Petroleum Africa
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Thursday, December 18, 2014
ERHC Energy signed a MoU with an unnamed international oil company regarding Block 11 in Sao Tome and Principe’s Exclusive Economic Zone (EEZ). ERHC currently holds 100% interest in Block 11. Under terms of the MoU, ERHC agreed to grant first right of refusal to the unnamed firm for a farm-out of EEZ Block 11 for a period of six months.
Under the terms of the MoU, ERHC will keep the identity of the potential partner confidential except and until a definitive farm out is agreed on and entered into.
Until a definitive farm-out agreement is entered into and approved, ERHC continues to operate EEZ Block 11. The work program during the first four-year phase includes re-processing existing data, completing an aeromagnetic survey over the block and acquiring 2,500 km of 2D seismic data.
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