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That's a revisionist history Rembrandt middy, well done.
There are 5 wells that argue that point.
This left me chuckling...
"They use the word "stout-hearted" in relation to TULLOW, just IMAGINE how they would call us ERHC investors..."
Determined, stubborn, invincible, stupid, certifiably insane...
You can pick any 5 you want.
That's a widely casted excuse to avoid admitting that Ntephe, Odobulu, and the Board of Director's all are liable for how this played out.
20+ convertible loans, each at a 40% discount to market, staggered over a year to ***GUARANTEE*** the annihilation of the market cap. They DESIGNED it that way to wipe you and I out and take it all for themselves.
Go ahead and pat them on the back. They'll happily screw you some more.
Hopefully shareholders wake up, if not, they're going to wake up with their position worth ZERO and NGAR soaring... without a meaningful cent going to those that bought and believed for so many years.
"It seems to me that, from the day that ERHE received the $49 million from Sinopec, they could have and should have initiated efforts to identify potential assets to acquire mineral rights to."
You are absolutely correct, but you have the invaluable advantage of looking in the rear view mirror. However... at that time... the JDZ was on the radar in a large number of countries. It had the allure of seismic estimated oil amount in excess of 14 billion barrels.
Many stand here and crucify ERHC management for doing the same thing they did... putting too much faith in the estimates. I have absolutely *zero* doubt that everyone from Offor on down expected the company to be sold long ago and for a hefty price.
It didn't happen. Anyone who bought the stock in a big way messed up. There was a lot of risk.
Before anyone pounds on the table and calls me a management kiss-@ss or whatever... let me say that what has occurred since, especially in the last 2 years, is an atrocity. Ntephe and Odobulu were allowed to run wild with an asinine cascading convertible debt scheme that could *only* be implemented for the purpose of wiping out all market cap. There is no other answer for wave after wave of convertible debt... each with a 40% discount to market after the previous discount wiped 40% of the market cap out.
The BOD did nothing. Two fools running amok destroying 10's of millions of dollars and no Board of Directors in sight. They *all* should face charges for completely abandoning their fiduciary duty to shareholders. I consider the BOD, if there even is one at this time, and Ntephe and Odobulu as the masterminds of our destruction and NO REASONABLE PATH FORWARD can happen with any of them still associated with the company. They've shown what shareholders mean to them... absolutely nothing. They are not fit to lead *any* public company with that mentality.
2.25B shares have been sold to the market over the last year and a lot of them at prices far below the current share price.
There isn't going to be a significant run going into drilling, IMO. There will be too many willing to sell into any upward movement for it to move very far.
Even if oil is discovered it will be hard to ever reach a market cap that reflects the value of that oil. They screw this thing up so bad when they floated billions of new shares it's disgusting.
The only way die hard longs are going to see true value of any oil is in the sale of the company. They screwed us into holding until *they* decide to sell.
Prove any shred of that.
"They made sure that all the majors and the best independents in the world did not participate in finding oil in their blocks"
From the chair I sat in those independents demanded that ERHC give up all but a token amount of the JDZ acreage. ERHC was right to reject them.
ROTFL!
"Ntepe and current management had NOTHING to do with JDZ drilling or those deals."
You pounded this board to death about how Ntephe and management screwed up the JDZ drilling... 100's of times over the years. And now they had nothing to do with it?
You are a funny fellow middy. It's no wonder nobody listens to you.
It's all in the filings. Those who chose to hold, held.
Those who held, are bitter. Me to... but I am mature enough to be fair.
Ntephe absolutely sucks as an executive of any company. He simply doesn't have the moral compass to do the right thing.
The same thing can be said of Odobulu. He had a comical embarrassing conversation with Krom, the text of the conversation was posted on I-hub. If it isn't available I think authorities need to be aware of that... it's evidence by anyone's ruler.
None of these things are unknown. We held because we have belief in the prospects or an almost Devine hope.
Let's kill this pig now...
Ntephe's salary is $200K
Let's say Odobulu draws the same $200K
The JDZ was drilled 5 years ago, so let's just *say* they are milking this since the JDZ didn't (publicly) discover oil.
