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ERHC Shareholders Approve Plan for African Exp. Programs

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

Shareholders of ERHC Energy Inc., a publicly traded American company with oil and gas assets in Sub-Saharan Africa, have voted overwhelmingly in favor of the Company’s proposals that will enable fund raising for oil and gas exploration in the Company’s highly prospective acreages in East, Central and West Africa. At a shareholders’ meeting held in Houston on October 9, 2012 to consider the proposals, ERHC’s management announced plans to raise up to $45 million for exploration work programs in Kenya’s Block 11A and Chad’s BDS 2008.

Shareholders approved a proposal to amend ERHC’s Restated Articles of Incorporation to increase the number of shares of common stock that the Company is authorized to issue by a vote of 511,885,807 (in favor) to 72,521,768 (against). Shareholders also voted to authorize ERHC’s Board to issue Preferred Stock by a vote of 341,858,523 (in favor) to 25,394,276 (against).

ERHC expects to begin exploration operations in Kenya’s 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, which are established petroleum provinces, suggest high oil and gas prospectivity.

ERHC is planning for exploration operations to commence in Chad by early 2013. The Company plans to focus initially on its 100 percent interest in BDS 2008 which is on trend with the Doba Basin oilfield that holds significant discoveries and sources of current oil production in Chad.

“We are very excited that our shareholders have given us the financial flexibility needed to move our current assets forward and seize new opportunities that align with our ambitious growth plans,” said president and CEO Peter Ntephe. “We are proceeding quickly with fund raising for the aggressive work programs that we intend to roll out in Kenya and Chad.”

Management also announced plans to undertake a rights offering as part of the fund-raising strategy. The rights offering will give existing shareholders the right to purchase newly issued shares of common stock in proportion to their existing holding. Terms of a rights offering are expected before the end of the year. A rights offering gives shareholders the opportunity to participate fully in the Company’s growth while avoiding the dilutive effects of issuing additional shares.

In addition to its oil and gas exploration interests in the Republic of Kenya, the Republic of Chad, the Company holds interests in the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ).

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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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