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Wednesday, October 21, 2015
ERHC Energy reached an agreement with Kosmos Energy to transfer all ERHC’s rights to Block 11 of the São Tomé and Principe (STP) Exclusive Economic Zone (EEZ) to Kosmos. The agreement has been approved by the National Petroleum Agency of Sao Tome & Principe (ANP-STP) as required in the requisite PSC for EEZ Block 11.
It will retain its 100% stake in EEZ Block 4. It also retains its option to take a 15% interest in two over EEZ blocks of its choice. The company also revealed that it and the ANP-STP have agreed in principle to the terms of a PSC for Block 4.
“Given the difficult global environment for doing deals, particularly for deep-offshore assets in frontier areas, we are very pleased to have concluded the agreement with Kosmos,” said ERHC President and CEO Peter Ntephe. “The agreement enables us to immediately monetize one of our offshore holdings while preserving a financial upside in the event that exploration in Block 11 is successful.”
In Kenya, ERHC holds a 35% interest in Block 11A, where the first exploration well is expected to be spudded toward the end of the first quarter of 2016. In Chad, ERHC is accepting tender proposals for a 2D seismic acquisition program for Block BDS 2008.
ERHC also has interests across several oil blocks in the Nigeria — São Tomé and Príncipe Joint Development Zone (JDZ).
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