CAPE TOWN, South Africa, Oct. 9, 2013 (GLOBE NEWSWIRE) -- Peter Ntephe, President and CEO of ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today presented, "Exploration: Prospects and Challenges for a Small Independent," at the Africa Oil & Gas Summit 2013. Mr. Ntephe was a featured presenter of the Summit's West Coast Africa Oil & Gas track.
Mr. Ntephe's presentation, which can be viewed and downloaded at http://erhc.com/presentations/, examined the Company's pure exploration model, which builds value through asset prospectivity development.
"As ERHC has experienced firsthand, this model is high risk as it usually involves exploration in frontier areas, but it can lead to very high reward as assets grow in value during the exploration process," said Ntephe.
Mr. Ntephe described ERHC's experiences in the Nigeria – Sao Tomé and Principe Joint Development Zone (JDZ), which saw the value of ERHC's exploration Blocks climb in advance of its 2009 drilling campaign, but drop after exploration found no oil.
"We faced a big decision. We could sell at significantly diminished value or start again. We chose to do what this Company does best: identify and secure prospective exploration assets – this time in Kenya and Chad – and set about building value again through focused exploration," said Ntephe.
ERHC's oil and gas exploration interests extend across the African continent, including the Republic of Kenya, the Republic of Chad, the Sao Tomé and Principe Exclusive Economic Zone (EEZ) and the JDZ.
He told the gathering that ERHC's previously announced negotiations with an integrated international oil and gas company to farm-out part of the Company's interest in Kenya Block 11A in northwestern Kenya are going well. Preparations also continue for Bell Geospace to acquire an airborne Full Tensor Gravity Gradiometry (FTG) survey of Block 11A. In Chad, in accordance with the PSC, work on a comprehensive Environmental Impact Assessment (EIA) is underway.
The Africa Oil & Gas Summit 2013 was held at Pavilion Center in Cape Town, South Africa.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its stockholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
This press release contains statements concerning ERHC Energy Inc.'s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future stockholders' meetings as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company's ability to exploit its commercial interests in Kenya, Chad, the JDZ and the Exclusive Economic Zone of Sao Tomé and Principe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company's control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.
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Source:ERHC Energy Inc.