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Quarterly Conference Call

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... a possible transfer of 7.2% to Addax Petroleum on parameters that are currently ... Addax Petroleum and Sinopec have jointly contracted the Aban Abraham, which is ... – PowerPoint PPT presentation

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Title: Quarterly Conference Call


1
Quarterly Conference Call
  • January 15, 2008

2
Safe Harbor Statement
  • Statements in this conference call that may
    contain "forward-looking statements" within the
    meaning of Section 27-A of the Securities Act of
    1933, as amended, and Section 21-E of the
    Securities Exchange Act of 1934, as amended may
    include, but are not limited to, statements
    concerning the Company's future operating
    milestones, future drilling operations, the
    planned exploration and appraisal program, future
    prospects, future investment opportunities and
    financing plans, future shareholders' meetings,
    response to the Senate Subcommittee
    investigation, developments in the Securities and
    Exchange Commission investigation of the Company
    and related proceedings, 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 the Joint
    Development Zone and the exclusive territorial
    waters of Sao Tome and Principe, 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
    forward-looking statements. Each forward-looking
    statement speaks only as of the date of this
    call. 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
    forward-looking statement is based.

3
Peter Ntephe ERHC Company Secretary
4
Highlights We Will Discuss
  • Improved operational efficiencies
  • Strengthened financial position
  • Decreased general/administrative expenses
  • Growing relationships with strategic partners
  • Moving closer to exploratory activities
  • Keeping an eye out for acquisition prospects
  • Working to protect/enhance the brand image

5
Financial Performance Highlights
  • Cash assets totaling 34.7 million
  • General/administrative expenses down 12 for the
    quarter and 17 for the year
  • Fiscal year 2007 net loss of 1.7 million

6
General Administrative Expenses
7
Net Income or Loss
8
Joint Development Zone
Subject to a possible transfer of 7.2 to Addax
Petroleum on parameters that are currently being
determined
9
(No Transcript)
10
São Tomé and Principe Exclusive Economic Zone
  • Rights to participate in exploration and
    production activities include
  • Right to receive up to two blocks of ERHCs
    choice
  • Option to acquire up to a 15 percent paid working
    interest in another two blocks of ERHCs choice

11
(No Transcript)
12
JDZ Block 4
JDZ Block 2
JDZ Block 3
13
Moving Forward in 2008
  • ERHC partners are contracting rigs
  • Working on technical drilling issues
  • Collaborating with partners in other Blocks

14
Deepwater Drillship
  • Addax Petroleum and Sinopec have jointly
    contracted the Aban Abraham, which is being
    upgraded to operate at water depths of 6,000 feet

15
Other Issues and Opportunities
  • Pursuing resolution on disagreement of 9 of JDZ
    Block 4
  • Examining acquisition prospects
  • Update on investigations

16
Increasing Visibility
  • Updates from CEO
  • Quarterly conference calls
  • Nigeria Oil Gas 2008 Conference
  • Web site

17
Annual Shareholders Meeting
  • April 22, 2008

18
  • Questions?
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