JDA To Meet With Explorers On July 21

The first meeting on the Production Sharing Contracts that must be negotiated between explorers in the Gulf of Guinea Nigeria-Sao Tome and Principe Joint Development Zone will occur on Thursday, July 21, a JDA official told regular poster Markvol1.

Progress on the PSC is expected to raise the lagging share price of ERHC Energy, which has the largest stake in their outcome.
ERHC has been formally awarded rights in all five of the blocks on offer in the last licensing round that concluded on May 31, 2005, and is proceeding with joint ventures with Noble Energy in Block 4 and Pioneer Natural Resources in Blocks 2 and 3.

Reportedly, the partners in Blocks 2 and 3 are meeting in London with ERHC Energy officials at this time to finalize their Joint Operating Agreements, complex contract documents that spell out the rights and responsibilities of each party to the venture and determine the share of oil revenues that will be allocated to each partner in the event that oil is discovered.

The two consortia are operators in Blocks 2 and 4.

Here is the note posted by Markvol1 a few minutes ago:

Hi Mark,
the JDA has advised all the consortia to commence discussions on JOAs which should run concurrently with PSC negotiations. The first PSC negotiation meeting will hold in the JDA on Thursday 21 july after which dates for follow up PSC negotiation meetings will be finalised.
I will keep you posted about developments.
Thanks