This is where I have to disagree with you midtier.
The press release disclosed "the carry". Because it is too early in the game to disclose whether or not the partnership of CEPSA and ERHE will drill at least one well, makes it IMPOSSIBLE to disclose that fact. Which, in turn, makes your claim of materiality impossible to determine.
Here is a quick analogy: Microsoft recently released Office 2013. Do you think that is a material event? I do. Now, will Microsoft release Office 2015? Office 2016? Office 2017? Will those events be material? I think they will be. If you owned MSFT stock, would you be demanding Microsoft tell you NOW whether or not they will be releasing these future products (ie.. the number of wells to be drilled)?
I think your interpretation the other day was closer to the facts as they lie now which is - the carry is through the first phase of the PSC agreement with Kenya which puts the option on the operator to either spend money to drill at least one well OR spend money to do 3D studies instead only AFTER they analyze the 2D studies which have not been completed yet. Either way, the partnership is going to spend money and ERHE is carried. Either way, ERHE is in a great position as it does NOT have to lay out further dollars now before it is known what is beneath the surface.
It is unfortunate that so much negativity is being focused on just a few persistent posters implied confusion. I know I am not confused. I read the PR in the English it was written in and I read "carry".
Now, we also know that ERHE has proven from the JDZ experience that it will, indeed, release the full wording of the agreement in a future quarterly filing. So, I am not sweating over the details that may or may not determine a future number of wells being covered.
Let us all agree that in reality, one of two things are going to occur in Block 11A with the partnership of CEPSA and ERHE. 1) If the analysis of future studies show very positive studies - the partnership will drill. 2) If the analysis of future studies do not show enough justification to risk more money to drill, the CEPSA and ERHE partnership will dissolve and NO wells will be drilled by CEPSA in the near future.
IMHO, the market is "telling" us ERHE is a 6 cent stock until #1 or #2 is determined above. It is really that simple. The market may tell us something different if more news is released on other assets ERHE owns but at this time, nothing looks to change in the very short term therefore, no movement.
