Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Announces Conclusion of Initial Exploratory Drilling Campaign
Five Wells Drilled in Three Joint Development Zone Blocks in Four Months
| Source: ERHC Energy Inc.
HOUSTON, TX--(Marketwire - January 7, 2010) - 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 finished drilling the Oki East well. ERHC Energy
has a 19.5 percent interest in the Block.
The Oki East well was drilled in 6,800 feet of water and reached a total
depth of 12,600 feet below sea level. Subject to acknowledgement by the
Joint Development Authority, this fulfils the work obligation of Phase I of
the Exploration Period contracted for JDZ Block 4, which ends in March
2010.
The Oki East well was the fifth and final well drilled during a
comprehensive exploratory drilling campaign that began in August 2009. A
comprehensive analysis to evaluate the commercial potential of JDZ Blocks
2, 3 and 4 is underway. The exploration team is incorporating the drilling
results from all five wells into relevant geologic and fluid models to
assess commerciality.
ERHC has a 22 percent interest in JDZ Block 2, 10 percent interest in JDZ
Block 3 and 19.5 percent interest in JDZ Block 4.
"ERHC's technical partners, Addax Petroleum and Sinopec, have done a
remarkable job. We have drilled five deep offshore wells in the JDZ in
just four months. After more than a decade of planning and work to make
drilling a reality, the focus now shifts from exploration to the highly
technical process of determining the nature and extent of the hydrocarbons
discovered," said Peter Ntephe, chief operating officer with ERHC. "We are
very excited that the drilling teams have accomplished our first phase
commitment for all three blocks by drilling five wells. Our initial
exploratory drilling program is now complete and we are hopeful that we
will be involved in more drilling in these Blocks in the coming years."
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.
Cautionary Statement
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.