So basically no investment banker, no partner, contrary to all the speculation. Offor will be able to pick up shares not spoken for, and will own even more of the company. Nothing more than a restructuring of stock ownership. The money raised is not nearly enough to complete the 2 year work program which will produce no oil and no revenue, just studies, so they have to come back for more later. If Offor doesn't participate, they don't have enough of the existing shareholder's to fund the offering which would then fail. The company would cease to exist. A very underwhelming pr and situation that they put themselves and all shareholder's in by blowing millions and promising to diversify years ago and of course did not and I believe had no intention of doing so.
Not even close to being something anyone should be excited about, just more years of nothing while putting trust in Ntephe to use these millions wisely, an absolute travesty.
The PSC with the Government of Kenya obliges ERHC to carry out the following minimum work program:
(A) During the Initial Exploration Period of Two (2) Contract Years – Minimum Work and Expenditure Obligations:
· Acquire and interpret 1,000 km2 of gravity and magnetic data (at a minimum cost of - US $ 250,000) and
· Acquire and interpret 1,000 Km/line of 2D seismic data (at a minimum cost of – US $ 10,000,000)
This represents obligations under our PSC with Chad. The Company has a remaining commitment of $5,000,000 for its signing bonus and a minimum $15,000,000 commitment under a five year work program. This commitment must include annual expenditures of at least $1,000,000 and accordingly, the above analysis is prepared using the minimum commitment. Furthermore, the Company has committed to pay annual Surface Area Fees, estimated to be $27,000 per year during the Initial Exploration Period.
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