ERHC Energy Inc (ERHE)

[kingpindg]

Looks like more problems for ERHC wrt EEZ Block 4...


From the Google translation of a Tela Non article, link below...


In August 2015, a dispute arose between the American oil company ERHC and the Sao Tome state. ERHC decided to assign its rights to block 11 of São Tomé and Príncipe's exclusive economic zone, to its American counterpart Kosmos Energy.

As a result of the deal, ERHC was to pay the São Toméan State 30% of the value of the rights it ceded to Kosmos Energy.

The National Petroleum Agency explains in a proposed information dated April 10, 2018, that in 2016, ERHC deposited in the national oil account the amount of 120 thousand dollars, as a demonstration of goodwill to pay the taxes due to the State Sao Tome, and that the other part of the value, approximately 622 thousand dollars would later be deposited.

According to the National Petroleum Agency, ERHC has never been willing to pay the debt, and it was as a consequence of this behavior of the American company that the Government and the National Petroleum Agency decided to pledge the company's participatory rights in block 4 of the Zone Exclusive Economic.

Unhappy with the decision of the Sao Tome state, ERHC has filed a request for arbitration in the Paris-France International Chamber of Commerce against the National Petroleum Agency (ANP) and the São Toméan Government.


https://www.telanon.info/politica/2018/12/18/28397/escandalo-numa-montagem-de-60-mil-dolares-pagos-pela-anp/




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