Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
If I'm right I make out nicely. If you're right, you get nothing, unless you're short.
A lot of time and effort for nothing, IMO.
Krom, any NGAR action that leaves me with a smaller percentage of the company than I had will be grounds for a lawsuit. Many other investors have voice that same intention. PN and SO will not get away with annihilating ERHC's share price so that they can steal it away from us. We have worked hard to build our positions over the last decade and endured enormous management missteps along the way.
I am not alone, not by a long shot, when I say, "I'm not going out like that".
FWIW, I agree with the rest of your post.
...and a PSC signed in the EEZ with a decent cash component could put this back over a dime where it belongs, the dilution encountered to date being offset by the renewed interest in the JDZ.
All the day to day is just noise, you believe or you don't.
Well said.
I remember that, but what is the link to now and kaboom????
I've been too busy to follow much. Who is Big Jane? What is this "info", and why hasn't Big Jane killed everyone for calling her that?
farrell90, They drilled 3 separate prospects in block 4. Kina, Malanza, and Oki East.
Peter Ntephe should have your post framed and hung on his wall.
Spot on oldoil!
Strategyone,
"The main difference being they would likely restructure the shares as a part of the reverse merger to avoid the reverse split or increased authorized shares that they would need to do in the future if ERHE remained the same". That sounds like word games to avoid calling a reverse split a reverse split.
As long as my percentage of ownership stays the same I don't care how the structure the shares or where the price is. I paid with blood for the slice of pie I have, if Ntephe thinks he can wave a pen and downsize my slice he will be met with a suit that will be open for anyone to join.
I've spent an entire decade of my life waiting for Ntephe to produce a decent gain. If I have to spent the remaining decades fighting him in court, I will.
L. I have my reasons but have learned the hard way that sharing them on this board is a mistake.
Sorry.
ferab, you are right. NGAR buying ERHC to take it private for a nickel a share after Ntephe and Odobulu intentionally and systematically destroyed the market cap would be met with a Class Action GURANTEED. I know this is stinky pinky land, but a CEO can't destroy the market cap with a reiterative toxic death spiral only to take it private for his own benefit.
With these assets a nickel a share is a joke and would certainly be met with a suit to block it. In this scenario *they* are working with information that *we* don't have. That's not legal.
We see the same potential.
What's funny is if it plays out that way, the dozens of new triple zero flippers that know nothing about the company will sell and rebuy as it keeps going up.
There are several on this board that saw that play out 15 years ago (I can't believe it was that long!) when a penny stock ran from 37 cents to 29 DOLLARS in SEVEN months.
When a mega-run happens, it takes over... completely. Logic does not apply. Will that happen with ERHE? Who knows? The new shell on the TSX owned by Ntephe and Odobulu is a clue. I can't say yet if what's coming will be good or bad for us, but I can say that *something* is in the works. My thoughts range everywhere from the company being sold outright, to Ntephe and Odobulu stealing it right out from under Offor's nose and moving to the TSX. I **really** feel that Ntephe thought Offor would buy all unbought shares in the 7.5 cent rights offering. For whatever reason Offor didn't, and the resulting toxic financing Ntephe was forced to use will follow him everywhere he goes. He will never clear his tainted name unless he can find a way to make shareholders enough money to justify the pain he put them through.
It is really going to be interesting to see how this all unfolds. There seems to be a *huge* battle going on for control of the assets. People don't fight this hard for things of little value, IMO.
Your math is usually better than that Krom. At this point in time they have 4X the shares out... 3B vs. 750M. A commercial discovery would have launched this to anywhere from $1 to $10 or more if it was huge...
Now 1 cent is the target? I think you've lost it. If things stay as they are right now a 400M barrel find in Kenya is worth 20 cents per share. That assumes ERHC retains 30% and the value of a proven barrel is $16.
You're off by a fator of TWENTY with that "1 cent is the new dollar" slogan.
Sylvan is no businessman, he is a common liar. Krom's conversation with him and your conversation with the Transfer Agent prove that Peter Ntephe and Sylvan Odobulu are corrupt Nigerians running a scam, nothing more.
They will rot in hell, IMO.
Ditto X2
You are talking to people that have followed this stock microscopically for over a decade. Most have forgotten more about this company than the 6-12 month newcomers collective understanding of it.
I apologize if I come across as an @ss, but then again my wife tells me, "sometimes you *ARE* an @ss".
LOL!
That doesn't apply to some of the Board members, which is where I said the liability exists. I agree that Ntephe is probably untouchable, although the U.S has extradition agreements with the UK, it is the BOD that has done **NOTHING** while Ntephe systematically destroyed the shareholders that need to be held accountable.
In company time this thing is about 3 seconds away from flat-lining. If Emeka Offor is too stupid to see that then Ntephe will stay and the company will die.
Offor has shown he is a fool, he let Ntephe spend ERHC Energy into the ground. IMO, there has to be a viable case against all of the Board members that did nothing to govern Ntephe (their JOB) and watched him destroy it.
What we may get is news of an extension of the MOU. The IOC will likely want to see if Ntephe can complete the destruction of the company so they can get the block for pennies.
Emeka Offor and the BOD are incompetent idiots for not firing Peter Ntephe. The man is a corporate wrecking ball.
This is the best post in the 14 year history of this company.
I think you hit the nail on the head, and your thoughts mirror mine. Thanks.
Nobody, and I mean NOBODY is expecting a $40M cash deal. If that were to happen it would blow the lid off this thing!
If he can't find a solution better than that he has no business with the title or the paycheck that comes with it.
