ERHC Looks Ahead to Drilling in Kenya, Completes Chad Survey

Tuesday, December 2, 2014

ERHC Energy continues to make progress on its work programs across Africa, specifically Kenya and Chad. In Kenya on Block 11A the company along with the operator of the block, Cepsa, are planning their drilling program.

The partners are poised to proceed directly to drilling within the next 12 to 16 months, following the successful conclusion of the seismic survey acquired on the block this summer. Drilling will be contingent upon several conditions precedent, but the partners are keen to carry out their plans.

In Chad, the company saw the successful completion of aero-magnetic/gravity studies on Block BDS2008. The studies have deepened ERHC’s geological understanding of the block and enhanced assessment of the prospectivity of already identified leads.

A seismic study based on the results of the aero-magnetic/gravity studies is the next step for ERHC and it will complete its work program obligations for the first phase of the exploration program. The company expects that the survey will enable an upward adjustment of the technical team’s prior estimate of up to 200 million barrels (unrisked).

The company is raising funds through the issuance of convertible notes to pay for the exploration program in Chad and other obligations. It also is pursuing other funding options, including a farm-in partner in Chad, private equity investment, and private placement of shares.

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