In reply to your first sentence,

A. Those putting forth a herculean effort to damage if not destroy the company.

I don't know, because I am not at the table, but I have FULL confidence that they are VERY busy and woking VERY hard to enhance shareholder value. If I did not have that confidence, I would be long gone by now... anyone would be.

A bit dated, but new to me...

Part 1:

Seadrill orders more new ultra-deepwater drillships

07/15/2013

Offshore staff

http://www.offshore-mag.com/articles/2013/07/seadrill-orders-more-new-ultra-deepwater-drillships.html

HAMILTON, Bermuda – Seadrill Ltd. (XOSL:SDRL) has entered into turnkey contracts with shipyards in South Korea to construct four new ultra-deepwater drillships.

Two will be built at the DSME yard and the other two at the Samsung yard.

Seadrill estimates the price at less than $600 million per unit, including project management, drilling and handling tools, spares, capitalized interest, and operational preparations.

Deliveries of the completed units are scheduled for the second half 2015. Additionally, Seadrill has fixed priced options for delivery of two further units in the first half of 2016.


The vessels will have a hook load capability of 1,250 tons and a water depth capacity of up to 12,000 ft (3,657 m), with targeted sectors including the Gulf of Mexico, Brazil, and West and East Africa.

Each will be outfitted with a seven-ram configuration BOP stack, with storing and handling capacity for a second BOP. Two of the drillships plans include equipment that could accommodate 20K BOP systems.

Seadrill’s construction program now totals 22 units, comprising nine drillships, two harsh environment semisubmersibles, and 11 high-specification jackups.

Since the company was formed in 2005, it says, the global offshore drilling market has absorbed around 260 new rigs, while use of the ultra-deepwater fleet has been 100%. Over the same period offshore production has been marginally down, underlining the growing complexity of developing new oil and gas reserves.

Seadrill expects ultra-deepwater production to rise from around 1 MMb/d currently to 5 MMb/d over the next six years. This will involve adding significant new development drilling capacity.

At the same time, the industry will be faced with an aging fleet, with about half of the current floating rig fleet older than 20 years. Increasingly, fourth- and fifth-generation vessels are incapable of meeting oil companies’ new requirements for safety margin and deck load capacity, and are being replaced with newer units.

However, orders for deepwater drilling units for delivery in 2015 have been lower than expected, Seadrill claims, with only seven uncontracted newbuilds available prior to the company’s latest order.

I found this interesting, others may as well...

What you DON'T see is that far more than "a few people find that offensive", and they have taken their posting to Yahoo and other boards... I guess you feel that you won (is it just an ego thing?), this board is yours to continue to defame the stock and management... but wait... you claim to be long, so the I have a question... when the number one message board that pops up for ANYONE doing a search on ERHC Energy is Ihub, and they come here and see you and Em doing nothing but defaming management with hypotheticals, speculation, and opinion, how did you win? This is more of a situation of you and Em not getting what you want when you demand it and destroying yourselves... unfortunately not caring how many people you take out with you.

That's loathsome.

I disagree, and I have to side with Krom on this one. It is very probable and likely that this stock is shorted and covered on a daily basis for a penny or fraction of a penny gain. A penny gain on an 8 cent stock is still a 12% gain.

There are too many naysayers peeing in the cereal bowl on a daily basis for it not to be a compelling theory. Do I think ERHC is perfect, no. Do I think the never ending onslaught from you and Em is warranted, no. Such a large quantity of negative time is spent here for a reason.

ERHC is working very hard to provide a positive outcome for shareholders, I am sure of that. I have reviewed the FD laws many times, and my conclusion is always the same... a company has the legal right to withhold material information for strategic purpose. Was oil found in the JDZ "in expected quantities" as reported by some? I don't know. Could it be strategically important for Sinopec to withhold such a discovery while ERHC goes on a buying binge to sweeten their takeover by Sinopec? I don't know.

What I *do* know is that is still all "out there"... so I wait.

When someone on a message board posts about the damage "shorts" are causing longs, and other posters amplify their responses, it adds credibility to the "shorts" theory. Are the "amplified" posters short the stock? I don't know, but it sure looks that way.

ERHC management is doing a FINE job of staying out of the message board fray... as they should. Will longs get their long hoped for reward? I don't know. Will shorts get fried with a blitz of blockbuster news? I don't know.

What I *do* know is there is a ticking clock on a lot of events that could have a profound impact on the share price.

Tick-tock.

There is OBVIOUSLY a piece of this puzzle missing... hopefully that piece becomes clear over the next few months.

Speculating on the OTC is all about what-if's. If someone wants predictability and dividends there is always Proctor and Gamble.

It's been several weeks since Ntephe stated (in reference to the JDZ), "within a few weeks or months, we will be able to announce a way forward."

