ERHC Energy confirmed that Addax Petroleum, the operator of Nigeria-Sao Tome & Principe Joint Development Zone (JDZ) Block 4, has finished drilling the Oki East well. ERHC Energy has a 19.5 percent interest in the Block.
The Oki East well was drilled in 6,800 feet of water by Transocean's Deepwater Pathfinder drillship, and reached a total depth of 12,600 feet below sea level. Subject to acknowledgement by the Joint Development Authority, this fulfils the work obligation of Phase I of the Exploration Period contracted for JDZ Block 4, which ends in March 2010.
The Oki East well was the fifth and final well drilled during a comprehensive exploratory drilling campaign that began in August 2009. A comprehensive analysis to evaluate the commercial potential of JDZ Blocks 2, 3 and 4 is underway. The exploration team is incorporating the drilling results from all five wells into relevant geologic and fluid models to assess commerciality.
ERHC has a 22 percent interest in JDZ Block 2, 10 percent interest in JDZ Block 3 and 19.5 percent interest in JDZ Block 4.
"ERHC's technical partners, Addax Petroleum and Sinopec, have done a remarkable job. We have drilled five deep offshore wells in the JDZ in just four months. After more than a decade of planning and work to make drilling a reality, the focus now shifts from exploration to the highly technical process of determining the nature and extent of the hydrocarbons discovered," said Peter Ntephe, chief operating officer with ERHC. "We are very excited that the drilling teams have accomplished our first phase commitment for all three blocks by drilling five wells. Our initial exploratory drilling program is now complete and we are hopeful that we will be involved in more drilling in these Blocks in the coming years."
ERHC Energy has interests in six of the nine Blocks in the offshore JDZ. The Company has additional interests in the Exclusive Economic Zone (EEZ) of the Democratic Republic of São Tomé & Príncipe.
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