Actually when oil prices drop companies go out and buy existing production and cut back on drilling. They don't go exploring in unproven basins. The cost of deep water rigs is irrelevant because it will be 5 years or more before the EEZ is drilled by anyone. Sure, existing plans in Kenya will go forward for a period of time, but the drop in costs on international drilling projects like Kenya aren't going to go down all that much because the costs are not closely tied to the day rates of rigs. Other costs won't come down much if at all. My guess would be a 10-20% decrease at best. Like it or not, lower oil prices hurt ERHC far more than helping them. Even Ntephe knows that. And it is something everyone needs to understand.
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