ERHC Energy Inc (ERHE)

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Is ERHC in default because they have not paid CEPSA the amount shown to be due on the 6/30 financial statements? We have No indication that ERHC has raised the cash to do so. Raising that much cash would be a material event. So, according to the JOA, here is what happens in case of default.

5. If a Defaulting Party fails to fully remedy all its defaults by the thirtieth (30th) Day of the Default Period, then, without prejudice to any other rights available to each non-defaulting Party to recover its portion of the Total Amount in Default, at any time afterwards until the Defaulting Party has cured its defaults any non-defaulting Party shall have the option, exercisable in its discretion at any time, to require that the Defaulting Party offer to completely withdraw from the JOA and assign all of its Participating Interest.