ERHC Energy Inc (ERHE)

[sortman]

Block 4 only = $.21 per share.

I like the following;

In mid-August 2006, Centurion increased its stake in Block 4 in the JDZ to 9.5%, an increase of 2%. In order to acquire the additional interest, Arrata stated to the press that they would purchase a 25% equity holding in Hercules Petroleum Limited for a cash consideration of US$4.4 million, making Hercules a wholly owned subsidiary.

So they paid $4.4 million for 25% which owned 2% stake in block 4, this gives block 4 a value of $4.4/.25/.02 = $880 million x 17.7% ERHE participating interest = $156 million or $.21 per share, and this is for very unproven reserves with no free carry.