We're within that window. But why haven't they "been able to"? That's sounds like they haven't been ALLOWED to. There have been discussions with EEZ partners for quite a while as well. And then there is the LOI and a potential well known partner in Kenya. Lastly, they have been talking with potential partners in Chad. Some say they haven't been doing anything. It appears to me that they are quite busy.

What if the Kenya partner offers carry, and a little cash, and then the JDZ path forward involves Total taking some of ERHC's and Sinopec's block 2, 3, and 4 rights for X amount of dollars? How many dollars could that bring ERHC?

If some or all of these properties heat up simultaneously we will have plenty to talk about... and a lot less b|+ching, IMO.

Exciting times!

Every block ERHC has is owned by a separate subsidiary... they have always been structured that way.

From the 2010 AGM presentation...

http://www.slideshare.net/dpkpr/erhc-2010-agm-management-presentation

Slide 33:

Time will tell, and it shouldn't be much more of that.

Let's not blow this out of proportion middy. You claim "and a few, for some unknown reason, are trying their best to demean that company and everything about it."

ONE person made this comment about Repsol...

"partner was Repsol...not exactly a well-known multi-national integrated oil company."

It's not a "few", it was a comment from one person that apparently hadn't heard of the company... and the comment hardly rises to "trying their best to demean that company and everything about it".

You frequently claim that you are here to "keep it real" and point out hype and pump... let's keep it real, okay?

They don't need more than 50% to have control and be operator. Total controls and operates AKPO with a 24% interest.

I agree with this, "You simply cannot compare the deal that ERHC got in the JDZ with what they might get in Kenya."

That is absolutely correct. Oil was only $40 a barrel back then. Nobody really knows what kind of deal they can get with oil well over $100 a barrel and forecast to rise.

I mostly agree with you. The deal *I* would like to see is for them to sign a full carry deal in Kenya AND Chad in conjunction with carrying partner taking an equity stake in the company large enough to match Offor's control. That would be a vote of confidence strong enough to attract a VC firm like Blackrock for a private placement of 300M or so shares, raising more than enough capital to reach production. The result would be roughly equal control between Offor, the operator, the VC firm, and current shareholders.

It's a pie in the sky dream, I know, but this thing would FLY if they could balance the control in a way that allows them to raise enough money to reach production. Throw in a RS to get the share count down and price up if needed, it doesn't change the math... just moves the decimal point to make the bean counters happy.

I know and understand what an FTG study can produce, but you are right, my choice of the word "juicy" was a poor one.

If the FTG shows prospects compelling enough to warrant seismic, that won't be a problem.

Whether the LOI falls through or not is a very dull double edged sword... if it goes through and a decent deal is inked, great. If it doesn't and the tests reveal juicy prospects and ERHC keeps the entire block to themselves, great.

No pain. Win-win.

What mismanagement and abuse??? I don't pretend to know what is going on with this company behind closed doors. What I do know is they scored a huge stake in the JDZ and over $40 million in cash SEVEN YEARS ago, and subsequently drilled 5 wells at NO COST TO THEMSELVES or shareholders. As we wait for a comprehensive drilling report from Sinopec, which may or may not come, they have scored THREE blocks in Chad and one block in the smoking HOT Kenya... and we await news on a farm out deal that could provide them with the same or similar cash and carry deal they got in the JDZ.

Mismanagement? Hardly. A better description is unrealistic shareholder expectations.

You are one of the people that has complained loudest that they have not shared comprehensive results of the 5 well JDZ drilling campaign results with us...

Yet you state as fact that "ERHC has tremendous assets not yet to be exploited".

You can't say the assets haven't been exploited if you don't know the results... which you complain about frequently.

You seem confused.

I'll refer back to the fact that every time the stock is down 10%, that gets posted... even if it recovered to even or green by the end of the day. Yet those same posters so intently watching the ticker *NEVER* post that the stock is UP 10%, or that it recovered from a dip, etc.

The stock has been flat for 6 months, yet some posters have dozens of posts saying "down 10%, down 8%, geez Ntephe, down another 12% today"... and yet the stock is flat... the UP days are never posted by those wasting our time telling us the share price when we all see it on our screens.

It's pure emotional manipulation.

I actually agree with part of your post...

"Basically, you reap what you sow." That's true, and if the negative crowd truly are "long" as they claim, they makes no sense. Harming ones own interests is insanity.

Unfortunately, the crop being sown has a very adverse affect, not only on the person sowing it, but on ALL shareholders.

Those sowing the negative seed are harming everyone holding shares... and they are so bloated with self-importance that they don't even recognized or care who or how many they hurt. That's an example of humanity at its worst.

As I said in my last post, it is what it is. I can't change others behavior. I can only choose to buy, hold, or sell based on my perceptions of this company's future.

To answer your last question... from the equity CURRENT shareholders. The demolition of the image of this company and its management on this message board will force MASSIVE dilution to get to "the pot of gold". It is what it is.

