Replies to post #108298 on ERHC Energy Inc (ERHE)

[texsun2003]

Found it, thanks. That works for me. 22% in bl2 and 26.7% in bl4,
works out to a very nice 24.35% av. for us in the two most prodigious blocks (with any luck at all) in the JDZ. Man, let's get the ship out of drydock and headed to the JDZ ASAP...!!!
Not wishing away my life, but can't wait for '08 LOL

[dat_51or]

Magic...the best news in a long while - IMO better than the resignation of EO as Chairman of the Board.

Let's pause for a moment to let this sink in.

Prior to today we thought this additional 9% interest in Block 4 would be divided between ERHE and Addax for continuing to have this added 9% interest fully carried - just like was done when the first contracts were negotiated. BUT the webpage indicates we are at the full 9% (17.7% + 9% = 26.7% total) without giving up any % for full carry! THis adds much, much more value for us. Way to go ERHE mgt!

Can hardly wait for the drilling to begin in less than a year!


dat's formula for success -
Rise early, work hard, STRIKE OIL!
(borrowed from a post about a week ago - author is annonymous)

[RUBY1100]

Addax may have up to 45.5% in BL 4
Recall - they got 5% more from Overt Ventures


Addax Petroleum's interest in JDZ4 if and when we receive the [ERHC/Godsonic] transfer would be 45.5% - and not 40.5%. Their number of 40.5% is missing the 5% that we acquired from Overt Ventures Ltd. in April 2006 (ie: currently have an interest of 38.3%).

Kind regards,
Craig

Craig E. Kelly, C.A.
Finance Manager - Corporate Mergers & Acquisitions
Addax Petroleum Corporation


SEC filing on 8/9/2007
On March 15, 2006, an agreement to assign 9% in Block 4 to Godsonic was entered into between ERHC and Godsonic subject to Godsonic meeting stipulated financial and other conditions. By a further Amendment made on April 11, 2006 to the Participation Agreement, ERHC and Addax provisionally agreed that if Godsonic did not meet the obligations on the 9% interest to be transferred to Godsonic and was foreclosed from all claims to the 9% interest, ERHC would transfer 7.2% out of the 9% interest to Addax so that Addax’s participating interest would be 40.5% in aggregate and ERHC’s participating interest would be 19.5% in aggregate. See Note 7.

Under the Participation Agreement between ERHC and Addax, as variously amended, Addax will serve as operator and pay all of ERHC’s future costs in respect of all petroleum operations in Block 4. Addax is entitled to 100% of ERHC’s share of oil production until Addax recovers ERHC’s costs.