Actually, all of those are opinions...and opinions are neither right or wrong unless substantiated.
To the contrary, my opinion is that Kenyan blocks are no longer available and if new ones do become available they will be on substantially worse terms given that Kenya has decided to increases taxes, fees, and other regulatory burdens on a go forward basis for any new blocks. Any operator will salivate at the prospect of snapping up the last and least burdensome block from a Kenyan tax perspective...and that would be ERHE's.
Africa Oil had no problem selling its "blank canvas" and in fact they gave up quite a bit of percentages because of it (they indicated they would not do any pre-testing)...and yet their deal was phenomenal.
ERHE's oil block could have some testing done by ERHE at ERHE's desire...but we know that from the stock offering, Offor felt that would not be necessary...since ERHE a day or two later after the stock offering information had already announced an LOI. But then that is my opinion.
You yourself pointed out that CNOOC left Kenya and is now in Uganda. So I have no idea how you have come to the conclusion that ERHE would partner with CNOOC. CNOOC is not there, according to links you provided.
However, interestingly it was thanks to the CNOOC that Africa Oil got great deals elsewhere in Kenya. Perhaps such good fortune will smile on ERHE as well.
I highly doubt there would be any massive dilution coming if ERHE gets a deal like Africa Oil got...it would then have all the funding it needs for Chad or the EEZ. In fact, ERHE only needs about HALF of what Africa Oil got.
Who said SNP was an inferior partner in the JDZ??? Most know that the hang up in the JDZ is the JDA and not Sinopec.
Krombacher
AI
Market Data 
Markets 
