ERHC Energy Inc (ERHE)

[ac hotfries]

73% of the cumulative total of Blocks 1, 2, 3 and 4 is tied up between Total, Sinopec and ERHC. Dangote, Afren and Sasol combine for 3.5% of the 1-4 total, but only have interest in Block 1. ConOil has 6.25% of the total (only interest in Block 4) and EEL has 2.25% of the total (Only in Block 2).

15% of the Block 1-4 acreage is currently in limbo due to exiting partners, which, according to my calculations, eight partners have exited. It would be nice to get a final conclusion of who will receive the outstanding and available percentages remaining in Blocks 2-4.

I don't expect Sasol, Afren or Dangote to leave Block 1. I also think ConOil is holding out for the big payoff in Block 4. Adenuga has the money to wait and i'm sure wants to make sure he stays in the race with Dangote and SEO. EEL? who knows what they will do, not a very big percentage in Block 2. But they are also African for the most part now too with Oando.

-ach