lowman, they haven't drilled yet. Addax has secured a rig for as early as Q2 2008, so our wait is about a year. There are no "proven reserves" at this time, but if the seismic estimates are accurate ERHE's share should be about a billion barrels, which I value at $5B, or $7 per share. And that's just blocks 2, 3, & 4. They have rights in 5, 6, 9, and 4 blocks in the STPEEZ.
Plus Ledbetter is actively persuing revenue producing properties, something could happen there at any time.
Hope this helps.
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