ERHC Energy Inc (ERHE)

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"Interpretation carried out by WesternGeco...

... has enabled the identification of 56 prospective structures within Blocks 1 to 9 in the JDZ, of which 17 were defined as prospects and 39 as leads."

Terms used in petroleum evaluation
Lead - a structure which may contain hydrocarbons
Dry Hole - Counter-intuitively, a formation that contains brine instead of oil.
Flat Spot - An oil-water contact on a seismic section; flat due to gravity.
Bright Spot - On a seismic section, coda that have high amplitudes due to a formation containing of hydrocarbons.
Prospect - a lead which has been fully evaluated and is ready to drill
Chance of Success - An estimate of the chance of all the elements (see above) within a prospect working, described as a probability. High risk prospects have a less than 10% chance of working, medium risk prospects 10-20%, low risk prospects over 20%. Typically about 40% of wells recently drilled find commercial hydrocarbons.