"Western Geco estimated between 6 and 14 Billion Barrels of oil recoverable in the 9 blocks in the Joint Development Zone between Nigeria and Sao Tome. With the majority of that falling in Blocks 1, 2, and 4.
Centurion (Cux.to) estimates 3 Billion Barrels of oil recoverable in block 4 alone. ERHC (erhe.ob) has 17.7% of that block plus a free carry.
Block 2 is estimated to contain 1 to 3 Billion Barrels of oil and ERHC (erhe.ob) will probably have about 20% of that block and a free carry.
I have not seen specific estimates of Block 3 but ERHC (erhe.ob) has 10% of that block and a free carry.
Not to mention ERHC (erhe.ob) will be recieving cash from its partners (Addax and Sinopec) for bringing them into these blocks. $45.9 million paid to ERHC (erhe.ob)for these three blocks.
Aside from ERHC's (erhe.ob) rights in these three blocks ERHC has rights in 8 other blocks. Including two 100% blocks in the STP EEZ that are signature bonus free.
So suffice to say ERHC (erhe.ob) has tremendous upside potential. Chevron should be announcing results from the OBO-1 well in Block 1 of the JDZ within a few weeks. OBO-1 is the first well to be drilled in the JDZ. That well will go a long way in showing whether Western Geco's seismic estimates were correct in the zone.
I would keep an eye on those well results and that will give much greater clarity to the potential in the other blocks." imho.