ERHC Energy Inc (ERHE)

[spp119]

EEL Update - (Pathfinder, Blk2)

http://ww7.investorrelations.co.uk/equator/uploads/press/March_update_general.pdf

Finally it came out. Here is the part of direct interest to ERHE.

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"KNOC, on behalf of itself, Equator and two local partners, had contracted the Deepwater Pathfinder to drill the 4 obligation wells under the two PSCs starting in 4Q 2009. In order to avoid the risk of a large early termination penalty, KNOC, together with Equator and the other partners, has assigned the rig contract to Addax for use in the Joint Development Zone between Nigeria and Sao Tome & Principe. As described below, the Company’s prospective expenditure on JDZ Block 2 may be advanced but overall, the assignment of the drilling contract results in a significant deferral of the Company’s prospective expenditures in 2009 and 2010.

JDZ Block 2 progress

In order to accelerate the drilling of the Bomu 1 prospect in JDZ Block 2, the partners are currently considering whether to take one of the four drilling slots on the Deepwater Pathfinder now assigned to Addax. This will eliminate the risk of this one obligation well from overrunning the end of the initial exploration period of the production sharing contract in March 2010.

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regards,

spp119