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We need DETAILED guidance on Ntephe's plan well ahead of the vote.
This is complete nonsense!
"enticing a strategic investor to invest is a lot more attractive when you have 30 million shares v 800 million or 1 billion or 3 billion"
3B at $0.0012
1B at $0.0036
30M at $0.12
Absolutely no difference... EXCEPT that after the split there will be 2.97 BILLION shares authorize and not outstanding for those investor(s) to demand to make the investment.
If Ntephe is this unethical and does the Armageddon scenario above each 1,000,000 pre-split shares will be worth about a buck ninety eight AFTER AN OIL DISCOVERY.
Strategyone, Ntephe has shown time and time again that he will not provide clear guidance. It conflicts with his fear of being held accountable. I sincerely hope Ntephe realizes that this is do or die time. Shareholders need the plan BEFORE the vote to even begin to consider supporting him.
"and out pops PN,So, and EO"
...and a Class Action lawsuit that every ERHC shareholder would join. They made it so obvious that they intentionally destroyed the market cap that there is no way they can benefit from those actions and get away with it.
Manti, please expand on this, " and WILL be providing the cash necessary to pay off all current and foreseeable future debts"
How does a company worth a miniscule $3.3M dollars and falling get enough cash to, "pay off all current and foreseeable future debts"?
The complete absence of logic in that thinking baffles me... or are you thinking that post split ERHC will issue 2B or more shares to these investors?
I tried to get Krom to see it, but he slept in a field of mushroom's last night. The number of shares ERHC will likely have to issue to raise a meaningful amount of cash WILL completely and totally wipe legacy shareholoders out.
Why would you swat a bee's nest like that? LOL!
It's all gobbledygook unless you can articulate how a merger doesn't screw us out of most the upside.
Give it a shot. Nobody on the other board will even try.
"If you're a strategic investor like Offor"
Offor owned 43% a year ago, he owns 13% now. He has been the big abandoner in this stock. IMO because the BOD has abandoned him (and will face charges for that, IMO). There has been ZERO governance of these unqualified executives and Offor has paid the biggest price, if he doesn't act.
Krom, really?
We don't know what Offor bought because he didn't report it.
But we know he didn't sell because he didn't report it?
?????????????????????????????????????
I have no doubt about this; "this is either the end game or a new era". Very well said.
In less than one year ERHC will either not exist or be thriving.
This decade long ride has been like when you watch the Roulette wheel land on "Black" a dozen time in a row, so you sit down and bet "Red"...
It lands on "black" again, so you double the last bet on "red" to recoup that loss and still "win".
It lands on "black" again, so you double the last bet on "red" to recoup that loss and still "win".
It lands on "black" again, so you double the last bet on "red" to recoup that loss and still "win".
Not only is this getting very expensive, it is getting very old.
The good news is the ball lands on red in the next year or it's game over. No more torture of management mistakes... just Class Actions.
I'm sure it would, massively to the upside in our opinion... but we're biased when it comes to the value of those assets.
I admit the numbers I used are an unrealistic worst case Armageddon scenario. Why I am trying to draw out of people is what they think could happen in a merger scenario. I see us losing big in every case of a merger.
Ending should read "ntephe has NOT suggested that type of transaction"
I asked about merger scenarios since that is the guidance Ntephe gave. You answered with an Offor buyin. I don't have a problem with a post split buy-in... even increasing the post split 30M shares to 45M to give the buyer a majority if necessary. But let's do the math here... what does ERHC need to get CORFORTABLY through the drilling process, $5M, %$10M?
The company's market cap is $3.9M and will go sub $2M this week... maybe all the way to $300K at the dreaded price of $0.0001
Will Offor pay $5-$10M for 50% of a company worth less than $2M or even as low as $300K? Can Offor make such a transaction and not draw significant attention from the athourities? I don't know. Someone paying 10-20X a company's market cap for only half the company is illogical.
Now let's get back to the merger scenario, which is the combining of two companies to become one. EHRE is worth less than $4M and will be halved or worse this week. Ntephe is not suggesting a merger of equals here. There aren't any compnies with $5M cash to throw our way with a market cap of only $2M. This "merger", to my thinking, will have to be with a MUCH larger company... like Tullow. Let's look at the math:
For every 1 million share of ERHE you have now worth 0.0013, you will have 10K post split worth 0.13 each, or $1300
Tullow closed at $3.10USD equivalent, so a merge now would mean $1300 / $3.10 shares of Tullow stock... that's 419 shares.
