ERHC Energy Inc (ERHE)

[Art2004]

Added note on Bovell presentation: He clearly presented the "Deep Opportunity" percentages ERHC has in JDZ blocks 2, 3, and 4. He noted the cash and free carries ERHC received for selling portions of its percentages to Addax and Sinopec.

ERHC feels quite comfortable with this short term and long term strategy.

He added though that short term, if ERHC could use its 32 million dollars for portions of oil assets that were close to revenue producing - this would be a good use of its capital and its major revenues would come on board in approx 2014, after it paid back its free carries.

If the second stategy proved successful, ERHC could be a diversified energy holding company with multiple assets and revenue ssources as well as having the ability to continue to grow its assets and revenues.

There are no plans for ERHC to ever be an E and P company, but ERHC does have plans to grow as an energy asset holdng company.

Sounds good to me.

Bovell also pre-empted two other rumor possibilities.

1. JDZ Blocks 5 and 6 would not be drilled until after blccks
1,2,3, and 4 were fully exploited.

2. The EEZ blocks, being in deeper waters. would probably not be explored until after JDZ blocks 1-4 or 1-6 were producing.
Of course other oil companies could have plans for exploring the EEZ before then.












Sounds good to me.