ERHC Energy Inc (ERHE)

[ac hotfries]

And we still don't know what Equator gave up 0.25% of their interest for. Could it be for the BD?

-ach


Under the settlement, Equator has also:

provided to a partner an economic interest equivalent to 0.25% of JDZ Block 2, and agreed to fund all cash calls and invoices payable in respect of that 0.25% interest up to a maximum of US$375,000.
After taking account of these arrangements Equator has a net economic interest, after recovery of costs of 8.75% in JDZ Block 2.

Under the arrangements relating to the settlement with its partners in JDZ Block 2, deferred consideration payments may become due upon approval of commercial field development programmes. The amount of any deferred consideration payable would depend upon the level of proved reserves in the field area and would be capped at a maximum amount of US$ 6 million.