ERHC Energy Inc (ERHE)

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I agree > From everything I read the only block drilled to date was Chevron block 1 and the result was "not economically viable for it to develop" , I am sure this is also dragging down any valuations being put on these blocks by the investing public.

And if you do even beginner research into the JDZ/JDA/Nigeria/SaoTome you see a lot of uncertainty in the governments of the region, , and of course the usual ongoing ERHC problems....

IMO ERHC energy is going to have to deal with the currently unrealized stock price until it can force drilling AND THEN Find a economically viable pay zone before they will get even close to the full value for the stock.

Recent Article outlines a lot of these issues:

São Tomé and Príncipe economy: Moves to revive activity in the JDZ

Last Updated: 03 Oct 08
COUNTRY BRIEFING

In early July, the Joint Ministerial Council (JMC) of the Nigeria-São Tomé Joint Development Zone (JDZ), met in the capital, São Tomé, to discuss how to revive the stalled development of the JDZ. Since the JDZ was created in 2001, a total of six exploration blocks have been awarded to a consortium of oil companies, but so far only one exploratory well has been drilled, on Block 1, which the operator, Chevron, judged as not economically viable for it to develop. The main reasons for the lack of other exploratory activity in the JDZ have been the political uncertainty in São Tomé and the rising costs and lack of available rigs in the global oil industry. Further discouraging activity is disquiet over the existing rights to several blocks held by a US-based oil company, the Environmental Remediation Holding Corporation (ERHC), which is under investigation by the US legislature for allegedly paying bribes to Sãotoméan officials to secure oil interests. During the meeting in July, the Nigerian foreign minister, Bagudu Hirse, also blamed excessive bureaucracy for blocking investment in the JDZ.

SOURCE: Country Report

https://zawya.com/printstory.cfm?storyid=EIU20081101212606375&l=134000081003