ERHC Energy Inc (ERHE)

[RUBY1100]

23.09.2005-J.Vitrina-(S. Tomé)

Concluded with success negotiations about oil

THE cycle of negotiations for the licenciamento of the blocks 2, 3, 4, 5 and 6 that elapses there are two weeks in S. Tomé finished this fifth fair. The president of the joint commission between the two countries, Carlos Gomes said that the interests of the two countries were very well defended. “We did significant progresses, especially about the blocks 2 and 3 whose negotiations are practically concluded, lacking barely small you adjust in that that ourselves call of “drafte”, Carlos Gomes said.

It advanced, in the however, that relativamente to the block 4 exist still some divergences for will be outdated. The president of the joint commission said to that purpose that “there are some conditions of base that we require for that we be able to continue and sign the agreements”. It underlines, by that, that is necessary that “the group of the companies compromise harmonized as much as his positions, therefore we negotiate with an only user in name of the assembly”. Carlos Gomes did to know that the negotiations go continue and that “case they come it conclude with success” and proceed the signature of the contratos, the country is going to receive more bónus of signature and the companies go put at disposal, all of the years, “a determined total” for pay scholarships, go pay an income of the available surface, go perform projects in the social domains and infrastructure in the countries S. Tomé and Prince) and “naturally everybody the others benefits that advêm of their intervention in an oil-producing operation. M.clays