ERHC Energy Inc (ERHE)

[Nightdaytrader]

Starcrest and Addax developing OPL 291


Starcrest Energy is currently working on developing OPL 291 in partnership with Addax Petroleum Development (Nigeria) Limited and based on a Production Sharing Contract (PSC) with the Nigerian National Petroleum Corporation. An initial investment of about $75 million will be made in acquiring 3D seismic data and drilling a first well in the field.

Further, Starcrest and Addax, also intend to participate in investments in independent power projects, which will be developed using gas obtained from commercial development in OPL291. This follows from an MOU signed with NNPC, and is aimed at contributing to long-term infrastructure development of Nigeria.
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