Wednesday, March 15, 2006


Trading Updates continue in the post below this one. Here's the latest from Abuja:

Nigeria, Sao Tome sign oil deal with ERHC, Sinopec

Wed Mar 15, 2006 11:05am ET
Market View
ERHE (ERHC Energy Inc )
Last: $0.96
Change: +0.04 (+4.23%)
Revenue (ttm): --M
EPS: -0.01
Market Cap: $582.95M
Time: 11:10am ET

ABUJA, March 15 (Reuters) - Nigeria and Sao Tome on Wednesday signed a production sharing contract with a consortium led by ERHC (ERHE.OB: Quote, Profile, Research) and Sinopec (SNP.N: Quote, Profile, Research)(0386.HK: Quote, Profile, Research) for one of the deep-water oil exploration blocks they jointly administer.

The consortium will pay a signature bonus of of $71 million for block 2 in the joint development zone in the Gulf of Guinea, one of the world's most promising oil exploration areas.

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