ERHC Energy Inc (ERHE)

[kingpindg]

That $100M was based on the PSC for Block 11, where ERHC had committed to spend (best I can tell) $85.5M (~100M) for technical work and social projects through three phases of exploration. Obviously the plan was to get someone else to pay the ~$100M while carrying ERHC's share for payback through cost oil. We know that plan did not work out as ERHC sold Block 11 to Kosmos for $4M and some future consideration which is still unknown.

So, while that plan is no longer in play, there is most likely a similar plan for Block 4 and, if ERHC can prevail in the arbitration with Kosmos, maybe they can get Total or someone else to accommodate it. ERHC's future could very well depend on winning this arbitration.


https://www.sec.gov/Archives/edgar/data/1509991/000155837016005628/kos-20160331ex100988876.htm



.