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We get to pick our 2 100% and the 2 15% blocks before the auction, maybe as early as the 4th qtr of this year.... that was the last rumor i heard.
HP......I didn't believe that number for a minute, i think the decmel point was in the wrong place, i think it should have read 80% chance
Sao Tome would never put the 8% number out...if it were true who would bid on the blocks....you could get better odds in Vegas on the crap table.
Yes, and Don Carleone was just an olive oil salesman
True...Lucky Luciano said he joined the wrong mob when he was a kid.....
MM's are not going to let it run, more than one on a very low ask.
BOFA only asking .27 now, they took us down 2 cents to .27
Oilphant made so many predictions that at least one had to happen sooner or later..... lets not encourge him )
The sell off was orchestrated by people in the know just like i thought it would be, I thought for different reasons though...I didn't expect this, and like some others i think this is just for openers, more to come....in the best of all worlds we will get an American COB and CEO with extensive experience in developing oil fields.....that would get us out of the "Nigerian scam" all the bashers love to saddle us with............... IMHO of course
kobi.. I believe that to.... also i am grateful, this investigation may be the best thing that happened to us.
DG.. I would agree with you if this would be an "ordinary" OTC stock....they can see the enormous potential of this stock as well as we can, if they can generate panic selling and suck up millions of shares to hold until drilling, the penny's they make on the spread will be chump change, Just you and i could bring the price to single didgits if we bought and sold to each other in a cordinated way..., the problem is, we would go to jail for manipulating the stock.... with the MM's it is legal, they get a pass. a licence to steal.
In other stocks i have been in that had Chinese partisapation a middle man was always required, in one the company was forced to buy into a worthless shell.... this is the Chinese version of a bribe to the friends of the powers that be.
It would help a lot if we knew "WHO" feltang was...you may be right...........
Interesting,..... Hedge funds need to be regulated before they cause another 1929
Hedge funds braced for more pain
By Anuj Gangahar in New York and Kate Burgess in London
Published: August 12 2007 18:30 | Last updated: August 12 2007 18:30
The much-heralded financial rocket scientists responsible for the explosion in complex mathematical trading strategies are bracing themselves for fresh pain after what one team of analysts called “the perfect storm” last week.
Quantitative strategists, or “quants” as they are known, attempt to profit from pricing inefficiencies identified through mathematical models. These send buy and sell signals on small variations in price between different securities.
One hedge funds manager said the average quantitative fund manager was down about 15 per cent in the first few days of August.
“Nothing seems to be working. Previously uncorrelated factors have recently been falling with the same pace, leaving investors with very few places to hide,” said Citigroup analysts in a report to clients last week.
Hedge fund managers who have suffered in the first few days of August and late July include James Simons, long acknowledged as the “king of quants”, at Renaissance Technologies and Clifford Asness of AQR Capital Management. Quantitative managers at Goldman Sachs and Highbridge Capital Management have also experienced difficulties.
Statistical arbitrage funds have run into particular problems. Their mathematical models rely on past trading patterns to predict how particular securities will perform in the future if other securities, say, fall in price. But their models are unlikely to take into account current trading conditions where investors, desperate to raise cash, are selling everything they can.
They are also unwinding short positions, which means buying back stock they sold earlier. Thus, companies with poor prospects have seen shares rise and vice versa, undermining the logic of “stat arb” models. Compounding the problem is that many stat arb managers have borrowed heavily to buy shares.
One hedge fund manager estimated that statistical arbitrage funds with more than $100bn (€73bn, £49bn) in assets had on average borrowed four times their actual assets. These borrowings magnify significantly any moves they may make in the market.
It is these more heavily indebted statistical arbitrage funds that have proved most attractive for pension funds seeking supposedly lower risk hedge fund strategies.
It is also these funds that ran into problems at the end of July when volatility began to rock the market.
As volatility rose, they began to cut back their risk. They did this by selling out of their positions to reduce leverage.
But the wave of selling only exacerbated the problem by pushing down prices. As asset values fell, the ratio of debt to assets rose. This forced them to sell yet more assets.
One hedge fund manager said: “Nobody is happy with their credit position and everyone wants to de-risk and de-leverage. And it is global. The market has gone freaky”.
Analysts at Lehman Brothers said the problem was that investors’ models, its own included, were behaving in the opposite way to tried and tested predictions.
