ERHC Energy Inc (ERHE)

[manuel06]

reading the EEL release...the descision to leave Block2 was given at the end of march 2012(after the 2nd extention). OUR AGM was held on April 26th...and we are just hearing about this today VIA RUBY MARTIN or Kingpind!
Im waiting for official news before I go totally sour and puke!

LOL....this may not be funny









The studies confirmed that Bomu is a small gas discovery, which under current conditions is sub-commercial. While an adequate source of oil is believed to exist, the absence of faulting between the source and reservoir sands prevents the oil from migrating into the reservoirs. The studies also concluded that the best remaining prospect is more likely to contain gas than oil, in quantities not very much larger than those discovered in Bomu. This did not justify commitment to a second exploration well, as required for entry into Phase II of the PSC. The JDA granted a further one year extension to Phase 1 ending March 2012. In this period, no new information was acquired to change the evaluation.
With the exception of ERHC, all of the remaining participants, including Equator, have elected to exit the block. The drilling and evaluation costs relating to the well, amounting to US$9.4 million, were already impaired and now a similar amount of geophysical and administration costs are treated in the same way.



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