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No, no, no snayeman.
Your totally wrong. There is/was no need for 'azzcovering'.
What I am claiming is that they haven't told us and won't tell us, what the plan is.
Peter did spend a huge amount of money on shares, not piddly.
And it also won't cover their 'azz' in a court of law, there only their actions count.
They cannot benefit down the road if they all bought shares like we did. SEO paid even more than the recent low.
So your attribution is not clearing up anything. Just negativity. It does not make sense what you claim.
OC,
Let's pray Peter is smarter than he has been made out to be. We'll find out soon enough as this is either the end game or a new era.
Troy,
I just don't see how ERHC get the cash it needs to get through drilling with giving away the vast majority of the assets.
OC, this is what I meant, it does not add up:
If Peter is a worthless turd of a CEO then fine, you duped us all out of our money. Congrats.
Some objective thoughts from the Doctor, going into tomorrow.
I am a bit worried. What frustrates me the most is that I cannot get an answer to one question that really matters. And that is: what is and has been the incentive for SEO to not come to the rescue in regards to ERHC. Not with the rights offering and also not now. While we retail investors are still in extreme worry-mode regarding the fact whether or not ERHC will financially make it to shore, Offor already knows for a long time what his plans are with ERHC.
He did help ERHC out with that small portion of $250K earlier this year, I was the one that immediately said that he has more than enough money, by looking at his prior and current charity contributions. Now everybody agrees that Offor for sure is not in financial problems, as some !@#$'s claimed.
But where does this leave us? There must be a plan, a solid reason why Offor is not forking over more cash to take away any uncertainty. I was the one that also said that he could act, and disclose that, as a ‘backstop’. If Offor gave up on ERHC, why the $250K? While spending millions on charity the same time?
One thing we do know for sure: Offor also does not know whether or not Kenya 11A holds oil or not. And if CEPSA is willing to invest at least (!) $30.000.000,- in this block, Offor and his oil company is without any doubt willing not only to invest the relatively small amount to keep ERHC afloat until drilling at least, but even until the glut oil era has past. Why? Of course because of the fact that the profits after finding oil are so enormous for Offor, that not keeping ERHC afloat is no serious or common sense option. It just isn't! And yet, this is exactly the impression we all have for so long now: that ERHC is on it’s own, holding on for dear life...
That just does not make sense. Not in the least because Offor’s company is in this exact line of business. On their own website they talk about taking risks, as being a part of this business. So it does NOT add up.
Take me word for it: Offor is agreeing with this R/S that will happen for sure.
If I use all my few braincells to take a real OBJECTIVE look at ERHC now, I cannot accept that SEO will not act as a backstop, if the sjit would really hit the fan, and ERHC runs out of money. I think they ON PURPOSE do not take any action that could calm any investors mindset. They also act like they will not need retail investors in the near future, to get the share price back up to normal levels. They claim they have not much options. But they NEVER had any criticism or words at all in the direction of CHROME/OFFOR. Never. I have always found that a bit 'fishy'. Here is a company, supposedly holding on for dear life, while the majority owner at the same time is literally swimming in dollar bills. If I were the CEO of the company, I would have OPENLY criticised the majority owner. But Peter did not even mention him in regards to this current financial situation, like we don't even have/never had an investor with almost 50% of the company!
Am I being objective here? I asked around. I am.
'Nice' reminder in this regard: Why did Offor speak out his 'support' for the rights offering, while himself not participating without any valid reason!
Of course Offor knows for a long time whether or not he will keep ERHC alive or not, no matter what happens with ERHC in a financial sense. And I’m also quite sure that Peter knows what Offor’s plans are: Why is Peter's salary not cut? I ask you again: why is Peter's salary not cut. Not by the board, not by the majority owner!
Does it has anything to do with our CEO NEVER criticizing our majority owner in public regarding his real financial support (and I'm not talking about $250K, which he also spends on airconditioning for his houses)!
Listen, seriously: just imagine that block 11A hits commercial oil. Even now in the glut oil year(s), even when we calculate the smallest possible amount of commercial oil: tell me what the share price would be with 3Billion shares out. What would the market cap be if commercial oil is found, and how much would that equate to if Offor had only 13% of the shares?
