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Thursday, December 06, 2007 7:27:10 PM
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Last month, ERHCs Vice President, Technical, James Ledbetter, was in Nigeria on an intensive working tour. He had positive and productive discussions with Addax and Sinopec. He also participated in meetings of the Operating Committee and the Technical Committee for each of the Blocks in which ERHC has an interest. We remain positive about the progress being made.
While in Nigeria, Mr. Ledbetter also participated in meetings with the Joint Development Authority to build trust and strengthen ERHCs bonds with the organization. He has also been exploring prospects in the region for ERHC and met with several parties who might have interesting opportunities for investment by ERHC. Nigeria, as many shareholders are aware, has announced it will soon auction exploration licenses for 45 offshore and onshore oil and gas blocks. In addition, marginal fields which might provide good investment for companies of ERHCs size and capacity are starting to become available. ERHC is seriously looking at all available opportunities right now and assessing them for feasibility of participation.
The Board of Directors has appointed the national law firm of Duane Morris LLP, which is one of the 100 largest law firms in the world, as ERHCs corporate securities counsel. The Companys corporate securities legal work had previously been handled by a local Houston firm. Going forward, Duane Morris will handle matters relating to ERHCs corporate securities, including compliance with the federal reporting requirements. Meanwhile, the law firm of Akin Gump Strauss Hauer and Feld LLP continues to interface with U.S. Department of Justice and the Securities and Exchange Commission investigators and respond to their requests for information.
We have fully settled into our new and expanded Houston headquarters. With more than double our previous space, we are prepared for an acceleration of busi
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