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Chrome Group to Seek Listing for Some of its Subsidiaries
Date:8/20/2007

n but without compromise of integrity and propriety. I was non-executive Chairman and Director, yet for the Company's survival, I found myself shuttling endlessly between the two West African countries where ERHC assets were located, mostly at my own expense. Ongoing and bitter legal disputes over ERHC's rights had alienated the government of Sao Tome and Principe and neighbouring governments. We had to capitalize on my affiliation with the Company before we would even be granted audience to seek rapprochement.

When doors were shut in our face, we persisted in our efforts. We refused to give up until people finally started to listen to us and began to reassess ERHC's claims on the merits. This was notwithstanding the fact that the legitimacy of ERHC's claims had been established by arbitration. The process was frustrating and exhausted me physically and mentally.

For ERHC's rights to be exploited, we still needed technical partners with expertise and financial resources. We embarked on an extensive international search which I led at the request of the Company management. I had to use my business reputation to secure participation agreements for ERHC with three reputable American operating companies in 2004. When those first participation agreements did not work out, we had to move quickly in 2005 and 2006 to find replacements so as to save ERHC's assets in the JDZ. This resulted in ERHC's signing of PSCs in 2006.

At that point, I felt my work in ERHC was done and prepared to step down from the ERHC's board to concentrate on my other businesses. Unfortunately, the things that happened to ERHC from May 2006 upset my plans in that regard. I remained on the board so that we could reassure the market of the Company's stability and prospects.

I have no doubt that ERHC will be vindicated. The genesis of ERHC's current holding in the Gulf of Guinea goes back a decade and is rooted in the foresight of investing in an undeveloped oil territory when no
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SOURCE Chrome Group

Copyright©2007 PR Newswire.

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