ERHC Energy Inc (ERHE)

[sneak-attack]

Yankemike: The ERHE AIM'S listed Sub may be the Eremor field. Afren had a deal with Excel to finance the developement of that oil field in exchange for a 50% interest and would recover all the cost from 90% of the production until the cost are recovered. It looks like that deal is off. The field hold about 30 million barrels of oil of which 10 million barrel are estimated to be recoverable. If the deal is, Lets say the same as the Afren deal, then once in production ERHE could receive about $13 million a year in net gross from this field. This ERHE Sub could have a market cap of 40 million. Nigerian estimates for all of it's marginal oil fields contain about 1.3 billion barrels of oil. With a Free carry in the JDZ, SEO could charge head long into a dominate postion in the marginal oil field market.


Just food for thought.
Sneak