RE:Farm out in detail ? The considerations are not known yet....but assuming ERHC had the last grandfathered block left in Kenya under the most favorable conditions(which was stated by Kenyan Govt.), then ERHC's Block 11A has added value to CEPSA. When ERHC /Sinopec/Addax drilled the JDZ they negotiated for 43 million and a full carry to first oil (on 5 drilled wells) which so far are sub commercial . ERHC's management are very good bargainers and with a very present African content, and, Sir Emeka Offor behind them....I think we shall get very fair considerations from CEPSA (united Arab Emerites). CEPSA has been trying to get into Kenya for sometime now ,only to be rejected by Kenya. They have needed to Bargain their way in ,but, I don't think ERHC sold the farm here as they have been in the Cat Bird seat...with this Kenyan Block.
We shall see soon enough ,hopefully in ERHC's 10Q wich should be out within 2-3 weeks.
Good hunting ..Freddahl...and at these prices ERHC looks like a nice place to park some cash.
Baz