ERHC Exercises its Preferential Rights in the JDZ Between Nigeria and Sao Tome and Principe
HOUSTON, April 21, 2004 - On April 14, 2004 and April 20, 2004, Environmental Remediation Holding Corporation ("ERHC", "the Company") (OTCBB:ERHC) submitted 8-K reports to the Securities and Exchange Commission ("SEC") 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 9
This 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ERHC's rights was subject to the following condition: if no license is awarded or a license is awarded and subsequently withdrawn by the JDA prior to the commencement of operations, for any reason (for example, a failure by the licensee(s) to meet the signature bonus conditions), ERHC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.
This press release contains certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this release, these forward-looking statements are subject to risks and uncertainties, including government regulation, competition, capital resources, general economic conditions, and other risks detailed in ERHC's SEC reports. These forward-looking statements can be identified by the use of terminology such as "intends," "may," "will," "should," "could," "expects," and "plans." Forward-looking statements in this release include the ability of ERHC to exploit its oil and gas exploration concession in Sao Tome and its ability to locate, acquire and develop high potential oil and gas prospects.