ERHC Energy Inc (ERHE)

[Krombacher]

For drill results to be inconclusive, then absolutely none of the wells drilled would be able to stand alone. That is because even if 4 are inconclusive and 1 is not, then you still have one that is not inconclusive and therefore commercial.

But you might be right about $1.50, because if only one is commercial, that's got to mean at least 250 million barrels, which means at least .75 cents or more. In fact we would need about 2 commercial wells around 250 million barrels each in order to be at $1.50. (Barring any EEZ or other prospects in the JDZ).

So while I don't think you will prove to be right about "inconclusive", you certainly have a good chance at being right about $1.50, because the means you are betting that 2 out of 5 wells are commercial and that is "realistic".

On the other hand if spreadsheet gate, as you cleverly put it, is correct, only one well was dry. If we have the other 4 commercial, and Kina commercial in a big way (say 400+ million barrels) then $1.50 will be too low of an estimate.

Krombacher