ERHC Energy Inc (ERHE)

[midtieroil]

The good news is the last batch of toxic debt is finally being retired. But the bad news is ERHC needs to get some money from somewhere to pay overhead and to drill.

It seems to me that the IRS liability and the remaining money from the EEZ block sale almost offset. But that would leave ERHC with no money to drill.

You have to wonder what CEPSA thinks about this situation. I am sure they are watching this closely. Will they go ahead and drill with no guarantee that ERHC can pay their share?

If CEPSA really wants a larger % as some think, Ntephe could offload another 10% or so of Kenya to CEPSA in exchange for a full carry on their remaining interest. I am not sure Ntephe is savvy enough to think of it. Plus, ERHC should have negotiated a full carry on at least one well to start with. Then we wouldn't be in this situation. Another blunder due to inexperience by Ntephe. How many of those must we endure?