So 5 years times 2 people times 200K is $2M.
Your are roasting them on salaries when salaries were LESS than $2M and $49M was spent.
Here's an idea... they landed Chad, Kenya, and moved the EEZ forward.
They gave you a chance when there was little or no hope.
Show some appreciation.
Let me add to that, on a scale of 1 to 10 the deceptive team of Ntephe and Odobulu rate a 2... 10 being highest.
They run the company like deceptive manipulative street punks and don't deserve their salaries.
Middy, we agree management doesn't have a clue. What we don't agree on is the past. Street punks or geniuses couldn't make a difference and put oil in the ground in the JDZ.
It happens. It happened.
...and had they struck oil even a fraction of the estimates in the JDZ you would be wealthy and praising them. Let it go.
We all placed our bets, and we lost. But they *have* managed to get us to the alter again.
If you're religious, pray. If you aren't, hope.
Kenya better hit oil.
"After five years, Jean Claude Gandur is back in the game. The Swiss billionaire made the bulk of his $2.1 billion fortune (as of Forbes’ last count) selling publicly traded Addax Petroleum to Sinopec in 2008 for $7.2 billion. And this week he finally returned to the public markets, bringing in $250 million through the initial public offering of 17% of the company’s shares on the Toronto Stock Exchange. Debuting at C$15, shares in OXC currently trade at $14.50.
Like Addax was before it, Oryx is named after a noble African relative of the antelope with grand horns. Like Addax, Oryx will be focused on exploring for oil in west Africa and Iraqi Kurdistan. And little has changed from the Addax days as it concerns Gandur’s legendary gift of forging political and business connections in complicated parts of the world. The son of a Swiss pediatrician, Gandur, 64, grew up in Alexandria, Egypt, became and oil trader in the 1970s and by the 1990s had made such keeconnections in west Africa that he had been dubbed Commander of the National Order in Benin, has a diplomatic passport from Senegal, and for a decade was honorary consul in Geneva for Republic of Congo. He still is deeply invested in Africa, operating a fuel distribution network under the Oryx brand (but unaffiliated with the newly public company) as well as Addax Bioenergy, a biofuels operation in Sierra Leone.
(For more on Gandur’s history check out this profile I wrote back in 2007.)
But whether Gandur can orchestrate a repeat of Addax’s great success is yet to be seen. When Addax was sold to Sinopec it was generating roughly $300 million a year in net income on sales of 140,000 barrels of oil per day. Oryx, on the other hand, has no revenues at all. Yet Gandur is so confident about its opportunities that he has, through his majority controlled holding company AOG, injected $700 million into Oryx to acquire prospects and start drilling wells. No oil and gas is flowing yet, but if all goes well in Iraq, Oryx states in its prospectus that it could be handling as much as 300,000 bpd of oil within five years.
"
It's a few months old, but was new to me.
http://www.forbes.com/sites/christopherhelman/2013/05/17/billionaire-returns-to-the-iraqi-oil-game-with-new-ipo/
Let's end this B.S. NOW:
"Reginald L. Sewell, J.D., MBA earned his Bachelor of Arts degree with honors in economics and math at Morehouse College in 2000. At the University of Texas’ School of Law in 2003, he attained his Juris Doctor.
He acquired his Master’s at the University of Chicago Booth’s School of Business in 2009 with concentrations in finance and strategy. During his time at Booth, Reginald also worked with Chicago’s legal department. While pursuing his MBA he lived and worked in São Paulo, Brazil, and Bangalore, India.
Reginald L. Sewell, Business Law in Houston, TX
While attending the University of Texas, Reginald served as assistant editor of the Texas Journal of Business Law and worked as a legal associate within Enron(TM) Global Finance. Upon graduating from the University of Texas, Reginald returned to Enron's bankruptcy estate to assist with unwinding and divesting certain assets."
http://www.sewelllegal.com/Business-Law-About-Houston-TX.html
You paint him as the mastermind of the demise of Enron. He was a kid working as an intern.
This is a clear example of how you will distort the truth in any way you can to hurt ERHC and it's shareholders.
