Given what XOM sold 40% of block 1 for, not much. ERHC will have to hang on to the STPEEZ blocks until they are drilled, and lord only knows where they'll get the money to drill them.
It seems a waste to negotiate 100% blocks only to sell the majority for a free ride. They simply don't and won't have the financial means or technical competence to do it any other way with those blocks.
If they actually would start building a staff with technical capability they might have a chance in 5 years+, but after the Ledbetter hire they spun a cacoon around themselves and seemingly stopped all forward progress towards building a producing E&P.
Note that I said "seemingly". I have no idea what is going on behind the scences. Neither does anyone else, that's why it's a 20 cent stock. This company always and currently has a big fat "F" in communication. There are shareholders here that have owned ERHE for 6, 8, even 10 years and they still don't know the direction this company is taking. Is it positioning for a buyout or is it going to make a true run at being an oil company?
Their announcements say they are going to make a run at it, their actions tell a completely different story. The market hates uncertainty, and this thing is the literal definition of the word. They really need to fix that.
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