ERHC Energy Inc (ERHE)

[midtieroil]

If the truth be told the drilling record in Kenya isn't very good. Drillers spent 20 years trying to get someone to find oil anywhere in Kenya with very little success. Right now there is a single basin and maybe a couple blocks out of a couple dozen total blocks that have commercial oil. I am not negative but I do believe in being realistic and telling the truth instead of grossly exaggerating the chances of finding oil.

The odds of finding oil in this single well in a new block are under 25% whether anyone cares to admit it or not. Dreaming is nice. But I like realism better. Below are the results of Tullow's last well in a new basin in Kenya. And no, I am not ignoring the facts nor am I pretending that appraisal and development wells within a commercial discovery should count in the success rate and are the same as an exploration well in a virgin basin. I believe the well below is the closest one to ERHC's acreage that has ever been drilled.

Engomo-1 exploration well

The Engomo-1 exploration well in Block 10BA was drilled to a total depth of 2,353 metres utilising the SMP-106 rig. The well encountered interbedded sandstones, siltstones and claystones but no significant oil or gas shows were encountered and the well has been plugged and abandoned.