ERHC Energy Inc (ERHE)

[ponzi_implosion]

$300,000,000 on Phase 1

That's about $60,000,000 per hole.
Block 4: 19.5% working interest percentage = about $11.7 million
Block 3: 10.0% working interest percentage = about $6 million
Block 2: 22.0% working interest percentage = about $13.2 million
Total = minimum of $30,000,000, I'm not sure how to allocate the 'missing 2 holes'

These retained working interests represent our share of all the potential hydrocarbon production from the Blocks and obligates us to pay a corresponding percentage of the costs of drilling, production and operating the Blocks. As set forth below, these costs in Blocks 2, 3 and 4 are currently being carried by our consortium partners until production, whereupon the operators look to recover our carried costs from the anticipated production revenues.

So a year after drilling ERHE has racked up at least $3 million interest. Will this $33 million obligation show up on ERHE's books for the 10K?

Regards
P