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Mark-no argument from me re SEO and poor mgmt as a cause for the crappy SP. I am saying though that it MAY be more than just coincidence that 2 of the major points of the artice, ie, Shareholders suit and Breach of Fidujiary duty, have been repeated over and over on the Boards by Meridean especially. And yes, I know for a fact some posters who have long and close relatioships w/BM.
Kinda of my point--the article has someones agenda written all over it. eom
I Haven't fully digested the entire article yet but some initial thoughts are that BM is being fed a lot of info from people here and on IV. I am pretty convinced that some posters, no names, have a definite agenda. I would love to know whether BM has any NON-message board sources for his claims of threats of a shareholders law suit. My opinion of BM has dropped considerably.
Another thought-If I read the article correctly, and I will read it a few more times, BM says Offor has issued ERHC shares to finance the Starcrest deal. This would certainly require action by the BOD and would absolutely be a material event IMO that would need reporting. Also, AXC/Starcrest apparently already paid the $55 Million to Nigeria. Would this have been done w/o SEO having secured ownership? This might actually be an argument that the article is BS re issuing more shares.
Finally, while I understand that many feel that a major shake-up like this is ultimately good for us commoners, ie, new possible management etc....IMO, we don't need any more negative publicity and possible SEC investigations and so forth. IMO, a shareholders suit is an absolute terrible thing. We can kiss any recent gains (and they really are minute) goodbye and then some. Sorry for the rambling.
WHOA!!EOM
I think you may be right. Rocky-Please check it out. Thanks-LOL.
Sorry magic, i replied to you w/a PM-my mistake.eom
Sortman-are you sure subs were set up for EACH blk? I really don't remember more than 1 sub being set up. Thanks
Magic-pls explain--What ain't gonna happen? Buy-out of blk 2, or a rise in the sp?
I would add though that putting a bilion or 2 bucks in the co's bank should do wonders for the SP.
IMO, the money goes into the company's account. The co could issue some kind of special dividend by way of $ or shares if they wanted to, but I wouldn't hold my breath. Only way we are involved is if another co buys OUR shares.
Funny. Here's to some good news-maybe a BM later? eom
thank you eom
Can someone RE_POST Marks JDA UPDATE? eom
Nah, I think its the Canadians playing head games with us. Look into it Breze please.
The V stands for the Vancouver exchange. Must be a mistake, but those Canadians are a clever bunch. lol (HI Breze!)
Block 5 is an extre,mely deep block and was not one of the most sought after, 5 and 6 actually. My money is on blks 2,4 and 3 in that order.
LoneGuardian-ERHC still has its EEZ rights. STP has been making all sorts of agrements with other Portuguese speaking countries.
Thanks Oilphant-But I would expect ALOT more volume if this were the case. Hpoe you are right on this one. Good to see you posting again.
Maybe an e-mail to shell asking them, or , an e-mail to the rig owner.
Thats cause HDY's deals aren't nearly as complicated as ERHC's, and because HDY management communicates with its shareholders.
Ouch!! Sounds like I've been given a "time-out"!! eom
I would prefer to put the blame where it belongs-on Luca and Offor. They have proven over the years, despite the pretty fluff in their letters to shareholders, that keeping the commoners informes is way down on the food chain.
We have been down this road many a time. The PR people, whether its Coleman, Buks or Keany, have their hands tied. Its not their fault-they can only respond to what Luca or Offor tell them to do. I doubt very much that they are kept in the loop on what the co is up to until they are briefed by the powers that be. Keaney has made a real effort to get info to us asap when he is authorized to do so. Nobody should blame him imo (not saying any on this thread are blaming him).
Instructmba-you have compiled a fantastic refernce tool for erhc investors. Well done and thank you!!!!!
Here be the link. Great read!!
http://www.ssn.flinders.edu.au/global/afsaap/conferences/2004proceedings/seibert.PDF
For THE most comprehensive and basically accurate history of STP and ERHC's involvement w/STP and the JDZ, everyone should read Gerhardt Sieberts article. Its an awesome treatise on the entire situation, up until I believe last year.
