ERHC Energy reaches agreement with Kosmos
"Given the difficult global environment for doing deals, particularly for deep-offshore assets in frontier areas, we are very pleased to have concluded the agreement with Kosmos," ERHC president and CEO Peter Ntephe said. "The agreement enables us to immediately monetize one of our offshore holdings while preserving a financial upside in the event that exploration in Block 11 is successful."
ERHC will keep 100 percent of the rights to EEZ Block 4 and will also retain the option to take up to a 15 percent working interest in each of two other unlicensed EEZ blocks of its choice.
For more information, visit www.erhc.com.