ERHC Energy Inc (ERHE)

[magicatlast]

If my memory is correct, which is questionable, someone from Addax (I think) said they were working on the joint contracts between all the stakeholders, including the guarantees for funding exploration, and hoped to have them completed by August. I'm guessing that, until these contracts are satisfactorily in place, we will hear nothing on drilling plans, etc.

Furthermore, I think it may be unlikely that said contracts CAN be completed until a rig agreement is tentatively reached, as the cost of deep water rigs has been rising dramatically. ie, if some indie got an loc to pay their 10% of drillin two wells at $200k per day (total of $2.4M or so for 10%), but it turns out the rig price is $450K per day, the price may then be more than the indie could get guaranteed.

With three such block deals in the works, I would expect that WB, et al, have been doing all that is humanly possible to get these deals worked out.

Hang in there folks, it will come when it comes, and no amount of emails or complaining, whining, etc will change it one whit.

JMHO, of course.
Magic