Not as many as you want people to think, IMO.
The problem here is that you place a value of $0.00 on the JDZ even though Sinopec has NEVER released a comprehensive report... or uttered so much as a word for that matter.
Okay fine, let's call the JDZ a zero. A minimally commercial find in Kenya would still propel ERHC's market cap into the hundreds of millions.
You asked, "how many shares will be outstanding when he is done?"
The only person that can answer that is the strategic investor.
If they are the conservative sort, which is unlikely given the pool they are fishing in... they will ask for as many shares as they can get, and hope to make a profit.
If they are the gambling sort, which is likely given the pool they are fishing in... they won't be so demanding for fear someone else will offer more, and they will miss out on a big score.
You basically asked a question that nobody on a message board can answer... only the players can answer your question, and legally they can't do that.
People maintain anonymity for a reason and it is rarely noble.
