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Thursday, November 21, 2013
ERHC Energy concluded its farm out on Kenya’s Block 11A with an unnamed firm. While ERHC did not name the company it did say that the firm was a renowned integrated oil company and once the deal has all the necessary approvals it will reveal the name and the terms.
Under terms of the agreement, ERHC will transfer of a portion of its interest in Kenya Block 11A as well as operatorship. The proposed farm-out agreement includes a carry and other considerations. Pending government consent to the farm-out agreement, ERHC continues to operate Block 11A.
The company is ready to commence an airborne Full Tensor Gravity Gradiometry survey of Block 11A following the subcontractor’s completion of work on a neighboring block.
“This is an excellent time for the entry of a technically and financially capable operating partner,” said ERHC President and CEO Peter Ntephe. “We have negotiated a mutually beneficial agreement that advances ongoing exploration in Block 11A and enhances shareholder value.”
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