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Thursday, May 14, 2015 10:16:19 PM
What hasn't changed is the value of the assets and the vastly ignored potential of those assets. Case and point, ERHC has a carry on the first well in Kenya. That's a $30M well that they have to pay a small fraction of the drilling cost... and the value of that is many times the market cap.
Imagine what could happen if the MOU that expires mid-June results in an agreement in the EEZ containing a cash component large enough to cover ERHC's needs for the next 2 years. I see that as a possibility.
It's questionable whether the EEZ has compelling enough data to justify a significant cash component, but a farm-in plus majority/co-majority ownership of ERHE *could* justify that investment. Think about it.
Convertible debt... gone.
Need for more funding... gone.
Fear and doubt... gone.
Experienced partner significant equity... done.
The only thing left is what are the estimates and when will they spud. Nothing but upticks from that point on.
People maintain anonymity for a reason and it is rarely noble.
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