ERHC Energy Inc (ERHE)

[mz157]

Bowleven Hits 5-Month High; Marathon Farms In to Adjacent Block


By Benjamin Dow
Oct. 3 (Bloomberg) -- Bowleven up as much as 7.6% on 2.4x 3-month daily average volume.
* Earlier Marathon agreed to pay $40m for Agriterra’s 20%
stake in Ethiopia’s South Omo block plus $10m for
participation in commercial discovery
* South Omo abuts northwest Kenya’s block 11b; Bowleven
acquired 50% stake from Adamantine Energy, will spend $10m
to fund 2 years of exploration there
* Goodbody says South Omo deal implies “proportional value”
for Tullow’s Kenya, Ethiopia acreage at $125m
* BofAML says Kenyan Government’s “pragmatic” approach to
energy development “clear and reassuring”
* Says government resolute on pipeline construction from
coastal Lamu to NW oil region; refinery likely to be
built at Lamu
* NOTE: Tullow holds 50% stake in South Omo, holds 7 licenses
in Kenya
* NOTE: ERHC signed PSC with Kenya in block 11a in July
* NOTE: Bowleven has risen earlier this year on deal
speculation
* NOTE: Yesterday Reuters reported that co. said its Etinde
project in Cameroon to start in 2015


Good to see ERHC getting some press.