Replies to post #139051 on ERHC Energy Inc (ERHE)

[Gremlin9999]

Homeport-Don't you think that the fact the STP is finally going to auction the EEZ blocks should be a positive for ERHC? Also the fact that there may be more oil than originally estimated in the EEZ blocks. Not sure I understand why you used the words "sober reflection" in your comments.

"Thanks to Doug C for the repost of EEL SPP's sober reflection on recent developments with Petrobrás in Brazil and their possible implications for us in STP's EEZ."

[Homeport]

STP News: Seems STP PM Branco has the long talked-about "Lusophone oil consortium" simmering in his mind.

Lisbon's business nup Jornal de Negócios quotes him saying Tuesday that he looks foward to sitting down with Portugal's Galp and Angola's Sonangol to "draft concrete proposals" for oil exploration in EEZ, where he says auctions will be held next year. He describes the 2 companies as STP's "strategic partners."

"The govt has a very clear position of wanting to establish concrete partnerships with Galp and Sonangol to explore oil" in STP, quoted saying during Lisbon visit.

Said the plan didn't advance in 2005 because there had been "many steps forwards and backwards" and the islands faced "legal obstacles that were not eliminated" in time.

Branco said his new cabinet has "more imagination" and looks forward to moving into partnership with the Angolan and Portuguese companies.

P.S. He doesn't mention Brazil's Petrobrás, but that could be because a central theme of his 2-day visit to Lisbon was "strategic relations" with Portugal in Europe and Angola in Africa. And just maybe because myopic journalists didn't ask him about the seemingly obvious Petrobrás connection.

Learned recently that Sonangol holds a 30% interest in Galp and looking at possibly upping its stake to a majority position.

Have yet to see anything on STP parliament action on pre-EEZ auction legislation. But Branco's comments lead me to believe the new game plan will be sufficiently flexible to allow for some form of direct negotiation with "strategic partners."