Re Eland:
1] They recently raised enough capital on an oversubscribed offering in UK to fund those next two wells in OML40.
2] They now have a substantial cash flow from sales of oil produced.
So ELAND is now funded and can rather quickly pay down their debt.
Which means Starcrest has a valuable asset.
Now if Deloitte has found a buyer for the offshore assets, ERHC COULD have some cash to buy in to Starcrest or buy in to Starcrest's 22% of OML40. The latter option would be the best option, IMO, for several reasons. The most important reason being Eland would be the manager of the assets which make that asset bankable.
And i think this is a doable deal if OFFER needs to monetize his Starcrest asset, and a quick way to do that is a deal with ERHC providing Deloitte can sell the offshore assets for a reasonable price.
Starcrest, i think is Chrome's only asset with real value probably because it is Chromes only passive asset.
