ERHC Exercises its Preferential Rights in the JDZ
|Wednesday, April 21, 2004
Environmental Remediation Holding Corporation submitted 8-K reports to the Securities and Exchange Commission concerning the Company's exercise of rights in the Joint Development Zone between Nigeria and Sao Tome ("JDZ") under the April 7, 2003 Administration Agreement with the Nigeria-Sao Tome & Principe Joint Development Authority ("JDA").
The following represents the choices made by ERHC and the status of any Signature Bonus payable by the Company for each relevant block:
Choice 1 15% Signature Bonus Free Block 6 Choice 2 15% Signature Bonus Payable Block 5 Choice 3 20% Signature Bonus Free Block 3 Choice 4 30% Signature Bonus Free Block 2 Choice 5 25% Signature Bonus Free Block 4 Choice 6 15% Signature Bonus Payable Block 9This exercise of ERHC's rights was subject to the following condition: if no license is awarded or a license is awarded and subsequently withdrawn by the JDA prior to the commencement of operations, for any reason (for example, a failure by the licensee(s) to meet the signature bonus conditions), ERHC will be entitled to receive its nominated percentage working interest in that block in any future licensing of that block.
At the time of this press release, the Company has not been informed of the timing of any Joint Ministerial Council meeting or other actions that may be taken by the JDA in order to formally award working interests in any of the JDZ blocks.