(Ecofin Agency) - ERHC Energy Inc., an American oil and gas company based in Houston, announced on 20^th October having transferred all of its rights on block 11 in the exclusive economic area of São Tomé e Príncipe to Kosmos Energy, a major Texan oil and gas company listed in New York with many assets throughout Africa.

“We are pleased to have reached an agreement with Kosmos, considering the difficult global environment for business, particularly for deep offshore assets in border areas”, Peter Ntephe, CEO of ERHC, commented.

The transaction was made in accordance with the production sharing agreement on the block and was approved by the National Hydrocarbons Agency of São Tomé e Príncipe. Block 11 covers 8,941 km2, in the western part of the São Tomé Island, and is adjacent to the territorial waters of Gabon.

ERHC Energy Inc. retains, however, all its rights on block 4 in the exclusive economic area as well as the option of buying up to 15% shares in two other blocks of its choice in the same area.