It appeared to be one of the rare occasions when the European market moved on its own, or at least out of synch with U.S. prices.
In New York, trading of ERHE on the OTC Bulletin Board (OTC BB symbol: ERHE) closed down at $0.871 in after-hours trading. The price was the closing Bid versus a $0.879 Ask.
Meanwhile, Nigeria's daily Guardian also discusses the Chevron find in Block 1 this morning and talks about some personnel changes in Nigeria:
Chevron concludes exploration on new oil well
By Taiwo Hassan and Oyebola Ogeleke
AS part of efforts aimed at expanding its oil reserves in the global oil and gas market, Chevron Corporation has announced the successful completion of an exploration well of Nigeria - Sao Tome Principe Joint Development Zone (JDZ) worth one billion barrels of recoverable reserve.
This major discovery is coming as a relief for the company aftermath of the hurricane katrina attacks as its oil and gas holdings stood at nine billion barrels of oil equivalent at the end of 2005.
Chervon said that the drilling of the Obo-1 well in Block 1 commenced on January 14, 2006 and had a successful completion of the well within an approximately 60 days.
"We are evaluating the results of the drilling completed on March 15. But the well is located in waters of Sao-Tome and Principe, a tiny archipelago nation near the equator in the Gulf of Guinea, said a Chevron official.
Chevron acquired the rights to explore the island nation's waters in October 2004 and began drilling Obo - 1 the location of the well last January.
Sao Tome and Principe, a former Portuguese colony is eyeing its territorial waters in the oil-rich gulf of Guinea as a way to transform its agrarian economy.
The JDZ Block-1 is located approximately 190 miles (300km) north of the city of Sao Tome and approximately 125 miles (200km) south of the City of Port Harcourt in Rivers State. Chevron JDZ Limited has a 51 per cent equality shares in the block, Exxonmobil holds 40 per cent equity and Dangote Energy Equity Resources Limited holds the remaining nine per cent equity.
Meanwhile, the company has appointed Jay Pryor to the position of vice president for business development, reporting to Dave O' 'Reilly, chairman and chief executive officer. The appointed is effective May 1, 2006.
"Jay's successful track record with the company and well-rounded experience in the industry make him well suited to build upon the momentum we have established in this strategic role, O'Reilly said.
"The company is committed to pursuing legacy positions in high growth regions of the world - Russia, the Middle East and North Africa are among the areas of focus for us," he added.
Pryor, 48 has served for the past four years as managing director of the Nigeria/Mid Africa Strategic Business Unit, one of the Chevron's international upstream operations (while in Nigeria, he successfully led Chevron' commercial efforts aimed at delivering future growth, such as capturing several new off-shore leases and overseeing many major capital projects, including the $5 billion Agbani offshore oil project and then Olokola LNG project.