Let me ask you, if a reverse split is coming, or if raising the authorized to ??? is coming, why would the CEO and CFO be buying 10's of millions of shares?
Don't gloss over it with a non-answer, please. Give it some thought and come up with a viable answer or answers.
Thanks.
This stock is a fart in the wind until there is news. None of the movements mean anything right now.
If they sign a deal with one of their properties, it goes up a lot.
If they don't and are forced to do a reverse split, it goes down a lot.
The CEO and CFO are buying, maybe not huge dollar amounts, but significant positions assuming a reverse is avoidable, and inexplicable sized positions if a reverse is imminent.
Place your bets... and for God's sake PLEASE stop the 100's of meaningless posts!!!
Either a deal is coming or these officers are illegally using company funds to buy their "personal" shares, IMO.
There is no way that they are throwing away their own money.
Place your bets.
That reads like a repeat of what happened when Devon, Pioneer, etc left ERHC at the JDZ alter... and ERHC almost instantly signed the Sinopec, Addax, and Anadarko deal.
Hmmmm, they saw and remember what that did to the share price... this time they bought shares, 10's of millions of them.
Repeat?
EEZ deal and/or JDZ phase II IMO.
To the naysayers... put the flame throwers away... it's an opinion.
We're good. I was being oversensitive. Although I agree it is speculation, it is most logical that ERHC sign a deal, even a less than perfect one, before that June 16 deadline.
More dilution and a reverse are not an option.
I agree completely oil-cowboy. Those that have been around here for years know how and why ERHE trades where it does. If a deal can be reached containing enough cash to get to Kenya drilling next Spring 3-4 cents is a very good guess at where it'll trade, and the pre-drill run-up could reach 10-12 cents if the Kenyan prospects are as juicy as we hope.
I don't care how Ntephe does it, but a reverse split **must** be avoided and the above becomes a very, very real possibility.
What will likely happen is flippers will flip, and the stock will keep going up, and the flippers will buy and reflip, wash, rinse, and repeat. There is no way to predict how low the high will be, or how high that high might be.
I've only seen this once before, on a much lower scale re: share count... that stock ran from 37 cents to $29 in 7 months on little more than hope. It made it to a billion dollar market cap with far, far less in terms of assets than what ERHC has.
I am going to sit back and watch what happens over the next 12-18 months. Even a sniff of oil and... <fill in with your targets>
Please don't spin my speculative words in to fact.
It is my OPINION that that the MOU will not expire without an agreement.
The more confusion they create, the more shares they can get. Have you seen the recent buying activity?
The number one question everyone should be asking is... at what price will these deceptive snakes bail?
Over the last few years ERHC management's stated desire to increase transparency has morphed into a massive increase in opacity under Peter Ntephe...
And the seemingly non-existent BOD does nothing. Everything they do seems intent on painting ERHC Energy as a scam in the worlds eye.
Ntephe and Odobulu need to be fired for this company to have a chance. They can't be trusted... they have proven that to shareholders.
Everyone paying attention knew the share count was in the 2.5B+/- range. I even took a WAG at 2.37B myself, but I think that was before the May 5-6 conversion.. so 2.6B now wasn't unexpected.
As for the future of outstanding shares... they may not hit the 3B authorized, as doing so could force a reverse or default and it is in everyone's best interest that they avoid that.
If they can avoid the reverse, those that bought the 0.0004's and 0.0005's will be smiling. In my opinion the MOU for right of first refusal on their STP-EEZ block, which expires June 16, will not expire without an agreement.
The amount of dilution we have seen will obviously limit the upside... that predrilling excitement run won't be from 10 cents to 30 cents, but it still could be from 3 cents to 10 cents.
I know some disagree and see a reverse in ERHC's future. In reality this company is mere inches from avoiding a reverse... those inches being the distance a ballpoint pen needs to travel on the dotted line of; A Kenyan deal, a Chadian deal, or a Sao Tomean deal... all of which are actively being pursued.
I wish everyone the best of luck.
MOU signed... 12-16-2014
Add a month... 01/16/2015
Add a second month... 02/16/2015
Add a third month... 03/16/2015
Add a forth month... 04/16/2015
Add a fifth month... 05/16/2015
Add a sixth month... 06/16/2015
The MOU expires June 16th. Any misinformation on the website stating otherwise was just to create confusion because they are still buying shares.
Dan, the O/S was 2,618,596,032 as of May 20th. Trust me.
Given that the CEO & CFO have gone from owning less than 1 million shares for most of the last decade to over 40M shares now, the truth has to be 1 of four possibilities... listed IMO most likely to least likely.
1.) They are using funds from the company to buy shares in an attempt to trick the market into buying their convertible debt screw-up.
2.) A deal in the EEZ is imminent and this "cash crisis" is a tempest in a teacup... blue skies ahead.
3.) The seismic in Kenya is incredibly compelling and they feel the reward is worth the risk, for the first time ever... that would take some amazing seismic! Even the JDZ didn't get these guys buying.
4.) After many years of silence, the Chinese are going to move forward in the JDZ. I may have listed this 4th to avoid the barrage of bashing by the accumulators... but IMO there has been far, *far* too little information about the drilling results. Maybe that's about to change?
So are they buying out of desperation or confidence? I don't know. But I do know this, I have never seen anyone buy anything out of desperation before.
And now it is 2.6B. Try to keep up.
We both have very valid opinions.
I'd say that if we find out that the exec's and SEO have been buying ahead of Sinopec announcing entering JDZ phase II you'll be very happy.
LOL! When you said "CA lawsuit theory" I interpreted it waaaay wrong... my bad.
I think I'm caught up now.