So a holder of 10,000,000 ERHE share would get 4200 shares of Tullow, probably more there would be a high premium from these depress levels, I would hope. SO round up to 10,000 tullow shares for your 10,000,000 ERHE shares.
What will a company Tullow's size do with a discovery... double in size, MAYBE? So your 10,000,000 share of ERHC become $60,000 after an oil discovery.
I haven't ridden this train from hell for a decade to get $60K for each 10M shares. No way in hell that's going to please ANYONE.
So please, give me a MERGER scenario that leaves ERHE shareholders some upside.
Our best hope is that Offor flips ERHC $5-$10M for 15M post split shares giving him a majority by a comfortable margin. But Ntephe has suggested that type of transaction. I wish he would.
Can anyone post a realistic merger scenario that both gives the company cash to get through drilling AND leaves ANY useful upside in the stock?
I'm not trying to be negative, I just don't see how ERHC get the cash it needs to get through drilling with giving away the vast majority of the assets.
There have always been those two.
How did you conclude this? "no r/s on the table"
2a and 2b in the update directly point to it.
"drilling in 4 months"
Um, no... drilling by the end of the 1st quarter... think late March 2016. Six months away at a minimum. Picking nits, I know, but expectations need to be realistic.
Personally, I'm with Krom. Kaboom and bye-bye ERHC before/as Kenya gets drilled.
My point is your statement, "with millions of ERHC money in their bank accounts and set for life" is a load od crap dreamt up by you.
What do you make per year? Assuming $50K, and assuming you've made that for that last 10 years, let me ask you; do you have $500K in your bank account? Of course not.
Ntephe has made between $1.7M and $1.8M over the last TEN YEARS COMBINED. To say he has millions in the bank and is set for life at shareholders expense is LAUGHABLE... period.
Be fair with your criticism, they made the same mistake you, I, and everyone else made. They thought the JDZ was a given and they spent accordingly.
It makes me want to hurl when I see you busting their chops for making the same mistake you did. The JDZ was the promised land. You bought into it just like we all did. You have spent years trying to rewrite history saying that "wildcatting success rates are only xx%, people way over hyped the potential"... you bought, you held, you are no different than the other believers.
IMO, the JDZ is not dead, not even close. And with oil in the tank China can continue to screw ERHC into the ground with their stalling. Can ERHC survive? I don't know, but if it does it will be a history maker for shareholder stories to their grandchildren.
On a side note, everyone should be looking at the bigger picture. When China tells the U.S. they aren't buying Treasury Bonds until we cut X, Y, and Z programs, it's game over.
Washington destroyed the United States. Democrat or Republican, they are all self serving pigs that should never be re-elected.
That's a very good question.
That less than $46M was spent over the last 9 years. You have been a shareholder and active participant on this board for all 9 of those years. You were here when each and every quarterly came out detailing the expenditures.
After 9 long years of sitting and watching it go, you want to cry foul *now* and wail about it on a message board that it's gone? For nearly a decade you watched it unfold and held your shares. You were so happy with how things were going that you even participated in the Rights Offering.
This stock is going to recover or splat regardless of what we do. That's a fact. It's up to Offor to recognized how mortally wound this company is BECAUSE of Ntephe and Odobulu and make some changes.
The point would be that until Ntephe calls you direct and tells you that a material event will double+ the share price in 3 weeks so you should buy some shares, you will continue to cry on this message board. That's the guidance you have demand for years. You ain't gonna get it.
Get it?
Defending them? I'm the one saying that they both have to leave the company for it to recover. They can't be trusted.
I am just pointing out B.S. when I see it. That doesn't mean that I think they're doing a great job. Nteph and Odobulu's toxic blunder has destroyed this company. That's a fact.
Let's quantify these wasted "millions"...
Let's assume Ntephe goes wild with his expense account when he travels and spends $1000 per day on hotel, food, and sundry items. Let's assume that he only flies first class and tickets run $3000. Both of these assumptions are ridiculous, but let's stick with them. A week trip would cost $10,000. Now let's assume he does this once each month.
That's $120,000 (with those ridiculous assumptions) per year.
The "millions and millions" the he "has funneled to his bank account" in salary and travel expenses... now THAT charge is ridiculous. I lumped your claims with some of emdyal's since you two are virtually indistinguishable.
Peter Ntephe is not your investment advisor.
Psssst... if they're buying to bolster confidence and sucker the market into buying... if ain't workin'. See the share price?
Nobody is going to invest a hundred grand in this if they weren't very confident in the future... nobody. Say whatever you want, it changes nothing.
Where I spend my ponderin' time is trying to figure out how they plan to cash in those shares. There are 2 billion shares "out there" that were bought at very, VERY low prices. Selling on the open market with that much competition just isn't feasible.
