It appears that ERHC is in default on their payment to CEPSA for the last well. They owed about 5 million and have no visible way of paying it. They also owe the IRS about 2 million with no way to pay that either.
According to the Joint Operating Agreement, it appears that if ERHC is indeed in default, CEPSA can just take ERHC'S interest in the block for payment. I see no no reason why CEPSA would not do that. Nobody will buyout ERHC for their assets with all the baggage and liability that ERHC as a corporation now has.
I still believe CEPSA is going to strip ERHC of Kenya and perhaps move on without them. That is what any logical company would do when they have a deadbeat for a partner.
There is zero evidence that CEPSA or anyone else has any interest in any of ERHC'S other assets. And even if they do, why would they take ERHC along for the ride. Plenty of distressed assets out there without the baggage.
News 
Market Data 
Discover 
