ERHE Up Sharply On Good Block News
With more assurance that block awards are imminent in the Nigeria-Sao Tome Joint Development Zone, ERHC Energy (OTC BB symbol: ERHE) moved sharply higher in steady trading Friday, adding $0.055 or about 9 percent to $0.66 on volume of 2,940,100 shares at 3:30pm EST.
The day saw more investors moving to capture a piece of the prized blocks in the Gulf Of Guinea, where ERHC has rights to five option allotments ranging from 15 to 30 percent in a zone that is said to contain more than 11 billion barrels of oil in deep offshore waters.
ERHE is guaranteed rights to more than $81 billion worth of oil at current prices, although only a fraction of that - possibly 10 to 15 percent - is likely to be realized.
Those rights apply only to the current licensing round; ERHE has additional rights in the next JDZ round and rights to two full signature bonus-free blocks in the Sao Tome Exclusive Economic and to 15 percent allotments in two additional blocks of the EEZ, where officials say a licensing round will begin this year.
The day saw more investors moving to capture a piece of the prized blocks in the Gulf Of Guinea, where ERHC has rights to five option allotments ranging from 15 to 30 percent in a zone that is said to contain more than 11 billion barrels of oil in deep offshore waters.
ERHE is guaranteed rights to more than $81 billion worth of oil at current prices, although only a fraction of that - possibly 10 to 15 percent - is likely to be realized.
Those rights apply only to the current licensing round; ERHE has additional rights in the next JDZ round and rights to two full signature bonus-free blocks in the Sao Tome Exclusive Economic and to 15 percent allotments in two additional blocks of the EEZ, where officials say a licensing round will begin this year.
posted by ...Joe Shea at 12:21 PM
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