When oil rises will you declare ERHE a good investment? Of course you won't. Oil going down is a great negative tool, but you won't flip positive when oil trends up. You'll move to a new negative.
Same as it ever was.
Same as it ever was.
Look on the bright side... I only need to be right ONCE!
LOL! Far less than a miracle will make it happen.
ERHE when over $700M with JDZ drilling. We all know Kenya isn't the JDZ, but I do think a run to nickel-dime territory is reasonable. We'll have to wait and see.
IMO, something will pop up and surprise us before then and nickel-dime will be in the rear view.
Now go ahead and kick more sand in my face and spit on me like you have for years... for stating my *opinion*.
Cyber-bullies. Sigh.
Go hug you kids, or take your mom out to dinner... anything positive... for a change.
"Tullow is a more solid option right now, in my book"
Absolutely. That's why it sports 4 bagger potential while ERHC offers 100 bagger potential.
ERHC, more risk, more reward.
Tullow, less risk, less reward.
Guaranteed class action... period. They can't buy the company at fire sale price when they are the ones that intentionally created the fire sale. It would be a slam dunk win.
$2 per share is $6B arnim... you are dreaming.
The latter rings true. Offor provided $250K and converted quickly, but ZERO reporting was done on how many shares he got.
Keep in mind when I say "insiders" I am talking about Offor, Exec's, and all other shareholders that they influence. If past voting is any guideline it puts Offor's control/influence at 70% of shares outstanding.
Admittedly, the shares out have gone from 750M to near 3B over the last year. There is no way to know who owns how many of that increase. It's likely that the lenders did not sell all of the shares they received upon conversion, but I do think they sold enough to stay below 5% to avoid reporting.
The whole point is forcing a shareholder meeting is a complete waste of time and only causes the company to incur more expenses when they can least afford it.
It doesn't matter if Thuo is an insider or not. If the cleaning lady was buying shares it would be in ERHC's best interest to make that known.
Conclusion: Thuo and the BOD are *not* buying shares. Ntephe would have pointed it out long ago.
Past experience has shown that in a public forum Ntephe will only entertain questions he feels like answering.. period.
Forcing a shareholder meeting may maube you feel good, but it only forces ERHC to spend money they don't have and would change nothing.
"God, grant me the serenity to accept the things I cannot change..."
...comes to mind.
To what end middy? You'll get to say you forced a meeting where the insiders voted you down on everything you forced the meeting to vote on. So what?
You seem to have an obsession with wasting your time. Yes, 10% can force a vote. Yes, insiders control more than 50% and will vote against you. If they wanted what you were presenting it would have already been done.
The only relevant question I want answered is directed towards Emeka Offor; "why did you sit and watch Ntephe and Odobulu destroy your investment and do NOTHING"?
The only thing I can come up with is Ntephe/Odobulu are blackmailing Offor to keep their jobs. Absolutely **nothing** else makes sense. Offor should have used his majority to fire both of them over a year ago. Why didn't he?
Well said.
You are right condor1. I have supported Ntephe for years because he was at the helm when ERHC diversified into Chad and Kenya and I stand by that support... at that time. But after the last year of his "performance" I can't see any future for him at ERHC or any other publicly traded company. He systematically destroyed ERHC and its shareholders over the last year, and even a fifth grader can look at what he did and conclude the destruction was intentional. Peter Ntephe and Sylvan Odobulu cannot be trusted by shareholders. Maybe there is an outcome that I can't fathom where their actions actually benefit shareholders, but I just can't see it
Thanks. I agree with you that this addendum to the plausible speculation makes it palatable.
Strategyone,
In this scenario the remaining ERHC stays unfunded and would likely be wrapped up and closed immediately. So you are saying we should be thrilled with a plan the gets us to Kenya drilling, which might not even be successful, yet this "deal" takes away any future potential with Chad, the EEZ, and the JDZ.
Golly, where can I sign up for such a swell deal?
Sorry for the sarcasm, but forfeiting 75% of the potential for a maybe in Kenya is not a good deal for shareholders. I want the protection of the diversification.
