Those statements are false. The IRS has filed a lien in Harris County against ERHC. ERHC owes the IRS $2.3 million. That is a legal action.
And Kosmos has filed a suit in Harris County against ERHC claiming they have a valid contract to buy block 4 in the EEZ. The case is scheduled for trial in April, 2018. That is a legal action too.
Also ERHC is in default on their still outstanding convertible debentures and the default provisions of those debt instruments have kicked in.
Finally, ERHC owes about $10 million to CEPSA for the Tarach well in Kenya that ERHC has been delinquent on for months. According to the JOA agreement interest is accruing on that balance. While I have no proof that legal collection action has been initiated, I know of no company that wouldn't pursue legal action if there is any chance to collect anything. There is no indication that debt has been forgiven and was still outstanding in the last 10Q filing.
So, bottom line is ERHC is up to it's eyeballs in debt and the legal consequences of not paying their debts.
It will be interesting to see how much of this appears in the upcoming 10K and how much is hidden.
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