Replies to post #35528 on ERHC Energy Inc (ERHE)

[RUBY1100]

MORE MONEY OF OIL FOR S.T.P possible re-post

17.03.2006-J.Vitrina-(S.Tomé) S. Tomé and Prince is going to insert us near days more of 28 millions of resultant dollars of the bónus of signature of adjudication of the oil-producing blocks 2,3 and 4 of the zone of joint exploitation with the Nigeria. The signature of the output share contract of these two blocks happened this Wednesday in Abuja in the Nigeria. The bónus of signature of these three blocks is set in 200 millions of dollars. Of the block two evaluated in 70 millions of dollars the Nigeria stayed with 42,6 millions, S. Tomé and Prince with 7,1 millions and to ERHC with 21 millions of dollars.

The block three was set in 40 millions being 24 millions for the Nigeria, 8 millions for S. Tomé and Prince and also 8 for the ERHC.

As regards the block four evaluated in 90 millions the Nigeria stayed with 54 millions, S.Tomé and Prince with 13,5 millions and to ERHC with 22,5 millions.

Distribution made in the proportion of 60 percent for the Nigeria and 40 for S.Tomé and Prince. Alone that the country see obliged it divide to his part with the ERHC according to the commitments established previously, fruit of the inexperience of the archipelago in these “leads” oil-producing.

What does with that of the three blocks the country entrance 28,6 millions of dollars.

The consortiums have now thirty days for pay the respective one bónus of signature and should initiate the drillings to the long one of the near four years.

[Fishdog]

That's hilarious.

[Homeport]

Ruby, the govt's move to get its hands on part of JDZ sig bonus funds, just ahead of elections which could bring its ouster, is raising some political waves.

In this case, a small opposition party is protesting parliament's approval for the lameduck govt to transfer US$15.6 million from National Oil Fund (held in NYC bank) to help cover its 2006 budget on the eve of legislative elections.

Others have questioned the legitimacy of the move, as under the Oil Revenue Mangement Law, approved in Dec/2004, parliament can never OK the transfer of more than 20% of the fund. And it presently only consists of STP's share of the Bl-1 sig bonus - US$ 49.2 million - paid last year.

Despite possible confusion over implementation of the new law, I'm very pleased to see the debate. Looks to me like politicians are going to have a harder time syphoning off oil monies in the islands than elsewhere in Africa.

Bests,
Homeport