Actually, as I think about it... this sounds like more of a plan to divest Kenya to current shareholders and steal the rest of the properties in a bankruptcy hearing. Could it be those other properties have significantly more value and a lot of trouble is being taken to get them, without us? We *never* got a third party analysis of the JDZ wells. Hell, we never got a Sinopec analysis of the JDZ wells. Why not?
You're right on this Strategyone... but only for a fraction of time. If ERHC is acquired by NGAR in a reverse merger your claim is accurate, but only for the amount of time it takes to float more investor destroying toxic convertibles, you know, the ones that Ntephe destroyed ERHC with, and now wants another shot at feeding his paycheck while giving MASSIVE negative returns to shareholders.
Ntephe and Odobulu have shown they are Nigerian scam punks and nothing more. The fact that the idiots floated convertible debt and then said a reverse spit might be necessary shows the length they went to to guarantee ERHC's share price collapse.
Ntephe should have structured the debt to not be cyclically destructive.
He should have told investors why the debt was needed, what it would be spent on, and guaranteed that they would never push it to reverse split levels. That **ALONE** would have guaranteed that they raised far more money than they have and never even approached 2B shares. He and Odobulu destroyed ERHC **INTENTIONALLY**. There is no doubt of that.
But those things were too much to ask, his paycheck was more important to him than **ALL** of his shareholders **AND** the future of the company. If my conclusion is wrong, then he should put out a press release explaining why it is wrong... and I am not talking about another one of his kindergarten prank releases that mock investors intelligence. Meat and potatoes... with heavy fact gravy.
I wasn't misleading anyone. He asked what CEPSA's revenues were and I posted a link.
I agree that Ntephe has failed. I've said the repeatedly. I also think his intentional and willful destruction of current shareholders so that he can buy sub-penny is illegal, both Ntephe/Odobulu's actions and the BOD's inaction. The BOD has failed at every opportunity to protect shareholders from Ntephe and Odobulu. I've said that repeatedly as well. They *all* have a degree of liability in this train wreck.
Hopefully Offor has finally lost enough money to get his attention and get rid of all of them.
Every attack on management on this or any other message board has been ineffective. It is a waste of time.
For 2013 their revenue was just over $30B (with a B) USD with net earnings of $600M USD.
http://www.cepsa.com/stfls/CepsaCom/Coorp_Comp/Ficheros_corporativo/2014/cepsa-reports-full-year-2013-results.pdf
Look at who is still running the company. After 10 years of trying to oust him, the attackers are still failing.
What a waste of time.
Will you still say that after a massive reverse merge with NGAR leaves you with nothing?
I doubt it.
All 3 of them could have stepped up to the plate during the Rights Offering and prevented this massacre, they didn't.
They intentionally decimated the share price and only now are trying to profit off of our demise. They are ruthless animals.
Really? It doesn't feel like it.
90 cents to 2 tenths of a cent in 6 just years...
Longs aren't winning by any definition of the word. Longs are facing catastrophic losses because of Ntephe and Odobulu's CHOICE to issue repetitive convertible debt designed to destroy the market cap of ERHC Energy.
Each member of the Board of Directors is liable for the annihilation of shareholders because they did NOTHING to stop it. Ntephe and Odobulu wiped us out intentionally and the BOD, whose responsibility is to oversee management and protect the assets, sat with their thumbs up their butts and did NOTHING.
NOTHING.
Longs aren't winning Pml3000, longs are being systematically destroyed by Ntephe and Odobulu while the BOD watch and do nothing. They *ALL* belong in jail, IMO.
That's a very valid concern. Tony Henshaw was the CEO of Exile and sold his shareholders out for literally nothing when Oando took over Exile... they lost almost everything.
If he is still that kind of self serving schmuck I don't want him anywhere near my investment. It's almost like he is a recruiter of sorts for Oando. He finds small oil companies in a tight spot and takes the reigns promising to right the ship, and then sells them out from under shareholders for pennies.
We all have to keep a close eye on this one.
NGAR CEO, Tony Henshaw...
And from linkedIn, also 61 years old...
Nice resume: https://uk.linkedin.com/pub/tony-henshaw/7b/442/b88