Making the huge leap of faith that ERHC's block 11A mirrors Ngamia and, by your own research, "this deal came almost 3 years after Ngamia-1 and after several follow-on discoveries", how would ERHC pay its expenses for the next 3 years and its 35% share of all exploration costs to get to the point where a deal like the one you are fantasizing about could materialize?
Consider just the "several follow-on discoveries" alone could cost ERHC $20 or $30 million or more. How could they possibly get to that point without issuing another share and still hanging on to its current 35% of 11A as you are assuming in your calculations?
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