Unfortunately STP has no option but to work with ERHC whether they have the ability to perform or not. These blocks were awarded to ERHC by the world courts. I believe ERHC knows they can't be taken away and has deliberately delayed the signing of the PSCs this long because they did not want the clock to start to tick.
I'll believe ERHC can get a well drilled when they actually spud it. If it happens at all, I expect it to be at least 5 years down the road. They need a partner. They need 3D. They have never been known to move quickly on anything. I see no value added by the EEZ in the near term. Same for the JDZ. Same for Chad. It's all or nothing with Kenya and they don't even have a commitment for a well there yet. And some people wonder why the share price is where it is. I don't.
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