Thursday, February 23, 2006

Lusa: Chevron Expected To Announce Block 1 Find

In an article that is focused entirely on other topics, the Portuguese news agency Lusa said today that Chevron is expected to announce what many descrivbe as a major find in its Obo-1 well in Block 1 of the Nigeria-Sao Tome and Principe Joint Development Zone, the nation's oil minister said.

Before the news came, ERHC Energy (OTC BB symbol: ERHE) again turned downward this morning, as it had yesterday, falling from $0.83 to $0.781, but recovered on strong volume of 3,003,845 to $0.83, where it had traded only once yesterday.

A poster whose sources are frequently wrong, Mark St, Amour, said yesterday that the Block 4 Production Sharing Contract had an "80-90%" chance of being signed today, but there is no indication it has been. The Nigeria-DRSTP said two weeks ago the contracts will be signed on Tuesday, Feb. 28.

For some reason, the news agency said the Chevron find - rumored to be a huge one that straddles Block 1 and Block 2 - is expected to be "announced in late March," far later than it probably will be. The find has already been widely discussed on by tipsters first on ERHC On The Move, and on message boards, in UpstreamOnline and the Guardian, Britain's august daily.

Lusa has a strong aversion to ERHC Energy and to Sao Tome's participation in the awarwds that colors most of its otherwise solid coverage:

STP News: Lusa says Chevron expected to announce B-1 find late March

US helps polish journalists for elections, oil sector coverage

Sao Tome, Feb. 23 (Lusa) - More than 20 Sao Tome and Principe journalists will participate next week in a US-sponsored seminar on media coverage of elections and oil-related issues, an island organizer said Thursday.

The president of the STP chapter of the Association for Media Development in Africa, Maximino Carlos, told Lusa the five-day event would be led by Columbia University Professor Cristina Katsouris, a specialist in political and oil affairs.

"The initiative aims to prepare journalists and technicians in the coverage of issues related to oil and elections, along with journalistic ethics", Carlos said.

The islanders go to the polls for legislative elections March 26 and face three other rounds at the polls later this year, including a presidential poll.

US oil company ChevronTexaco is also expected to announce in late March its first oil find in the offshore Joint Development Zone shared by STP and Nigeria.

On Wednesday, the STP National Petroleum Agency (ANP) launched its first publication, with the agency's president, Luís dos Prazeres, saying authorities had a duty to "form and inform" the public about oil-related issues.

"Considering the importance the print media is gaining in the country, we think it pertinent to add one more instrument of communication to those that already exist", dos Prazeres said of the ANP's quarterly publication.

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