ERHC Energy Inc (ERHE)

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Exxon bailed after trying to deal with SEO, oil prices were about $25-30 per barrel & SEO wanted north of $10.00 for unproven, Exxon was used to paying $2-3. Grandur from Addax said the only way to develop the JDZ was in clusters to make the infastructure afordable, of course the barrel price being arround $80 makes a big difference now.
Chevron anounced Obo-1 was a billion barrel find, Total paid between 2-3 billion for the FSPO at Akpo and its serving 22 wells it would take a lot of development to afford the infastructure to go all the way back to Nigeria, now Total only has to go to Akpo, something like 30 km. where they have a 3 billion FSPO.