IMO, for ERHC to consider bidding for blocks in NEEZ, without a guarantee that our partners would provide all financing, would be totally irresponsible. By most accounts, with the blocks we have just in the JDZ we are valued long term at a minimum of $20/share. Yet, no one here knows is certain where we will get the money to fund exploration and production in 5 blocks simultaneously.
Then we have the STPEEZ, where we have twice the acreage. We will have to pay for 2-15% bonuses, plus 230% of E&P costs in 4 blocks there. Where is that money coming from? We don't know do we.
If anyone who knows anything about what these costs could total, they will quickly realize the only way to fund this is by trading some of our rights for full carry.
I have no problem with that, and we already know NBL has farmed-into 15% of our roghts on B4. They value of just the sig bonus alone for that agreement will be a minimum of $13 million and cold have earned ERHC as much as $20 million. That's just for 15% of one block. We have A LOT OF GUARANTEED RIGHTS HERE FOLKS.
Let's look at this possibility... We could farm-in a partner to 100% of 1 block in the STP and realistically receive a value of around $100 million, without giving up the 100% of the revs from that block.
There's not enough ink in Africa to print the number of shares we would need at $.60 to fund E&P in JDZ and STPEEZ, not to mention the NEEZ. I do believe we will be a player there as well, but if we are, we get carried there as well.
It will likely be 2 maybe 3 years before we have revenues. By that time, we will be in 5 JDZ blocks, 4 STPEEZ blocks and how many NEEZ blocks? Think for a minute about the money we'll need and you will know we can only do this via carry.
Once we have proven, the options open up. It sure would be nice to have on of our partners farm us into one of their active blocks as a trade-off. We could get proven a lot quicker on some of the blocks they already have working.
Hint, hint...
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