Republic of Chad Issues Presidential Decree of ERHC’s PSC

Source: www.gulfoilandgas.com 8/23/2011, Location: Africa

ERHC Energy Inc, a publicly traded American company with oil and gas assets in West and Sub-Saharan Africa, announced that the Government of the Republic of Chad has formally issued the Decree of Approval for ERHC’s Production Sharing Contract (PSC) over three oil blocks in Chad. The Decree of Approval, issued under the hand of the President of Chad, His Excellency President Idriss Deby Itno, formally signifies Government approval to ERHC’s exploration activities in Chad as contained in the PSC.

In July, ERHC signed the PSC covering a 100 percent interest in BDS 2008, a 50 percent interest in Chari-Ouest 3 and a 100 percent interest in the Manga block. Both BDS 2008 and Chari-Ouest 3 are situated adjacent to the prolific Doba Basin oil fields, which had an average daily production of over 122,500 barrels of crude oil in 2010. The Manga Block is north of the Lake Chad basin.

“We thank the Government of Chad for its demonstrated commitment to facilitating ERHC’s oil exploration and production activities in Chad,” said Peter Ntephe, ERHC’s President/CEO.“ERHC looks to match the business-friendly approach of the Chadian Government with the quick commencement of ERHC’s program toward successful exploration for hydrocarbons.”

In addition to its Chad oil blocks, ERHC holds a 100 percent interest in two blocks in theS?o Tomé & Pr?ncipe Exclusive Economic Zone as well as interests in six of the nine blocks of the Nigeria- S?o Tomé & Pr?ncipe Joint Development Zone. Among the independents operating in Africa, ERHC is among the largest holders of exploration acreages in terms of number and size of blocks.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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