Gremlin....There is no way or advantage I can see that SO,PN, and 3 others set up the New Canadian company for the purpose of a take over of ERHC simply to be on another different exchange. There is a small chance of it being created to help an acquirer gain control of ERHC along the lines outlined on the "white board" several years ago. It makes slightly more sense that there might be more than one company interested in acquiring ERHC's assets, and the new company could be a vehicle to achieve that end.
However the most plausible explanation is that it was created to take over operatorship of the Chad asset because the acquirer of ERHC has no interest in being involved in Chad because of the political situation in that part of Africa with another attack in Chad's capital city over the weekend killing several people. The asset does have value and will be very profitable to develop; so it makes no sense to just drop it. A passive investment of around 20% has much less political risk than does having responsibility for development with personnel and equipment on the ground there.
The above will of course require regulatory approval because of possible conflict of interest issues on the part of SO and to some degree PN.
All JMO.
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