ERHC Energy Inc (ERHE)

[Spec29]

I've revisited my estimate and made...

corrections where I felt necessary. I don't want to really get into a long drawn out discussion over it but some of the things I did were:

1. Use the Afren map to figure the parameters of the reserve "I think" CVX went after.

2. Used Ghawar as the comparable since I have known parameters on it. That way I didn't have to worry about porosity. Although I probably should, LOL.

My new figures look like this:

Total reserves in reservoir = 4.573 billion barrels

Reserves in block 2 = 1.097 billion barrels

In terms of proceeds to ERHC for the sale of undeveloped reserves, somewhere between $600 million and $1.2 billion. I think we could start to develop one of those 100% blocks in the EEZ with that. Hell, let's get that 9% back in block 4.

That is my conservative estimate for now.