I take it from the EEL report that only ERHC is staying in Blk2 so that should mean about 78% is up for sale. Since everybody walked on the block, the new owner should be able to acquire it and all the drilling data to date for a song. With a 78% ownership, they could very well find it acceptable to carry the last 22% owned by ERHC. But then again, why would they if they don't have to as they know ERHC can't pay drilling costs on their own and after the first notice for payment they could take over ERHC share as well.
Also, does the part of Blk 2 that ERHC sold to SNP/ADX revert back to ERHC so they could trade this percentage again to the new owner for a carry? If the new cost is real low, would the percentage we trade for a full carry even be worth that much?
If the above paragraph is true and ERHC has nothing to barter with a new operator regarding Blk2, then I don't think mgt would have been so optimistic at the last AGM.
Not going to get worked up until we see what kind of deal ensues regarding the block.
My main worry is TOB saying Blk2 is totally different geologically from Blk1 so that even success in Blk1 doesn't necessarily bode well for Blk2.
Still hanging on with a hope and a prayer.
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