ERHC Energy Inc., said it has received the approval of the
Chadian President to retain oil exploration Block BDS 2008, and its voluntary
relinquishment of the Manga and Chari-Ouest III Blocks.
ERHC, a publicly traded American company with oil and gas assets
in Sub-Saharan Africa, had earlier announced the agreement of the Ministry of
Mines, Energy and Oil to its request for relinquishment.
The request was made to enable the Company to focus its
resources on the highly prospective Block BDS 2008.
With the receipt of the Presidential Order clearing the path for ERHC to proceed with exploration activities in BDS 2008, the Company has commenced in advance of a potential farm-out the financing of approved geological and geophysical work.
ERHC is currently issuing a series of convertible notes to fund
magnetic/gravity surveys and, thereafter, 2D seismic acquisition.
Modeling for gravity/magnetic surveys of BDS 2008 was completed
recently and constitutes the basis for ERHC’s request for bids from reputable
survey companies for the requisite surveys.
ERHC also said it planned to gather data from an area of 5,000 square kilometers, with two main areas of focus:
ERHC also said it planned to gather data from an area of 5,000 square kilometers, with two main areas of focus:
- North of Esso’s Tega and Maku discoveries in the Doseo basin;
and
- East of and on trend with OPIC’s Benoy-1 margin discovery in
the Doba basin.
ERHC has 100 percent of the interest in BDS 2008 in southern
Chad, which encompasses 41,800 square km. or more than 10 million acres. The
Block is located on the northern edge of the Doba and Doseo basin, the site of
active exploration and development projects with discoveries exceeding 1,290
MMBOE.
Based on its current understanding of available data, ERHC
estimates the un-risked resource potential in the two focus areas in BDS 2008
to be 250 million barrels of oil equivalent (MMBOE).
In addition to its oil and gas exploration interests in the
Republic of Chad, ERHC holds interests in the Republic of Kenya, the Sao Tome
and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and
Principe Joint Development
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