Puff, .....hope you don't mind if I respond to your question. But first, I fully understand your position on this matter. It took me awhile to come around and give my mental stamp of approval on this issue.
The last question I asked myself was whether I, if I had the resources, would I make the investment in this. Doing the ole Ben Franklin approach, listing the positives and the negatives, it became clear that getting involved in the shallow made sense.
First of all, we ( ERHC ) would be buying already discovered oil fields at fairly severe discounts. No risk of dry hole wildcats.
Secondly, the tax consequenses are minimized.
Thirdly, it's quicker and cheaper development.
Fourth, it'a an area of investment that SEO can maximize his skill in drawing in the best deals, notwithstanding his negotiating prowess.
Next, but not last ( it gives the boys in Houstin something to nurture and accomplish ), in a fairly short period of time, ERHC could become cash positive. In other words, ERHC would have earnings. Are earnings important ?? Assuredly, they are. Positive earnings beget a price earnings ratio, which, in turn, beget a higher share price. 14 times the PE ratio would come into play, and institutions like positive earnings. Our dismal pps would finally get some respect. And, all this while our JDZ partners continue to enhance our value by continuing to develope the JDZ, and the EEZ conundrum clarifies itself.
Most important is the fact that these are discovered assets offered presumably at a good discount.
I like the roll of the dice on this.
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