Lowman....here is a very simplified version:
ERHC has significant working interests in the JDZ.
ERHC has full carries on each of their 3 working interests.
ERHC has 7 additional "rights" waiting to become working interests (3 in the JDZ and 4 in Sao Tomes EEZ...of which 2 are 100% interests).
Chevron drilled the first hole in the zone last year and discovered hydrocarbons.
It "appears" they drilled their first well "off structure" as a stratigic move to gain information and still hunt for cheap properties in the zone. It further "appears" they could be drilling well #2 this month (ERHC has no working interest in this block...it is merely next door to our interests).
A somewhat similar company (EEL) is in talks of being taken over.
I believe ERHC has around $35 million in their bank account and has approximately $38K in debt.
Lastly, ERHC's partners, Addax and Sinopec, have secured a drill rig to begin drilling as early as 2'nd Q 2008. They have secured the rig for up to 10 wells.
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