Again, I recall none of these press reports you mention, either of an estimated cost of $20.5M or a final cost of $25M. The only $20.5M I am familiar with was, as mid mentioned, the cap on the carry that ERHC negotiated; and, to my knowledge, the actual final cost of the well has never been reported.
Again, the $9.623M reported by ERHC is what they currently owe to CEPSA for well expenses. They were able to pay some of the well expenses early on so, obviously, the well cost ERHC more than $9.623M. How much more is not entirely clear.
Also, ERHC's proportionate share of the well costs was not 35%, but 25% of 35% (or 8.75%) up to the point that the $20.5M carry cap was reached and then 45% after that.
Lastly, rest assured that any unfounded opinions upon which I may be relying are purely my own.
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