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King-I passed your info on to DK and you are correct on the July 2012 start date for the exproration period.
Should be a positive for re ERHC
Oando Stock Price (NSE) 20.39 Price Change: +0.89 | 21 Nov 2014. Oando PLC Announces YTD September 2014 Results, Posts N10.7bn Profit-After-Tax.
Hopefully some good news soon will improve the share price and make your latest buys look brilliant
I guess I don't understand why you keep buying when you keep saying the price is going Dowwwwwwn?. You must have some belief that the price will go up in time or you like losing money.
YAHOO can only get their figures from a company report 10K/10Q. There figures must be incorrect if they don't agree with the figures on the last report. Where else could they get their information? You tell me.
Do you have a link to the 10K/10Q so I can pass to DK.
I don't think that even you would have predicted the share price this low. If you did you should have sold. I would think you would have to be unhappy losing money.
The seismic in Chad must be completed by August 2015. See Below:
"The PSC with the Government of Chad has an exploration term of up to 8 years. ERHC has proposed a minimum work program covering the 8 years , with the Years 1-4 comprising of geological and geophysical (“G&G”) studies (including the acquisition of seismic data), Years 5-6 including an initial one well commitment and Years 7-8 including a second well commitment."
The clock on that started ticking in late August 2011, when the President of Chad issued the Presidential Decree of Approval of the PSC.
Therefore, based on these documents, the first four-year exploration period would run through August 2015.
Sincerely,
Daniel Keeney, APR
DPK Public Relations
Offer (Chrome) did not participate in the rights offering. Speculation is that they may have had inside information about Kenya therefore couldn't. But who knows.
Are you happy you were right? Pat yourself on the back. You should have sold when you first mentioned these convertible bonds. Maybe you did.
I believe all the company officers participated in the rights offering including the CEO (PN) who bought 356295 shares for $26722.13. He now holds 1127467 shares.
The are not really manipulating the price. The terms of these convertible notes that SIMH and other companies issue give the holder the right to convert the amount of the note to stock at a lower price than the current stock price. So for example if the stock price is .02 and they have the right to convert @ 60% of the current price they can convert @ .012. They then immediately try to sell the stock at the current price .02. If their is not enough buyers @.02 the price will fall. These note issuers are not long term investors. They just want to get their money back with a profit so they can loan it out again. Much like loan sharks. But if no one else will loan you money you go to a loan shark
If Offer the largest shareholder was not happy with what is going on with ERHC why wouldn't he just push to replace the management. Think of Carl Icahn and how vocal he is with the companies he has positions in. Pushing for management changes when he is not happy.
What is Offers plan?
They convert to stock at a lower price than the current price and then immediately sell. The can't lose as they can always convert lower than the current price
Thanks Matt
You usually don't like company's that have a high debt to cash ratio. Why do you think SARA is cheap here. I am not in SARA but looking at it.
I suggested to Dan that they should offer a private placement with warrants attached. For example 1m shares for .02 (Based on today's price) with a warrant to purchase another 1M shares at .05 (just my guess) good for for 2 years. So if the stock goes to .10 the warrant holder could buy the shares for .05 and sell at the current market price. If the warrent is exercised the company gets paid .05 per share. Usually private placement holders are restricted from selling for at lease 6 months.
If anyone likes this idea please let Dan know.
Please see post #23289. If you like this please suggest to Dan. He's tired of hearing from me
I suggested to Dan that they should offer a private placement with warrants attached. For example 1m shares for .02 (Based on today's price) with a warrant to purchase another 1M shares at .05 (just my guess) good for for 2 years. So if the stock goes to .10 the warrant holder could buy the shares for .05 and sell at the current market price. If the warrent is exercised the company gets paid .05 per share. Usually private placement holders are restricted from selling for at lease 6 months.
PNtephe@erhc.com
Do you have to disclose it when you take on the debt or in the 10Q, Just asking. I don't know.
Did you write PN or DK. Should be PN IMO
You only have to disclose issuance of shares if they exceed 5% of outstanding shares
Maybe shareholders should e-mail Peter directly.
I know you have emailed DK about the financing and the convertibles. So have I. Maybe we should all email Peter directly. I know he will not answer but at least he will see how shareholders feel.
Not sure what is correct. Seek and Krom have been arguing over this for weeks. It is what it is.
If there are any convertibles that are still eligible to convert and the conversion rate is .60 of the share price and the share price is .15 they could convert @ .09. This would be good tor the company as they would have to issue less shares.
Are we still alive and kicking, can you comment on any progress towards a deal.
So now your getting ahead of any announcements that might come for drilling and resource estimates and downplaying them in advance. That's a slick strategy.
Maybe that's his plan??
So you agree that there is the possibility that the share price could move above 10 or even 20 cents?
Seems to explain the drop a lot better than the idea that shareholders, who own the stock because they believe news about drilling could come out at any moment, selling at 2 cents for tax loss with the possibility they could miss a move above 10 or even 20 cents.
Seek- do you know if Simba has drilled any wells yet or are they basing the billion BOE estimate on the 2D seismic?
From Simba's web site.
Hassan remarked, “We have had excellent exploration results to date on the ground, and we’re confident our next phase of 2D seismic in Kenya will yield strong drilling targets ready to drill next year. Simba’s business model is to acquire large exploration acreage in frontier regions of Africa that demonstrate billion barrel reserve potential, and Kenya has certainly lived up to that strategy.”
Has Simba drilled any wells yet or are they basing the billion BOE on the 2D seismic?
Hassan remarked, “We have had excellent exploration results to date on the ground, and we’re confident our next phase of 2D seismic in Kenya will yield strong drilling targets ready to drill next year. Simba’s business model is to acquire large exploration acreage in frontier regions of Africa that demonstrate billion barrel reserve potential, and Kenya has certainly lived up to that strategy.”
About 1/2 of the convertible debt they issued in the spring said it was immediately convertible but it didn't seem to hurt the share price. In fact after that debt was issued the price went above .10. Can you comment on this.
I don't think any news the company would release would help the stock price much until these toxic thieves are done selling.
Drilling in Kenya
Farm-out in Chad
Partner in EEZ
How many shares do they have left to sell?
The thing is the dilution isn't that much. Probably less than 5%. But these toxic note converters will sell at any price.
Didn't Afren have to fire a several of there officers for taking bribes? That is probably part of the reason stock is down from $150 to $70
I didn't see it. ferab posted the upgrade. I was trying to confirm but I don't have subscription.
Why don't you email the company and ask.
Dkeeney@keeneypr.com
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