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Wednesday, February 18, 2009 8:41:41 AM
The WesternGeco report ERHC released in June was from a 2003 report that was intended to help the company make Block selections in advance of the bid rounds. It’s in the second paragraph of the news release (http://www.erhc.com/en/rel/?116).
This NSAI report is based on 3-D seismic shot in 2007 that was intended to help pinpoint drilling locations. Expectation is that the newer data – along with the updated methods of analyzing the data –will give a more accurate assessment of ERHC's assets. . .
Also, the two reports are not aligned in the terms used. Risked and unrisked reserves aren’t the same as “recoverable reserves potential.” News release from June says; ”The estimate of recoverable reserves potential…did not include any attempt to comply with any SEC definition of reserves.”
The NSAI report complies with SEC requirements.
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