tryoty,
I must ask you the same question. Why is it so imperative for B2 to be "good for ERHC, but only if oil is eventually found" "in the long run"?
Think outside of the box as TOB just did.
1) Forget oil
2) Forget the long run
It would be good for ERHC if ERHC can sell B2 to someone for a couple million. It gets cash that it needs, it disposes of an asset that seems to be years away, and it bears none of the drilling costs in B2 should they find oil or gas in B3 and B4 since B2 is unrelated to the other blocks when it comes to the costs.
Selling B2 may be a no brainer....UNLESS, amj is right and Block 2 is actually very valuable and we are being tricked into selling it on the cheap....but given that SNP is also pulling out, I sort of doubt that.
Or alternatively, ERHC can sell B2 but maybe keep a very small interest of a couple of percents. Remember that all ERHC really needs is a discovery in an asset with just a few percents in order to meet its yearly operating expenditures. Anything more than that in the other assets and you've got yourself some gravy.
Krombacher - the above may be wrong
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