ERHC Energy Inc (ERHE)

[Southern Man]

http://www.petroleumafrica.com/en/newsarticle.php?NewsID=13219

Its been almost a year and we havent heard "squat" PETER!! What is the DEAL? Remarkable!

Jan 6th>> ERHC Energy Awaits Nigeria, Sao Tome’s Decision on 3 JDZ Blocks
Categories:
01 - Upstream news, NOGintelligence Issue 31
by admin
January 6, 2013

ERHC Energy Incorporated, a publicly traded American company with oil and gas assets in Sub-Saharan Africa, said it was awaiting a final decision from Nigeria and Sao Tome & Principe on how crude oil and gas exploration would proceed on Blocks 2, 3 and 4 of the Joint Development Zone (JDZ) between the two countries.

President of the company, Mr. Peter Ntephe said in a letter to the shareholders that the decision of the remaining parties to the Production Sharing Contract (PSC) would be made public anytime.“The three potential courses of action are entry into Phase 2 of the exploration programme, further extension of Phase 1 or a withdrawal by some or all of the remaining parties from the PSC and relinquishment of the acreage.

ERHC intends to remain in the three Blocks and to retain its other interests in the JDZ. We will keep shareholders updated in a timely manner as developments occur,” he said.

Ntephe stated that it was anticipated that Production Sharing Contract negotiations related to the company’s exploration Blocks in São Tomé and Príncipe Exclusive Economic Zone (EEZ) would be completed by the end of 2012.

“This has not been possible as ERHC and the ANP-STP continues to negotiate diligently a few key terms that remain with a view to making resulting provisions mutually satisfactory and equally beneficial to both sides. We have also continued to explore meaningful farm-in discussions on the EEZ,” he said.A JDZ has been defined as an area where two or more States have, under International Law, sovereign rights to explore and exploit the natural resources of the area and where the States concerned have agreed to engage in such exploration and exploitation under some form of common or joint arrangement. This arrangement has more commonly been used as a mode of exploiting oil or gas fields straddling the maritime boundary of two or more States.