ERHC Energy Inc (ERHE)

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First auction of oil blocks the exclusive economic zone to be held in March

Monday, February 8, 2010
The announcement was made by Prime Minister Rafael Branco, who traveled this weekend to weekend to Portugal, among other matters to invite the Portuguese private sector to participate in the tender of the blocks.


For the first time Sao Tome and Principe will put on the market the oil blocks of its exclusive economic zone. Source technical National Petroleum Agency, said the Tela Non that were identified 19 oil blocks in the exclusive economic zone.

The auction will occur in the first week of March next, assured the source of the National Petroleum Agency. In turn, Prime Minister Rafael Branco, who left St. Thomas in the last weekend weekend bound for Portugal, said it will invite the Portuguese investors to participate in the tender. "Soon we'll launch the first auction of blocks from the exclusive economic zone the announcement will be made in early March and would like to draw the attention of Portuguese investors for this opportunity, as well as companies that are in the oil sector," said Rafael white.

But even before opening the tender, the state of Sao Tome is obliged to negotiate a right of first refusal on the blocks of the exclusive economic zone that gave the two foreign companies, the result of the controversial agreements previously signed with these companies.

The source of the National Petroleum Agency, said that the two companies are ERHC currently dominated by the Nigerian capital and Equator. The latter was a partner of the Norwegian company PGS which conducted the seismic testing in the EEZ Sao Tome.

Fruit of the agreement signed with the state of Sao Tome in 2001, PGS, decided to assign this right of first refusal on the blocks the Equator.

Thus, a total of 19 oil blocks divided into 3 zones namely A, B and C, the company ERHC Equator and will each carry a preferential right over 2 blocks. According to the technical source of the National Agency of Petroleum, the state of Sao Tome blocks divided into 3 zones. Each company can only choose 1 block in each area, explained the technical source of the National Petroleum Agency.

London, capital of the United Kingdom will be on stage in March the first auction of oil blocks the exclusive economic zone of Sao Tome and Principe.

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