Saturday, July 21, 2012

Chad BDS 2008 and Chari-Ouest III to ERHC

ERHC Energy Inc., Houston, said the Republic of Chad has issued the company an exclusive exploration authorization for the Chari-Ouest III, BDS 2008, and Manga blocks in southern Chad covered by ERHC’s production sharing contract.
The initial term of the concession,  EEA, is for 5 years, and it can be renewed for 3 more years. ERHC intends to identify leads and prospect and then drill as soon as circumstances allow.
Initial work will be on BDS 2008 and Chari-Ouest III. ERHC has 100% interest in BDS 2008 and 100% interest in half of Chari-Ouest III. Its holdings in the two blocks, on the north flank of the Doba and Doseo basins, total 5.155 million acres.
Martin Wensrich, ERHC geoscientist and technical advisor, said, “Our analysis of gravity, magnetic and 2D seismic data shows that ERHC’s Chari-Ouest III and BDS 2008 blocks fall within the prolific Doba/Doseo Basin. Our main area of focus extends 260 km and is on trend and east of the 2011 Benoy-1 discovery by Overseas Petroleum Investment Corp. and north of discoveries by Esso.”

 March 22nd, 2012
ERHC Energy Inc is offering interested parties the opportunity to obtain substantial equity in its Chari-Ouest III, BDS 2008 and Manga Blocks in Chad

Tuesday, May 29, 2012

South Sudan Oil through Doba?

The UNSC on May 17 passed a resolution demanding the finalization of a jointly-run administration and police force for the disputed oil-rich border region of Abyei. The Council also demanded the immediate withdrawal of Sudanese security forces from Abyei, following South Sudan's troop pullout from the disputed region last week.

Border clashes between the two countries erupted in late March, marking the biggest confrontation between the two sides after South Sudan seceded from Sudan in July last year in line with a 2005 peace agreement ending 22 years of civil war between the Arab North and the Christian and animist South. More than 100,000 people are said to have been displaced by the ongoing hostilities.

Tensions escalated after South Sudanese forces moved into the oil-producing region of Heglig in Sudan's South Kordofan state on April 10, before eventually vacating the area. Sudan, which had responded by bombing South Sudanese territory, has since regained control of Heglig, which accounts for 60,000 of the 115,000 barrels of oil produced in Sudan daily.The oil fight is relatively easy to solve, if there is political will. South Sudan now has three-fourths of the old Sudan’s oil resources, but that isn’t much good without a way to get it to market. (A planned pipeline via Kenya is years, and billions of dollars, in the future.) The absurd discrepancy in the value that the two sides put on using Sudan’s pipeline ($36 versus $.60 a barrel) can be resolved by invoking global benchmarks. Market prices suggest a rate of $1 to $2 a barrel would be reasonable.