Wednesday, August 08, 2012 11:21:12 PM
I also don't think ERHC can just flip the Kenya block for immediate carries and cash. How could you possibly justify to the people of Kenya licensing a block for $310,000 and then having that company get many times that amount in cash and carries. There would be some serious questions being asked about the legitimacy of such a deal. So, I just don't see it happening.
I also don't think there is going to be a sudden interest in the EEZ or Chad. Nothing has changed to make that happen.
Finally, I don't think a partnership with the Chinese is good. If these countries wanted to deal with the Chinese, then they would have dealt with the Chinese. I don't think it would be good if ERHC is seen as nothing more that a surrogate plus I am tired of the lack of disclosure from them. That is definitely NOT in the best interest of ERHC.
So, here are my three most likely possibilities.
1) Some type of stock for stock merger with a company that has some cash and that is on a better exchange. This could add producing properties immediately, get us on a better exchange immediately, bring more diversification, lessen the influence of the majority shareholder(which I consider a plus), possibly bring in better management and certainly bring in more technical expertise. This is what I would most like to see. The biggest problem I see with this is Offor. Is he finally ready to give up some control for the good of the company?
2) Sell out a portion of their interest in the JDZ or the entire JDZ. I still consider ERHC as an impediment to the development of the JDZ due to their large ownership percentage while bearing no costs. With the EEZ and with the addition of Chad and Kenya maybe it is time to let a big piece if not all of the JDZ go and get what you can get. Perhaps ERHC could retain a much smaller interest and get some cash instead.
3) A property swap. We swap some of the interest in our properties for a piece of someone else's properties some of which could be producing. I am not sure how this would raise the cash needed though. It would be rare to give up producing properties that generate cash flow for propspects. But it could happen.
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