ERHC Energy Inc (ERHE)

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New translation of article...

At least with this one Anadarko was Adjudicated and not evicted! LOL!

The two companies that earned right of explore the blocks 2 and 4, decided to unite financial means in the order of 20 millions of dollars for give beginning to research of oil. The company Suiça Addax Petroleum that operates in the block 4 and to Chinese Sinopec block 2, countersigned in the last weekend in the hotel ocean-view belvedere in Saint Tomé, the agreement that is going to permit the opening of the first holes in the two wells already in August of 2008. The Indian company Aban Abraham Offshore, is to responsible by the execution of the 5 inscribed holes in the agreement.

In a cerimónia in that took part the directors of the Saint Joint Authority Tomé and Prince/ Nigeria, the companies Addax Petroleum and Sinopec, decided to unite means for hire the embarkation that is going to do the first holes in simultaneous in the two blocks. Tim Martison, director of the swiss company for operations in the zone of Saint joint exploitation Tomé and Prince/Nigeria, explained that has not been easy find capable ships of perform holes in so deep waters.

The blocks 2 auctioned by 71 millions of dollars and 4 in the value of 90 millions, are located in a depth that varies between 1500 to 3500 meters. Second the technician of the company Addax, the costs of operation are much bulky, by that the two companies decided to unite for lead forward the task of drilling of the blocks that is going to cost more of 20 millions of dollars. For it maintain the operation that is going to last 45 days, the two companies go to pay the Indian company Aban Abrahan 410 thousand dollars daily. "By that we decide to perforate in assembly for reduce the costs. We are going to do 5 holes in the near 5 years", cleared Tim Martison.

The boat hired for the works of drilling, is going to pass us next months by a deep rehabilitation. The Minister of the Natural Resources, Manuel of God Lima, that presided to cerimónia, detached the importance history of the signature of the agreement that is going to permit to the country know the potential of existing oil in the two blocks. "There is very that we were be enough to this event, or be of the companies that are found us blocks that already were adjudicated. By that to ours huge satisfaction by the fact of want to Sinopec want to Addax will have arrived to that agreement with the Aban Abraham in the sense of proceed the drilling of the blocks 2 and 4", affirmed the Minister.

Manuel of God Lima, increased that identical trial is going to happen shortly with the block 3, that was adjudicated the American company Anadarco by the value of 40 millions of dollars.

The signature of the agreement between the three companies connections the exploitation of oil, happened in a weekend in that the dossier oil was in the center of the attentions in Saint Tomé and Prince. The Joint Ministerial Advice, most supreme organ of the zone of Saint joint exploitation Tomé and Prince/Nigeria was united in Saint Tomé. The decisions exits of the meeting between the Ministers of the several sectors of the two countries, still were not public tornados.