ERHC Energy Inc (ERHE)

[Art2004]

DG, please pay attention: AXC wanted Block 4 and offered the higher priced bid. Noble-ERHC and then Addax-ERHC got the award becase they offered to drill more exploratory wells.

Yes, AXC was upset. Apparently they have a lot more influence with the US gov't than ERHC.

The US gov't had been upset with Nigeria for oil blocks going to national companies from Asia and India. So any request by AXC fell on sympathetic ears.

It was rumored tha the deal Exxon wanted when they flew about 5 of their executives to Nigeria and Sao Tome after all bids had been submitted was

1} to share the operatorship of Block 4 with AXC and

2) for Exxon to have the operatorship of Block 2

Block 3 for AXC was a condolence prize.