ERHC Energy Inc (ERHE)

[kingpindg]

OK, Krom, you got me. My recollection was wrong.

They only received $4 million for Block 11. The $700K that you are recalling is the sales price they agreed to take from Kosmos for Block 4.

Net cash provided by investing activities during the year ended September 30, 2016 was $3,991,906, a change of $3,766,284 from cash provided by investing activities of $225,622 for the year ended September 30, 2015. The change in cash used in investing activities was primarily due to the increase in proceeds from sales of EEZ Block 11 interest in oil and gas concessions of $4,000,000 for the year ended September 30, 2016.

https://www.sec.gov/Archives/edgar/data/799235/000114036117002243/form10k.htm

And we previously discussed how the amount owed on the taxes (somewhere in the $600K range, to my recollection) was a paltry sum in comparison to the perceived worth of Block 4, so why didn't someone just pay it rather then risk losing the block.




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