ERHE, which was off a cent today, saw to blocks totaling 524,214 shares trade after hours, half above the listed Bid at .3358 and half below, at .3308.
Here is the Upstream article:
Abuja rejects findings on JDZ licence awards
By Upstream staff
EFFORTS by US investigators working with the Office of the Attorney General of Sao Tome&Principe to stall licence awards in the Joint Development Zone administered with Nigeria may run into the sand, writes Barry Morgan.
Abuja's Minister of State for Petroleum Edmund Daukoru said the Attorney General's report was based on poor information and inspired by political wrangling at the heart of Sao Tome's government.
Daukoru said his first reaction had been to reject the report in its entirety.
For its part, Nigeria is loath to allow the second licensing round to slip at this late stage and is likely to oppose the idea of the Joint Development Authority joining Sao Tome in sanctioning further formal investigation.
Sao Tome President Fradique Menezes has in any case acknowledged that his country could not unilaterally cancel licence awards but would have to act with the agreement of its JDZ partner, Nigeria.
Meanwhile, both the US Justice Department and the Securities&Exchange Commission have been requested to investigate grounds for cancelling US minnow ERHC Energy's preferential rights and options including joint operatorship of two blocks and stakes in several others.
The Attorney General's report suggests Sao Tome will lose $59 million as a result of waivers accorded to ERHC under a bilateral protocol and rights derived from an earlier deal to take over the former Sao Tome oil agency STPetro.
ERHC chief executive Ali Memon insisted the company had no contact with any Sao Tome officials throughout the bidding process.
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16 December 2005 00:01 GMT | last updated: 16 December 2005 00:01 GMT
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