Thursday, May 22, 2014 3:33:31 PM
Interesting that post drilling they seem to have enough data to revise the estimates from 14B barrels pre-drilling to 6-12B barrels post-drilling.
ERHC's roughly 15% of the lower end would be 900M barrels. At $7 per barrel for proven undeveloped deep water, that's a market cap of 900M x $7 = $6.3B / 750M shares = $8.40 per share absent any Kenya, Chad, and/or EEZ discoveries.
The $14 price target is still well within reach.
Call me stubborn.
ERHC's roughly 15% of the lower end would be 900M barrels. At $7 per barrel for proven undeveloped deep water, that's a market cap of 900M x $7 = $6.3B / 750M shares = $8.40 per share absent any Kenya, Chad, and/or EEZ discoveries.
The $14 price target is still well within reach.
Call me stubborn.
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