ERHC Energy Inc (ERHE)

[tryoty]

SEO's asking price...

I'll tell you up front this is a WAG!

Less than half of AKPO's 1B bbls proven undeveloped sold for $2.3B. That's roughly $5B per billion bbls.

Oil was a lot cheaper then, I think in the $30's, meaning 1B bbls is worth $10B today.

Currents estimates suggest 2B bbls in each 2, 3 and 4.

ERHE's percentage of that is roughly 15%, or 900M bbls. So as it stands right now, if the estimates are accurate, ERHE will have nearly a billion barrels of proven when the holes are poked.

1B bbls worth $10B is $14 per share.

Depending on upside surprises, since I suspect seismic estimates are conservative, I think $14 per share would be SEO's low number for a buyout.

That's only if he intends to hold until all proven is known. Maybe he'll end up thinking a bird in hand is worth two in the bush and accept a lower number before all is proven, but I don't see that happening. He's come this far and has 6 long years invested in ERHE.

And then there's the price of oil. If it goes up, the price of ERHE goes up.

I won't even guess at a buyin number. There's too many variables.