ERHC Energy Inc., a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today responded to the announcement of an agreement for Sinopec Corp. to acquire Addax Petroleum.
Sinopec and Addax are longtime technical partners of ERHC Energy. ERHC was instrumental in helping both companies establish a presence in the JDZ and has worked closely with them on issues related to oil and gas exploration. Sinopec is the operator of Joint Development Zone (JDZ) Block 2, in which ERHC has a 22 percent interest. Addax is the operator of JDZ Block 4, in which ERHC has a 19.5 percent interest.
"Today's announcement is the start of an intensive process, which we expect will be beneficial for all parties involved," said Peter Ntephe, chief operating officer with ERHC. "Most important for ERHC is that we have been assured that today's announcement will have no impact on the commencement of exploratory drilling in JDZ Blocks 2 and 4."
According to the operators, drilling in JDZ Blocks 2 and 4 is scheduled for the third quarter and could begin as early as July.
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