ERHC Energy Inc. Announces Next Phase of Exploration Campaign
ERHC Technical Partner, Addax Petroleum, spuds third well in Joint Development Zone Block 4
HOUSTON, December 8, 2009 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today announced that Addax Petroleum, the operator of Nigeria-Sao Tome & Principe Joint Development Zone (JDZ) Block 4, has commenced drilling the Oki East well this week. ERHC Energy has a 19.5 percent interest in the Block. Drilling is estimated to take approximately five weeks, although the actual timing is dependent on many factors, such as drilling penetration rate, fluids encountered, borehole stability and equipment maintenance, among others.
This is the third well in JDZ Block 4 and the fifth well drilled in JDZ Blocks in which ERHC has interests since the start of a comprehensive exploratory drilling campaign in August. Addax Petroleum will continue to use Transocean’s Deepwater Pathfinder to drill the Oki East location.
Addax Petroleum recently finished drilling the Malanza 1X well in JDZ Block 4. A comprehensive analysis that incorporates the drilling results into relevant geologic and fluid models will now be carried out.
“Our technical partners, Addax Petroleum and Sinopec, have demonstrated our collective determination toward successful completion of the promised five-well exploratory drilling campaign in JDZ Blocks 2, 3 and 4,” said Peter Ntephe, chief operating officer with ERHC. “The goal of the campaign is to accurately determine the hydrocarbon potential of the Blocks and the substantial resources that have been deployed so far illustrate the parties’ commitment to achieving that goal.”
Earlier, Addax Petroleum drilled the Kina well, also in JDZ Block 4. The comprehensive exploratory drilling campaign also included the Lemba 1X well in JDZ Block 3, in which ERHC has a 10 percent interest and the Bomu-1 well in JDZ Block 2 in which ERHC has a 22 percent interest.
ERHC Energy has interests in six of the nine Blocks in the offshore JDZ. The Company has additional interests in the Exclusive Economic Zone (EEZ) of the Democratic Republic of São Tomé & Príncipe.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
This press release contains statements concerning ERHC Energy Inc.’s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future shareholders’ meetings, response to the Senate Subcommittee investigation, developments in the SEC investigation of the Company and related proceedings, as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company’s overall business and financial performance can be found in the Company’s reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company’s ability to exploit its commercial interests in the JDZ and the exclusive territorial waters of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.