Your opinion could prove to be spot on and CEPSA might move forward and drill several additional exploratory wells, might even find a lot of oil down the road. That would be good news for CEPSA, but how will ERHC survive until that day might come with no cash and no carries?
They already issued enough new toxic debt for 5 million+ new shares come September and that only brought in $95,000. With the IRS lien to address, the uncarried part of the first well to pay for, PN and SO salaries, required spending on Chad, and other overhead, how much additional dilution will shareholders suffer to raise the additional millions of dollars needed by the time your scenario might pan out? Or will bankruptcy write an early ending to the story?
