The ironic part is that other than the 10 million in drilling costs ERHC still owes to CEPSA, almost all of ERHCs drilling and seismic costs were paid for by others or were reimbursed. That 50 million plus additional amounts they raised were vaporized when they went into management's pockets or out the door to accomplish nothing.
Think about it. Zero exploration in Chad where they acquired 3 blocks and spent over 3 million. Vaporized with no seismic done, no partner found and no wells ever drilled.
The EEZ. Millions spent. No seismic, no wells drilled, no partner, one block sold for 4 million and that money has been vaporized too.
The JDZ. No partner, no wells drilled in 6 years since 5 dry holes were drilled.
So in the 6 years since Ntephe inherited 50 million, the EEZ and the JDZ they got 1 partner and drilled one dry hole and ended up not even getting a carry on even one well. So now they owe 10 million that they can't pay to CEPSA and 2.7 million to the IRS that can't pay either because they have no cash and no remaining shares.
I understand supporting the company we invested in but I will NEVER understand the lack of accountability or responsibility that has been afforded to this management. They have done almost nothing right with zero consequences for their failure to accomplish anything. The only thing they have excelled at is vaporizing cash and vaporizing shareholder value.
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