ERHC Energy reaches agreement with Kosmos

Oil and gas company ERHC Energy Inc. entered into an agreement Tuesday with Kosmos Energy to transfer ERHC's rights to Block 11 of the São Tomé and Principe Exclusive Economic Zone (EEZ) to Kosmos, an oil and gas exploration and production company. 

"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.

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