ERHC Energy Inc (ERHE)

[Krombacher]

The thing is Addax didn't undergo a drop in share price due to the belief that it might go bankrupt.

Erhc dropped to a valuation of under 1.5 million which is ridiculous even for a shell company which has nothing.

For an $8 valuation, clearly what must happen first is cash and carry then drilling on the properties then discovery of oil then buy out.

And I've always said that.

But without that process Erhc's buyout price is considerably less BUT not as low as $1.5 million.

Again, if block 4 in the EEZ alone is valued at $500 million then even a fifth of that throws us into a whole pennies, at around 3 cents.

I am NOT lowering my valuation from $8 to 3 cents. I am simply pointing out the various events that must first occur for certain price points to be achieved.

Krombacher