ERHC Energy Inc (ERHE)

[balance_builder]

bsk2007.....I'm starting to get the picture of why you wouldn't want China/ONGC to do drilling with your money on the line. Seems they are aware they are under experienced in the deep water arena. From Oilphants articles:

"Unfortunately for the company, there was poor success except for minor discoveries on the east-coast. In the past three years, the two foreign ships have drilled 33 wells of which 25 were dry. An expensive run considering that every well at those water depths costs about $20 million (about Rs 90 crore).

The dry run began in the west coast where all eight wells did not yield hydrocarbons. The company was pilloried by everyone including the director general of hydrocarbons for the dry spell. Of the 25 wells on the east-coast, the company had small successes with about five wells yielding some oil and gas."

"Optimism and hope have kept ONGC’s quest for oil alive so far."
http://economictimes.indiatimes.com/News/News_By_Industry/Energy/Oil__Gas/ONGC_pins_hopes_on_UD-1_we...

..................and:

"Sharma said that ONGC officials were discussing the issue with their counterparts from the various companies. "We are not very good at deepwater and ultra-deepwater exploration and therefore we need partners," he said."
http://www.indiainfoline.com/news/innernews.asp?storyId=24215&lmn=1