ERHC Energy Inc (ERHE)

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Costs dip ERHC into red

By Upstream staff


Africa-focussed Houston player ERHC Energy saw second-quarter net losses increase to $621,474 from $223,628 for the same quarter last year amid soaring administrative and legal costs.

Net income for the first nine months of ERHC's fiscal year rose to $24.2 million, compared witha net loss of $8.2 million in the same period in the previous fiscal year.

The company said it had strengthened its financial situation by selling interests in the Joint Development Zone off West Africa.

EHRC continues to hold stakes in exploration in the Gulf of Guinea.


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10 August 2006 18:40 GMT | last updated: 10 August 2006 18:40 GMT