Yes, I am saying that my "gut feel, for want of a more appropriate term" is that SEO is looking for $10MM for his 50% share of ERHC. how do I come up with that number? Certainly through no insider connections, but putting the pieces all together I feel that SEO thinks it is worth that (at least to the Chinese).
The intial survey estimates put as much as 14.4 billion barrels across Zones 1,2,3 & 4. ERHC has an average of 12.5% of those zones. If the initial surevey is close to correct that would mean that ERHC would have about 1.8 billion of recoverable oil (disregarding Gas and Gas Condensate). At a reserve figure of $8/Bbbl that would make ERHC worth approximately 14.4 Billion. When you add zones 5 & 6 and ERHC's rights to the EEZ, why would he not hope to get at least 10 billion for his share. SEO is no different than any of (except a lot smarter), he wants as much as he can get.
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