Nobody is going to be falling all over themselves trying to buy exploration targets that have zero reserves. Instead, those with money will be buying existing production from struggling oil companies on the cheap while oil prices are down.
Bottom line is ERHC has tried farming out Chad and the EEZ for years. There is very little value there. Kenya has some value but then you are selling off your best asset.
A private equity investor isn't going to pay market price. As I said, if you could find someone willing to give you 10 million it would take over a billion shares.
A merger with a larger company and ERHC shareholders would lose all the upside associated with a small exploration company. Plus it is unlikely they would do it for more than a couple cents a share.
Finally, the best alternative. Find a small exploration company that has some money and wants some onshore targets and take whatever they offer. This is wishful thinking and there may not be anyone willing to do it. But this would be my preference. And by the way, current management disappears and the buyer takes over.
I still am not sure some understand just how dire the situation is. ERHC needs some kind of deal and they need it very soon. At some point they will have to go with the best deal they can get and that may not please any of us.
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