ERHC Energy Inc (ERHE)

[RUBY1100]

*Upstream* + BM = ERHC

ERHC sees all too

Aban Abraham to spin bit for Addax

By Upstream staff


Canadian driller Addax Petroleum said it hoped to start exploration off west Africa in the middle of next year after signing up the deep-water drillship Aban Abraham in a joint deal with China's Sinopec.

Addax and Sinopec are each operators of blocks in the joint development zone shared by Nigeria and Sao Tome in the Gulf of Guinea.

Under the deal, the Aban Abraham will drill up to 10 wells, including five firm and five optional bores.

Addax said the partners would pay a maximum day-rate of $410,000 for the drillship.

Addax holds stakes in Blocks 2, 3 and 4 in the joint development zone and in OPL 291 in Nigerian waters. It operates Block 4 and OPL 291 while Block 2 is operated by Sinopec. In addition to Sinopec, US-based explorer EHRC holds interests in both Block 2 and 4.

Under the agreement with Aban Offshore Limited, the Aban Abraham will drill at least three of the agreed wells in Block 4 and one on OPL 291, Addax said.


--------------------------------------------------------------------------------
08 March 2007 22:18 GMT | last updated: 08 March 2007 22:18 GMT