Gambia runs rule over latest PSC hopefuls, page-3

From an article online...

https://www.dailymaverick.co.za/art...erin-energy-going-down-the-tube/#.WuL81aSFN1s

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Our questions explained how Erin was in the process of losing its only cash-generating asset – a Nigerian oilfield –, that this risk had been evident for years and that Erin had failed to tell investors about it.

Read our correspondence with Erin, PIC and other parties here.
The failure appeared to constitute securities fraud under US law, we suggested.

Erin did not respond. Instead it issued an evidently rushed regulatory disclosure to the US Securities and Exchange Commission, explaining its position.

This included how, one day in January this year, a naval helicopter had landed on the ship that receives, stores and transfers Erin’s Nigerian oil. Nigerian soldiers and police emerged from the helicopter, weapons drawn to protect the Lagos court sheriffs who proceeded to chain and lock the vessel’s main oil export valve, effectively plugging Erin’s entire business.

Then, the Nigerian government refused “indefinitely” to give Erin the permit it needed to uplift oil.

Late on Wednesday, Erin faced the inevitable and filed for bankruptcy with a Texas court.
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