Replies to post #13776 on ERHC Energy Inc (ERHE)

[RUBY1100]

Since the Nigerian side wishes to swiftly conclude the round and move on, many believe the Addax bid will still win out
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Sources told THISDAY at the end of the close-door meeting that the formalization of the choice of Swiss firm, Addax Petroleum, as replacement to US independent oil company, Noble, as technical partner in bloc 04 of the JDZ was also concluded.
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JDA Approves ERHC Energy and Addax Consortium for Block 4
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31 October 2005, 4:58pm ET

HOUSTON--(BUSINESS WIRE)--Oct. 31, 2005--Houston-based ERHC Energy (OTCBB:ERHE) announced today the company has received approval from the Nigeria-Sao Tome & Principe Joint Development Authority for Swiss-based Addax Petroleum to replace Noble Energy in its Joint Development Zone Block 4 consortium.

The JDA approval states that Addax satisfies the JDA's technical and commercial requirement for the operatorship of JDZ Block 4, and requires the ERHC-Addax consortium designate Addax as the operator, as well as for the consortium to accept all commercial and technical terms of the original award of 35 percent equity interest.

[Strategyone]

Ruby, I am glad Upstream came out with this article. Although, it looks like the focus of the "Addax Blocked" is due to the fact the JDZ pulled down the PR from their website. The other story that came out about the JMC meeting Wednesday and Thursday this week and now approving Addax, seems to be more current.

This Upstream article did point out that it is more likely that Addax would be approved.

Better late than never I guess.

[Art2004]

I assume the This Day article on the JMC meeting is more recent than Barry's article that is written by Tuesday or before the JMC met.

Any comments?

We all know that most of ERHC's share of the block is sikgnature free but we have all assumed that the signature free portion gets subtracted from the $90 million signaure bonus.

Signature free percentage=no payment for those percents

yes, no maybe... thought that was all understood.