Ruby... thanks a bunch. You all know what this all mean... Block 3 finally, along with block 2 and 4 - the PR will keep coming as Gandur said - World class exploration region and the mother of all questions will be finally answered. Chamapgne is coming our way - DRILL BABY, DRILL!!!
ERHC Energy Inc. Technical Partner Commences Exploration Campaign
HOUSTON, TX, Aug 26, 2009 (MARKETWIRE via COMTEX) -- ERHC Energy Inc. (ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today announced that exploratory drilling is underway in Block 4 of the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ) in which ERHC has a 19.5 percent interest. The Company's technical partner, Addax Petroleum Corporation, the operator in JDZ Block 4, has announced the spudding of the Kina Prospect.
"The start of drilling in our JDZ Blocks represents an important step toward realizing the Company's vision after more than a decade of hard work," said Peter Ntephe, chief operating officer with ERHC. "We are very excited that we are on the cusp of realizing the value of a portion of ERHC's portfolio of oil and gas assets in the Gulf of Guinea."
Another significant development is the change of operator in JDZ Block 3, in which ERHC has a 10 percent interest. Addax has announced that it has acquired the 51 percent interest formerly held by Anadarko and will be the operator of JDZ Block 3.
The drilling campaign is being conducted using Transocean's Deepwater Pathfinder, a fifth generation dynamically positioned deepwater drilling rig capable of drilling in water depths up to 3,048 meters. Addax plans to drill the "Kina" and "Lemba" prospects in JDZ Blocks 4 and 3, respectively, using the Deepwater Pathfinder.
In 2009, the independent engineering firm, Netherland, Sewell & Associates, Inc. (NSAI) estimated ERHC's unrisked prospective resources in JDZ Blocks 2, 3 and 4 totaled more than 336 million barrels of oil (P50). The NSAI report estimated ERHC risked prospective resources in JDZ Blocks 2, 3 and 4 totaled 135.5 million barrels of oil.
ERHC Energy has interests in six of the nine Blocks in the offshore JDZ. The Company has additional interests in the territorial waters of Democratic Republic of Sao Tome & Principe known as the Exclusive Economic Zone (EEZ).
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit http://www.erhc.com.
Contact: Dan Keeney, APR DPK Public Relations 832-467-2904 Email Contact
"The acquisition of this additional interest in the JDZ intensifies our foothold in this world class exploration region and significantly enhances the economics of our position in JDZ Block 3 as it allows Addax Petroleum to aggressively explore this prolific region with a sustained drilling strategy."
"Aggressively" (assertive, bold, and energetic); "Sustained" (to keep up, prolong) - Sounds like Addax is definitely still intent on drilling more than a few holes.
The next 30 days is only the beginning! - Longtimer