Copyright The Financial Times Limited 2007
Spec29..... i think you are on the right track, Offor may be hit with a small fine but ERHE will not, Offor played fast and lose a couple of years ago with the payments to Chrome for management fees,travel money etc, etc. then taking shares for the $12 million debt at .17 cents a share....but he deserves the lions share because he put ALL the money.
The SEC ordinarly wouldn't spit on a company on the pinks or an OTC stock. in this case there is so much money involved that all the big boy's are interested. Soros especially, a pox on the S.O.B.
If we can survive till proven (and i can see no reason that we won't).... I would expect XOM or Sinopec to buy Addax and ERHE for cash.....at the going rate for proven reserves. they would consider it pocket change for a clean company with that much light sweet crude. i would prefer a share swap with XOM but here i go fantasizing )
dbernet... I have no problem with what you or Meridian is saying, For guys that have their stock in Roth's or 401k's this may be important,Production is at least 3 to 5 years down the road.... for me it is different, while they are checking this site i will be on south beach watching the bare breasted maidens and having a cocktail.
dbernet.... cost oil ?? profit oil ?? Who cares, that won't make any difference to 90% of the posters on this board. when reserves are proven, the share price should be around $10 to $15 a share given the estimates from WesternGeco and other 3D siesmic companies, we will have PSA on the blocks in the STPEEZ, and blks 5 & 6, more cash in the bank...... I will ge gone, as will many others here for sure.
As to the "investigation" every company in the GoG has an active FCPA investigation in progress, XOM,CVX, Shell....you don't have to be a legal whiz to know if you are doing business in Africa you have paid a bribe to someone. The only question is "can they prove it"
OT. I just learned the irresistible songs the sirens were singing to lure the sailors onto the rocks.......
$50.......$25.......$10..... )
Shouldn't we expect a PR before the CC ???
I am SOOOOOOO jealous of people with dry powder.... i predicted this but didn't have the cojones to sell any of mine. it may get worse before it gets better.
Walldog, they are asking for resume's, i would suspect their "client" is Cheveron/XOM for blk 1 because it is so specific, seems to me they plan to make the STP the main base of operations rather than NG, away from all the termoil and rebel attacks. that would make sense to me. maybe you should look over the post again
http://www.oilcareers.com/regions/736/SAOTOMEANDPRINCIPE_design.asp
You are right, IF we get positive drillong results before we have to come up with money it won't be a problem, Timing will be everything.
TRYOTY..... by the type of engneering and design help they want it would indicate they made a huge gas discovery, and now plan to develop it and install a gas processing plant.
this would validate the rumors that Blk 1 has the gas and blk 2 has the oil.....we can only hope.......
latest on Jefferson probe
http://www.wwltv.com/local/stories/wwl080607tpsubcommittee.a2676db.html
DG...... i agree, i was just wondering what exceo thought, as to more cash, i think Offor will sell our rights 15% of blks 5&6 and also our rights to the 2 blocks 15% in the STPEEZ....thats in the future, but we would need to come up with cash for drilling in those blocks, money we don't have.
exceo.... I know most CEO's think stock buybacks are a waste of money, but in our case when the price/potential is so great, what is your opinion ???
Link to the Jefferson story
http://www.wwltv.com/local/stories/wwl080307tpjeff.db2aff0d.html
Jefferson office raid by the FBI found to be unconstitional
Whatever they are, they are unregulated and can do serious damage to your investment.
If i had 400K or 500K shares to play with, i bet i could take the SP down to below 10 cents by selling on the bid, then as the price dropped buying back on the ask...picking up more shares than i was selling... it would cost me a little money, but if i had deep pockets i wouldn't care..........
Knowing the SP could be $5 to $7 in a year to 18 months
This is blatant manipulation, hopefully the SEC is watching, the SEC is pretty benign on OTC stocks though
Yep vip, i know the feeling, i am in at an average of .37.....soon we probably will be down to where Offor bought in.... i think that was at .17...
It makes no sense that we should be at .25, back then we had NOTHING, no partners, no PSC's, no drilling date, and it was woth .17 cents..... i used to call it "my lottery ticket" i thought it had about the same chance to pay off.
After the PSC's i considered it an "investment" Now there is so much money involved that people are into blantant manipulation, even while we are under a microscope by the SEC.The SEC should be investigating the manipulation rather than investigating if one Nigerian is capable of bribing onother Nigerian.
