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Sfreed:
Re: Sfreed on CC
I am sorry to say that I missed the live version, but I have listened
to the recording (and fell asleep).
Boring. Nothing more than we knew already, but that was expected.
Minute details on rigs was interesting but not exciting. The
investigations will go on until they stop - thanks for that amazing
insight. Can't get management until investigations gone. The
carousel keeps going round and round.
"If I had to I would flip burgers at this point just to hold the shares I have. Action is just too close for me to consider selling now."
Did you know that in the US every second 17 burgers get sold.
Proven versus Probable
"JDZ Block 2 is adjacent to Nigerian Block OML 130 which hosts the Akpo field, with recoverable oil reserves estimated by Wood Mackenzie at 620 million barrels and natural gas reserves of 2.5 tcf. In 2006, CNOOC purchased a 45% working interest in OML 130 for US$2.3 billion."
Was this $2.3 billion 'proven' or 'probable' in 2006 ?
If you read my post,
they had problems with aligning the audio with the sheets.
They are working on it.
Regarding the Web based replay:
"There was a problem with the Web audio that we are working to correct for the replay, but we need to get the audio and PowerPoint aligned. We’re hoping for today, but it might take a bit longer. Sorry for the inconvenience."
Dan Keeney
Nothing is up.
There is just no interest in this stock right now by new investors.
Offor doensn't mind how and when the stock goes up. Gradually or straight up.
No income, no oil assets, no management.
4 investigations etc.
Looks like a 'lottery' to main stream investors i'm sure.
With World Gaming it was the same story. We asked ourselves "why isn't this fantastic stock going up???" Even when it went to AIM it did nothing for months. You're starting to doubt yourself in such a situation. Are we geniusses or dumbasses?
We'll, it did go up in the end.
Sfreed
Re: ? for S. Freed, plus Happy New Year to all !
I've been quiet because nothing much to say. Offor share transfer is
window dressing but it may make it easier to transfer later on. I have
heard nothing on a rig. More when there's more.
"Their announcements say they are going to make a run at it, their actions tell a completely different story."
In two days you know as much as you do now.
Now tell me why ERHE isn't mentioned.
This artilce clarifies what we know.
No income.
No (good?)management.
It is indeed strange Pete,
The same thing happenend with World Gaming when it went to the AIM. The first months nothing happend.
We all said: "What the hell, how is this possible". But then it started to go up.
So, maybe it has something to do with funds not being 'able' to jump aboard right now, if they wanted to in the first place.
Doe ze de groeten in Zeeland.
"If ERHC would be involved we'd have heard something by now."
Then why still sealed, and dragging along... ?
THAT'S what worries ME.
Good post Badog.
I like people who have their feet firmly on the ground.
The investigations are the main problem at this point.
They also are responsible for the $0.20 shareprice.
One can conclude that the 'market' is not sure at all about how these investigations will end, and that the outcome COULD severely damage/distroy this company.
Otherwhise a part of billions of barrels of oil, would be worth way way more than were we are right now.
A chance at oil of 79% would lure in lot's of new risk investors, so that is not the/our problem at this point.
Drilling schedule is not an issue i'm sure. Even without a drilling schedule the sp was way higher than at present.
King, what's your point?
The shareprice is not at $0.20 for no reason.
A mainstream investor will not touch this stock with a ten foot pole.
And others do take a chance.
In essence it is quite simple.
Ledbetter,or is it "Letbetting"?
Feels somewhat comforting that we are not the only dumb@sses investing in this stock.
$0.20 for a part of billions of barrels of oil
$0.05 per investigation.
What a 'steal'.
No, i only find it odd that a part of billions of barrels of oil is only worth 20 cents.
Even somebody living under the bridge can buy a lot of ERHC.
"The Board of Directors has appointed the national law firm of Duane Morris LLP, which is one of the 100 largest law firms in the world, as ERHCs corporate securities counsel. The Companys corporate securities legal work had previously been handled by a local Houston firm."
Back to basics, could be good, could be bad.
Walldog, they gave you a (the, one) reason.
They are saying that it is money spend badly!
Why hire 'the best' in the first place if it was a simple case? Obviously it wasn't and now even the best can't deliver it seems.
Or did they do most of what they had to do already?
Could be. . .
One conclusion can be drawn,
ERHC did not think this lawfirm was worth it's money.
So they did not deliver. . .
Go figure.
AMJ: "investing advise!!" I missed that in his posts.
Tryoty: "amj, try to put yourself in the shoes of someone that has never heard of this company, and then take a look at it and tell me what you see."
I think he also sees $0.20
You will eat crow in a few months.
Guys like him are the sparring partners you need and wish for, but you will find that out very quickly.
What you have taken for granted for all those years, keeps a lot of investors from touching this stock with a ten foot pole, up until this very moment.
