ERHC Energy Inc. Issues November 2015 Shareholder Update - Seite 2

f) ERHC holds a 35 percent interest in Block 11A.

3. Chad Block BDS 2008

a) ERHC's exploration team has received a number of tender proposals for a 2-D seismic acquisition program.

b) The exploration team continues to work on securing regulatory approvals for the seismic program in ERHC's two focus areas. One is north of Esso's Tega and Maku discoveries in the Doseo basin and the other is east of and on trend with OPIC's Benoy-1 margin discovery in the Doba basin.

c) Based on an earlier aero-magnetic and gravity survey and other available data, ERHC estimates total Petroleum Initially in Place (PIIP) for one of the two focus areas is 278 million barrels (with a high case of 876 million barrels).

d) ERHC holds a 100 percent interest in BDS 2008.

4. São Tomé and Príncipe Exclusive Economic Zone (EEZ)

a) ERHC's focus in the EEZ has shifted from Block 11 to Block 4. The Company and the National Petroleum Agency of Sao Tome & Principe (ANP-STP) have agreed in principle to terms of a Production Sharing Contract (PSC) for Block 4.).

b) Last month, we announced the transfer of all ERHC's interests in EEZ Block 11. The transaction enabled ERHC to immediately monetize Block 11 while also providing the opportunity for future financial benefit if exploration progresses through to production.

c) ERHC holds a 100 percent interest in EEZ Block 4 as well as the option to take up to a 15 percent working interest in each of two other unlicensed EEZ blocks of its choice.

5. Nigeria - São Tomé and Príncipe Joint Development Zone (JDZ)

a) On behalf of the Joint Development Authority and the contracting parties, including ERHC, PGS has completed the integration of geological and geophysical (G&G) and well data on the operations conducted so far in JDZ, including in ERHC's Blocks 2, 3 and 4.

b) PGS' integrated analysis included well analysis, seismic interpretation and quantitative seismic interpretation of the large exploration dataset. This dataset is composed of a 3D seismic survey that has been recently reprocessed through a pre-stack time migration sequence and eight wells that encountered hydrocarbons within the study area (including three wells in JDZ Block 1 in which ERHC does not have an interest).