Nigeria, Sao Tome sign oil deal with ERHC, Sinopec
Wed Mar 15, 2006 11:05am ET
ERHE (ERHC Energy Inc )
Change: +0.04 (+4.23%)
Revenue (ttm): --M
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.
Wednesday, March 15, 2006
BLOCK 2 $IGNED!
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