Not a matter of CEPSA or any other driller giving up. It's all about ERHC having no capital. Quite simple, reverse split again and more toxic debt (if anyone will still buy it), restructure or unwind. Some day plenty of oil may be discovered in the areas ERHC now controls but current shareholders won't share in it imo.
Actually CEPSA gave up on one of their blocks in Kenya without drilling any wells. Several other companies have left after one well. Some chose to ignore that fact. It is a very real possibility.
If CEPSA has not given up why has it been 10 months since they spud the last well with no commitment to go to the next exploration phase and no commitment to drill another well.
I think CEPSA may drill another well. But there is no reason to believe CEPSA won't use their rights under the Joint Operating Agreement to get rid of their deadbeat partner who owns them about $9 million and who can't pay that debt let alone pay full price for another well.
Maybe it is just coincidence and meaningless, but Thuo leaving ERHC and CEPSA removing Kenya from their E&P locations webpage around the same time does not give me a warm fuzzy feeling about Block 11A. But, as usual, we wait in the dark.
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