ERHC Energy Inc (ERHE)

[oldoil]

I just can't disregard these "Truths" from ERHC's Management.
There is nothing here that spells corruption, dishonesty, or a company headed to bk.
We are like hundreds of small oil exploration companies over this past few years that are recovering from the crude oil price decline......Go ERHE !! jmo


HOUSTON, November 14, 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 Company activities.

1. Kenya Block 11A

a. ERHC’s preliminary analysis of the Tarach-1 drilling results reveals encouraging information for further exploration.
b. The objective of the well was to establish a working petroleum system and test a three-way structural closure trapping against a North-South trending normal fault.
c. The Tarach-1 well encountered two different hydrocarbon charged intervals, the first extending over 100 meters.
d. The significant oil shows and highly-elevated gas readings encountered by the well indicate the presence of a working petroleum system with the strong possibility of significant hydrocarbon generation.
e. As previously advised, the Tarach-1 well was always designed as an exploratory well. It has been plugged following conclusion of drilling. Post-well analysis continues.
f. ERHC holds a 35% interest in Block 11A.

2. Chad Block BDS 2008

a. ERHC continues to talk with potential farm-in partners.
b. The next stage of exploration is a seismic survey on ERHC’s two focus areas. ERHC is exploring, as one of its funding options, the possibility of a right-to-earn partnership in exchange for seismic services.
c. Based on the result of an aero-magnetic and gravity survey that ERHC completed over the Block, total Petroleum Initially in Place (PIIP) for one of ERHC's two focus areas has been estimated at 278 million barrels (with a high case of 876 million barrels).
d. ERHC holds a 100 percent interest in BDS 2008.

3. São Tomé and Príncipe Exclusive Economic Zone (EEZ)

a. ERHC has concluded negotiation of the terms of a Production Sharing Contract with the National Petroleum Agency of São Tomé and Principe (ANP-STP).
b. ERHC is currently in discussions with potential farm in partners.
c. ERHC holds a 100 percent interest in EEZ Block 4.

4. Nigeria - São Tomé and Príncipe Joint Development Zone (JDZ) –

a. The Nigeria - São Tomé and Príncipe Joint Development Authority (JDA) continues to engage with the remaining JDZ contracting parties, including ERHC, on the way forward for further exploration.
b. A five-well exploration campaign in JDZ Blocks 2, 3 and 4 (in which ERHC holds significant interests) failed to discover hydrocarbons in commercial quantities but yielded invaluable information that will guide future exploration.

5. Other Business Activities:

a. In the light of the current oil price environment and continued constraints on funding for oil exploration activities, ERHC’s management and board are working toward a strategic realignment of the Company.
b. ERHC has also received and continues to consider exploratory enquiries about mergers and acquisitions, new strategic investments and other arrangements.
c. In response to current economic conditions, ERHC continues to reduce costs across board. Investor relations and outreach has been affected but ERHC will endeavor to keep satisfying any mandatory regulatory requirements for disclosure, particularly to shareholders as whole.

ERHC encourages shareholders and others to refer to quarterly and annual filings with the SEC, which can be found at http://erhc.com/secfilings/.

We thank you for your continued interest in ERHC.


I just can't disregard these "Truths" from ERHC's Management.
There is nothing here that spells corruption, dishonesty, or a company headed to bk.
We are like hundreds of small oil exploration companies over this past few years that are recovering from the crude oil price decline......Go ERHE !! jmo