Pioneer PR Tells Of ERHC Agreement

A Pioneer Natural Resources press release this morning tells investors of the company's partnership with ERHC Energy in Blocks 2 and 3 of the Nigeria-Sao Tome Jount Development Zone.

The venture is subject to the completion of production sharing and joint operating agreements, the company says.

Here is the relevant portion of the PXD release:

The Company continues to expand its deepwater exploration program in West Africa. Pioneer was awarded exploration rights to acreage in Blocks 2 and 3 in the Joint Development Zone between Nigeria and Sao Tome and Principe through a consortium with ERHC Energy Inc. The consortium was awarded 65% interest in Block 2 and 25% interest in Block 3 subject to negotiating acceptable joint operating and production sharing agreements.

The entire release is available at http://biz.yahoo.com/bw/050802/25287.html?.v=1.