Repost from the IV board:
"Geez, are we starting this conversation over again?
Originally, the JDA awarded 35% "bid interest" to Noble/ERHE; ERHE 25% "signature free"; Conoil 20%; Hercules 10% Godsonic 5%; Overt 5%.
At some point in time the JDA allowed Noble to drop out of the 35% Noble/ERHE bid award and allowed the replacement of Addax/ERHE BUT lowered the bid interest to 26%. The 9% additional bid interest was given to Godsonic (who already had 5%) from the JDA as part of the final award process. NO Compensation to ERHE or SEC filing required by ERHE was or is necessary as the 9% interest was not ERHE's to begin with or to negotiate away. Granted, it was not very clear how/why/when Godsonic obtained the additional 9% award but I have a guess that Addax originally was not interested in covering 60% of the expense for drilling in block 4 OR Godsonic somehow negotiated to allow Addax to replace Noble as long as they got 9% more.
Therefore, ERHE always retained its 25% signature free award. It then negotiated part of it's 25% signature free portion to Addax for the upfront expense free ride to oil production. ERHE ended up with 17.7% signature and upfront-expense free ride (paid for by Addax and ultimately recovered from oil production). Addax then had 33.3% (33.3 + 17.7 = 51% block 4 award).
On April 13th, Addax acquired and PR'ed the addition of 5% interest in Block 4 from Overt Ventures.
Current Breakdown of Block 4 Award:
Addax now has 38.3%
ERHE 17.7%
Conoil 20%
Godsonic 14%
Hercules 10%
TOTAL 100% End of current discussion until changes are made."
Good luck all,
Strategyone
