"Spirited efforts" are being made to resolve those issues and a new date for the Block 4 PSC signing ceremony date will be set "very shortly," the JDA said.
Very little the JDA has said about the process of licensing explorers to exploit the Nigeria-Sao Tome and Principe Joint Development Zone has proved to be even marginally reliable.
The press release said the JDA was hoping to "assure" stakeholders, presumably including those investors on the global markets who have placed their faith and assets in one of the many petroleum stocks involved.
Those stakeholder interests are of "paramount importance at all times," the JDA said.
The brief release was first posted on an ERHC investor site and has not yet appeared on the JDA homepage, http://www.nigeriasaotomejda.com. It typically takes weeks for the JDA to post a simple press release.
As always, there is no word from the company on this seeming material event. It has more difficulty managing its Website than even the JDA does.
Here is the release, dated this morning:
POSTPONEMENT OF SIGNING FOR PSC OF BLOCK 4
The Joint Development Authority (JDA) wishes to inform the general public and particularly all the stakeholders that the postponement of the signing of the Production Sharing Contract (PSC) for Block 4 was due to unforeseen administrative issues.
We wish to assure all stakeholders that these issues are not fundamental to the subsisting agreement, and spirited efforts are being made to resolve those issues preparatory to the signing of the PSC. Consequently, a new date for the signing ceremony will be announced very shortly.
The JDA wishes to assure all stakeholders that the interests of all parties will always remain of paramount importance at all times.
Nigeria-Sao Tome and Principe
Joint Development Authority
27th February, 2006