You are absolutely right in concluding that ERHC is unlikely to get very much for their blank canvas in Kenya. Why carry ERHC when other blocks are becoming available? And if ERHC does get a lot it will likely be from a partner who is technically deficient and probably won't actually find oil, but does have a lot of cash. SNP and CNOOC come to mind. We always knew massive dilution was coming. Next we will find out how bad it will be. Personally I would prefer the dilution to another inferior JV partner. If ERHC didn't learn that lesson in the JDZ, then they never will.
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