Unfortunately those few blocks in Kenya found oil but ERHC's block did not. And, to make matters worse, the operator of ERHC's block, CEPSA, after spending 10's of millions, walked out on their 55% interest. Apparently they believe the whole block is dry.
The biggest mistake an oil investor can make is to look at ablock that is a hundred miles away and pretend it must have oil too even after a dry hole was drilled.
And, there is no confirmation from either ERHC or Kenya that ERHC has retained its block in Kenya after failing to live up to its financial obligations. They apparently still owe CEPSA $10 million.
Also, the EEZ block is also in question. Arbitration is in progress and a lawsuit has been filed pending the results of that arbitration.
Lots of reasons this is a .0002 stock. Including the above, the $2.7 million owed the IRS and the resulting lien.
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