HOUSTON, Nov. 26, 2013 (GLOBE NEWSWIRE) -- ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced initial encouraging results from an airborne Full Tensor Gravity Gradiometry (FTG) survey. Bell Geospace, a world leader in gravity gradiometry, is flying the FTG on behalf of ERHC's wholly owned subsidiary, ERHC Energy Kenya Ltd. When completed in a few weeks, the survey will have covered up to 15,500 line kilometers.
An independent third party is bearing the cost of the FTG survey under the Company's previously announced financing initiatives.
"Preliminary results confirm the presence of the Lotikipi basin and it appears to have a larger extent than was indicated by gravity data acquired by previous operators of this area," said Gertjan van Mechelen, ERHC's exploration manager. "Obviously these results are very encouraging and we are looking forward to seeing the eventual final results upon completion of this survey. Those final results are bound to show in much more detail the internal structure of the Lotikipi rift basin and will allow us to identify the most prospective areas."
ERHC plans to pursue a rift margin play in Block 11A similar to those that led to recent major discoveries in neighboring Uganda and northwest Kenya. Block 11A is located to the north of the Lokichar Basin, which was the focus of international attention last week with an oil discovery at the Agete-1 exploratory well. This was the fifth significant discovery in the area, joining the Ekales-1, Etuko-1, Ngamia-1 and Twiga South-1 oil discoveries were drilled.
FTG surveys have much higher resolution than conventional gravity surveys and can aid significantly in identifying prospective hydrocarbon basins. The successes of recent large oil finds in East Africa have been attributed to this survey method.
ERHC announced earlier this month that it has concluded a farm-out agreement for Block 11A with a renowned integrated oil and gas company. Under terms of the agreement, ERHC would transfer a portion of its interest in Kenya Block 11A as well as operatorship in exchange for a carry and other considerations. The parties are awaiting consent of the government of the Republic of Kenya before finalizing the agreement.
Those with questions are encouraged to reference the Company's SEC filings, which are available at http://erhc.com/secfilings/ or contact Daniel Keeney, ERHC's investor relations representative, at dan@dpkpr.com.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its stockholders, 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 stockholders' meetings 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 Kenya, Chad, the JDZ and the Exclusive Economic Zone 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.