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To Mr. Memon. You have some FIRING to do. NOW.
Kindly have a look at the message I am replying to. Have a look also at the terse, I-really-have-better-things-to-do-than-write-a-good-release PR our company issued today Monday June 27 at 2:26 pm ET on Business Wire. We are getting a one-paragraph PR about what arguably is ERHE's most important accomplishment so far, an accomplishment that in business terms is akin to billions, perhaps tens of billions, of dollars.
That is simply preposterous, and totally unacceptable.
As has been reported here and elsewhere, for the past several weeks, shareholders have been given either no information at all or wildly inaccurate information on where our company stands, what its business plan is (do we have any?) and where we are going, and the share price manipulations. Some have been flat out insulted by Ms. Barker, or given the cold shoulder by Mr. Coleman.
It has become painfully clear that the two individuals involved in "Public Relations" for ERHE have no idea what Public Relations means. And if they are directed by Mr. Offor to be mum as a stone and simply send people to SEC filings, then it is HIGH TIME that you kindly explain to Mr. Offor that this is NOT how things work in THIS market. If Mr. Emeka Offor he truly wants to become the chairman of a major oil company trading on a major exchange in the United States of America, some MAJOR attitude, policy and personnel changes MUST be made, immediately.
Shareholders are partners, and often friends. Antagonizing a partner/friend to the point where he feels so disrespected and disenfranchised that he may become a foe is NOT a good thing, or a smart thing to do in business. This has been happening to a number of both small and large ERHE investors lately, and it is a dangerous thing for any company that trades on Wall Street.
Some of the most thoughtful and knowledgeable shareholders who post here have been recommending hiring a PROFESSIONAL, outside Investors Relations firm, for months now. ERHE would benefit greatly from such a decision in both the short term and the long-term.
Thank you for your attention to this critical matter.
Your assumption would only work IF the interested parties had no idea whatsoever about what's involved. Problem is, they are ALL people who in the business up to their necks! They ALL know the seismic, they al know that billions are to be made, THAT'S WHY THEY APPLIED TO GET THE AWARDS IN THE FIRST PLACE.
They are negotiating a PSC. Indeed. That has NOTHING to do with "inflating the value of the property." And that has nothing to do with all involved cos releasing PRs saying they have indeed ACCEPTED THEIR AWARDS.
And as to how the ERHE PR office treats shareholders, it has been simply inexcusable. I just read a bunch of posts, and it is clear that just today, SOME SHAREHOLDERS WERE FLAT OUT LIED TO, as BB noticed as well.
Sorry oilman...
yup: beach, movies, cocktails... Ah, the PR life!
NOBODY on this board is asking them or expecting them to release PRs on PSCs NOW!
We are talking about a PR on official recognition and acceptance of the Round 2 awards, as per the JDA release this past Friday.
Awards, PSCs and JOAs are all different things.
LOL. Your sarcasm is fully warranted, most unfortunately.
"official" acceptance of awards IS a material event, no doubt about it. ESPECIALLY considering the magnitude of the deals at hand.
An official PR by each company stating they and the consortium have officially accepted would be a very reasonable expectation.
I agree. Especially when there are people at FAB that are most likely on Offor's side, not the other way around. JMHO.
Everybody has been maneuvering to get craploads of cheap ERHE shares before the stock makes a sharp turn North and to the top of the mountain range.
idcc and SH, consider this as well:
1) How would that possibly be enforceable by Pioneer or any other company?
2) If they wanted to enforce, what business or governmental entity in this country has the right to stick their nose in one's personal financial affairs and force a broker to reveal one's positions in what stocks?
Sounds awfully far-fetched to me...
Incorrect. Many Americans can't find THE WHOLE OF AFRICA on a map, nor do they have any idea how large this continent is, nor do they know that mankind originated there.
LOL.
I sure hope you are right.
Did BM write this article??!!
Yup, call me an old wet blanket but this sounds way too good to be true SH.
SH, I too agree 100% with your last sentence, both RB and the blog have done tremendous damage to this stock.
I do not think though that any of us can really "think" like someone totally new to ERHE. We've been in it too long LOL.
Sorry, not sure what happened there, removed the scion LOL.
You both made good points IMHO. What you are missing, wick, is that it's not just "the MMs" and their usual pocket-lining, but WHO THEY WORK FOR, HOW THEY DUMP OR LOAD UP, AND WHEN.
We all know NITE is the big dog, and what they do is quite predictable. BUT there are others that aren't quite so copasetic. Magic has made some excellent observations here about some strange things going on here and there, and other extremely good traders I know have told me that when things get hot, certain sleazy MMs become quite active, if you get my drift.
Look, it's simple, really. One can find dozens (hundreds) of OTC stocks that hit HOY based on news/potential that doesn't even begin to approach the magnitude of what we learned on June 1. Some person, or group, has put a heavy lid on this stock and is completely controlling it, PERIOD.
