ERHC Energy Inc (ERHE)

[procon]

http://www.addax-oryx.com/pdf/APS-AnnualReports-2004.pdf

Financial Condition

Cash at bank was $3.9 million at year-end (2003: $56 million).
In the last quarter of 2004, APNV obtained a $250.0 million loan facility of which $65 million was drawn down as at year-end. It is planned that the borrowing base will be increased throughout 2005 to a maximum of $300.0 million. The loan facility base will be re-determined semi-annually based on an evaluation of APNV’s oil and gas reserves. As at year-end 2004, the borrowing base was set at a maximum of $100.0 million, this has been subsequently increased to $200.0 million on 1st March 2005.

(Ironically, I learned of it Friday after reading Mongo's post about the Annual Report, in which he said the "good stuff starts on page 29 or 30." Indeed, the good stuff did!)