Tuesday, December 15, 2020 2:00:26 PM
https://www.sec.gov/Archives/edgar/data/799235/000114036117002243/form10k.htm
So as of September 2016, at least, ERHC had not exercised either option. I am of the opinion that they still have not.
Additionally, in their 2015 annual report, ERHC said the following regarding the consideration to be received from Kosmos for Block 11...
https://www.sec.gov/Archives/edgar/data/799235/000114036116064293/form10ka.htm
So, if the upside retained was 15% of the block, why not just say that?
With respect to the future value consideration on Block 11, we know that Kosmos shot seismic on that block and that they did not relinquish the block afterward which would imply that a decision was made to proceed "through seismic to drilling", meaning a payment could have already been due from Kosmos. I have speculated before that it is possible that ERHC was able to pay for some of their litigation expenses against Kosmos with proceeds received from Kosmos from the Block 11 agreement.
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