ERHC has signed a non-binding memorandum of understanding with Circle and Excel Exploration and Production to negotiate investment in and acquisition of working interests in the Eremor Marginal Field.
The Eremor Field, which is located in shallow water off-shore Nigeria, was discovered in 1978. The discovery well, Eremor-1, encountered three oil and gas zones, the most prominent of which is the D-03 reservoir with 43 feet of net oil sand. It was re-entered for testing in 2005 with the D-03 reservoir testing 2,200 barrels per day of oil with API gravity of 220, a low gas to oil ratio and no water. Excel was awarded a 100% interest and operatorship of Eremor in 2003.
ERHC, through its locally incorporated subsidiary, ERHC Energy Nigeria, has also entered into a non-binding MOU with WellTest Integrated Services to negotiate the acquisition of a controlling equity interest in WellTest. The company provides well testing, production engineering and procurement services to Nigeria’s oil and gas industry.
To coordinate the company’s business development in the Nigerian and West African oil and gas industry, ERHC has opened its Nigeria liaison office at Oguda Close, Maitama, Abuja. The company’s wholly owned subsidiary ERHC Energy Nigeria operates the liaison office.
