ERHC Energy Inc. Signs Memorandum of Understanding with Starcrest Energy Nigeria Limited
Creates Area of Mutual Interest; Explores Joint Participation in Licenses
HOUSTON, TX--(Marketwired - Jan 19, 2017) - ERHC Energy Inc. (OTC PINK: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced the signing of a Memorandum of Understanding (MOU) with an Starcrest Nigeria Energy Limited.
Under terms of the MOU, the parties will explore joint participation in Nigerian oil and gas exploration and production opportunities, as may be mutually agreed. ERHC expects to enter into additional agreements with Starcrest in due course. The parties are currently in discussions over specific projects and investment opportunities in the parties' respective assets.
Starcrest has interests in several Nigerian oil and gas exploration and production blocks including OPL 291 and OPL 242. Starcrest also has an indirect interest in OML 40 (through its stake in Elcrest Exploration and Production Limited, the 45 percent holder of the block). Starcrest is a member of the Chrome Group of companies, the founder of which is Sir Emeka Offor, a shareholder in ERHC.
ERHC's onshore exploration assets include a 35 percent interest in Block 11A in Northwestern Kenya and a 100 percent interest in Block BDS 2008 in Chad. ERHC's offshore interests include 100 percent of the rights to Block 4 in the São Tomé and Príncipe Exclusive Economic Zone (EEZ) as well as interests across several oil blocks in the Nigeria - São Tomé and Príncipe Joint Development Zone (JDZ).
