Replies to post #243469 on ERHC Energy Inc (ERHE)

[wtao]

Do you believe 400 million bbls. block one obo-1.

[stocks2rise]

Here is a BB gold nugget:
180615

balance_builder Member Profile balance_builder
Share Saturday, September 26, 2009 8:06:57 AM
Re: None Post # of 243472

SPP...thanks for the piece of information. Sounding positive.

Here is what AREN stated yesterday (9-25-09) in their presentation as it relates to their 4.4% interest in block 1:


"Nigeria – São Tóme & Príncipe Joint Development Zone
The Block 1 participants (Afren 4.41%) have agreed to enter the next exploration period, and discussions with the authorities are progressing. One commitment well will be required during this phase. In 2006, Chevron made the Obo-1 discovery which contained 150 feet of net pay and proved a working oil and gas system in the JDZ. Post well studies have been completed and an attractive prospect inventory developed. In the neighbouring blocks a multi-well drilling campaign has commenced; a clearer understanding of the next steps to commerciality and future exploration will come once the results of these wells are made available publicly."
http://www.afren.com/ (see 0-25-09 interim results)

[nwtf]

Why did they walk away? Because the oil found wasnt worth their time and expense.
They werent kicked out as some here keep touting to make themselves feel better.

[nwtf]

Didnt XOM not exercise there rights in another block also?

[Tamtam]

FYI XOM didn't walked away completly, they have still interest in Block 1

[vineseeker2]

Badog, do a search on Obo-1 the press releases are still out there - 1 billion barels- it also states that it is not comercial as a stand alone development because of infastructure costs.