The EEZ signature bonus charged to those that already signed PSCs are minimal. That is NOT what is holding up development. What is holding up development is lack of adequate 3D. And who really cares about other blocks anyway? The only ones I care about are the ones ERHC owns. And if the truth be told our blocks will be the MOST EXPENSIVE blocks for anyone to be in because ERHC is asking that their costs be carried. Going on two years now with no JV parnter is not good news. You have to figure we are at least 3 years away from drilling anywhere in the EEZ. A year to get a partner. A year to get seismic and evaluate it. And a year to get a rig and go drill. I wouldn't be counting on the EEZ to bring shareholder value to this company any time soon.
Hopefully our blocks are the best blocks. Unfortunately we have no way of knowing that since Ntephe refuses to disclose who assisted us in choosing those blocks. Maybe a dart board was involved.
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