Energy Inc. announces the extension of Exploration Phase I in JDZ Blocks
Earlier this month, ERHC supported Addax Petroleum, ERHC’s technical partner and the operator of JDZ Blocks 3 and 4, in applying to enter into Exploration Phase II pending the completion of the studies. Instead, agreement was reached with the JDA to further extend Exploration Phase I to enable completion of the studies before commencement of Phase II.
“To date, there has been a tremendous amount of work carried out to update volumetrics of the resources, analyze geochemical samples, interpret sample analysis and reevaluate play concepts, but more time is required to conclude the study program,” said ERHC CEO Peter Ntephe. “ERHC acknowledges the commitment and efforts of the Operator as well as the continued support and cooperation of the JDA."
The outcome of a similar dialogue between the contracting parties and the JDA on JDZ Block 2 is expected shortly.
ERHC has 22 percent interest of JDZ Block 2, 10 percent interest of JDZ Block 3 and 19.5 percent interest of JDZ Block 4. The contracting parties’ commitments on Exploration Phase I of JDZ Blocks 2, 3 and 4 were successfully met with the drilling of five wells in the three blocks between August 2009 and January 2010. All the wells were completed within time and according to budget. Natural gas was discovered in at least three of the wells. Information about each of the Blocks is available at www.erhc.com/jdz.
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.