The most innacurate 2 paragraphs I have ever read:
The international community was not there in 1997 when São Tomé made a critical decision. An unknown Houston-based Nigerian company called ERHC, which had never produced a barrel of oil in its history, offered just US$5 million for exclusive exploration rights to all of São Tomé’s waters. It was described as one of the best – or worst – deals in history and even the World Bank declared it unfair. But no money arrived and the deal was about to fall apart when Sir Emeka Offor, a Nigerian businessman closely associated with the late Nigerian dictator, Sani Abacha, bought ERHC, renamed it Chrome, brought in ExxonMobil, involved the Nigerian government and proposed a new agreement in return for lucrative concession rights. When Exxon struck oil, Chrome/ERHC became worth US$600 million overnight. Nigeria then disputed São Tomé’s territorial limits. Fearing it would lose everything and desperate for cash, the then president agreed to a 60-40 split in Nigeria’s favour.
Meanwhile Chrome/ERHC and Exxon also negotiated preferential rights. By the time the first licences were bid for in November 2004, São Tomé had effectively given away, or been swindled out of, most of its oil-rich territory, handed a barely existent Nigerian company almost 20 percent of what was left and given up most of its rights to down payments. However, November 23, 2003, was still the greatest day in São Tomé’s history. Twenty companies bid US$506 million for seven exploration blocks, leading the government to expect more than US$200 million in signature payments
Yes and if the Major American companies do not figure out a way to aquire/possess significant %'s in the JDZ, this could potentially become a hot political issue. IMO, XOM CVX dropped the ball big time and missed out on many opportunities to lock in their control. Pure arrogance, especially by XOM, imo. Very significant geo-political ramifications if the US doesn't gain a foothold in W. Africa.
Thanks Dadd. Very interesting. Interesting comments. eom
Not much of a premium there-trading at .92P now. eom
Any ideas from who? Dana? Koreans? Nick? eom
Art-Why do you feel the SP will go up considerably upon drill schedule announcements? IMO, this is already factored in. NO one doubts that rigs will be secured and drilling will commence in the future. Just trying to be real. I think political pressure is SEO's only real motivation to sell if he sells anything at all.
Re Equator-We have speculated that the Koreans are interested in buying Equator, but who knows, Maybe Dana Gas is making another play. If they are trying to take a positin in Africa, mthis could very well be an increibly shrewd business move to create a business and political presence in Africa as many feel that African oil poses a serious threat to Middle Eastern Oil. Just speculating here.
There are actually around 23 blocks in the JDZ I think. Only 9 were auctioned off. But think this must be a typo, unless something back door and illicit took place-and we know things like that just don't happen down there.
Extractor-Maybe, BUT--If BIG OIL was the impetus for the Investigation, then they can make it go away. ALSO, absent a Freeze on ERHC assets, which there is not, I would think that once ERHC no longer exists, then corporately, there is nothing left to possibly prosecute. I suppose AXC might risk inheriting a fine or 2 but thats it. Once ERHC is dissolved, the Investigations become moot. I think.
Walldog-you answered your own question. XOM/CVX, w/o proof of lots of oil that they can verify to their shareholders, could never shell out $Billions for a co like ERHC.:however, buy buying AXC after THEY have bought out ERHC, they would be aquiring a co that pumps out 100k barrels a day, has oil in Iraq, and owns massive rights in the JDZ (and possibly EEZ). Much easier sell to shareholders.
Sorry-cap locks slipped on me. eom
sWINGING k-tHINK HE WAS INTO BONDS THOUGH. cONNECTIONS W/nyu-mET mENENZES AT THE eARTH iNSTITUTE FUNCTION IN nyc. pOSTED A PICTURE.
Also, SNP has been on a tear lately. Up $3.00 so far today and over $80/share. AXC and SNP need to share the love.
For now, we live vicariously. eom