Published On: Tue, Dec 27th, 2016

ERHC Energy Inc. (OTCMKTS:ERHE) Closes In Green

The stock price of ERHC Energy Inc. (OTCMKTS:ERHE) closed at $0.00040 in last trading session. The share volume of 24.63.12 million was registered compared to average share volume of 50.51 million.

The buzz

Earlier in August, ERHC filed Form 10-Q, wherein it stated that G&A costs came at $583,465 in the quarter closed June 30, 2016 compared to $685,010 in the quarter closed June 30, 2015. The drop was mainly due to drop in G&A costs as part of cost savings program. Exploration costs surged to over $2 million in the quarter closed June 30, 2016 compared to $73,000 in the quarter closed June 30, 2015. The jump was mainly due to drilling expenses linked to Tarach-1 well.

Other expenses surged to over $1.338 million in the quarter closed June 30, 2016 compared to from $740,974 in the quarter closed June 30, 2015. The jump was mainly following a loss of $844,518 recorded from sale of investment in stock of Oando Energy Resources; which was counterbalanced by the drop in interest costs linked to convertible debts by the same period in year closed 2015.

During the quarter closed June 30, 2016, ERHC posted a net loss of over $4.213 million against a net loss of over $1.518 million for the quarter closed June 30, 2015. The jump in net loss can be attributed to jump in exploration cost for drilling expenses linked to Tarach-1 well and loss from the investment sale in stock of Oando Energy Resources.

G&A expenses dropped to over $1.779 million in the nine months closed June 30, 2016 compared to over $2.034 million in the nine months closed June 30, 2015. The decline can be primarily linked to drop in general and administrative costs as part of their cost savings plan. Exploration expense surged during this period following drilling expenses linked to Tarach-1 well.

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