Republic of Chad Awards ERHC Three Oil Blocks

Source: www.gulfoilandgas.com 6/30/2011, Location: Africa

ERHC Energy Inc, a publicly traded American company with oil and gas assets in West Africa, announced that the government of the Republic of Chad has formally awarded the company three oil blocks for exploration and development. The company expects to announce a concluded production-sharing contract in respect to the blocks as early as next week. ERHC’s financial officer, Mr. Sylvan Odobulu, has led a team of legal, technical and financial experts in negotiating the production-sharing contract on behalf of ERHC.

The specific blocks in the award are Block BDS 2008, Manga and Chari-Ouest Block 3. The award of these blocks follows several months of negotiations between ERHC and the government of Chad.

“This is another significant milestone in the remarkable history of ERHC,” said ERHC CEO Peter Ntephe. “Among the independents operating in Africa, we are already one of the largest holders of exploration acreages in terms of number and size of blocks. This new award increases our holding considerably while also strategically diversifying our portfolio beyond the Gulf of Guinea.”


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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