What some don't want to talk about is ERHC's ballooning liabilities. The $10,000,000 owed to CEPSA, the money owed on the convertible debentures and the money owed to the IRS are all accruing interest at a high, penalty interest rate because ERHC is in default. No telling how much that interest has skyrocketed to now.
Also, ERHC must now be in the 3rd Exploration period in Kenya if they have even been allowed to retain that block. That 2 year exploration period expires in September of 2018 and ERHC is required to drill one well costing at least $30,000,000 during that exploration period. That obviously ain't gonna happen.
Not only that, ERHC is required to pay to Kenya $175,000 per year for ministry training fees, $50,000 per year for social projects and about $180,000 per year in surface rentals. That totals over $400,000 per year. That likely went unpaid in 2017 and 2018.
Then there are the legal fees for arbitration and lawsuits. How much is that?
So, while it may seem ERHC has minimal or no ongoing costs, it seems to me like the meter is still running and liabilities are still mounting.
