Yes, I doubt we will hear a full plan other than a bit of detail on the fund raising potential and perhaps some possible scenarios.
Largely because I expect it will all just play-out and develop once they have the permission in place. It's the ability to raise money the shareholders are being asked to grant ERHC. Like a line of credit. We give it in trust of a good return. If we don't trust them, we vote against it, and if overruled, we can choose to sell out.
ERHC I expect will explore different options, negotiate with various players, consider an IPO and placements, look at a rights offering, trade shares for assets or to a JV bringing technology, experience, assets, or something else to the table, etc., and then try the ones that look the most attractive. So they can't really give much detail except in general terms is my guess.
It will also play out over a period of months and years. As we see now, the authorised shares are over 28% higher than the current float, yet it has sat that way for years. So I expect they will use the newly authorised shares as needed.
For example, your scenario that they will raise enough to drill Kenya. Then should a discovery occur, raise more to develop the field and bring it to production. But obviously this would then be at a higher and rising share price, and likely with institutions like Blackrock eager to take those placements and Majors looking to buy into the assets.
Or alternatively on their way to drill Kenya, with the ability to do so, a JV may jump on-board at favourable terms after the initial studies and good targets are identified, as ERHC will be able to go it alone.
The difference will be ERHC will have the funding capacity in place. So ERHC will be negotiating from a position of strength, not weakness as they are at the current time.
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