I guess this is just a rant,verbalizing my frustration, i think i will take my own advise and quit watching the sp. We have a winner, it will just take more time than any of us thought GLTA
This was Soooo predictable once we got a drillship under contract i am surprised that anyone is surprised that the sp was attacked....i think the sp will rise and then be attacked again before the CC.
Of course i have a Germanic background with a head of granite, i could be wrong, but so far the sp is acting just like i thought it would. If we get good news at the CC we will see the 50's again.... IMHO of course
Don't weaken oil cowboy, no question they are after your shares, probably better to quit watching the sp.....
Exactly, that is why i won't sell mine
I have been predicting this for a long time, i think it may go lower than .20..... they call it MANIPULATION... also i think it will get worse before it gets better...and get better it will, as soon as they feel they have shaken the tree enough to get all the cheap shares they can. this is erelavant to long term holders like me....it will go up and when it does, if you are not in it will be difficult to get in at a reasonable price.
Here is an old post of mine...
I predicted this a couple of months ago, i doubt anyone on this board is selling, it is someone with a lot of shares selling to crush the price... then buy back at a lot lower price,
they may get fooled though, i am not selling and most on this board will not sell.....on the face of it, it looks like a great opportunity for the MM's or a hedge fund to get a lot of cheap shares if they can panic people into selling, it may not work for them in this case.
a one year wait till they cash in big is nothing to someone with deep pockets, i believe it will get worse before it gets better. hang in there...The oil is there and the investigations are a non-starter
Most on this board are loaded, i would buy, but i have no more cash in my account, if i added some my wife would kill me....
Interesting thought tryoty....what would happen if we mearged with EEL ?? they are on the AIM, would we go to the AIM or EEL come here ?? I don't have any experience on the AIM, anyone care to speculate just for fun.........
sfreed has been pretty accurate when you take Nigerian time into consideration..... I read all his posts, even oily has said we won't be ERHE when drilling begins.... I"m confused !!!
Strass.. to mention sfreed and oily in the same breath is hyperbole, I am disappointed in you....sounds like YOU have an agenda
fishdog...I agree with your logic, I also agree it will be a substantial event....Probably a positive event, if it was bad we would get it with a PR after closing on a Friday night.
It could be that the DOJ will announce that ERHE is no longer a target (wishful thinking perhaps)
On the downside the SEC could be looking at that softshoe that Offor did with First Atlantic Bank when he gave them the 60 million shares,probably held in trust for the powers that be in NG.... we all knew that was a BS court case.
Bottom line, the oil is there, our rights are safe....i just wish i had some more cash in my account to get some of these cheap shares.... i can't sell because i am long term on all my shares....I hope we get resolution before Hillary raises the Capitial gains tax.....
DG.. the "good" guys and "bad" guys change with some regularity, depending on their trading positions.... Joe Shea being the worst offender,,he blew his credibility with his inside info from "DOC"....
In my opinion Mark gets the best info from his NG source, you just have to crank in Nigerian time with his predictions.
All these posters that say there will be a buy/in, buy/out, Reverse split, we will lose our rights etc. etc..... they think all this up while sitting on the crapper.... hoping to buy at cheaper price and average down.
Along these lines i have posted several times, the thing that gives me butterflies is sometime between now and drilling there will be a hedge fund or some one with really deep pockets that will dump a lot of shares, or the company will release really bad news trying to lower the price so people in the know will try to buy up all the really cheap shares, they could drive the price down to 10 or 15 cents for a short time, the CC could be just that, i expect really good news or really bad news, not the non-event some are predicting..... this is probably fantacy but should resonate with all the conspiracy nuts on the board..... what ever happens i intend to leave ERHE with a good profit or broke....no in between, i am holding till there is nothing left to hold, OR the trip to Vegas )
'JackCB' .... Maybe to announce that ERHE is no longer a target of an investigation.... that would be worthy of a CC.
All this speculation about a buyin at these prices are just plain silly..... Offor wouldn't sell out now after all this time and money with drilling only months away...he would have to be stupid as a rock... unless the offer was up in the $5 to $7 range, and maybe not then.....
Relax everyone, take a deep breath
It has been my experience that when a company does a conference call, industry analysts are always invited to listen in, This could be the begining of a "road show" ending when drilling is completed....
Up till now we haven't even been on anyones radar, especially industry analysts
I expect really positive devolopments, business as usual could be handled with a PR,even the hiring of a new CEO was announced with a PR in the past....something bigger i think..... IMO