"We understand Devon's need for a greater interest in Blocks 2 and 3. We will miss the excellent working relationship we had underway. Pioneer and ERHC will now proceed to negotiate the Joint Operating Agreements and Production Sharing Contracts," said Ali Memon, President and CEO of ERHC.
In Block 2, the JDA awarded the consortium a 65 percent interest inclusive of ERHC's 30 percent signature bonus free interest, and in Block 3, a 25 percent interest inclusive of ERHC's 20 percent signature bonus free interest. Pioneer will be the operator for Block 2.
ERHC has accepted the awards of its pre-existing interests in the five blocks in the Joint Development Zone.
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