ERHC Energy Inc. has reached an agreement with Kosmos Energy to transfer all ERHC's rights to Block 11 of the São Tomé and Principe Exclusive Economic Zone (EEZ) to Kosmos. The agreement has been approved by the National Petroleum Agency of Sao Tome & Principe (ANP-STP) as required in the requisite Production Sharing Contract (PSC) for EEZ Block 11.

"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," said ERHC President and CEO Peter Ntephe. "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."

Tags: ERHC Energy Inc., Kosmos Energy