The "antics" that go on here only hurt all of us in the long run. ERHC *will* raise the funds needed, how much that hurts *us* is, in part, within our control. I'm not suggesting that we pump the stock or mislead, not at all, but bashing the beans out of the company and its management by stating ones own fears as facts will only increase the pain we all endure and reduce the magnitude of the reward we each receive if drilling proves successful.

Carry on.

Dan's email address is at the bottom of every PR released by the company. If you read one I am sure you can find it.

If you are concerned, ask them.

Not knowing IR's email address tells the whole story.

Unbelievable.

Since the "market" is all knowing and such a good judge of performance, what is it telling us in this 18 month chart?

If the market spoke so loudly then why didn't you hear it? YOU participated in the offering!

Let's look at this a little more closely...

"You are absolutely right in concluding that ERHC is unlikely to get very much for their blank canvas in Kenya. Why carry ERHC when other blocks are becoming available? (you obviously don't like the Kenyan property, we get it) And if ERHC does get a lot it will likely be from a partner who is technically deficient and probably won't actually find oil, but does have a lot of cash. (so you are set up to continue trashing this stock either way, if they sign the Chinese and get a lot of cash, you will continue with the incompetence mantra. If they sign ExxonMobile and get very little you will trash them for giving up too much for too little) SNP and CNOOC come to mind. We always knew massive dilution was coming. (The "massiveness" can be mitigated by a strong deal in Kenya, but you don't like that "blank canvas"... yet cling to your shares) Next we will find out how bad it will be. Personally I would prefer the dilution to another inferior JV partner. (of course you would, you have always supported scenarios that would produce the most negative outcome for shareholders, it's what you do) If ERHC didn't learn that lesson in the JDZ, then they never will." (you didn't learn your lesson, you're still here)

ERHC will do what ERHC will do no matter how much attention you try to get on the internet. That's the reality of the situation.

It didn't end up in THEIR pockets, which is what you stated.

The consistency of your ability to post inaccurate information is amazing. ERHC management salaries are readily available in the SEC filings. I encourage anyone that hasn't looked them up to do so and add them together...

Then you can join me in laughing at the blatant lies posted by some on this board.

Oh yeah, that too... but he means well, LOL.

Archive post...

midtieroil
Saturday, July 06, 2013 7:51:47 PM
Re: emdyal post# 275469 Post # of 275475

Apparently trying to hold ERHC management accountable for their lack of performance and expecting them to add to shareholder value has now become defamation, libel and slander all rolled into one. I think we have a very good defense. Look at the share price. Case dismissed.

I am not mad at anyone nor do I blame anyone but myself. Fact of the matter is that I am deeply disappointed that such a great opportunity was squandered mainly because shareholders, the BOD and Offor didn't have the cajones to make the changes that were so desperately needed. Live and learn. Seems like too many officers of too many companies get paid too well for unacceptable performance. And even when they get fired they walk away rich. It really shouldn't be that way, but it is.


tryoty
Saturday, July 06, 2013 8:14:58 PM
Re: midtieroil post# 275474

"I am not mad at anyone nor do I blame anyone but myself."

Since you blame yourself, I suppose you could hold yourself accountable for your failure and make the required change, just like you are demanding from ERHC management. You bought hoping to make money, that didn't happen. Accept accountability for your mistake and fix it...

SELL.

ERHC has made mistakes, there is no doubt of that. Because of those mistakes you demand that they make changes, that's a verifiable fact.

So take action to correct your mistake of buying this stock. Nothing short of selling your position would be closer to following your own demands that you place on this company.

Live and learn. Accept your mistake and correct it by moving on. Act in the same manner that you demand management act. "nor do I blame anyone but myself"... hold yourself accountable.

Or is this situation more of a "do as I say, not as I do" thing?

"I am not mad at anyone nor do I blame anyone but myself."

Since you blame yourself, I suppose you could hold yourself accountable for your failure and make the required change, just like you are demanding from ERHC management. You bought hoping to make money, that didn't happen. Accept accountability for your mistake and fix it...

SELL.

ERHC has made mistakes, there is no doubt of that. Because of those mistakes you demand that they make changes, that's a verifiable fact.

So take action to correct your mistake of buying this stock. Nothing short of selling your position would be closer to following your own demands that you place on this company.

Live and learn. Accept your mistake and correct it by moving on. Act in the same manner that you demand management act. "nor do I blame anyone but myself"... hold yourself accountable.

Or is this situation more of a "do as I say, not as I do" thing?

LOL

Krom's shorts are too tight, they always have been. I've known him on these boards for well over 10 years, he has always been this way... intelligent, yes. Incomprehensible ego to a fault, yes.

There is nobody that krom won't talk down to. He believes he has a superior intellect... I mean that, he believes it.

He's not a bad guy, he just has an ego that rubs the human race the wrong way.