I'll say first production in 2011 with development cost somewhere in the few hundred million range.
If block 4 ends up showing up to the party with 3B+ barrels the "total" development cost to "full production will be over a billion and not be completed until 2013.
Ponzi, it's not all or nothing. They'll find oil, fast track a portion of it usinf a FPSO, and then use the oil flowing to pay for the next target. That's the only way Addax will be able to fund the expected elephants in its blocks.
You seem to be implying that ERHE will not see any $ until then. You couldn't be more inaccurate. 20% of any and all oil flow will be profit oil from day 1. ERHE is entitled to half of its profit oil until Addax/Sinopec recoup their costs.
Money flows when the oil flows.
It's irrelevant though. By 2013 ERHE may be sitting on 1 billion barrels of their own reserves in those three blocks. Undeveloped that's worth nearly $10 per share at current oil prices and it only goes up with each incremental step in production development.
The road to realization is getting quite short for ERHE investors!
Hopefully this helps clarify.
News 
Market Data 
Discover 
