No he is referring to the myth that the value of the blocks that ERHC has are worth far more than their book value. In fact the opposite is true. Kenya is in arrears to the tune of 10 million. ERHC will never participate in another well in that block without paying the 10 million owed. I don't know of anybody willing to pay that.
The Texas wells are virtually worthless and are likely losing money at current oil prices.
No value in the JDZ since they drilled 5 dry holes there 6 years ago.
We pretty much know the EEZ block isn't worth more than 4 million because the other block sold for that amount.
Do the math and the 13 million in liabilities far outweighs the 4 million in value of the EEZ block.
So, if anything, ERHC has negative goodwill. Their assets are worth far less than what they owe.
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