plus he is on the last day just before lunch and then they will be dismissed. I wouldn't count on anyone staying just for his presentation.

I don't think you are missing anything. The question I have is how many will be able to participate in the next round of offerings(since we know there will be more) if they go all in on this first round? The more offerings they put out the less participants they will get unless the sp goes up considerably and the ones that buy now can sell to get money for the new participation event in which case they pay huge capital gains tax if the next offering is under a year. They will be forced to go to private placement will definitely cause dilution. Our only savior will be a steep rise in the SP. Sure hope that happens.

They do not look like they used to! Neither do I for that matter! LOL

My boat is the USS Minnow! LOL

Soon is one of the four letter words we have all learned to hate! LOL

Don't worry Umbra. There are plenty of us in the boat with you!

I think he was only a billionarie in African Naira. 1 Naira + .01 US dollar. He may not have as much money as we were led to believe.

TOB. Thanks for the reply's and the PM. We're good.

Read my post to TOB. The way I read the prospectus for over subcription you will also have the right to buy additional shares at 1-3 ratio just like in the original offering. He cannot just buy up all the shares that was left over. Other shareholders get to buy their proportion as well until the total is bought up if it gets to that point. He may be able to buy more than 115 million shares but how much we do not know until they tell us.

I was going off a fuzzy memory. I figured someone would have the correct amount. Still if they are trying to raise $18 million it will be hard to get there.

If SEO has 345 million shares that means he can purchase 115 million shares @ .075 each which means he will be paying $8.625 million dollars for the initial offering. They are trying to raise $29 million. A long way to go to get there! It is still early so my math may be fuzzy. Even if the commoners like us participate fully we could not even get half way to what they are needing.

You have a good point here.

"Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC's management and board the financial flexibility needed to realize the value of the Company's highly prospective assets," said Sir Emeka Offor, chairman of The Chrome Group. "ERHC has done a commendable job of diversifying its portfolio of assets and we at Chrome believe that shareholder value, which is our overriding concern, can be derived from facilitating the Company's exploration programs and ambitious growth plans."

This is much more encouraging. Can't argue with the wording here!

Wrong. Support could mean "Ya, sure. We support the idea. Go for it!" That does not mean "Ya, sure we will fully participate and take any unclaimed shares as well". When you support an idea or proposal that does not mean you will automatically pull out the checkbook and give them what they want. It would be nice to think that SEO will fully participate but since he did not state it in those terms you have to look at the statement as it is written. You cannot imply one way or the other. None of us will know until the offering expires and if the company decides to tell us how successful or unsuccessful it was.

amen.

That would be best case scenario. But, since Sinopec does not want to give up the farm and move on I don't see that happening. For some reason they think they can hold out until Total buys their percentages and ignore the JDA rules. I am really surprised the JDA has let them slide this long. Maybe they are just a paper tiger with no bite.

How could they be gone and us not know about it? Wouldn't that be a material event? Wouldn't our original rights be returned to us?

I wonder if Offor gets controlling interest after the stock offering if he could then combine ERHE and Eland together thus we would be part of Aim listed company that also has a producing property. Eland would benefit from having the other properties that ERHE has in their portfolio. Then let Blair run the combined company. Win Win as far as I can see. Is this possible?

Ok, we're good. Nice explanation. I appreciate it. I guess my overriding concern is Offor getting controlling interest in the company. I agree they have to do something to get the money. I was hoping a farmin would happen sooner on the EEZ to give them the money to go forward with Kenya/Chad etc. Doesn't look like that will happen for a while yet. Or they could have sold blocks 5,6 and 9 and use that money for the work on the other blocks. Just trying to come up with a better way.

