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Little LOL?
In other Tullow Oil plc news, insider McDade,Paul acquired 316 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were purchased at an average cost of GBX 284 ($4.43) per share, with a total value of £897.44 ($1,400.50).
Tullow interesting?
Maybe Tullow these days is interesting, since:
http://www.ft.com/cms/s/0/410a9766-2edd-11e5-91ac-a5e17d9b4cff.html?ftcamp=traffic/partner/feed_headline/us_yahoo/auddev,traffic/partner/feed_headline/us_yahoo/auddev#axzz3h50BosCb
The Doc.
And what is their average in buying shares?
Still in U.S.A, U.S-based oil and gas exploration firm, ERHC Energy, it has retained the services of Deloitte Corporate Finance (DCF) to advise on the company’s oil assets in Kenya and Chad for possible joint ventures amid drop in global oil prices.
One deal on the table apparently is a $5m joint venture with Mercom Oil a London listed investment company with assets in Chad.
The deal rumoured to be a 50/50 split in a new venture sold by Chevron a 25 percent non-operated interest in a producing oil concession in southern Chad and the related export pipeline interests to the Republic of Chad for approximately $5 million.
Read more at http://www.stockhouse.com/companies/bullboard/erhe/erhc-energy-inc#koPhQjLGAcFWp2Le.99
Does anyone have the $ figures that Sylvan and Peter have invested in ERHC, ever, in total, up to now?
The Doc.
Regarding this quote:
Time for an estimate of how many shares could be converted and sold over the next two months. The current conversion price based on 60% of the average of the 3 lowest closing prices over the last 10 days is .0012. The face value of the convertible debentures coming due over the next two months is $242,500. That could result in the conversion and sale of about 202 million shares.
Of course we have seen in the past how quickly that number can go up as the closing prices go down. I hope this doesn't happen again, but I fear it might. We will see if there are still enough buyers of delusion insurance to avoid a downward spiral like we saw last time.
Plus, we have NOT been told if ERHC has issued any more of these toxic convertible debentures and we apparently won't be told for about another month. Hard to believe that ERHC could have issued a convertible debenture on April 1 for a million dollars and that we would not be told about it until August 15. Even harder to believe that some think that is OK and that it meets the disclosure rules. It will be interesting to see how many more debentures were issued from April 1 to June 30th. My guess it will be a number other than 0 but probably less than a million.
Regarding CN's:
Midtier wrote on March 19th:
(...)Subsequent to those debentures there are only 3 more that we know of. One for $50,000 eligible for conversion in May and one for $53,500 eligible for conversion in June. The third is the Chrome debenture for $250,000 which is eligible for conversion in August. Those are the ones we know about but we won't find out for sure if any more have been issued until the 10Q due on May 15th.
Regarding outstanding shares:
I today tried again to get the current shares outstanding via the T/A contact.
I got a mail back with a PDF. The PDF was named:
"Don't give out share structure statement.pdf"
ERHC complies with regulations requiring mandatory disclosure of certain financial information including information on its capitalization in its quarterly and annual filings, which are posted at erhc.com/secfilings/. ERHC has direct responsibility for the accuracy and timeliness of those disclosures with particular reference to audited accounts and related figures and price-sensitive information. Independent contractors, consultants or agents retained by ERHC to maintain, compile or archive such disclosures, or the information contained therein, usually do so under contracts containing strict covenants as to unauthorized or random disclosures, in accordance with general industry practice. Requests for information and other enquiries should therefore be directed to the company and not to contractors, consultants or agents, including stock transfer agents, in the first instance. Contact ERHC at http://erhc.com/contact/
The Doc.
Bummer, website in the air again...
http://erhc.com/
:)
What is with the www.erhc.com website?
Scare tactic of Peter, taking the site down for some time, suggesting immense cost cutting...?
Lol (if not true)
The Doc.
As for Offor getting more shares...he can buy more on the open market for cheaper...which he probably did do...since Chrome apparently doesn't have to file a Form 4.
I totally missed this, because focused on ERHC:
http://investors.hyperdynamics.com/stockquote.cfm
Since the 'force majeur' was lifted it went up a lot.
Another missed opportunity, grrrr...
The Doc.
Krom,
The fact that Offor did not fund beyond $250k suggests that they are on course to getting that money.
Krom,
That is quite a clever coinage of wording because it accurately represents how cheap the premium for such dilution is. That's because the share price fell well below the level it theoretically should have fallen after the dilution. That makes dilution insurance quite the bargain. These shareholders are smart. But, of course, there are those shareholders who are desperate to get cheaper shares, and they'll make up anything, making it not so easy for those shareholders who are more optimistic.
