ERHC Energy Inc (ERHE)

[RUBY1100]

Sao Tome Acreage for ERHC

Sao Tome & Principe National Petroleum Agency officials this week awarded Houston-based ERHC Energy full rights in blocks 4 and 11 in its Exclusive Economic Zone.

19 February 2010 09:02 GMT

The award was based on the company’s pre-emptive rights under earlier agreements and paves the way for talks to enter into production sharing contracts for the two licences.

Block 4 is directly east of Principe, while Block 11 is east of Sao Tome.

ERHC was originally responsible for opening up the Sao Tome play in 1997, helping the island stake its claim with the United Nations Boundary Commission and rekindling interest in the Gulf of Guinea deep waters.

As well as the two Blocks already awarded, ERHC has rights to acquire up to a 15% paid working interest in two more blocks of its choice in the Exclusive Economic Zone, the selection of which will take place at a later date to be determined, according to officials.

It has been suggested that Sao Tome will launch a full licensing round for the zone

Published: 19 February 2010 09:02 GMT | Last updated: 19 February 2010 09:20 GMT
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