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Wednesday, March 15, 2006 1:56:04 PM
The whole 300%, divide by 3... whatever... is only approximate.
They actual area of each block is different. You'd have to multiply the award % by the acreage, sum the 3 results, and then divide by the total acreage of the 3 blocks to know what % of the 3 block ERHE won.
But like Merdian said, acreage doesn't mean squat, well, almost squat. A higher percentage of a block with more formations is more important. Let 16% of the 3 blocks (2, 3, & 4) be the approximate for projections, it's close enough!
Good grief the amount of oil in the ground is a WAG even after they dig! Lose the decimal points already!
ERHC's share of JDZ oil; 1 billion barrels. Once proven, ERHE will be $10+. All we need is time and patience.
Nuf said.
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