Replies to post #43853 on ERHC Energy Inc (ERHE)

[Sidewinder]

Ruby I have to aggree with you ,this is fantastic news for all share holders of addax and erhe . There must be on shiit load of oil there . Maybe we'll all be CLAMPETS
Share price should move today as nobody wants to get caught with there pants down this holiday week end .
Sidewinder

[amj23]

Not to you Ruby, but to the people who thought oilphant meant SNP buying shares, I think he meant as a buy-in. This is the way they can control the flow of More oil to China. I think this comes sooner rather than later. We shall see. Jmo.

[snow]

Ruby

To me this seems bad news indeed! The point is what was paid for this stake, which means a valuation of the stake of ERHE in the block.

"In return for obtaining Overt's 5 per cent participating interest in Block 4, Addax Petroleum is obligated to pay:

- US$10 million to Overt as consideration for the interest"

5 % without a signature bonus is valued at about $ 15 million. The stake of ERHE would based on this valuation be valued at about $ 50 million, which is less than 10% of the current market cap of ERHE. Block 4 is supposed to be the most attractive block.