ERHC Energy Inc (ERHE)

[Strategyone]

Wrong again Mongo, Yes I do know.

Simple facts. Addax gets 33.3% and ERHE get 17.7%. It is simple as that. No more, no less. Simple, simple, simple fact. Here is a tough factual question for you. What is 33.3 + 17.7?

Ok, now if the total amount that goes to the Joint Venture of ERHE/Addax is 51% (oh, darn I gave away the answer) and ERHE started with only 25% bonus free but they ended up with 17.7% free (with a free expense ride plus $18MM), what did ERHE give away to Addax in the negotiation?

Don't make a mountain out of a mole hill. The 9% came from the original total award of 60%. Since only 51% is needed for the Consortium to retain control and operatorship, the 9% was excess.

We may never know when, how, why or who negotiated the 9% away to Godsonic but we do know that in the end it wasn't relevant to ERHE's 25% original bonus free rights. ERHE ended up with 17.7% in exchange for a free ride and $18,000,000.00 in cash. So, if my math serves me correctly, 25 - 17.7 equals 7.3%. ERHE negotiated 7.3% of their rights away to Addax in exchange for $18mm cash and expenses paid till oil.

Once PSC and JOA's are signed (in two business days), a PR and/or 8k will be filed for the material event.

Now, go back to your room and come out after next Tuesday when official details are PR'd.