The point is that if Cepsa decides that sufficient hydrocarbons exist to justify the drilling of an appraisal well, ERHC will be carried for that well and ONLY that well. If Cepsa decides an appraisal well is not appropriate, then ERHC's carry is limited to the well that has just been drilled. Under either scenario, the contention that "ERHC pays for its share of the first well...but is carried for all subsequent wells" is ludicrous. Or are you implying that ERHC and CEPSA have entered into significant changes to their carry agreement that ERHC has failed to disclose to its shareholders?
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