ERHC Energy Inc. Signs Memorandum of Understanding with Starcrest Energy Nigeria Limited
Creates Area of Mutual Interest; Explores Joint Participation in Licenses
HOUSTON, January 19, 2017 – ERHC Energy Inc. (OTCMKTS:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced the signing of a Memorandum of Understanding (MOU) with an Starcrest Nigeria Energy Limited.
Under terms of the MOU, the parties will explore joint participation in Nigerian oil and gas exploration and production opportunities, as may be mutually agreed. ERHC expects to enter into additional agreements with Starcrest in due course. The parties are currently in discussions over specific projects and investment opportunities in the parties’ respective assets.
Starcrest has interests in several Nigerian oil and gas exploration and production blocks including OPL 291 and OPL 242. Starcrest also has an indirect interest in OML 40 (through its stake in Elcrest Exploration and Production Limited, the 45 percent holder of the block). Starcrest is a member of the Chrome Group of companies, the founder of which is Sir Emeka Offor, a shareholder in ERHC.
ERHC’s onshore exploration assets include a 35 percent interest in Block 11A in Northwestern Kenya and a 100 percent interest in Block BDS 2008 in Chad. ERHC’s offshore interests include 100 percent of the rights to Block 4 in the São Tomé and Príncipe Exclusive Economic Zone (EEZ) as well as interests across several oil blocks in the Nigeria - São Tomé and Príncipe Joint Development Zone (JDZ).
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in Africa and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its stockholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. ERHC has interests in oil and gas exploration licenses in Kenya, Chad, the JDZ and the EEZ. For more information, visit www.erhc.com.
About Starcrest
Starcrest Nigeria Energy Limited is a member of the Chrome Group of Companies, a diversified conglomerate, with headquarters in Nigeria. Starcrest has interests in several oil and gas exploration and production licenses in Nigeria including OML 40 (indirect), OPL 291 and OPL 242. Starcrest aims to become a premier player in the development of renewable and non-renewable energy resources.
Cautionary Statement
This press release contains statements concerning ERHC Energy Inc.’s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future stockholders’ meetings as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company’s overall business and financial performance can be found in the Company’s reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company’s ability to exploit its commercial interests in Kenya, Chad, the JDZ and the Exclusive Economic Zone of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.
# # #