ERHC Energy Inc (ERHE)

[sim2010]

One more good ERHC article I found online:

https://www.theguardian.com/guardianweekly/story/0,12674,1333848,00.html

An excerpt from this article:

....in 1997 an unknown, Houston-based Nigerian company called ERHC, which had never drilled a barrel of oil, offered just $5m for ? and got ? exclusive exploration rights to all Sao Tome's waters. It was described as one of the best ? or worst ? deals in history, and the World Bank declared it unfair. But no money was paid and the deal looked set to fall apart until Sir Emeka Offor, a Nigerian businessman closely associated with the late Nigerian dictator Sami Abacha, bought ERHC, renamed it Chrome, brought in ExxonMobil, involved the Nigerian government and proposed a new agreement in return for lucrative concession rights. When Exxon struck oil, Chrome/ERHC became worth about $600m overnight. Nigeria then disputed Sao Tome's territorial limits. Fearing it would lose everything, desperate for cash, the then president caved in and agreed a 60:40 split in Nigeria's favour...