ERHC Energy Inc (ERHE)

[dbernet]

"Addax is entitled to 100% of ERHC’s share of oil production until Addax recovers ERHC’s costs."

That is pretty clear to me. We won't receive revenue until we are at that point in the production curve that has paid our share of the costs at that point, unless agreements in the other blocks are different.

I don't think it matters, and here is why. At the current burn rate, without any more revenue from the Godsonic 9%, we have enough cash two last about 17 years. And well before production starts, we will have established reserves that IMO will value the company at a level to satisfy the hungriest. I think drilling will push us through the roof in a stepwise fashion as more and more info comes out about the JDZ. Revenue would be nice, but we have enough cash, and if it took that agreement to get us the cash and carry, I am happy with everything except the lack of communication until now.

Hopefully we are looking at this level of communication going forward.

db