filed at http://erhc.com/secfilings/.
b) The Form 10-Q includes an update on the operational status of ERHC's other onshore and offshore oil exploration Blocks in Chad and the Gulf of Guinea.
c) Many thanks to the shareholders who participated – either in person or through proxy – in ERHC's special meeting of shareholders in December. Shareholders approved a 100:1 reverse stock split, which became effective in mid-January. In the past week, the Company's stock symbol has returned to "ERHE," dropping the "D" that had been added temporarily to indicate the reverse split had occurred.
d) For more information, please visit ERHC's online database of SEC filings at http://erhc.com/secfilings/.
We thank you for your continued interest in ERHC.
Sincerely,
Peter Ntephe
President and Chief Executive Officer
GO ERHE GO!!!
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