A little stroll and deja vous on how SEO helped turn ERHC's 30% working interests in the JDZ to 125%. Back at that time, Chrome Energy Corp. was a subsidiary of ERHC.
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Chrome Energy secures oil development rights
Houston Business Journal
Chrome Energy secures oil development rights [03/18/2003]
Terrorist strike one of multiple risks in oil patch [03/31/2003]
A Houston-based company owned by a Nigerian company and U.S. oil giant ExxonMobil has signed a licensing deal giving it preferential oil development rights in deep water offshore of Nigeria and the Republic of Sao Tome and Principe in West Africa.
Houston-based Chrome Energy Corp. is a subsidiary of Environmental Remediation Holding Corp., also in Houston. Nigerian businessman Chief Emeka Offor owns a 50 percent controlling interest in the company.
Chude Mba, president and CEO of Chrome Energy, said a memorandum of understanding has been signed by his company and Sao Tome, paving the way for licensing in the joint development zone in the Gulf of Guinea. The JDZ is administered by Nigeria and the Republic of Sao Tome and Principe.
Oil exploration licenses for the zone, which is estimated to hold crude reserves of 6 billion to 10 billion barrels, were to have been awarded last fall but were suspended by the Nigerian government due to a dispute between the two countries, according to a report in All Africa Global Media.
The dispute involved the status of agreements already entered into by Sao Tome with ExxonMobil, Chrome and Norwegian firm Petroleum Geo-Services.
Nigeria and Sao Tome resolved their disagreement last month, paving the way for the licensing, according to the African report.
Under terms of the agreement signed by the companies, ExxonMobil gets a 40 percent operating equity stake in some of the nine blocs to be licensed.
ERHC will increase its rights to participate in the zone from a 30 percent paid working interest in two blocks to a total of 125 percent working interest spread over six exploration blocks.
Additionally, ERHC will not be required to pay signature bonuses on four of the blocks.
In exchange, ERHC will relinquish its rights to an overriding royalty interest, share of signature bonus and share of profit oil in the JDZ.
Chrome’s Mba said the agreement also gives some share of revenue from the oil blocks to his company. Revenue from reserves in the zone is shared in a 40/60 split between Sao Tome and Nigeria.
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Another subject which I've touched upon before. I would like to see ERHC or any consortium we may have orally agreed to join, .... I would like to see them join up with Petrobras, chiefly because PBR has experience in deepwater and secondly has tied up with contracts almost everything that floats on the seven seas. Why, you might ask, would PBR want to do that when they have their own very sufficient assets. The answer is clear. Why develope and use your own assets when you can use others.
For a fact, I know PBR has already farmed into some West Africa sub salt, which lends credence to the above paragraph.
But, does SEO have any inroads to PBR ?? In a word, yes.
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Press Release
Abuja, Nigeria
August 17, 2007
Chrome Group to seek listing for some of its subsidiaries
The Chrome Group today announced its plans to seek a listing of at least two of its companies on trading platforms in Europe and the Middle East. In a statement released in Abuja today, the Group Chief Communications Officer, Mr. Val Oji said that this was part of a comprehensive growth strategy which Chrome Group was implementing over the next two years. Chrome recently signed a Memorandum of Understanding with Petrobras Petroleo Brasileiro S/A, Dedini Industries de Base S/A, Sugarsoft - G Rossi, Rhodia Energy (Brasil) Limited and UNICA, and NNPC on a joint venture for the exploitation of ethanol.
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Hang onto your hats folks.
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