Welcome!

Agile Computing Authors: Elizabeth White, Liz McMillan, Yeshim Deniz, Pat Romanski, Andy Thurai

News Feed Item

ERHC Energy Releases Q&A With Vice President Corporate Development

ERHC Energy Releases Q&A With Vice President Corporate Development

HOUSTON, TX -- (MARKET WIRE) -- 05/08/08 -- ERHC Energy Inc. (OTCBB: ERHE), an American company with valuable oil and gas assets in the highly prospective Gulf of Guinea, today released the following interview with David Bovell, vice president corporate development with ERHC. The discussion covered issues related to Mr. Bovell's responsibilities, including expanding the Company's assets through acquisitions and exploring various stock exchange listing alternatives.

Q: What do you see as the primary roles and responsibilities coming into that new position?

I see them as three-fold: First is to list a subsidiary of ERHC Energy Inc. on the Alternative Investment Market (AIM) of the London Stock Exchange. The second function for the short- or medium-term is to help to expand the company's assets. Initiating and managing the search process, reviewing and quantifying the applicable opportunities, then assisting management to come to a conclusion. The third function is to enhance shareholder value and to assist the company in realizing shareholder value through corporate communications and doing deals that achieve positive financial results.

Q: Explain the rationale for listing a subsidiary on the AIM exchange.

The idea would be to create a brand new company, an ERHC subsidiary, that would be incorporated in an advantageous tax environment. The company would initially be 100 percent owned by ERHC Energy Inc. directly or through its wholly owned Cayman holding company. We would then list that new company on the AIM. We will be creating a separate asset pool for the company. In due course, we would seek to raise money on the London Stock Exchange so that we could invest in assets that were appropriate in that part of the world.

Q: What impact would that have on ERHC Inc.'s assets in the Gulf of Guinea?

None. ERHC Energy Inc. would have its core, directly-owned assets in West Africa and elsewhere. It would also have a large percentage of the U.K.-listed company, which would have substantial assets of its own. There would be a common management team that would be managing both, which can create synergies. Accessing the additional pool of capital through the AIM, we can achieve a higher number than if you had just done everything through the U.S. company.

Q: What is the benefit of today's shareholders of the scenario you're describing regarding the U.K.-listed Company?

It gives us access to another capital pool and should enhance value for today's shareholders. It would enable us to do transactions that we otherwise would not be able to do because we would be capital constrained over here.

Q: Do you see ERHC Energy Inc. continuing to be listed on the Over-the-Counter Bulletin Board?

In the next 12 to 18 months I anticipate ERHC Energy Inc. should be in a position to move from the OTC. Either the AMEX or NASDAQ would be a better place to be than the OTC.

Q: You've been associated with the company since early 2007. What have you done for ERHC as a consultant in that time?

Basically, I have been looking at merger and acquisition opportunities for the company and advising the Company on its listing options, as far as the European markets are concerned.

Q: What attracted you to ERHC as an outsider?

As a consultant, the reason I was attracted to ERHC was that the company had potential. I've since learned a lot about ERHC's opportunities that has reinforced my initial views. The primary factor was seeing that there is a real opportunity for the company to grow from an investor's point of view.

Q: When you say that ERHC had potential, can you expand on that?

ERHC looked like a company that was undervalued but had great potential. Those are the types of opportunities we looked for.

Q: Some people might say that's still a good description for where ERHC is today.

That situation is going to change and together with Peter and the existing management team, we are going to change it. The board has made it clear that this is what they want and the shareholders seem to be enthused by that.

Q: Would you say that ERHC's Gulf of Guinea assets serve as the foundation to build upon?

Exactly. The core value of the company lies in the Gulf of Guinea, which is going to be the major driver and at the moment it is the foundation of the company's valuation. In order to realize the value of the Gulf of Guinea opportunities, there are things we need to do in the interim. That is to diversify and use the company's expertise to tap into other opportunities that will deliver in an earlier timeframe.

Q: What business do you think ERHC is in?

We are an energy investment company. ERHC has a technical expertise, but that expertise won't extend to being an operator. It will extend to being able to understand an investment opportunity from a technical standpoint and then to realize value by putting money into the right projects.

Q: What is the area of focus of your attention?

The initial area of focus will be Africa and Europe right up to the borders of Russia. Does that mean that it will be the sole source of my focus? No. We will pay attention to North America as well.

Q: Do you continue to see West Africa and the Gulf of Guinea being an area of emphasis?

Yes. There are some serious opportunities there. With the contacts we have, we have an ability to get into them expeditiously before anybody else drives the price up.

Q: What haven't I touched on that you think we should cover?

The only way you can enhance shareholder value sustainably is to go out there and give the investing public a sense of where the company is and where it's going and the potential benefits of investing in the company. So we will spend a fair amount of time on that as well, because enhanced shareholder value is something the board, management and all the shareholders would like to see.

About ERHC Energy

ERHC Energy Inc. is a publicly traded American company with valuable oil and gas assets in the in the highly prospective Gulf of Guinea. ERHC is committed to creating and delivering significant value for its shareholders, investors, and employees; sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.

This press release contains statements concerning ERHC Energy Inc.'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 SEC 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 JDZ and the exclusive territorial waters of São Tomé and Príncipe, 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 these statements. Each of the above statements speaks only as of the date of this press release. 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 of the above statements is based.

Add to DiggBookmark with del.icio.usAdd to Newsvine

Contact:
Dan Keeney, APR
DPK Public Relations
832-467-2904
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...