I have said this before and I'll say it again. Being at 50 cents right now is utterly preposterous.
"the massive sellers at the beginning were also the massive buyers at the end." THIS is what matters, and I'm pretty darn sure it's been going on for a long time, not just on this last (small) run.
There's nothing preventing this crew from doing exactly the same all the way up to 3 bucks or more, is there?
SK that sounds like an excellent idea. I wouldn't be surprised if others on this board would want to join you!
Jeter is a consumate "politician" but he also has a lot of pull. I would HIGHLY DOUBT that he is aware of what has happened lately to both SP and investors' morale. Clearly the company is doing absolutely nothing to support either.
Offor doesn't seem to understand that total disdain for shareholders is NOT the "American way," but he is anything but a stupid man, so perhaps Jeter can help him see the light, and gain the kind of credibility that is the hallmark of truly great captains of industry not just here, but around the world as well.
I agree that their buying or selling of a few million shares in coordinated efforts DOES affect the immediate stock price. All decent people here also agree I'm sure, that manipulation is wrong, particularly of the ilk this stock has been the victims of.
This being said, while the pumpers and bashers would LOVE for this board to turn into another RB, I am confident that 99% of the posters here (and even the lurkers) do NOT want that. Many of today's posts attest to that.
Rancho I know that you are an intelligent man, I ask you and all sensible posters here that you show restrain and do NOT engage the bashers or pumpers.
However, it's only fair for those who would like to be informed and appreciate your efforts to root out the scamsters, to be able to take this off-board, and then come back with any concrete info or results that could help fellow posters protect their investment. Please do send me that info, if for no other reason that I believe it is relevant to a SP that is a fraction of what it should be at this time.
All Or Nothing order, which is placed with a broker.
Thanks. Could this have been an AON maybe?
The claims about the STPEEZ kicking in by the end of this year were indeed widly optimistic. I do believe though that they may revise the 2007 date if the nearby blocks show LOTS of O & G, which is very real possibility.
Can you elaborate magic? What's your line of thinking here? Thanks.
Pete, running inane points is part of their tactics. That's what they do... JUST IGNORE THEM PEOPLE!
Nice though. Congrats!
Must-read DD. Great post Max!
Nice CobraJet !
You might want to send him a lonk to the official awards (upcoming JDA + ERHE release) whenever the heck they come up. Just a thought.
Time to use THIS alias Mongo? You are soooo predictable...
~~~~~~~~~~~~~~~~~~~~~~~~~~
Posted by: flowinmymojo
In reply to: chcr who wrote msg# 57 Date:4/2/2004 11:54:34 AM
Post #58 of 6107
Just following Red around, will post anything of substance when I receive or find.
~~~~~~~~~~~~~~~~~~~~~~~~~~~
Next post was 6/21/2005. Needless to say this poster did NOT "post anything of substance when I receive or find." In fact he did NOT POST ANYTHING... until this particular alias became handy.
Same old tactics...
Max please send me a copy of that file as well.
At your convenience, no hurry.
Removing all emotion from a position in ANY stock is a very wise thing to do!
BB, how MUCH furniture?
LOL.
Nigeria: 165 companies looking at 75 oil blocks as deadline is extended
20/06/2005
No fewer than 165 companies have indicated interest in the 75 oil blocs put on offer by the Federal Government in the 2005 bidding round which kicked- off in April. So far, about 275 bidding packages, which cut across the six geological zones of the country, have been recorded by the Department of Petroleum Resources (DPR) indicating that some investors have picked up multiple entries for the blocks.
Presidential Adviser on Petroleum and Energy matters, Dr. Edmund Daukoru, who revealed this at the weekend in Lagos after inspecting the extent of preparation and responses from the investing oil and gas companies, said the exercise was going on very well and that the response has been absolutely astounding.
Apart from the several new American and Asian oil and gas companies that have picked-up the bidding package, Daukoru also named the five big oil multi-nationals in the country as having already shown substantial interests.
"We put on top of the 61 blocks that were already on the table, the blocks we have withdrawn from existing operators, ExxonMobil, some from Shell, some from Chevron and the majority from the Eni group (Agip) and I believe one or two from Elf," he stated.
According to him, apart from the initial 61 blocks that were put on offer in April this year, another 14 have been added bringing the total to 75. He added, however that the inclusion of the 14 blocks would not affect the end-time date of first week of August for the exercise.
Said he: "We are extending the bid round by one more week without jeopardising the absolute end date, which is still first week in August. So this is an internal shift. It is not to benefit anybody but to benefit every body to have more time to pry the data". By the extension the exercise will now close this week, on Friday.
According to him, the 14 blocs for administrative reasons were not yet in the basket. We have cleared all the hurdles, we have all the necessary clearances and those blocs have now been put in the bidding round. Daukoru added that because they are new in the basket, government believes that the prospective investors or bidders need time to access them, review the data and pry the data as well as allow people who live in very far-flung places to be able to respond.
