ERHC Energy Inc (ERHE)

[letitfly]

I had the opportunity to hear the presentation live. Yes, David seemed a bit uncomfortable, but the room was noisy and it was hard to hear him at times.
Everyone has pretty much discussed the presentation as it was pretty standard and not much new information offered.
I spoke with him after the talk and asked a few questions. He was very approachable and took his time to answer as we were surrounded by representatives of banks, funds & private equity.
1. Justice department investigation is dormant. The chap who replaced the original investigator does not seem to have this case on his agenda. In addition, the statute of limitations will come into play by 2010.
2. Dispute with blocks 5 & 6-- ERHC has requested arbitration of the dispute. This dispute will in no way impinge or affect the agreements on blocks 2,3 & 4. More importantly, blocks 5 & 6 are really on the backburner until they receive drilling and production results on blocks 2,3 & 4. Therefore, blocks 5 & 6 may not even be important for strategy purposes.
3. Rig for blocks 2 & 4 are scheduled for 2nd half of 2009. Blk 3 depends on Anadarko decision which he is unaware.
4. Growth-- while they have a very good cash position, they are looking for possible expansion. As for possible share dilution, he would not commit other than to say that if a deal involving shares worked to the benefit of the shareholders, then he would pursue it.