The Term Sheet sets out a 180-day period commencing May 1, 2017, for a definitive agreement between the parties that gives ERHC entry, for valuable consideration, into Starcrest’s current entitlements to production.
Thats just a time frame for an agreement to take place. It in no way is proof that an agreement will take place. ERHE has had MOUs in the past that never came to fruition.
Starcrest has a significant stake in Elcrest Exploration and Production Company Limited, the holder of 45 per cent of Nigeria’s producing OML 40. Starcrest also holds directly OPL 291 and OPL 242 in Nigeria.
Unless the MOU takes place this is moot. Even if the MOU takes place is doesnt mean ERHE will be entitled to those asssts
ERHC continues to bid, as part of several consortia with backing from financing partners, for producing interests in West Africa.
ERHE cant bid as it has no money.. They have been trying to find investors with cash to no avail
Newstar Oil and Gas Inc., a wholly owned subsidiary of ERHC, has also been set up to acquire producing assets domestically in the United States.
Again ERHE cant acquire anything.
ERHC still owns the interests to several large land and water masses. To drill these a company such as Eland/Elcrest which has the capital to drill would have to share the proceeds. Starcrest and Elcrest are working cooperatively ATM and that will benefit ERHC. SO yes there is still life in ERHC
Yes they have interest but they have to give up significant percentages to get people to partner with them. Even with that they have had no takers as of late.
