HOUSTON, Oct. 13, 2014 (GLOBE NEWSWIRE) -- ERHC Energy Chad, a subsidiary of ERHC Energy Inc. (OTCBB:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa today announced Bridgeporth Ltd., a specialist geosciences company, has commenced an airborne gravity/magnetic survey of BDS 2008 in Southern Chad. ERHC has 100 percent of the interest in BDS 2008.
Bridgeporth is flying 4,720 line kilometers, focusing on two main areas identified by ERHC's technical team:
- North of Esso's Tega and Maku discoveries in the Doseo basin; and
- East of and on trend with OPIC's Benoy-1 margin discovery in the Doba basin.
The Doba and Doseo basins feature active exploration and development projects with discoveries exceeding 1,290 MMBOE. ERHC also has contracted with Bridgeporth to process and interpret the collected gravity/magnetic data.
"We are proud to reach this major milestone in our exploration work program in the Republic of Chad, which is an under-appreciated oil producing nation with new fields coming on-stream that could double oil production by the end of 2015," said ERHC President and CEO Peter Ntephe.
Chad's oil industry, which is a net exporter of oil and has been producing for more than a decade, boasts valuable oil and gas infrastructure assets, including the 50,000 barrel per day Djarmaya refinery and the Chad-Cameroon pipeline, which is situated in close proximity to ERHC's BDS 2008 Block. According to the U.S. Energy Information Administration, Chad is ranked 42nd in the world in crude oil production at approximately 100,000 barrels per day.
In addition to its oil and gas exploration interests in the Republic of Chad, ERHC holds interests in the Republic of Kenya, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ). Last month, ERHC announced it is proceeding with Exploration Phase 2 in Kenya Block 11A, committing to either acquire 3D seismic or proceed directly to drilling one exploration well during the next two years.
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 São Tomé and Príncipe, 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.