Many large oil companies are now involved in the EEZ. Kosmos is working with Galp and BP in its blocks, and is also reported to be negotiating with Shell to bring them into the mix, as well. Also, Total and Sonangol just signed up for Block 1, while Oranto continues to look for a partner for Block 3. Kosmos has shot seismic over its blocks and is scheduled to drill a well next year.
As for Block 4, if I recall correctly, ERHC received $4M in compensation. They were also to receive consideration as certain milestones were achieved on the block, although specifics were never revealed that I am aware.
As mentioned previously, Block 11 is tied up in the courts. ERHC agreed to sell the block to Kosmos, but backed out and then sold the block to Total. Kosmos has taken ERHC to arbitration to determine if they had grounds to back out of the deal. Total has also taken ERHC to arbitration to prove that they legally purchased the block. Total won its arbitration, while no ruling has been made (that I am aware of) in the Kosmos arbitration.
Should Kosmos prevail, ERHC will receive $700K for the block. If Total's ownership is ultimately upheld, then ERHC would reportedly receive a 5% interest in the block. This interest is assumed to be carried. It is also assumed that ERHC will get some cash from Total, although no amount has been reported, to date.
ERHC still has its 15% working interest options that it can exercise on any block prior to the signing of a PSC.
That's about it. Anyone feel free to correct anything I may have misstated.
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