Please provide proof of this as a result of ERHC's JDZ wells:
The operator has not released through ERHC a comment on whether the gas discoveries were commercial or not. In fact, Sinopec on their website called the Bomu-1 well commercial.
To make an accurate determination, appraisal wells and additional testing would be required. This is oil and gas exploration 101.
Of course it is not. Biogenic gas has no association with thermogenic hydrocarbons, unless there is a combination of both.
Right, they were only tight holed for a few months which is standard when the results were disappointing. I'm happy it is now settled.
Yes, the lack of oil discoveries in the first 5 JDZ wells caused the share price to plummet, not management. Good this is now cleared up.
I disagree. ERHC can raise money through monetizing their assets, they have already identified this as Plan A.
ERHC could also raise money with an IPO on the AIM or another international exchange. Now that the SEC and DOJ actions are closed with full clearance, this has a far greater chance of success.
They could also raise money through issuing shares, if and when the share price is significantly higher. I believe it is highly undervalued at the present time.
Otherwise, ERHC's financial situation is stable, with about $10 million in cash or cash equivalents, virtually no debt, and rights to potentially valuable assets.