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Bah, just no buyers interested in the potential and no sellers willing to abandon that potential.
No mention of the JDZ or EEZ in that article, quite the opposite. The article is about Travoda saying how far they've come with tourism and they need to stay THAT course because oil is hypothetical.
They know what we know... that Deloitte was brought in to find a farm-in partner all the way up to finding a buyout suitor.
Since they ARE buying, nothing is final. IMO when they *sense* that a deal may be near they will do a reverse split and buy the panic fast and furious, only to announce a deal X weeks/months down the road with little or no additional dilution.
All legal in the snake pit.
I suspect that Offor didn't participate because his *large* transaction set off some alarms and was blocked by the U.S.
I also suspect that there will be an announcement soon that ERHC is relocating to Canada as part of a transaction involving NGAR, and most likely a large cash infusion from Offor via NGAR, this time through Canada where businesses can actually conduct business without the over involvement of corrupt Governments.
It looks like someone in Washington wanted paid and ERHC said no. FBI, CIA, Homeland, SEC, and the IRS... all took their shot and lost... and now blocking of company saving funds. ERHC has had enough.
Longs only need to be right ONCE for this all to be worth it.
That 1 for 500 example was Ntephe *trying* to scare the share price as low as possible as the repetitive waves of convertibles hit. The shares are down here by design, and Ntephe and Odobulu are loading up.
Maybe it's a Keeney tantrum. Keeney handled 100% of the website and he could be using that to force them to turn his paycheck back on. It wouldn't surprise me. ERHC has never been known for surrounding itself with ethical people. Why should Keeney be any different?
Hopefully it's just a technical glitch though, or a new website is about to be launched?
Stay tuned.
Pass the pipe over here Krom. That's must be some good sheet!
Krom, here's a very plausible scenario...
Ntephe: I ask you, the BOD of ERHC Energy, to grant a spot bonus of $10,000 to Sylvan Odobulu and myself for the hard work put in over the last several months.
BOD: Thank you for your service, approved.
Ntephe: Well Mr. Odobulu, let's use this new found money to buy shares. Maybe we can sucker some of the fools still holding this garbage to buy more.
Odobulu: Tee hee hee, that might work! I had one guy call me about our gagging the Transfer Agent a while back and I convinced him we had nothing to do with it. Ha ha ha ha ha! They are SOOOO gullible!
Ntephe: I know. It's even easier now than it was when the JDZ looked like it could kaboom the share price. Did you see that some of them are buying DILUTION insurance? What is THAT? Does Allstate offer it? Now these desperate shareholders are making up their own kaboom scenarios and we don't have to do ANYTHING! This is too easy!
Odobulu: Let's ask the BOD for $20K bonuses next time. We have more convertibles in the pipeline. If we double our buying maybe the fools will buy the rest?
Ntephe: Great Idea Sylvan. In fact, i's good enough to justify that bonus! Ha ha ha ha ha.
The irony is that Ntephe desperately NEEDS investors to buy the CN's he keeps signing, yet by even mentioning a reverse he forces every investor into a wait and see mode.
Stupid is as stupid does, I guess.
Ntephe now has 60M shares, Odobulu 70M.
Nobody throws 10's of thousands of dollars of their own money away. Either they are using corporate funds to buy these shares or there isn't going to be a reverse split.
Perhaps Ntephe's "talk" of a reverse split is merely a way to keep the price in their buying range?
JMHO.
If EHCH does a reverse split I'll ask *all* shareholders to join me in a petition to the SEC to force a full audit to determine if company funds were used to purchase Ntephe and Odobulu's shares.
If they reverse split this it is clear that they weren't buying with their own money, IMO. That would mean jail time for both.
I don't think it will come to that. I hope it doesn't come to that?
I imagine that a reverse split that wiped out long term shareholders would create literally dozens of middy/ssc clones that would follow both Odobulu and Ntephe everywhere they went to warn future investors about the Nigerians and their scam... that is of course, *IF* they do a reverse split and subsequently wipe us out.
I personally don't care if they do a reverse split, as long as my piece of the pie remains the same. The can issue a "loyalty dividend" in shares to maintain my piece of the pie for all I care.
