Bayfisherii: Thanks for your positive comments - my post yesterday intended to convey good faith views as I see it from my industry perspective. Nothing can be all cut and dried, particularly at this stage in the game.
This board has the potential of being a valuable forum bringing together the many different talents that read and post here.
Valuing on the basis of future cash flows would be reaching really far into time, and reaching even further to project associated risks. However some idea of recoverable reserves and a stock value that way could be more doable, IMO. An independent petroleum consulting firm, of which there are many skilled at this in Houston, could examine the seismic that ERHC has, plus any available well logs of neighboring areas, and arrive at a rational risked set of numbers for possible, probable and proven reserves. They do it all the time. Same process used a lot in weighing property acquistions, farmins, outs etc. That could become a basis for an acquirer to use with comparables and its own assessment of the potentials to choose a dollar figure.
All of which sort of echoes what you are saying in your post.
I am disappointed that ERHC did not do something like this, like Afren did about a year ago, to provide some rational basis for potential reserves and hence stock market value perceptions, albeit preliminary, in contrast to the lack of information on ERHC potentials.
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