ERHC Energy Inc (ERHE)

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http://www.petroleumafrica.com/WS/coverStory/read_cs.asp?ID=270


For companies waiting to hear if they were successful in their bidding for the five oil blocks put on offer by the Nigeria-Sao Tome and Principe Joint Development Authority, the wait may soon be over. According to an official from the JDA, winners of the five blocks will be announced before the end of the week.

The Joint Ministerial Council (JMC) of the JDA met in April and decided on the winners that had been approved by Nigerian President Olusegun Obasanjo and his counterpart Fradique Des Menezes of Sao Tome and Principe. According to the official, the winners are chosen based on competence and ability to operate in deep offshore waters.

ExxonMobil reserved its 25% options on two blocks among the five on offer in the 2004 bid round because it could not be given the operatorship of the blocks in line with its wishes. American oil firm ERHC Energy, in which indigenous firm Chrome Energy has a major stake, had similar options which it exercised and validated with the JDA.