ERHC Energy Inc (ERHE)

[oilman57]

This is my take. The same as Kobi's from RB. I must admit though that this press release is much too vague. They should have been more clear regarding XOM and they should have given an actual JMC Meeting date. The release was dated April 14th so hopefully they have an actual date set. ANyway here is Kobi's comments:

Following the requisite correspondence and meetings between the
ExxonMobil and the JDA, ExxonMobil has, in line with the settlement
agreement responded on the exercise of its preferential rights.

(Pretty simple, XOM told the JDA were not exercising this rd.)

Under the
settlement agreement, ExxonMobil can exercise its preferential rights in
any two blocks whenever acreage awards are made.

(Pretty simple, the JDA is just disclosing to the public the nature of their deal with XOM, which is XOM can exercise in any two blocks when awards are made. This time XOM has chosen not to exercise, but when awards are granted in rds 3,4,5,6,7,8,9,10, anytime awards are made if XOM has not yet exercised their options they will be able to at that time, but only when awards are made, they cannot exercise in between rds when no awards are to be made.)