Dow Jones says BL 2,3 are still on track !!!!!
“The source added that the production-sharing contract negotiations on Blocks 2 and 3 were proceeding well and would likely be completed around schedule in November 2005. ERHC Energy has a 65% operating interest in Block 2 with Pioneer Natural Resources (PXD), while Pioneer/ERHC also has a 25% interest in Block 3.”
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From: Scott, Norval [mailto:Norval.Scott@dowjones.com]
28 Oct 2005 15:39 MT *DJ Noble Energy Pulls Out Of Sao Tome JDZ Oil Block 4
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2005 17:39 ET (21:39 GMT)
Copyright (c) 2005 Dow Jones & Company, Inc.
28 Oct 2005 15:45 MT *DJ ERHC Energy: Addax Petroleum To Replace Noble In Block 4
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2005 17:45 ET (21:45 GMT)
Copyright (c) 2005 Dow Jones & Company, Inc.
28 Oct 2005 16:02 MT DJ Noble Energy Pulls Out Of Sao Tome JDZ Block 4
CALGARY (Dow Jones)--Noble Energy (NBL) has withdrawn from the consortium awarded a 35% operating interest in Block 4 of the Sao Tomean-Nigerian offshore Joint Development Zone, according to ERHC Energy (ERHE).
In a press release, ERHC Energy said that it had signed a memorandum of understanding with Addax Petroleum, an oil company based in Switzerland with operations in Nigeria, to replace Noble in the operating consortium, and that the parties are in the process of negotiating a participation agreement.
The MOU has been submitted to the Joint Development Authority seeking approval for Addax to replace Noble and to assume the role of operator, ERHC Energy said.
According to the press release, Noble informed the JDA and ERHC Energy of its decision to withdraw from participating in Block 4 and from the ERHC/Noble consortium on Oct. 24.
In late May 2005, the ERHC Energy/Noble Energy consortium was awarded a 60% operatorship of Block 2 in the JDZ, a maritime zone jointly operated by Nigeria and Sao Tome that's believed to hold substantial reserves of oil and gas. The 60% operatorship included a pre-existing 25% interest already held by ERHC in the block.
Nigerian firms Conoil and Godsonic, as well as Canada's Centurion Energy International, are also partners in the block.
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2005 18:02 ET (22:02 GMT)
Copyright (c) 2005 Dow Jones & Company, Inc.
28 Oct 2005 16:27 MT DJ Noble Energy Pulls Out Of Sao Tome JDZ Block 4 -2-
Neither Noble Energy nor the JDA could be reached for comment on the reasons for Noble's withdrawal, while an ERHC Energy spokeswoman wouldn't comment on why the change had occurred.
"We had a good relationship with Noble," ERHC Energy's Shanta Mauney said.
However, a source close to the negotiating process told Dow Jones Newswires that Noble had pulled out of the JDZ as it hadn't been able to reach an agreement with the indigenous Nigerian firms with regard to the production-sharing contract for Block 4, and had consequently withdrawn from the JDZ.
The source added that the production-sharing contract negotiations on Blocks 2 and 3 were proceeding well and would likely be completed around schedule in November 2005. ERHC Energy has a 65% operating interest in Block 2 with Pioneer Natural Resources (PXD), while Pioneer/ERHC also has a 25% interest in Block 3.
The JDZ is a highly prospective region offshore West Africa that's thought to contain as much as 11 billion barrels of crude reserves. Nigeria and Sao Tome receive 60% and 40%, respectively, of any revenues generated from the region.
-By Norval Scott, Dow Jones Newswires; 403-531-2912; norval.scott@dowjones.com
(END) Dow Jones Newswires
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