They are talking about OPL245.
Here are some alarming cuts from the 10K!
"The minimum expenditure on the work program over the 8 years is $16 million."
Disclaimer about releasing a real drilling report.
"As has been the practice in the JDZ, accurate material information on the progress in the JDZ Blocks will emanate from the operators or the JDA. ERHC will publish such information in a timely manner in accordance with ERHC’s contractual and regulatory obligations
Exile .... IF is a big word!
ERHC plans to attend a meeting of the shareholders of Exile on December 29, 2011 where consideration will be given to an arrangement (the "Arrangement") for:
(1) a share exchange of one new share of Exile for every 16.28 currently existing shares;
(2) the issuance to the shareholders of Exile of two share purchase warrants of Exile for every 16.28 shares of Exile held immediately prior to the Arrangement, one such share purchase warrant being exercisable to acquire one new share of Exile at an exercise price of Canadian $1.50 per share for a period of 12 months and a second such share purchase warrant being exercisable to acquire one new common share of Exile at an exercise price of Canadian $2.00 for a period of 24 months;
(3) the change of the name of Exile to Oando Energy Resources Inc. or such other name as may be acceptable to Industry Canada and the Toronto Stock Exchange;
(4) the appointment of two new directors to Exile;
(5) a reduction of the stated capital of the issued and outstanding shares of Exile to Canadian $1.00 per share without any distribution to the shareholders of Exile and;
(6) the reverse acquisition and reorganization transaction of Oando E&P .
If the Arrangement and reverse merger/ reorganization is approved, there will subsequently be approximately 106,053,338 shares of Exile outstanding, with the current Exile shareholders holding 5,714,286 shares and Oando holding 100,339,052 shares. In that event, ERHC’s investment in Exile is expected to be approximately 419,165 shares based on the current 6,834,000 shares it holds
Where is the money coming from>???? Crazy talk!
ACQUISITION OF OTHER OIL AND GAS EXPLORATION AND PRODUCTION ASSETS
Although ERHC is making considerable progress toward realizing the value of our oil and gas assets in Chad, the JDZ and the EEZ, it will be some time before any of these oil and gas assets begin to produce revenues. ERHC, therefore, seeks to identify and acquire assets with a shorter time horizon for revenue generation.
ERHC has identified and examined a large number of potential acquisitions and is actively in discussion regarding a number of potential exploration and production opportunities in Africa. Ultimately, ERHC seeks a portfolio of assets and companies from which it can derive significant strategic value. Securing such potential acquisitions will of course depend on the availability of adequate financing.
AI