lets look at this your way. This is hypethetical only but you can correct me as needed.
There are appx 720,000,000 shares currently outstanding.
Offor has appx 310,000,000 of them for 43% of the company.
The rights offering is for 246,486,285 (why the exact odd number?)
Offor can fully participate for 103,200,000.
That leaves 143,286,285 for the rest of the investors.
The next biggest shareholder has appx 60,000,000 shares
That gives them 20,000,000 that will fully subscribe them.
That leaves 123,286,285 shares to the rest of the shareholders.
My guess is that the rest of the share holders will take the
23,286,285 shares. That leaves 100,000,000 shares for the over subscription. I think the over subscribers will take 10,000,000 of those as money will be real tight to buy any more. That leaves
90,000,000 shares going to Offor. Now if you take the previous outstanding shares of 720,000,000 and increase them to include the subscription that has now taken place the total shares outstanding will be 966,486,285 of which offor will now have 503,200,000 making him 52% owner of the company! All done legally. Could that be the plan?

I read it the same way. Now remember this is just the first go around. The company has already stated there will be future rounds as well as funding will need to increase. This go around will just cover the intitial phase of the contracts for Chad and Kenya. Offer can get close to 50% ownership just on this go around. What happens on the next one? He will either to over the 50% or he will not be able to participate. That will kill the next go around. That is the way I see things progressing. This is a one shot deal. They need funding from Buyin's etc for any future money. Fingers crossed, eyes crossed, legs crossed etc.

Ok, so how do you explain how the JDZ could go from having appx 14 Billion barrels of oil to nothing but elephant farts? After 5 drillings they could not even come up with a million barrels? Why hasn't Sinopec released the blocks? Why hasn't ERHE filed a formal complaint with the JDA on Sinopec's stonewalling? How did they get the Chad and Kenya deals without money? If the rights offering fails how are they going to pay for Chad and Kenya? If it fails then any potential partners will just hold our feet to the fire until we lose 90% of our rights or they will just wait until we have to give them up and then scoop them up for next to nothing. I don't like unknowns. You sure seem to make a lot of assumptions. I deal in facts.

No, it is more like I am so far under water on this stock that I can't afford to take the loss. I will not put good money after bad. I will just ride out the storm with what I have. Bust or Boom. Have been here nine years. The company has failed in so many ways but still has managed to stay afloat. The Chad and Kenya deals could be gangbusters or company busters. No partners yet on EEZ. Partners in JDZ are playing hide and seek. No partners in Chad/Kenya. Only about $7 mil. left in the bank. $28 mil owed in the next two years on Chad and Kenya alone. The majority shareholder will not commit to fully subscribe in the offering publicly. If he really wanted this thing to succeed why not let the market know by telling us he will fully subscribe? No AIM listing despite them repeatedly telling us it was going to happen. The list goes on and on. My shares have been relegated to hiding under the mattress for boom or bust. I am appalled at the sp after getting so many friends and family into this stock. That was back when I had faith in the company. Now I can just hope it will go back up enough for them to be able to break even on this thing. Enough said.

I have my opinions and you have yours. Don't be so condescending! Amj makes a good point when other companies have listed the backers and major shareholders full commitment. Offor has not said he will fully participate. Why not? He only said he supports the idea of the offering. You can assume all you want. His words and lack thereof speak volumes. By the way, I hope the offering works perfectly and they get the money needed to kick this pig in the a**,
anything to get the sp going back up. I am holding on to the shares I have and that is it.

not to mention the fact that if you tell the company you will fully subscribe and then if something happened before the subscription date ends then you will still be stuck buying those shares. What happens if the rights offering is a failure and does not get the amount they need? Those that decided to fully subscribe are still on the hook for the shares even if the sp tanks below the .075. I would much rather know that there is a backstop and that Offor has committed to fully subscribe. I don't care what other people think when they have greed pushing them. I will not put another dime into this company until I start seeing better results.