The logical conclusion is that they will realize their gain upon the sale of the company. Next phase of ponderin'... will they sell before drilling aka Gandur style, or wait until after drilling and risk another miss.
IMO, this company will be sold before the bit spuds next Spring.
quit exaggerating or provide proof, which you can't.
Choosing toxic debt is what "sad" should be reserved for. IMO Ntephe destroyed the company and his and Odobulu's careers. He is an idiot. The choice to go toxic as "quick and attractive" shows just how out of touch which reality these guys are.
I agree ssc, Ntephe and Odobulu destroyed the company and ruined their careers when they chose toxic debt as a "quick and attractive" option... those are Ntephe's words. I hope they follow him for life. His actions will follow many a shareholder for their lives, why shouldn't he? He should wear the badge of shame he earned.
Both of these guys are incompetent to hold executive positions, there is little argument about that... yet Offor allows them to stay. Why?
To what end? Trying to steal the assets from shareholders? IMO, that's a joke. The Class Action would be mired in courts for over a decade, and Offor isn't getting any younger.
The most likely explanation is the company is going to be sold and a "dip" (cough, cough) was created in the share price for anyone wanting to partake in the proceeds.
I supposed you are right. However, that means that ERHC is a slam dunk because Ntephe and Odobulu will NEVER shake what they have done to ERHC shareholders off of their resume... IMO, neither will hold an executive position that isn't gifted to them by Offor. They can't be trusted.
Whatever "mark" they are going to leave on this world will have to come from their ERHC shares.
They picked up roughly 100 million cheap ones... maybe they aren't as incompetent as you think. Unethical? Certainly. Incompetent? Probably not.
It is extremely unlikely that they chose to "throw their money away" buying shares ahead of a reverse split, so a reverse split is not in the cards, IMO.
News soon. Bank account rejuvenating news, IMO.
Their shares are worth what our shares are worth. If they don't fix the trust issue their shares are worth... well... they're worth the same as ours.
If they want to cash in on this they have to fix the trust... or sell the company outright.
I agree oldoil, *IF* Ntephe and Odobulu are replaced... or somehow regain the trust of the market. I can't fathom how they could do the latter considering what they have done to the market cap and shareholders.
With market trust restored a drilling run to 8-12 cents is very likely, *BUT*, Offor shows no signs of replacing Ntephe and Odobulu, so how can they restore trust? I can't see a way.
Walking rig videos...
Suggesting that convertibles will continue to be used is a scare tactic. They raised roughly $2M by crushing the market cap from $30M to the current $4.5M over the last year.
They can't raise squat with the market cap this low. They need to put their big boy pants on and find a solution that isn't so "quick and attractive"... words Ntephe should have been fired for long ago.
Emeka Offor is an idiot for allowing Ntephe and Odobulu to remain. Offor needs to bring in a completely new BOD that actually oversee's company activity and whose first action is to fire Ntephe and Odobulu. That's step one in restoring confidence.
As long as the clueless duo are allowed to remain this stock will have trouble going anywhere. I don't trust them. I can't trust them.
Send this to Ntephe. He can't seem to find anything like it.
Answer #1: Ntephe/Odobulu have some kind of dirt on Offor that he does not want public, at any cost.
Answer #2: If the funds they used were not their money, why would they care? Consider the theory that the Board granted them periodic spot bonuses "for a job well done" (gag) and they used these bonuses to buy shares.
All theory, nothing provable... yet. And all completely plausible.
"several potentially very large prospects are recognised."
"The presence of large faults associated with the major NE-trending fracture zones has helped to generate some large structural closures within the Cretaceous section.
Figure"
http://www.anp-stp.gov.st/pt/wp-content/uploads/2009/12/BGS-Summary-public-report.pdf
You say $135M. ssc says $145M
Granted I don't follow this closely, but I have never seen these numbers.
$8-10M would be my expectations for the EEZ... but with a hefty percentage held by ERHC.
You bought back in on the hope they would sell a chunk of their primary asset?????????
I buy companies because of their assets.
"But the question is, can they since they don't have the shares to do so"
The answer is a resounding "YES" if they sell the deepwater and buy back 2B of these ill-floated shares... it would be a welcome "apology" and admission that they screwed up big.
Different flavors of the same theme include signing an EEZ partner with cash and carry, signing a Chadian deal with same, or a further farm-down of Kenya (my least favorite option).
Plan A, if they have any clue whatsoever, should be to regain investors trust. A share buyback is top of the list to do that, IMO.
I know, your opinion is different. I get it.