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I won't ask for your source or a link because it is all unprovable speculation, nothing more.
Something tells me that the "more to this" is on the positive side, not the sinister "sky is falling" side.
I have a question:
"Oryx Petroleum holds stakes in license areas in Iraq and West Africa, according to a March 13 filing. The company was founded in 2010 by Addax & Oryx and members of the former senior management team of Addax Petroleum Corp., an exploration and production unit sold to China's Sinopec Group in 2009."
If Oryx owns stakes in Iraq and West Africa, just what did Sinopec buy when it acquired Addax in 2009, the JDZ only???
Great post ELT!
I agree badog. What sticks in my mind is Ntephe's apparent feeling of self-worthlessness. He has a pedigree that far outweighs his accomplishments, yet he continues to suckle the teat of the impediment to his success.
Why?
There is more to this, IMO.
Doubtful. 25M of the offered 248M were sold. That would leave a total of 223M shares. A group of shareholders would have to control 81M shares and be able to buy all 223M to become equal to Offor in control. They would have to quadruple their holdings. Not many people would be in a position to do that, even at 7.5 cents.
However, you are right, the opportunity was there if the will and pocket depth was available.
I would absolutely *love* to see a major/mid tier oilco take a position equal to Offors in this company. There are some 773M shares outstanding now. Offor has 304M. If a Tullow bought 304M shares to equal Offor there would be 1,077M shares out; 304M controlled by Offor, 304M controlled by the buying entity, and the remaining 469M would be controlled by the retail crowd.
That's a balance of power that would reduce the risk in owning this stock.
That would be Jean-Luc Picard, captain of the star ship USS Enterprise, call number NCC-1701D.
All of my cell phones ringtones are sounds from the series. I loved that show!
Dan's trying to spin the offering off as a reactionary response to the last undercut ERHC did on their shareholders. He is trying to blame *us*. That's repulsive.
I have an idea, one that eludes Ntephe and his two-bit spokesman; forget reactionary, try proactive. MAKE YOUR INVESTOR'S MONEY.
I suppose it's possible in this cell phone age with texting and all that being off by one letter is considered okay.
"TAKE YOUR INVESTOR'S MONEY".
Well I am old school. It isn't okay.
Did Homeland Security block their funds? Was that the real reason for the delay?
Who knows?
Maybe Chrome did go all-in on the offering, but the dept of homeland security stopped the funds transfer? That's the *only* thing that makes sense to me right now given Chrome's support statement and Ntephe's "results are encouraging" statement.
At the end of the day it doesn't matter. Chrome could have intended to participate up to the full $18M, but if they can't get the funds into the U.S., we're screwed.
It very well could. That has always been a possibility. I am surprised at this outcome though. Ntephe has sold the heart and soul of his earnings potential to Emeka Offor and will never work anywhere but under Offor's thumb, IMO. What public company would have him after this apathetic display towards his own shareholders?
That's a limited and tough life.
Going forward, I hope Ntephe has enough common sense to not call shareholders "the ERHC family". What a joke.
I knew this outcome was possible and I can live with it, but I find Chrome's support statement and Ntephe's "initial results are encouraging" statement to be absolutely repulsive.
I guess "I make a offer" will make his offer soon and a private placement deal will fill the shortfall. Not what I was hoping for, but this was always a possibility.
Why Offor is so misunderstood: In business meetings he comes across as too aggressive.
[Offor approaches the podium and introduces himself]
SEO: "Emeka Offor."
But because of his heavy accent, the group he is presenting to hears:
"I make a offer."
Maybe not, but they show management was willing to put their money into the game and reap the same rewards orsuffer the same consequences as the rest of us. Belittle the amount if that pleases you, but $26K isn't anything to sneeze at. Ntephe ponied up in a big way. Would he have done that if he knew the offering would fail and a placement at a nickel or lower was looming? If so, it says something... it says he doesn't feel the share price will stay below what he paid for his participation. I can live with that.
From the get-go I have said that Chrome was in, I still could be wrong, but I think they at *least* subscribed to their full allotment. If they went for all of the overage to secure the full $18M for ERHC, then I stand by my post saying Chrome will get in the very high 90%'s of the offered shares.
With the form 4's being filed it shouldn't be long before we know.
From the form 4's...
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000799235&type=&dateb=&owner=include&count=40
Peter Ntephe bought 356,295 shares
Andrew Uzoigwe bought 158,333 shares
Howard Jeter about 133,333 shares
Friday Oviawe bought 41,666 shares
Sylvan Odobulu bought 41,666 shares
Also new form 5's showed that...
Les Blaire acquired 105,000 new shares
Howard Jeter acquired 105,000 new shares
... although I don't believe these were related to the offering. I believe they are part of the Board compensation package.
LOL! That sure seems to be what is going on.
snayman, look closely at the last two words of your post... and then think about "why???"
Play out all of the scenarios, good and bad... then see what you think.
The quote you are referring to was spoken by Luis Prazeres, not PN...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=47489708&txt2find=oil|gas|quantities|expected
You've been around ERHC for a long time, since June of 2006 at least (based on your posting history). You are obviously here until oil is found, so what difference does it make whether you knew the offering results weeks ago, or weeks from now?
I just don't understand the angst.
LOL! Fair enough...
...and yes.
