You are missing the entire point. ERHC has yet to do any seismic in their block in the EEZ. That means ERHC won't be drilling there for at least 3 years. ERHCs blocks in the JDZ have been dead for 6 long years after they drilled 5 dry holes there. It is going nowhere fast.
It is a absurd to think that ERHC can drill in deepwater when they have no money, no partner and no time left and when deepwater drilling is in the doldrums. I refuse to deceive people and pretend otherwise.
And ERHCs onshore blocks aren't much better. They just forfeited Chad because they had no partner and no money. After all that time and money spent, kiss it goodbye.
The Texas property is a complete joke. First, most of what they tried to buy fell through. What they did manage to buy, they had to sell most of it at a huge loss less than a year after it was bought. How pathetic is that? And the amount of revenue it is producing now is so small that it is irrelevant.
No movement in Kenya in over a year. Probably because ERHC owes the operator almost 10 million from the last well and have no money to pay them. The most likely scenario there is that they will be forced to kiss that goodbye too.
So what's left? A far-fetched idea that Starcrest is going to ride in and save the day. Have you seen their balance sheet? And this all led to a new myth being hatched that Eland is going to magically help ERHC out. Of course there is zero evidence that Eland is the least bit interested. But we might as pretend it is true anyway because there is nothing else left to hope for.
Bottom line is the situation at ERHC is dire and and they likely will not survive in any form that will provide any value to existing shareholders. That is why ERHC is trading at .0001. Maybe that reality has not hit yet, but it will eventually.
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