ERHC Energy Inc, a publicly traded American company with oil and gas assets in Sub-Saharan Africa, announced the signing of a Memorandum of Understanding (MOU) with an International Operating Company ("IOC") related to Block 11 of the Sao Tome and Principe Exclusive Economic Zone (EEZ). ERHC currently holds 100 percent interest in the Block.
Under terms of the MOU, ERHC agreed to grant first right of refusal to the IOC for a farm-out of EEZ Block 11 for a period of six months. Under the terms of the MOU, ERHC will keep the identity of the potential partner confidential except and until a definitive farm out is agreed on and entered into.
Until a definitive farm-out agreement is entered into and approved, ERHC continues to operate EEZ Block 11. The work program during the first four-year phase includes re-processing existing data, completing an aeromagnetic survey over the Block and acquiring 2,500 km of 2D seismic data.
EEZ Block 11 totals 8,941 square km, situated directly east of the island of Sao Tomé and abuts the territorial waters of Gabon. ERHC's preliminary studies on currently available data indicate the possibility of a significant cretaceous play in Block 11 similar to the Jubilee Field offshore Ghana.
In addition to its oil and gas exploration interests in the EEZ, ERHC holds interests in the Republics of Kenya and Chad, and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ).
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