ERHC Energy Inc (ERHE)

[Southern Man]

https://allafrica.com/stories/201809100021.html

"The fact that Kosmos Energy is still in JDZ tells you something.

The way the geology of petroleum works is that you might be the smartest guy in the world, after looking at the data and not seeing anything that convinces you that there is something, then some other organisation can come and make sense out of the data.

"The Zohr Oil find in offshore Egypt is located in an acreage that Shell had looked at for 10 years and they didn't find anything and then Eni came and looked at the same thing and found 30 trillion standard cubit feet of gas.

It was the same thing with Kosmos Energy in Ghana. The clear thing about JDZ is geology, let's see what Kosmos will come up with," Akinosho said.

And for former President, Nigerian Association of Petroleum Explorationists (NAPE), Abiodun Adesanya, the fact that the management lacks the needed human capacity, especially people who understand the workings of oil and gas sector contributed to the failure of the bilateral trade.
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Kosmos Energy acquires ERHC Energy's interest in São Tomé and Principe
ERHC Energy has reached an agreement with Kosmos Energy to transfer all ERHC's rights to Block 11 of the São Tomé and Principe Exclusive Economic Zone to Kosmos. The agreement has been approved by the National Petroleum Agency of Sao Tome & Principe as required in the requisite Production Sharing Contract for EEZ Block 11.

'Given the difficult global environment for doing deals, particularly for deep-offshore assets in frontier areas, we are very pleased to have concluded the agreement with Kosmos,' said ERHC President and CEO Peter Ntephe. 'The agreement enables us to immediately monetize one of our offshore holdings while preserving a financial upside in the event that exploration in Block 11 is successful.'

ERHC retains 100 percent of the rights to EEZ Block 4 as well as the option to take up to a 15 percent working interest in each of two other unlicensed EEZ blocks of its choice. ERHC and the ANP-STP have agreed in principle to terms of a PSC for Block 4. In Kenya, ERHC holds a 35 percent interest in Block 11A, where the first exploration well is expected to be spudded toward the end of the first quarter of 2016. In Chad, ERHC is accepting tender proposals for a 2-D seismic acquisition program for Block BDS 2008.

ERHC also has interests across several oil blocks in the Nigeria - São Tomé and Príncipe Joint Development Zone (JDZ).

Source: ERHC Energy