ERHC Energy Inc (ERHE)

[condor1]

When JDZ turned up with no oil, everything changed for ERHE, for Offor, for
the future of ERHE.

To say that the IOCs bought into Offor is misleading. They bought into the assets and the data of the assets,not Offor.

But.. when the drilling turned up nothing, with ERHE having deep pockets for a few minutes(after the DOJ closed it's file of ERHE and Offor) that should have been an event for ERHE to act then and there. They should have used the remainder of the $50 million to do SOMETHING, not pay for paychecks.

If revenue producing assets were too expensive, then use it for something less expensive, like onshore assets in which they could farm out %s

What did PN do? AIM and conferences. AND paychecks.

To say that Chad and Kenya were those assets is "too much ,too little, too late". He did this at the last $2-3 million of the $50 million.And Oando,he invested less than $1 million.

And why did he do it? Yes ,it kept ERHE alive,comlpletely underfunded, but alive... and coincidently to continue his good paycheck.

He was flailing away, finance wasn't even on his radar, with respect to Kenya and Chad. Only new future projects.

Had he done the very same thing 5 years prior to Kenya and Chad, the ERHE story would have a completley different set of chapters in the second half of the book, when ERHE had $40+ to $45 million in cash,after the DOJ.

Instead, he spent upwards of $5 million for trying to get on AIM,instead of consulting some entity for the AIM prospects.

He put in $5 million in Stanford(not $30 million) instead of treasury bills or another completely safe instrument guaranteed for the full amount.

What was his plan for the remaining $30-40 million? Paychecks and conferences? AND paychecks and paychecks and paychecks

He wasn't searching for any other investments.
fiasco