When is the 10Q due? August half?
Regarding Peter and Sylvan buying:
Peter has purchased recently at 10 X times the all time low of .0003. Some people"s math is a bit off as usual.
How does everyone see the world? It is a personal decision. Is your glass half empty or half full? Do you view the ERHE potential as half empty or half full?
You know when this would be really, REALLY, impressive?
When it turns out that their SALARY is cust by half, due to bad performance, and realism...
Has their salary been cut?
Me don't think so.
And the board continues to BUY shares.
Give me proof of the BOD buying shares.
I asked you this before.
The Doc.
Don't BS please. Just tell us what you want to share with us.
Strategy,
Just a few years back, every officer and board of director participated by purchasing shares at .075. Again, some participation could be almost assumed but when all board of directors purchased shares with their own money, I bet they are expecting a handsome return on their 7.5 cent purchases and none of them have run for the exits.
World oil prices seemed to have bottomed out and have started to rise again.
If ERHE continues to cut expenses further, it should also reduce the need for immediate fund raising through CN's.
Also:
Strategy said:
Not only are they cutting costs where they can, they are still striving to move forward by other means that just cash.
I have no @#$%ing clue what your talking about.
Sorry.
Plain English please.
You know: Mark Govals type of talk is disregarded since a long, long time.
Then just read you email.
And remove that last sentence, or another sigar will Kaboom in your face.
This is about Oil Glut and Funding. Nothing much in sight yet.
The Doc.
Sneak,
Come on...
It is rather elementary DR. J, Just try and ponder what may be on the horizon and why the BOD is buying shares
Seek the reason for the B.O,D. share purchase
I'm not sure about that, but fact is ERHC does not want to disclose the current and upcoming share count numbers, when they can do so for free, as the T/A vice president told me.
They also mentioned it again in the update from yesterday.
So, looks like it is a given?
Question pops up again: Why did Offor/Chrome not prevent this, to 'protect' his own $250K.
Nordicroots,
You hit the nail on the head:
We can use our imaginations as to scenarios that could lead to any of those 3 outcomes but we really won't know until we know how they plan to use it.
Sorry, I found this to be very funny, and certainly has a bit truth in it...
Great update Pete - so to summarize: EEZ - you have nothing
Deloitte - nothing
Chad - nothing
JDZ - more nothing
And with Kenya nothing except pushing the drill date further away to at least 3 months into 2016 and beyond. Is that what you call working at a fever pitch Pete ??
Its always about what you are going to do and never what you have actually done except barbeque a few goats , go to a soccer game and make kissy kissy videos !
Nice work for a $1000 a day !
might provide beneficial synergies.
No, you only posted the update.
It's for the 'Kaboom' beliebers....
KABOOM!!! IN YOUR FACE...NOT
NO update news whatsoever in the 'update'...
c. In light of current economic conditions, ERHC continues to minimize costs across board. Investor relations and outreach has been affected. ERHC will continue to satisfy mandatory regulatory requirements for disclosure, particularly to shareholders as a whole. ERHC cannot, however, for the time being, directly or through agents, contractors or consultants, continue to incur the expense of responding to each and every one of the numerous enquiries we receive daily (except where specifically mandated by law). We thank all our shareholders for their continued high level of interest in ERHC's activities and trust that they will understand the imperatives of the current economic climate.
Ruby,
June 22 last buy for $810,- at around .0021
Don't fool yourself.
They are, very likely (imo), not going to buy now at these levels, and at this moment.
Last 'serious' buy was at June 12 for $10K at a around .0015
That does not make sense. Even if the opportunity presented itself unannounced, they could have gotten that morgage...
Also: they are not buying anymore at these prices!
So, even behind the scenes things need to unfold, it seems.
why just focus on the OS count?
Did he know that upfront?
Even at the time of the rights offering (when oil glut did not exist...)?
WAKE UP, stop looking at the glass half empty!!!
We KNOW it is between 2.6 and 3 billion, so why witholding it, for what 'strategic' reason?
I had a nice break over the 4th of july...and I come back to many arguments/points that are all foiled by one thing:
Management bought a ton of shares.
And
Offor got a ton of shares through his CD.
If you think just those two thoughts while reading all the other posts...you would see how quickly so many of them become null and void as arguments go.
Krombacher
Nothing else needs be said or disclosed legally or morally.
No, my friend.
The Naysayers are out of touch with reality.
When someone is continiously negative and refuses to take action based upon ones own view... for years... Disqualification!