ERHC Energy Inc (ERHE)

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http://thenationonlineng.net/web2/articles/39621/1/-Energy-firm-plans-listing-on-London-Johannesburg-stock-exchanges/Page1.html

Energy firm plans listing on London, Johannesburg stock exchanges
By Emeka UgwuanyiPublished TodayBusinessRating: Unrated
The Environmental Remediation Holding Corporation (ERHC) Energy, an American oil and gas investment company formerly chaired by Nigeria’s billionaire businessman, Chief Emeka Offor, is planning to be listed on both the London and Johannesburg stock exchanges.

Although an American company, a Nigerian company – Chrome Group, has the largest single equity shareholding of about 43 per cent in it.

The Chief Operating Officer of the company Mr. Peter Ntephe, who spoke with our correspondent during the just concluded Nigeria Oil and Gas conference in Abuja, however, said that ERHC currently doesn’t have plans to come to the Nigerian Stock Exchange (NSE). He noted that when they successfully list on the two Exchanges, they may consider NSE.

Ntephe noted that the kind of business they do is run in hard currency and besides, domestic economy engages in short term bonds while oil and gas business, which they do, require long term investment.

He also cleared speculations on whether the company has plans to transform into an exploration and production (E&P) company, noting that the business model they run didn’t factor in the plans for it to become an operator company.
He said the company would continue to invest in areas they believe there are opportunities as they are currently doing in the Joint Development Zone (JDZ), especially in the Sao Tome and Principe where it has substantial stakes in some assets. Although such assets have not began to produce, Ntephe expressed high optimism that they do have commercial hydrocarbon reserves having been in the same province where fields with very substantial reserves have been found and currently producing.

He said that the company currently has a capital of $400 million and perhaps because of the company intention to explore opportunities in Nigeria including the marginal fields, that is additional reasons it wants quoted on London Johannesburg Stock Exchanges to access funds to finance the numerous projects, those in operation and those it intends to embark upon in the future.

He said: "Our business model as we continue to regenerate is the non-operator model. We are an energy investment company; we are not an Exploration and Production (E& P) company."