Give me a $ figure, and tell me if this is not what Chrome is after? And then I’m not even talking about the $ value of the undiscovered Chad and the EEZ blocks after glut oil…
Give me an absolute $ minimum for Offor at 13%
The Doc.
I have a objective feeling we are led by the $ick.
You do have a point here:
they're not like the average penny stock fraud with no assets or products that have no value that does a r/s.
SSC, if you want to be taken seriously by me, and probably all others, you have to come up with a solid reason why Peter spend serious money buying stock before again dilution the !@#$ out of ERHC.
Good luck.
"If the ONLY intent was to encourage retail buying, that could have been accomplished by putting a more positive spin on pr's and updates."
"(...)you didn't average down, the r/s is going to kill you, if you bought a ton of shares here, you can still make out fine if they don't do toxic convertible debt but figure out another way to do financing with the shares they issue for that financing."
"What's funny, they filed a proxy for a 100 to1 RS at 4:20 today! I'm not laughing, you shouldn't be either!"
Bypassing the fact that I said that I diversified into TULLOW at these prices of 200 pence, because TULLOW is the bank of England compared to ERHC...
WHY did Peter and Sylvan buy stock recently, with this option hanging over them?
WHY are Peter and Sylvan not resorting to a salary cut, forced to by Offor (who has a LOT on the line here) and the board...
The Doctor.
The main question is why he spends more on welfare than on drilling for oil with CEPSA?
It just does not add up for him, considering the huge profits if CEPSA finds oil.
He could spend even more on welfare with his ERHC money after finding oil.
WHAT is the reason... the answer is hard to deduct, but there must be an answer for sure though, since we are talking about what makes the world go round: $$$
The Doc.
OOPS...
How Low Can Oil Go? Goldman Says $20 a Barrel Is a Possibility
http://www.bloomberg.com/news/articles/2015-09-11/-20-oil-possible-for-goldman-as-forecasts-cut-on-growing-glut
But... thank God the IEA has another view on it. Both OPEC and the US will produce less in the near future according to them.
The Doc.
Peter buying shares on 9-11
Is it a sign, Midtier?
How much is going to be converted still?
Anybody any WAG?
I always said that SEO had the money...
The Doc was right.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116844377
There is another reason that he did not participate in the rights offering...
Who can solve this question as to what was in it for him not to participate...?
That's the $64.000,- question.
The Doc.
My point is:
read this for entertainment value.
:p
Remember this about TULLOW, although this article is from July last year:
Production looks set to be slightly down on the 84,200 bpd reported last year, which generated $1.9bn in cash for the company. However, Tullow added that building the infrastructure for the TEN project in Ghana is on target for production my mid-2016. Once completed this offshore oil field is expected to almost double production adding around 80,000 bpd of crude, a spokesperson for the company said.
http://www.telegraph.co.uk/finance/markets/questor/10942653/Questor-share-tip-Tullow-Oil-shares-are-interesting-after-write-downs.html
Be aware that if (NOT IF, but) when oil prices go up again, how incredibly high the profits are that TULLOW is going to make...
In a scenario of oil hitting $80,- or higher, I think Tullow's share price will be at 800 to 1400 with the TEN Project adding to the bottom line.
"The profits and earnings are lumpy given write-offs of assets but looking at the cash investors only have to pay about 8 times cashflow."
Share price was 850P when this article was written, and oil was, oil was at 104. Oilprice is half that now, Tullow share price is not at less than 1/4th of last year. And this article thought last year that Tullow was a good buy. Then it should be even better right now.
And all of this without the 'uncertainty' that is surrounding ERHC energy.
I diversified, that is what I did.
I only will add ERHC at around .0006
Where are the convertibles? I'm afraid nothing new will come.
I'm also afraid Peter and Sylvan KNEW nothing would come anymore. Even with the threat of increasing the outstanding shares, they would not have bought the amounts they did. I'm afraid.
The Doc.
