Wednesday, August 26, 2009 11:55:27 AM
ERHC Energy Inc. Technical Partner Commences Exploration Campaign
HOUSTON, TX, Aug 26, 2009 (MARKETWIRE via COMTEX) -- ERHC Energy Inc. (ERHE), a
publicly traded American company with oil and gas assets in the highly
prospective Gulf of Guinea off the coast of West Africa, today announced that
exploratory drilling is underway in Block 4 of the Nigeria-Sao Tome and Principe
Joint Development Zone (JDZ) in which ERHC has a 19.5 percent interest. The
Company's technical partner, Addax Petroleum Corporation, the operator in JDZ
Block 4, has announced the spudding of the Kina Prospect.
"The start of drilling in our JDZ Blocks represents an important step toward
realizing the Company's vision after more than a decade of hard work," said Peter
Ntephe, chief operating officer with ERHC. "We are very excited that we are on
the cusp of realizing the value of a portion of ERHC's portfolio of oil and gas
assets in the Gulf of Guinea."
Another significant development is the change of operator in JDZ Block 3, in
which ERHC has a 10 percent interest. Addax has announced that it has acquired
the 51 percent interest formerly held by Anadarko and will be the operator of JDZ
Block 3.
The drilling campaign is being conducted using Transocean's Deepwater Pathfinder,
a fifth generation dynamically positioned deepwater drilling rig capable of
drilling in water depths up to 3,048 meters. Addax plans to drill the "Kina" and
"Lemba" prospects in JDZ Blocks 4 and 3, respectively, using the Deepwater
Pathfinder.
In 2009, the independent engineering firm, Netherland, Sewell & Associates, Inc.
(NSAI) estimated ERHC's unrisked prospective resources in JDZ Blocks 2, 3 and 4
totaled more than 336 million barrels of oil (P50). The NSAI report estimated
ERHC risked prospective resources in JDZ Blocks 2, 3 and 4 totaled 135.5 million
barrels of oil.
ERHC Energy has interests in six of the nine Blocks in the offshore JDZ. The
Company has additional interests in the territorial waters of Democratic Republic
of Sao Tome & Principe known as the Exclusive Economic Zone (EEZ).
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on
growth through high impact exploration in the highly prospective Gulf of Guinea
and the development of undeveloped and marginal oil and gas fields. ERHC is
committed to creating and delivering significant value for its shareholders,
investors and employees, and to sustainable and profitable growth through risk
balanced smart exploration, cost efficient development and high margin
production. For more information, visit http://www.erhc.com.
Contact:
Dan Keeney, APR
DPK Public Relations
832-467-2904
Email Contact
SOURCE: ERHC Energy Inc.
http://www2.marketwire.com/mw/emailprcntct?id=9D38B3EACE4E385F
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