Petroleum Africa
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Thursday, November 21, 2013
ERHC Energy and the National Petroleum Agency of Sao Tome and Principe (ANP-STP) are conducting legal reviews of the draft PSCs for EEZ Blocks 4 and 11, the significant terms of which have been finalized by the parties.
According to the company its efforts, along with ANP-STP’s, to generate interest in the EEZ as a whole has led to increased interest from international firms in Blocks 4 and 11. ERHC is in discussions with several firms about possible partnerships following the signing of the PSCs in Blocks 4 and 11.
“We are very happy that after many years of work, there is now palpable momentum building toward exploration of the Zone — both in our blocks and in neighboring blocks,” said company CEO Peter Ntephe.
In the Nigeria/STP Joint Development Zone (JDZ), the Joint Development Authority, ERHC and other contracting parties are continuing to review possible next steps. One of the possible steps being considered is to bring in exploration companies to spread risk and to reinterpret existing data with a fresh perspective and possibly a fresh exploration strategy.
“Despite the unexpected outcomes of the initial drilling campaign, we remain enthusiastic about the JDZ and believe that taking a new mindset to the exploration effort would be a very positive development for all involved,” said Ntephe.
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