Tullow Oil
With crude prices stepping steadily lower yet again — the Brent benchmark struck fresh multi-year lows around $42.50 per barrel last week — I expect Tullow Oil (LSE: TLW) to endure worsening share price pressure in the weeks and months ahead.
The fossil fuel giant has already conceded 12% during the past four weeks thanks to the recent commodities rout, with investors shrugging off news of a production restart at its Jubilee asset in Ghana, as well as an accord between Kenya and Uganda concerning the route for a critical oil pipeline. Instead, markets remain preoccupied with newsflow surrounding the wider market, most notably a steady increase in the US rig count, and Chinese manufacturing activity hitting the buffers.
The result of hedging has allowed Tullow Oil to avoid the worst of the oil price decline since last summer, and the firm reported an average realised price just below $71 per barrel during January-June. Still, the collapsing crude price caused revenues to slump 35% during the first half to $850m. And with Tullow Oil creaking under a $3.6bn net debt pile — soaring from $2.8bn a year ago — I believe the business is in an increasingly-precarious position as oil revenues look set to drag.
This is why ERHC is also still not moving.
The Doc.
http://www.fool.co.uk/investing/2015/09/03/should-you-give-unloved-tullow-oil-plc-lonmin-plc-or-halfords-group-plc-a-place-in-your-portfolio/?source=uptyholnk3030001
This would IMPLY that it is IMPOSSIBLE that more convertible shares hit the market...
Is there a round of convertibles still due...?
One would almost think that our criminal management knew they would stay below the 3B, when they started buying...
The Doc.
Some seems to be some a basic form of intelligence
The only one strategy that would seem to be in play on the bull side is hold your breath and hope they don't run out of cash before drilling, then hold it longer and hope they find oil in that first shot.
Are Glencore PLC, Tullow Oil plc & Aquarius Platinum Limited (UK) 3 Super Resources Stocks?
http://www.fool.co.uk/investing/2015/09/01/are-glencore-plc-tullow-oil-plc-aquarius-platinum-limited-uk-3-super-resources-stocks/?source=uptyholnk3030001
"Likewise, Tullow Oil (LSE: TLW) appears to be unjustifiably cheap at the present time. For example, it trades on a price to earnings growth (PEG) ratio of just 0.1, which indicates that its shares are well-worth buying. Certainly, its financial performance has been rather volatile in recent years, with its pretax profit ranging from a loss of over $2bn to a profit of over $1bn during the last five years. During this time, Tullow Oil’s share price has declined by 82%, which indicates that investor sentiment is very weak. However, with its bottom line due to rise by over 300% next year, it appears to be a logical purchase at the present time for investors who can accept above average levels of volatility."
The Doc.
Buffet in oil (refining):
Buffett's Berkshire takes $4.48 billion stake in Phillips 66
http://www.reuters.com/article/2015/08/29/us-berkshirehathaway-phillips-idUSKCN0QY0L120150829
The Doc
Can Premier Oil PLC And Tullow Oil plc Reverse This Year’s Precipitous Slide?
http://www.fool.co.uk/investing/2015/08/28/can-premier-oil-plc-and-tullow-oil-plc-reverse-this-years-precipitous-slide/?source=uptyholnk3030001
Tullow Oil
Tullow Oil (LSE: TLW) shares fell 10% today, as the stock market rout continue to put pressure on crude oil prices. The price of Brent crude oil fell more than 3% to $44, as the supply glut grows and amidst increasing uncertainty with crude oil demand in the longer term.
Even though Tullow Oil is likely to remain operationally cash flow positive with the oil price at today’s level, the Africa-focused oil producer needs to invest in new well developments and fund exploration costs. Tullow Oil has a cash operating cost of just $18.6 per barrel of oil, but on a total cost basis its production cost is closer to $38 per barrel. On top of this, it needs to service its growing net debt, which currently stands at $3.6 billion.
With the sell-off in the markets, it is difficult to suggest how much further shares in Tullow Oil could fall. But, Tullow Oil is one of the lowest cost producers in the sector, and the company has had a long history of exploration successes and operational efficiency. So far, this has not helped its share price, but things could be different in the longer term.
Which clock is ticking?
