ERHC Energy Inc (ERHE)

[buick]

Record braking bidding for oil blocks in Angola.

“Earlier this year Angola achieved three notable world records in rapid succession, the bidding round, organised by Sonangol, the Angolan national oil giant, resulted in a world record signature bonus of $700 million being paid for a block. This record was quickly broken, by signature bonus payments of $1.1 billion each for two other blocks by two different oil companies.

“Angola is now a globally important oil patch and forms part of the golden triangle for the ultra deep water oil industry, which extends from Brazil to Angola and then on to the Gulf of Mexico.

Most of the oil in Angola has been discovered in the last eight years and most of it has been discovered in ultra deep waters – generally on the edge of the continental shelf under about two kilometers of ocean”

Angola has become one of the fastest growing economies on the planet with annual GDP growth rate percentages currently in the mid to late twenties, according to Paul de Sousa, senior partner of KPMG in Angola.

Cumulative official direct foreign investment into Angola for the period 2002 – 2004 was $7.2 billion, Nigeria achieved $6.3 billion, and South Africa was just over $2 billion.

http://www.cbn.co.za/dailynews/1871.htm

[ the article did not mention which oil co’s paid those prices - I double checked]