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.
Cheers
Jacinta

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.