ERHC Energy Inc (ERHE)

[magicatlast]

Since most everyone is up in arms about the lack of information from the company, maybe it's time to talk about what is going on that they cannot discuss yet.

There are at least 4 separate entities participating in each block. In order to move forward with exploration in a block, a plan must be devised and agreed with all involved, and monies committed and guaranteed. Seismic must be reanalyzed, a determination made whether more is needed, a contract for same if it is needed, etc. This can take months. After all the seismic is acquired and analyzed, the beginnings of a drilling plan must be developed, costs projected based on all concievable scenarios, monies committed and quaranteed, a drillship located and committed, and a plan then submitted to the JDA for approval.

At the same time, full development plans must be worked out and agreed upon, based on the various potential drilling results. Again, with this many entities involved, there have to be negotiations to arrive at firm committments by all the parties. Otherwise, the operator is out on limb.

Without going further, it is obvious to me that the operators have a much larger task to accomplish than just picking up the phone and calling Transocean and asking "When can ya'll be here with a drillship?".

So how about we all calm down and let these people do their jobs. All that is being accomplished by this board right now is folks developing animosities that will linger and likely result in fights breaking out at the party we will want to have when we hit first oil in one of our blocks.

JMO, Magic