Contact Information: Contact: Dan Keeney, APR DPK Public Relations 832-467-2904
ERHC Energy Inc. Announces Significant Progress Toward Drilling in Joint Development Zone
Exploratory Drilling Expected to Begin During the Fourth Quarter in JDZ Block 4
| Source: ERHC Energy
HOUSTON, TX--(Marketwire - March 11, 2009) - 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 a
deepwater drill ship has been secured for the Joint Development Zone (JDZ).
ERHC's announcement followed today's disclosure by ERHC's technical
partner, Addax Petroleum (TSX : AXC ) (LSE : AXC ), that it expects to take
possession of the Deepwater Pathfinder by the end of the third quarter and
begin exploration in JDZ Block 4 during the fourth quarter of 2009.
Owned by Deepwater Drilling LLC and managed by Transocean Inc., the
Deepwater Pathfinder is a Samsung Heavy Industries and R&B Falcon designed
dynamically-positioned drill ship that is capable of drilling in water
depths up to 10,000 feet. In 2007, the Deepwater Pathfinder set the record
for drilling in the deepest water depth offshore Nigeria at the time. The
vessel drilled the Opukiri 1X well for Devon Energy offshore Nigeria in
2,766 m (9,075 ft) water depth. The rig entered service in 1998.
"The Deepwater Pathfinder is among the best rigs in the market, and
securing the drill ship is testament to the commitment of ERHC's technical
partners toward accelerating exploration in the JDZ," said ERHC Chief
Operating Officer Peter Ntephe.
ERHC Energy has a 19.5 percent participating interest in JDZ Block 4, in
which Addax is the operator. Last month, the independent engineering firm,
Netherland, Sewell & Associates, Inc. (NSAI) released a Resources
Assessment for ERHC that estimated ERHC's unrisked prospective resources in
JDZ Block 4 totaled 231.6 million barrels of oil and 245 billion cubic feet
of natural gas (P50). The NSAI report estimated ERHC risked prospective
resources in JDZ Block 4 totaled 88.4 million barrels of oil and 86.2
billion cubic feet of natural gas (P50).
ERHC has 22 percent participating interest in JDZ Block 2, in which Sinopec
is the operator. The NSAI report estimated ERHC's unrisked prospective
resources in JDZ Block 2 totaled 77 million barrels of oil and 93.9 billion
cubic feet of natural gas (P50). The NSAI report estimated ERHC risked
prospective resources in JDZ Block 2 totaled 38.3 million barrels of oil
and 47.9 billion cubic feet of natural gas (P50).
ERHC Energy also holds a participating interest in JDZ Block 3, a working
interest in JDZ Blocks 5, 6 and 9, and preferential rights to participate
in exploration and production activities in São Tomé & Principe's Exclusive
Economic Zone (EEZ).
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.
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.