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Tuesday, February 11, 2014
ERHC Energy Inc. completed the farm-out agreement in Kenya for Block 11A. The company farmed out a stake to Spanish firm Cepsa.
Under the agreement Cepsa gains a 55% stake in Block 11A and operatorship in exchange for certain considerations. ERHC retains a 35% interest in the block.
“This is an excellent time for the entry of a renowned operator like Cepsa,” said ERHC president and CEO Peter Ntephe. “We have negotiated a mutually beneficial agreement that advances Block 11A toward drilling and enhances shareholder value.”
Following Cepsa’s entrance to the block, the partners will proceed with a previously announced 2D seismic survey of at least 1,000 line kms. The survey, which is expected to commence this spring, will be conducted by BGP Kenya Ltd.
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