ERHC Energy Inc (ERHE)

[oilman57]

The translation we recieved where he said that was a report out of Radio ADP Africa. Homeport translated the report and Carvhalo's comments were the follwing:

Oil Min Carvhalo, just returned from JMC Abuja meeting, told Friday news conference that USD $49.2 Million from B-1 is expected to enter STP's coffers very soon.

"Documents were approved for this sum to be distributed" and the two deleagtion chiefs determined such take place "as rapidly as possible," he said.

"Still no consensus" on Blocks 2,3, and 4 and positions presented for "later decision taking," while in STP the Oil Council "to meet to make its contribution."

The matters under discussion have already been submitted to the heads of state "and can't say there's a total consensus."

As matter of "credibility" for JDZ, if STP doesn't act more rapidly on 2nd licensing round Nigeria will "discount" (call in?) STP's JDA debts along with B-1 signature bonus.

Carvalho estimated STP's JDA's debts for 2002-2004 at USD 10 million.