Ok so here is a really deep dive into Rights
FYI - these deep dives are 99.9 % more effective than anything ever posted on this forum in 20 years...(and it took 3 minutes)
1️⃣ Kenya – Block 11A (Tarach-1 area)
History
ERHC signed a PSC on Block 11A with Kenya in 2012, initially 90% working interest.
They farmed out 55% + operatorship to CEPSA, leaving ERHC 35% and NOCK 10%.
Tarach-1 was drilled 2016 and classified dry.
ERHC disclosed it was ~$9.6M in arrears on its share of Tarach-1 costs and in default since May 2016 on its obligations to CEPSA.
What happened next
October 2017: CEPSA withdrew from Block 11A after the unsuccessful Tarach-1 well, confirmed by Kenya’s principal secretary for energy.
A 2025 draft “energy transition” report from Kenya mentions ERHC’s Block 11A work as preliminary exploration, in a historical context, not as an active current license.
There’s no recent Kenyan government or company statement showing Block 11A as an active PSC with ERHC still in good standing, and CEPSA has walked away.
My inference:
It’s very likely that the Block 11A PSC has either expired or been terminated and the block reverted to the state. ERHC’s default + CEPSA’s withdrawal + zero fresh activity strongly point that way.
So as of late 2025, I’d treat Kenya Block 11A as not a live, clean ERHC asset.
2️⃣ Chad – BDS 2008 etc.
Earlier, ERHC had PSCs on three Chadian blocks and 100% of BDS 2008.
In ERHC’s 2017 10-Q, they explicitly say the Chad acreage has been “relinquished”.
Conclusion: ERHC itself says the Chad blocks are gone. I’d assume zero current value there.
3️⃣ São Tomé & Príncipe – EEZ Blocks 4 & 11
Original ERHC position
2010: in the first EEZ licensing, Blocks 4 and 11 were awarded to ERHC, with 100% working interests and options for up to 15% in two additional blocks.
ERHC set up ERHC Energy EEZ, Lda as the local vehicle. ResourceContracts shows a 2014 PSC for Block 11 with ERHC Energy EEZ, Lda as operator (75% share).
There were deals and disputes with Kosmos and others over Block 4, including an arbitration and various assignment documents.
Where things are now (2024–2025)
Multiple very recent sources show the current consortia for the STP EEZ blocks:
Petrobras, Shell, Galp and ANP-STP now hold Block 4: Shell operator 30%, Petrobras 27.5%, Galp 27.5%, ANP-STP 15%.
Petrobras says that since Feb 2024 it has 45% in Blocks 10 & 13 and 25% in Block 11, with Shell as operator.
Across all those press releases and news reports (which legally have to list the partners), ERHC is not mentioned anywhere as a participant or license holder in Blocks 4, 10, 11 or 13.
My inference:
Whatever ERHC once had in EEZ Blocks 4 and 11 has been sold, assigned, or allowed to lapse into the current Shell/Petrobras/Galp/ANP-STP structure.
If ERHC has anything left, it would likely be a very small, off-balance-sheet economic interest (like a contingent payment, override, or litigation right) that isn’t visible in the official PSC/consortium disclosures.
From an investing point of view, I would not count on STP EEZ Blocks 4/11 as live, ERHC-held exploration licenses anymore.
4️⃣ JDZ (Nigeria – São Tomé Joint Development Zone)
Older ERHC materials say they held interests in JDZ Blocks 2, 3, 4, 5, 6 and 9.
But:
There’s been no real JDZ development for years and no recent operational or financial disclosures from ERHC.
If those rights still technically exist, they’re minority, non-operated, ultra-long-dated and unfunded.
Practical take: any JDZ interests are pure optionality at this point, not something I’d treat as a concrete asset.
5️⃣ The “Block 10” rumor
There are two different “Block 10s” floating around in the narrative:
Kenya Block 10BB
ERHC’s own “About” page references its Kenyan acreage as being near Block 10BB, where discoveries were made by Tullow. That’s just a geographical comparison; 10BB belongs to Tullow & partners, not ERHC.
São Tomé EEZ – Block 10 (STP-10)
There is an actual PSC for Block 10 between São Tomé and BP Exploration (STP) + Kosmos, documented in contracts and portfolio agreements.
Petrobras then acquired 45% of Blocks 10 & 13 and 25% of Block 11, and later 27.5% of Block 4, all with Shell as operator.
Again: no official PSC, deal document, or regulator press release shows ERHC as a partner in Block 10 in STP.
My verdict on the rumor:
I can’t find any hard evidence that ERHC currently has rights in STP Block 10.
All official docs say Block 10 is in the hands of majors (Shell/BP/Kosmos/Petrobras) + ANP-STP.
So Block 10 as an ERHE “hidden asset” looks like message-board rumor, not something grounded in public contracts.
6️⃣ So what is ERHC/ERHE really now? (“Lottery stub” view)
Putting it all together:
Kenya – Block 11A: high probability PSC expired/terminated post-Tarach-1 + CEPSA withdrawal + ERHC default.
Chad – company itself says rights were relinquished.
São Tomé EEZ – Blocks 4 & 11 now clearly in Shell/Petrobras/Galp/ANP-STP consortia, with no mention of ERHC as a licensee.
JDZ – at best paper interests in a very stale zone with no near-term activity.
Block 10 rumor – not supported by any official documentation.
So from a rational standpoint, ERHE looks like a lottery stub at best:
Maybe there’s some residual legal/contractual angle (old arbitration, earn-out, or override) tied to past deals.
Maybe the shell itself has some value if someone reverse-merges into it.
But the idea that ERHC is quietly sitting on giant real exploration rights in Blocks 4, 10 or 11 with majors about to announce something is not backed by current public evidence.
I’d treat it as:
Extremely high risk, mostly speculative, and not a straightforward “deep asset value” play on African blocks.
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