It would be good news for ERHC shareholders if your scenario played out as you described it. The main risk as I see it is the assumption that anyone would pay $10 million for half of a company with a market cap of less than $5 million. With a company as financially weak and desperate as ERHC, it could require a lot more shares to raise $5 or $10 million. They just gave away 75% of the company for a lot less cash than that.
Larger problem is what the stock price might be post-split if no deal is announced and toxic financing continues.
I do not understand at all how you arrived at a price of $45 per barrel as the buy in price for the Tullow Kenya assets by the Indian company. The original story had a estimate of in excess of 1 billion barrels of reserves. And then somehow arrived at a total value of $27 billion [Maybe $45 minus cost of $18 equal a gross profit of $27 per barrel x 1 billion barrels or $27 billion]
Anyway the discounted present worth of oil reserves proved by drilling cannot be more than about $10 per barrel in the ground.
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