Bottom line, Ntephe and Odobulu issued repetitive waves of convertible debt to ***intentionally*** destroy the market cap. An elementary school student can see that. They won't get away trying to "erase" us and move on.
And all of that is, of course, *if* they even try to go down that path.
These things are Ntephe showing why he isn't qualified to run this company. Rookie mistakes that are compounding the problems he thought his rookie moves would solve.
Things are far, far worse *because* of these things Ntephe has done/is doing. That he is still CEO proves that ERHC is an ungoverned company abandoned by it's own BOD.
I wonder what liability they face for that abandonment?
IMO, there is a deal on the table for a farm-out in the STP-EEZ and it contains a cash component large enough to buy back all outstanding debt and get ERHC through drilling in Kenya and beyond. The only sticking point is the percentage of the farm-out. Again, IMO, Ntephe is playing Chicken with the IOC trying to get them to sign a lower percentage than they are looking for. If I am right, Ntephe will play Chicken all the way up to the Authorized 3B shares and then give up the percentage the IOC wants.
Oh, and Ntephe and Sylvan will continue to buy up shares until then.
IMO, vengeance.
FWIW, I agree with everyone that believes a reverse split is the end of Ntephe and Odobulu's careers in exectutive management... anywhere, ever again.
My advice to them... find another way. You can't wipe out the market cap and then wipe out your shareholders because you screwed up and not have that follow you everywhere you go. A reverse split is a career ender.
Deloitte is likely the brains behind the formation of NGAR to facilitate investment going forward.
Just because you haven't received daily text messages on their progress doesn't mean they aren't moving forward.
LOL!
Assuming they get very close to 3B, which seems to be the plan, then the math is 750M to 3B, or a 300% dilution. Looking at it another way, if you thought a $10 share price was possible with 750M shares out, and I was solidly in that groups, then you believed enough oil would be found to justify a 7.5B market cap.
With 3B shares out that means a share price of $2.50 today. We know Chad won't score that big. Most don't think Kenya will score that big, but the EEZ seismic shows very, very large structures. If those structures are oil producing $2-$3 is within reach.
Is it likely? Absolutely not. But it is possible.
I get it now! They have multiplied the shares outstanding by 4 so we should divide all of our price targets by 300.
It must be the new math.
ERHE traded up to a market cap of over $700M going into JDZ drilling. It could exceed that if they can orchestrate drilling in Kenya, followed by the EEZ and a resurrected JDZ. Let's use a round number like $1B for the market cap.
33 cents per share WITHOUT A DISCOVERY is possible.
Everyone should be reevaluating their insurance coverage, IMO.
You would be less jaded if you owned XX million shares. That's what insurance is for, to provide peace of mind.
Get some insurance, you'll smile more.
ssc, that's an excellent way to miss the first 10-20X move *if* they land a significant cash component deal.
You just don't get it. It's not dilution insurance, it's NEWS insurance. A deal in the EEZ, JDZ, and/or Kenya and this could be trading at a dime overnight. Believe me, I *know* you don't believe that, but many do, and they are buying insurance to make sure they participate in that ride.
Why is it that others decisions on what to do with THEIR money bothers you so much? I mean seriously, if sideeki wants to but 22M shares or Krom wants to buy 16M, who are you to take offense with that? To what end?
My post was crystal clear. If I own the same percentage of NGAR (post rumored transaction) that I currently have in ERHC I do not care what it is valued at... period.
My NGAR shares will reflect the value of oil found. Nothing else matters.
I'm not talking about a 5% dilution Krom... think 95%
Ntephe authorize the 1 for 500 reverse split scenario put on the FAQ page of ERHC's website for a reason. I am sending him a message, I will do everything I can to stop him from raping us like that.
It's strange to see you submissive in such an invasive act as stealing 95% of what you paid for.
"And now you will sue them for trying to raise the capital they need to survive?"
If the capital raising nullifies my existence as a significant shareholder? ABSOLUTELY.