You assume history will repeat, I don't. I've been down this road before with another stock. That Phoenix rose from the ashes and netted me a modest profit after nearly wiping out my investment in it. I think I was much further down on that one than you are on ERHC. I've played this situation the same way I played that one... using the down periods to roll the shares into a Roth IRA and pay reduced taxes. Doing that allowed me to convert large chunks of eventually taxable 401K/IRA money to tax free Roth accounts.
It ain't easy on the stress level, but... assuming ERHC is another Phoenix... I will have used my "misfortune" to move a significant chunk of money into tax free accounts that I otherwise could not have done.
Rebirth is possible.
The answer given to us by ERHC is in the sticky post. It is the Armageddon scenario. The only question is the Armageddon price.
LOL!
"The Company is already in discussions with new investors about raising additional funds through registered direct offerings."
Maybe things are just as we have been told, it is taking time to get the shares credited to all of the accounts and the funds from those accounts to the transfer agent. That indicates a very broad participation, which is positive.
Another potential positive scenario is that they are finalizing something that will put smiles on the faces of all shareholders that supported the offering... that could be just about anything.
The bottom line is it could go either way, and I don't take Chrome's support statement as an indication that it will go badly. IMO, the worst case scenario is that the offering fell short of the $18M required and they are feverishly working a private placement to cover the gap. That's my Armageddon scenario because that placement would likely be at a discount to this already pathetic share price, but even it has a silver lining... they will have the $18M to continue the exploration of their blocks.
Also...
- There could be a JDZ phase II announcement. I don't see this happening yet. Sinopec still has 17 months before they are forced to disclose. Perhaps their silence was and is an attempt to starve our minnow out of the JDZ. "oil and gas were found in the quantities expected" comes to mind.
- There could be a partner announced in the STP-EEZ. I think we have had enough guidance from the company that this isn't likely, but it is still possible.
- We have been told repeatedly that they are negotiating with potential partners in both Chad and Kenya. This is the highest probability in my opinion.
- We have been told that they are bidding on other properties. Management may think announcing a win will boost the share price making those that supported the company glad they did. This scenario doesn't work for me unless they announce a new property as part of a consortium that brings with it a carrying operator.
Anything is possible.
What is key here is that this offering must be successful... meaning they get the funds they need AND the participants see gains in their investment, if they ever want to raise funds in the future. Failure in either or both of the above would be the final nail in the company's coffin. Given the absolute importance of this offering being successful as defined by the two points above, I am willing to give them ample time to insure its success.
Just adding to the ongoing conversation about the results not being released yet.
The fact that we do not know the results yet is not a positive, nor is it a negative. Cases can be made to support both views. We will know when we know, and then we will understand.
I think the same thing applies to the JDZ drilling results.
Sino-Angol sure sounds like a JV between Sinopec and Sonagol. It was incorporated in 2010, just after JDZ drilling was completed.
But does that mean anything?
LOL!
Stay tuned. "Oil and gas were found in the quantities expected" comes to mind. Just 17 months left before the JDA has the authority to publish the JDZ drilling rights. I suspect Sinopec will report before that happens.
Can you post a link to Sinopec's report on what was found in the JDZ? I would love to read that report.
I'll go out on a limb and say the full $18M was raised. $18M was the minimum they needed and as the largest shareholder Offor had to be in the loop. The company looked at the $18M they needed, priced the shares at a discount to market (LOL!) and came up with 248M shares to put on offer. We have already been told that the response to the offering was encouraging. To me that was management admitting that more of the retail crowd was ponying up than anticipated.
Offor "giving the nod" + a good retail participation = full amount raised.
You're gonna be ducking Chinese throwing stars if you aren't careful!
LOL!
Why would who they partner with even matter after they bought all of ERHC's assets???
LOL!
The answer you seek is corporate reputation. The answer we get is whether they value it or not.
Our bets have been placed, the roulette wheel has been spun, and we are waiting for the ball to settle in a slot.
This was all known 8+ months ago.
When the results are released I think it will become clear why they waited. Either the results will be disappointing or they are working on something to release in conjunction with/soon after the results.
If the offering did not raise the full $18M needed I can envision a private placement that closes that gap, resulting in the money they need being raised to advance the assets. That could explain what is taking so long.
Time will tell, and not much more time either.
Competitors frothing as the results are pending...
I know, what to do, what to do?
Let's post on a message board!
All just drama and noise in the grand scheme of things.
Isn't the theory that SEO did not participate in the offering speculation as well?
"Exploration" is a nebulous term. It begins from the first day meetings take place on how to proceed. ERHC has announced this rights offering to fund airborne FTG studies of their block(s) in Kenya and Chad. Obviously meetings took place to come to the decision to move forward in this way.
Exploration has begun emdyal.
What was prophetic was not finding oil with the first 5 wells. All of the rest is self serving bloviating.
They're your certs, burn them if that makes you feel like your winning.
It appears more like some shareholders burning their own certs if you ask me.
ERHC raised whatever capital they raised in the Offering. Whether we know how much that was today, next week, or next month isn't going to change how much that was. I'd rather they spend their finite time setting up the airborne FTG study than writing PR's. Even better, I'd prefer they spend their time finalizing a deal with a partner so the whole process can become 10-fold faster than if they have to go it alone.
So we wait.
Let's hope there is as much oil as there is sand!