If we look at emdyal at the other board, it becomes very, very clear that he does not like that picture.
Makes you wonder what keeps him glued to ERHC.
We always knew...
Poor guy.
Apparently SEO was in the States recently...
visiting the headquarters of Rotary Interational along with Jeter and Ntephe. Do these guys look worried?
All theory, nothing provable... yet. And all completely plausible.
If the funds they used were not their money, why would they care?
That is what crossed my mind also, some time ago.
But I'm not totally sure on it, though. Because it is probably to 'obvious' to count as an alibi, IF they really are doing 'illegal' things.
There will come a day, hopefully, that we will be labeled as "IDIOTS SAVANTS"...
mwhahaha
This left me chuckling...
"They use the word "stout-hearted" in relation to TULLOW, just IMAGINE how they would call us ERHC investors..."
Determined, stubborn, invincible, stupid, certifiably insane...
You can pick any 5 you want.
Ntephe and Odobulu were allowed to run wild with an asinine cascading convertible debt scheme that could *only* be implemented for the purpose of wiping out all market cap.
Hopefully shareholders wake up, if not, they're going to wake up with their position worth ZERO and NGAR soaring... without a meaningful cent going to those that bought and believed for so many years.
Strategy,
Absolutely yes! I doubt the capital they raise will be much from CD's anymore as they have learned they SUCK at that approach. And I mean that seriously. They have the worst written agreements on the CD's I have ever experienced. Who ever wrote those agreements should be fired.
Kenya Mulls $50 Million Mineral, Oil Laboratory for East Africa
http://www.bloomberg.com/news/articles/2015-08-20/kenya-mulls-50-million-mineral-oil-laboratory-for-east-africa
Why Are Ophir Energy Plc, Circle Oil Plc And Tullow Oil plc In A Slump This Week?
http://www.fool.co.uk/investing/2015/08/19/why-are-ophir-energy-plc-circle-oil-plc-and-tullow-oil-plc-in-a-slump-this-week/?source=uptyholnk3030001
I’ll finish with a look at Tullow Oil (LSE: TLW), which has seen its share price fall 10% in the past five days, and by a whopping 71% in 12 months — and an eye-watering 86% since February 2012! Tullow has had a couple of painful years, with earnings per share falling by three quarters in 2013, followed by a bone-jarring $2bn pre-tax loss in 2014.
Set for a nice recovery?
But the firm’s restructuring and cost-saving was bearing fruit by the mid-way point this year, and though Tullow was facing net debt of $3.6bn, it still had a cash and debt headroom position of $2.3bn. And in an operational update last week, CEO Aidan Heavey told us that Tullow “continues to make good progress […] with continued emphasis on managing costs, capital expenditure and the balance sheet“.
There’s a small profit on the cards for Tullow this year, but a significant rise forecast for 2016 would being the P/E down to about 16 — and a continued recovery could make Tullow a good investment for the stout-hearted.
They use the word "stout-hearted" in relation to TULLOW, just IMAGINE how they would call us ERHC investors...
Tullow is THE BANK OF ENGLAND in comparison to our ERHC.
The Doc.
Krom,
Is there debt that became eligible but not yet converted. Yup. And hopefully such debt won't be converted until we reach a higher share price.
I think we will reach a higher share price because we saw what happened to other companies whose convertible debt was coming to an end. Their stock shot up 14 fold (for an example see TPAC).
That's what I noticed also, selling the EEZ?
The Doc.
What is this guy laughing about!?!Look at that grin on his face...
http://theunion.com.ng/energy/erhc-switching-business-model-to-onshore/
They don't even post their interviews on the website...
Man...
So what we did is to think.
Taipan will acquire the Interest in exchange for the issuance of such number of Taipan common shares as is equal to 50% of the outstanding Taipan common shares (the “Consideration Shares”) following completion of the Transaction (which is at arm’s length).
I think we are all a bit down, a bit worn down.
Not by the ebola-gang dedecated 24/7 to this board, but the sheer lack of visible progress regarding this company.
All the secretive bs by management is causing a lot of bs on this board.
If we only had a CEO who was approachable.