ERHC Energy Inc (ERHE)

[manuel06]

BMU
IMO..not sure if this is correct as ERHC was not in a joint operatorship roll as they were in the early days of JDZ.ERHC was Joint/OP with Noble,Pioneer and or Devon before they walked and hence the rights fell back on ERHC.In blocks 5 and 6 ERHC is just a minority interest with no Joint /Op.I think ERHC has no clout here as evidenced by the JMC trying to oust us on their fantacy scenario.IMHO if we were Joint/Op we would have been thrown out already with no recourse as per ERHC's inactivity since 2004 bid round
Just my thoughts on this matter.


Others who won equity include Devon/ERHC, 20 %; DNO/EER, 10 %; Equinox, 10 % and Ophir/Broadlink, 4 %. ICC/OEOC Consortium is the lead operator for Block 5 with a signature bonus of $ 37 mm. Its equity is 75 %. ERHC has equity of 15 % while Sahara has 10 %.
For Block 06, the lead operator is Filtzim-Huzod Oil & Gas with equity of 85 %. ERHC has equity of 15 % in the block.

Of the successful bidders, Devon/Pioneer/ERHC, Devon/ERHCand Noble/ERHC won the bids as operators including their existing rights. ENHC won their equity for Blocks 5 & 6 plus their existing rights.
The first process of acreage allocation in the JDZ began on August 23, 2003. That opened the 2003 JDZ Licensing Round for 9 blocks (Blocks 1 to 9). The first oil block with surface area of 704 sq km was awarded to Chevron as the operator with 51 % interest, ExxonMobil and Dangote Equity Energy Resources (DEER) with participating interests of 40 % and 9 %, respectively.


Source: Thisday


http://www.gasandoil.com/news/africa/feb36f1f9230e2c25ad96fc1b9541f96