Twenty cents, t-w-e-n-t-y cents. . . for a part of billions of barrels of oil.
AMJ,
"Furthermore, these long drawn out posts just to make it look like you are trying to be intelligent is ridiculous."
AMJ, intelligent he is. Remember those words.
"He is just deliberately twisting things for his own purposes."
If only you had some of his. . .
I hope your right.
After WG no more cigars blowing up in our faces please.
come on AMJ23, come on, man.
if 2% was big for BIG OIL, they would have kept the 98% also.
What don't you get about that?
For such a big company 2% of that is ... not much.
"... and saying the JDZ "COULD" dramatically change their company".
Not "will" ,Otherwise we would be higher than 22 cents.
Only $77 million for 40% of a block with such a good outlook.
I don't get that.
I don't get it, I don't.
Why is Afren writing this down, while everybody else it trying to downsize the find in OBO-1 ?
I click on Addax but don't get Jean Claude...
I got UTS
They are interviewing people, imo not just for the show.
Why is Big oil reducing it's stake in block 1?
I don't get that announcement.
Fake shot? Fade away shot?
Tryoty,
I never found that CNBC link. Do you still have a working one?
Just for the record,
I did not ask for ANY classified information.
If he allowed himself to answer this question at the CC,
then that means that he COULD say something about this.
Rephrasing himself should not bring this professional in trouble at all.
It's only about the scope of all investigations, he could have refered to the same information that was posted here: textbook info on the penalties on bribing etc.
But he didn't/doesn't.
We emailed back and forth several times.
Hopefully he was on his lunchbreak.
I own a lot of shares. He is willing to answer to an "owner".
Now, I don't think there is anybody here wo doesn't want to hear him elaborate on that.
Why do you think, that despite the CC remarks, the share price is still below $0.30 ?
There is only one reason for that. Let's be realistic.
Who's on the shareholders list?
Is anybody who posts here on the ERHE "shareholders list"?
Madigan told me:
"Because we have rules which govern US publicly held companies in terms of information disclosed to non-shareholders vs. shareholders."
I got the impression that he did not want to elaborate on what he meant and said during the CC.
Imo, a bit strange, his remark.
Either he did say to much at the CC, or he is wrong.
Is there anybody here that's on the
"shareholders list"?
Madigan is willing to answer to any person that is on that list.
"Dear mr. Madigan,
I would like to thank you for co-hosting the ERHC conference call.
You mentioned that the rights ERHC has in several JDZ blocks are not at risk in any way, no matter the outcome of these ongoing multiple investigations.
Is this what you said/meant?
Sincerely Yours,
"
mmadigan@akingump.com
Nice post badog,
three remarks:
1. I remember when I came on board early last year, Meridian was the messias, and when I said something about it, most thought I was Joe Blog. I reckon those were not that confident with their investment, looking for superstition and some form assurance?
2. Regarding the 78% change of oil. Thats an overall figure for all block Addax is in. One should say that with all those puddles it should be close to 100%. But then again, I think 78% is an extremely high figure, all the other figures in that list were much much lower.
3. I wonder how our shareprice is 'calculated' when proven. Any figure of proven oil gives us any figure of sp. But (future new ventures not calculated in) after proven the oil diminishes, and also the sp.
So at a certain sp, ERHC needs to come up with new prospects to keep the sp on level. Sounds logical but worth mentioning.
Isn't that what gave Shell those problems years ago? :P
Yes, your right about that indeed.
But expectations do sound a bit doubtful. They also could have stated that relationships among the participants are still positive and they are looking forward... blabla.
But hopefully were just stretching that rubberband a bit, out of anxiety. :)
Strassenheim,
I had exactly the same thoughts on the word "expectation".
They should have gotten a confirmation in writing instead of an expectation that our rights are ok. Lol.
On the other hand, why have informal talks with the JDA? Who did initiate those informal talks, ERHC or the JDA?
But, one should say, the JDA isn't the one we should be afraid of, it's the SEC & DOJ. Or maybe did the DOJ have informal talks with the JDA also?
Nah....
"New Blood is needed for us to surge ahead with any conviction"
We need institutions for that, and after they are in, then Joe "play it safe" investors is coming around the corner. Remember we are daredevil gamblers. :p
Institutions enter the game when things are proven.
Only thing is: how much is proven when and what is the upward potential after proven numbers are out?
imo.
"and they always want to be the Operator. . .".
Don't fool yourself, walldog.
They want to make money.Doesn't matter where. You know that.
And therefore I think it is strange a strange move.
How can we fit these facts into a realistic picture about the JDZ blocks in general?
Is the original seismic from block 1 available and how does it compare to our seismic?
"Our company is managed by employees and consultants to the company whose shared mission is to return value to ALL (!) our shareholders. (and not just Offor's)
Why mentioning "all"? That should speak for itself imo. They must be aware of our concerns.