ERHC Energy Inc (ERHE)

[vineseeker2]

I started buying in 2004 or 2005, right after Chevron anounced they were drilling OBO-1. I had been watching this stock for a couple of years and thought the ERHC price would be affected (favorably)by the block 1 drilling. I believed in the assets then and was suprised when nothing major happened with the stock price after Chevron released results.
Then OBO-1 just disapered for a while & there was the news from chevrons manager in nigeria who said it wasn't enough to develop on its own because of infastructure costs.
Remember, block one is completely surrounded by other peoples leases and is something like 170 KM from shore. FPSO vessels are not cheap either.
Total has OML130 right next door, the FPSO at AKPO is pretty well maxed out but they are bringing in a simular one at Egina that has plenty of excess capacity, other than Egina south all thats in the area is block 1 & 2 of the JDZ, OML 130 doesn't have any other prospects. It looks pretty confident to me.