BB: I understand about the GAP.
But the point is:
Schrull talked about a Company Maker, being giddy, etc etc. JDZ believed to hold up to 14 Billion barrels etc etc etc.
It must have been based on something, right? A new round of processing the seismic data comes along, and suddenly they want to sell early?
ERHC Energy Inc. Describes Analysis of Seismic Data at RedChip Conference
Potential Recoverable Oil Reserves Estimated at 5 Billion Barrels in JDZ Blocks 2, 3 and 4
SAN FRANCISCO, June 5, 2008 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with valuable oil and gas assets in the highly prospective Gulf of Guinea off the coast of central West Africa, discussed a block-by-block analysis of three Joint Development Zone (JDZ) Blocks in a presentation at the RedChip Small-Cap Investor Conference in San Francisco. WesternGeco’s interpretation of seismic data estimates the combined recoverable reserves potential of JDZ Blocks 2, 3 and 4 could total more than 5 billion barrels of oil (P50), prior to deductions.
The report was prepared for ERHC by WesternGeco in 2003 using reservoir parameters similar to those known from nearby fields in Nigeria and Equatorial Guinea. Since then, it has informed the Company’s decision-making and strategy.
The report estimated the following:
•JDZ Block 2, in which ERHC has a 22 percent interest, has recoverable reserves potential of 2.63 billion barrels.
•JDZ Block 3, in which ERHC has a 10 percent interest, has recoverable reserves potential of more than 600 million barrels.
•The recoverable reserves potential of JDZ Block 4, in which ERHC has a 26.7* percent interest, is estimated to be 1.86 billion barrels.
The estimate of “recoverable reserves potential” is based on the report, which interpreted and mapped seismic data, highlighted prospectivity and calculated volumetrics. It did not include any attempt to comply with any SEC definition of reserves. ERHC’s percentage interest determines the amount of oil to which it will be entitled from any proven reserve, after deductions from the reserves for cost, taxes, royalties and the Joint Development Authority’s share.
“We are looking forward to the start of exploratory drilling,” said Acting President and Chief Executive Officer Peter Ntephe. “At the same time, we are pushing forward aggressively with other initiatives to accelerate growth by duplicating what we have been able to accomplish in the Gulf of Guinea.”
In his presentation to the RedChip Small-Cap Investor Conference, Mr. Ntephe outlined ERHC’s plan to establish or acquire a subsidiary that will be listed on the Alternative Investments Market of the London Stock Exchange. That subsidiary will invest in assets that leverage the Company’s strengths in central West Africa. Investors are invited to listen to a replay of his presentation at www.redchip.com.
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