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ERHC Finance Plans Supported by Chrome Group Units

Source: www.gulfoilandgas.com 10/2/2012, Location: Africa

Chrome Oil Services Ltd. and Chrome Energy LLC, subsidiaries of The Chrome Group, a leading West African oil and gas conglomerate, announced their support for ERHC Energy Inc.’s proposal for raising funds for its exploration programs in highly prospective acreages in East, Central and West Africa. Combined, the two companies beneficially own approximately 43 percent of ERHC Energy’s outstanding common stock.

ERHC Energy Inc. is an American company with onshore oil and gas assets in the Republics of Kenya and Chad and offshore oil and gas assets in the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria – Sao Tome and Principe Joint Development Zone (JDZ). The Company is seeking finance from equity issuances to existing and new shareholders as well as from appropriate debt instruments and other arrangements to offset the costs of exploration work programs in Kenya, Chad and the EEZ, which require substantial capital expenditures over the next few years.

“Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC’s management and board the financial flexibility needed to realize the value of the Company’s highly prospective assets,” said Sir Emeka Offor, chairman of The Chrome Group. “ERHC has done a commendable job of diversifying its portfolio of assets and we at Chrome believe that shareholder value, which is our overriding concern, can be derived from facilitating the Company’s exploration programs and ambitious growth plans.”

ERHC has previously disclosed plans to commence its exploration work program in Kenya Block 11A by the end of calendar year 2012. The main surface feature of Block 11A is the Lotikipi plain. The proximity and in-trend relationship between the Lotikipi plain and the Abu Gabra Rift basins of southern Sudan suggest high oil and gas prospectivity.

ERHC has also announced plans to commence its exploration work program in Chad Block BDS 2008 by early 2013. According to ERHC’s preliminary projections, the Company’s Chad Blocks have at least three prospects with a combined mean potential of as much as 63 MMBOE, with upside potential of more than 332 MMBOE.

ERHC Energy’s Board of Directors is seeking shareholder approval of a proposal to amend the Company’s Restated Articles of Incorporation to increase the number of authorized shares of Common Stock and to authorize the Company’s Board to create and issue preferred stock. A Special Meeting of Shareholders of ERHC is scheduled for October 9, 2012 in Houston, Texas.

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

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


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