Tuesday, February 14, 2006

Chevron May Have Hit Oil In Block 1

Platts' Jacinta Moran is pursuing Chevron and JDZ officials for confirmation that the company "may have found something interesting" in Block 1 of the Nigeria-Sao Tome and Principe Joint Development Zone - and it's probably not a Roman galley!

Here is Jacinta's note of a short time ago to Mark St. Amour, who is in regular correspondence with her:

****BLK 1 Drilling****

Just got this from Platts, Jacinta Moran

Yes, re: Chevron may have found something interesting but cannot confirm it with company officials or any of the partners. I will keep trying , the Sao Tomeans may leak it, one can only try.

The rumor of oil in Block 1 - where everyone believes it to be - has supported strong but not frenetic action in ERHC Energy (OTC BB symbol: ERHE) this morning.

The price is currently $0.495 x $0.49, up a cent, on early volume of 607,000 shares - almost as many as were traded all day yesterday.

Most traders attributed the buying interest to the imminence or a leak of a Joint Development Authority press release this morning, but the Chevron well was below 12,260 feet last week, so if it's going to hit oil it would likely be soon.

No comments: