ERHC Energy, a publicly traded American company with oil and gas assets in the Gulf of Guinea off the coast of West Africa, has announced its results for Q3 ended June 30 2010 and updated operations in Sao Tome EEZ and JDZ .
As of June 30 2010, ERHC reported cash assets totaling $19,152,423. During the first quarter, ERHC's general and administrative expenses were $1,435,212.
ERHC Chief Executive Officer Peter Ntephe outlined the Company's major initiatives:
- ERHC is continuing discussions with potential operating partners for Blocks 4 and 11 of the Exclusive Economic Zone (EEZ) of the Democratic Republic of Sao Tome and Principe.
- ERHC expects to begin negotiating Production Sharing Contracts for EEZ Blocks 4 and 11 with the National Petroleum Agency of Sao Tome and Principe before the end of the year.
- Progress is being made on analyses needed to complete ERHC's application to list on AIM of the London Stock Exchange in addition to its current trading on the OTC market. The analyses are examining ERHC's oil and gas assets and its corporate history, structure, governance and personnel.
- The operators of Joint Development Zone (JDZ) Blocks 2, 3 and 4 continue to analyze information gathered during the Joint Development Zone drilling campaign and discussions are underway among the interest holders in the Blocks regarding how to proceed.
'We believe that the entry of a major new player in the JDZ validates our enduring enthusiasm for our interests in the deepwater Gulf of Guinea,' said ERHC Chief Executive Officer Peter Ntephe.
ERHC Energy has interests in six of the nine Blocks in the offshore Nigeria-Sao Tome and Principe Joint Development Zone (JDZ). The Company has additional interests in the Exclusive Economic Zone (EEZ) of the Democratic Republic of Sao Tome and Principe.