Could he not just wait until Jan. 30th to fully participate and then when the 4K comes out in a week and no one knows he has fully participated and there are lots of unsubscribed shares available he can then mop up the rest before the market hears about his participation. Then when the 4K hits the price jumps up and he looks like a genius and the people that don't participate will be screwed. I don't know why he would do this unless his intent is to get as much as he can without us knowing his hand. If he did care about the rest of us he would go ahead and commit and let the market know so the rest of us would be assured and we could all benefit from the sp increase. If he does not fully commit until the very end I can see the sp dropping below the current .075 as the market will not be confident in the offering. Only Offer would benefit in that scenario. Lets hope that is not the case.

or he could legally purchase enough shares in the offering to gain 51% of the company and then take it private. There is always another scenario.

Yep. Why doesn't he just say he will participate fully and will also buy any unsubscribed shares as well? The non-committal is troubling. He can say he supports the idea but will not commit actual money.

The difference from this year to the last few years is that we had drilling that we were waiting for results on. When it floated out that we had a bad case of Biogas then the stock plummeted. Nobody wanted to put more good money after bad money. Now we have Chad and Kenya properties but they are still years away from drilling and the money is running out. I personally think the new offering will get little response from the average shareholder. There will be some participating but not like in the past when we had expectations of news at any time. This stock is a carrot in front of the donkey. Always enticing to chase but cannot even get a single bite! We also do not know for sure to what extent if any that Offor will participate. We know he supported the idea because Peter would not lie to us would he? There is not any definitive proof that he will participate outside of everyone's speculations.

I think they need to change the name of the company to:
Obfuscation Energy. Would fit them to a fault! I can't, for the life of me, figure out why this company tries so hard to keep its stockholders in the dark and having to research other companies that we interact with to find out any information. The sugar coated rose colored glasses crowd can be happy in la la land but I do not trust these guys until I see actual results.

sure is an awful lot of assuming going on. Wouldn't it be insider info if they contacted him directly to see if he would fully participate before putting out the pr to the rest of us? Theoretically he should find out their plans the same time and way as us. Nobody knows his plans unless it was discussed privately with him which may or may not be legal.

Why would he not jut wait until the retail investors got all they wanted and then he could scoop up the rest for a lot less in a private placement? I know that is what I would do if I were in his position. Or buy a little bit of the intitial and then do the private placement. The only problem is the company gets far less money than what they need. Business is business though with Offor.

So they are putting out 243 M and he only has to pick up 185 million share of that to gain complete control? That is only $14 million appx. Very easy for him to do. Also, how much of the 243 million shares do you think the average shareholder is going to absorb? I would be surprised if the 43 million would be taken. Where are they going to sell the other 200 million to? If Offor only takes his subscription allotment of 105 million then they are going to fall way short of their needs unless they have an angel in the wings to save them.

If Offor does decide to participate how many more shares will he have to purchase to reach 51% ownership? He is at 43% now. To me that is the most scary part. This offering could easily put him into majority ownership.

When the small investors do not buy up the entire offering will we know if Chrome takes the rest? Since they are a majority shareholder wouldn't there be an 8k put out showing the increase in ownership? Same for any other entity that buys over 5% of the stock.

Same to you. Don't forget to stop by our block and take pictures! LOL

Krom, it seems we have all been on a Snipe hunt these many years! Just thought I would throw in a little avian discharge to your mix! LOL

AMEN!!!!!! This should be a keeper post as a big majority of members here probably feel the same way.

ROFLMAO! Apparently this writer has not done any real DD. He must have looked at the original seismic scam that showed 14 Billion barrels in the zone. He must not have heard that the JDZ is nothing but Biogenic Gas (except block 1 of course which only has a teaspoon full of oil). At least that is what Sinopec said we should believe. I am still wondering why they have not vacated the blocks and have not told the JDA what they really found.

I am more of the opinion I will believe it when I see it. They said they would start the fund raising very soon after the SH meeting yet we have not heard a peep. Just keeping the rose colored glasses off for now.

I think you are putting the cart before the horse. Chrome said they supported the idea of the new stock issuance. They did not come right out and say they would be buying more stock. They voted yes to the proposal. We have no idea what other participation they will have until we see a K of some kind noting the purchasing of additional shares by a majority share holder. All the rest is speculation on several peoples part.