Inexperienced is 0-3 years. Ntephe has been (acting) CEO for a decade. "Experienced oil person" is nothing more than an unnecessary high salary for a "holding company" that will never produce a drop of oil itself.
As I frequently have to say, you *KNOW* that.
It's simple. NGAR is a shell with no assets. They can buy ERHC for $X, let's say $1M dollars. If, after that transaction, I still own the same percentage of NGAR that I had of ERHC (.1%, .5%. 3%, whatever) they I *DO NOT CARE* and *SUPPORT* the transaction. It gets us off the pinks on onto the TSX.
When they hit oil, and they will, the market cap will reflect the value of that oil. As long as I own the same percentage of NGAR that I owned in ERHC I am "whole"... I get my payout for the decade of pain.
That's where we are when you strip all of the fear mongering nonsense out of the equation.
I am comfortable with what I said, even after the reread.
The JDZ was never a bust, not even close. Ntephe managed to keep ERHC in the game, albeit painfully, for the public disclosure.
It seems that we are now about to learn what the 2009 drilling campaign revealed.
I'm ready. I'm tired of this shit.
"your shareholder money"
That tells the tale to anyone paying attention.
Both.
IMO, NGAR was set up to purchase ERHC. To meet TSX listing requirements a share price of $0.0035 is not an option, so there is a reverse split-merger thingy coming.
All I care about is the only thing anyone should care about... I own x% of ERHC. After the transaction I had better own x% of NGAR or the gloves come off.
Ntephe is a smart man, he can make this work to everyone's advantage.
He slips into condescending bloviation mode too frequently... but it is entertaining to read.
Middy, I'll set my disrespect for your loathsome contributions to this board aside and agree with you on this one.
Gagging the transfer agent and misrepresenting the true shares outstanding SCREAMS Nigerian scam. The SEC should be all over Ntephe AND the transfer agent to publicly disclose the share count.
I don't know how Corporate Stock Transfer can maintain their license when they participate in this illegal shell game with the share count. The SEC should act on this, we can agree on that... but not much else... LOL!
The ONE shareholder with all the power controls who stays and who goes. You know that, but choose to ignore it. Offor owns (owned?) 43% of this company, but controls (controlled?) far more than that. Everyone, including you, knows that. There was nothing we could do.
However, now that Ntephe and Odobulu appear to be breaking the law by destroying shareholders before moving the company into NGAR, there may be something we can do. But let's wait to see if our percentage ownership of NGAR equals the percentage ownership we currently have in ERHC. If it does, I will pat them on the back for a job well done... getting listed on the TSX. But if they use the transaction to screw us out of our share, a suit will be filed and 100's will join it to block the transaction. Ntephe and Odobulu will end up unemployable if not in jail.
I don't think they are that stupid, that's why I still hold my shares.
As long as you're blaming shareholders, how many shares did *YOU* buy in the Rights Offering.
As I recall it was zero, so you are part of the problem in your own words.
Krom, that 1.3B shares out on 3/31 hit 2.6B in April. You *KNOW* that. Quit misleading people with false numbers. The shares on are very close to 2.7B right now.
Hitting the 3B limit is so damn likely it's scary. What will they do when they've screwed themselves and us into that corner? This company is being dismantled intentionally by Ntephe and Odobulu.
... and nobody seems to care.
You are smarter than that Krom. A fifth grader can tell you that offering something for sale at a 40% discount, and repeating a 40% discount on that discount, and doing it a dozen times, is going to leave you with a price near zero.
It is impossible that Ntephe and Odobulu did not know their actions would crush the share price. No jury would ever doubt that because it is common sense for anyone older than single digit age.
Tha fact remains that Ntephe and Odobulu structured the recurring convertible to cause maximum damage. They're not getting *any* of our ownership % without a suit. I don't think you understand Krom, most long term shareholders agree with this. Ntephe and Odobulu destroyed the market cap and then loaded up to profit by stealing significant % from existing shareholders.
Any deal with NGAR that reduces our ownership while increasing Ntephe and Odobulu's will met with a suit and blocked for years.
What they are attempting, if that is what they are attempting, is illegal as hell Krom.