The presidential adviser explained that the authorities want to have the maximum possible benefits from the exercise because it means more revenue for government and also the uptake for the round will be the best we have achieved.
He said the investors should even be happier that they don't miss out in a round like this. "We are still expecting more companies and the target is 200, the nation has 165. The greater responses we get, the better it is for the nation because each form is costing $10,000 and the administrative fee for each form is another $10,000. To pry, they have to pay $25,000. So this is a big exercise and to justify the efforts we are making, we need to maximize our response."
For each of the packages, prospective investors would have paid $45,000 (about N12million) thereby bringing the total amount paid by the 165 companies to $12 million or N1.6 billion so far in the exercise.
About 61 oil blocks in six geological zones of the country were put on offer under an international competitive bidding process flagged off the exercise at a world press conference in Abuja in March this year and said that zoning system reflected the government's aspirations of attracting major companies into the deepwater and other onshore and inland basins.
Daukoru stated that the objective of the exercise was to reinvigorate the Niger Delta with new players (independents and local companies), reserving entry rights for companies involved in strategic downstream projects, and allowing for small equity participation by local content vehicles.
The break down shows that 12 blocks each were released in the deep offshore and Chad basin, 16 in the Benue trough, 11 in the Anambra basin and six each in Niger Delta Shallow water and Niger Delta onshore. He explained that Sokoto and Bida basins have been excluded in this round because of pending acquisition of speculative data.
According to him, four countries namely, United States, Norway, UK and Brazil as well as international industry experts that have experience of the new bidding process have been invited as observers and to provide guidance for the exercise. "This will also help to obtain international endorsement on transparency and fairness of the bid round as well as raise the international standing of Nigeria with respect to transparency and fair business practices commitment" he stated.
Last week, 14 more oil blocks were added to the bidding list and according to the Director, DPR, Mr. Tony Chukwueke, "the 14 oil blocks, which were withdrawn from three multinational oil companies, Shell, Chevron and Total, were specifically meant to encourage investors into the refineries, power plants and Liquefied Natural Gas (LNG) projects in the country.
"So we will target these blocks, which we have withdrawn to investors who either participate now in building our downstream project such as refineries, Independent Power Producers (IPP) together in certain cases, LNG projects we called all these downstream investors as strategic partners. We want to use these blocs to provide benefit or feed stock, which they require to kick-start these projects," he said.
The blocs that were affected are OPL 274 or OML 1, OPL 280 now OML 39, OPL 276 now OML 14 and OPL 275 or OML 5. The others are, OPLs 290 ,278, 283, 281, 287, 289, 288, 282, 277 and 732, or OMLs 101, 19, 56, 44, 81, 87, 84, 50, 15.
The essence of putting the blocks in the on-going bid round is to allow only those investors who are interested in the development of downstream projects to participate stressing that anything short of that would not be accepted by the government.
The director said that all the rules set for the 2005 oil blocks licensing round would be followed to the letter stressing that Joint Operating Agreement (JOA) and Production Sharing Contract (PSC) would also be the same and would be ready for the investors to see before any bloc is finally awarded to the successful winner.
Chukwueke stated that all those granted licenses to build refineries could also participate in the exercise pledging that the local content drive of the government would be pursued with the new blocks.
Source: Guardian Newspapers
http://www.fourfolddesign.co.uk/energy365new/licencenewsdetail.asp?news_ID=8150
Yes nwtf, make that greedy, ungrateful, CRIMINAL idiots.
Nice condensed overview!
That's too bad, he's such a resentful, manipulative and petty man that it's very hard for me to lend him any credence. I hardly ever go to the blog these days since I rarely ever learn anything of value.
I was hoping someone was around PT and/or EF when this came up and would post here the names of those who did the concerted selling, it would then be up to each person on this board to make up their mind about the info.
VULTURES. Idcc2005, pumpers have done far greater damage to this stock than bashers (granted, it used to be the opposite.)
I think most would agree on this board that we NEED to know who they are, especially if they post here.
Kindly post the list of the vultures that have been named and publicized right here. Thank you.
Wow, JC was actually WORKING today?
LOL.
Excellent news. Thanks Mark.
Whew I thought they had bought PLATINA!
LOL.
Sorry, couldn't help it...
Nice post Slo. Thanks.
pete I don't have a clue either BUT I must say I'm always baffled by this "there's been no buyers" theory.
I don't have the numbers right in front of me and I have to run anyway but how many shares have traded at these ridiculous levels since the JDA announcement? 40-50 million or so right?
Did flippers buy SOME of those? Sure, flippes and MMs have been making a killing, but probably just a portion of the above.
My point is that SOME PEOPLE HAVE BEEN BUYING CRAPLOADS OF CHEAP SHARES, and timed it just so that it never triggered a real run...
OT - Pup sorry to hear about the laser vision correction disaster. Hope you get well soon.