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Read my post please, that's not what I said. You may also want to do a search for another post I made a couple months ago I think, with a number of steps I believe the management should take to get us into "big dogs territory."
ERHC has been manipulated big time IMHO (the PPS should be well above a buck at this point in time.) Its trading patterns won't be more "standard" anyway UNTIL awards are officialized AND the management finally moves it to a major board.
Also, the news this AM about Devon being in on the partnership is huge but it won't probably be well grasped for another few days or weeks.
ERHC is NOT a stock for daytrading anyway, but if you are in as a long (many of us have owned it for years) I am 99.99% sure you will be handsomely rewarded from the current level.
Now is a fantastic time to load up, I sure wish I could spare more cash for that!
ERHC News, CHINAVIEW
23 companies bid for five oil blocks between Nigeria, Sao Tome
www.chinaview.cn 2004-12-16 02:47:32
LAGOS, Dec. 15 (Xinhuanet) -- A total of 26 bids from 23 companiesfor five oil blocks are on Wednesday received by the Nigeria-Sao Tome and Principe Joint Development Authority (JDA), Nigeria's state media reported.
The bids would fetch the JDA 433 million dollars as signature bonus, according to the News Agency of Nigeria.
It said the companies that participated in the exercise included Dangote Group, Godsonic Oil and Gas Ltd. and Chrome oil consortium represented by Environmental Remediation Holding Corporation (ERHC) from Nigeria but did not speak of any multinational oil giant.
The JDA put the blocks, 2, 3, 4, 5 and 6 located in the Joint Development Zone between the two African countries, on offer on Nov. 15 and closed receiving bids on Wednesday noon.
The winners would be announced on Dec. 31, announced presidential adviser on petroleum and energy Edmund Daukoru.
"We will go and evaluate the bids and be as transparent as possible in the award of the licenses," he said.
The presidential aide explained that high signature bonus alone does not automatically qualify a company for the award.
The ministerial council of the JDA would consider other factors such as local content development plan as well as technical competence of the companies, he added.
The JDA was established in February 2002 to exploit and manage hydrocarbon and non-hydrocarbon resources in the Joint DevelopmentZone between Nigeria and Sao Tome located in the Gulf of Guinea.
Studies have revealed the presence of between 6 billion and 12 billion barrels of crude oil in the Joint Development Zone.
Direct link:
http://news.xinhuanet.com/english/2004-12/16/content_2340027.htm
Pay attention to this:
" The ministerial council of the JDA would consider other factors such as local content development plan as well as technical competence of the companies, he added"
With the partnerships announced these past few months and the one announced earlier today, ERHC qualifies BIG TIME for all the above, and then some.
This is looking awfully good!
ERHC thanks for posting this article markgovols.
From what I've seen Africa Energy Intelligence seems like a decent news source, and in any case better than a Barry Morgan (it's OK though, we should use all the news we can get.) Please keep posting those when they come up, and remember to also post an actual URL.
One more thing for those who aren't in ERHC yet, or those who might want to load the boat. Some people seem to think the PPS will shoot way up right after Dec. 15 but based on past experience I don't think it will happen that way. There might be a few spikes around late December but my belief is that the price will stay on average well under a dollar until roughly the end of January. After that however all bets are off, especially IF Offor finally understands that he needs to get the awards (which I think is almost a done deal) AND to do whatever is needed to legally and quickly get the company back in the black. If he then is smart enough to QUICKLY get ERHC out of OTCBB territory and onto one of the majors, investors will buy the stock in droves - even at $2 to $5 - and that includes institutional investors. These easy moves alone would make him a fabulously rich and powerful man, possibly the richest in Africa. Anyhow, we shall see if he is as smart as people make him to be.
ERHC, thanks BB. Sorry for the delay in replying, I've been out of town and out of an easy Net connection.
ERHC yes, definitely, now is very likely to be the last time to get it at bargain prices. It's not a stock to play for flipping though. However IMHO those who are willing/able to keep it for 3-5 years should see the PPS at anywhere from 20 to 100 times the current levels.
You will find some good info on the ERHC board at http://www.investorshub.com/boards/board.asp?board_id=1909. Hope this helps jsc52033.
ERHC
>Gigwoof....definately will let you know if B. Morgan replies on the questionable block.
Thanks. Much appreciated BB.
> Your PPS estimates of up to a high of $4.25 in a years time are conservative IMHO. I fully expect discoveries in several of the zones within a year. Said discoveries.....if determined to be of significant size....will send us above this figure IMHO. I look for numbers in your range before the end of 1/05 IF awards go off as planned and ERHC is successful in its bids for addional acreage. Time will tell. If it turns out that your guestimates are closer than mine, we're still in the winners circle.
Agreed, and yes I was being a bit conservative (ditto with my guestimated spread.) Heck, I wouldn't mind being TOTALLY wrong here and have the PPS at $7-10 a year from now LOL.
Either way one thing is crystal clear to me: getting ERHC shares at around 40 cents may well never happen again!
ERHC. Thanks for the insightful post balance builder. Let us know what BM's reply is won't you?
I completely agree about the general outlook. Based on how things have evolved over the past few years I believe that in 6-12 months the PPS should be anywhere from 3 to 10 times where it is today.
ERHC I agree about block 6 BB, thanks for catching that. Can't say I'm surprised Morgan hasn't published a correction for his blunder though... I'm not sure this character is nearly as reliable as many make him to be. Based on what I've observed he's not much of a professional journalist at all.
BTW, what do you make of this new Dec 31 deadline? Given the repeated delays over the past couple years, I found this certain urge a bit strange, quite "non-African" if you will. I wonder if it wasn't simply and really triggered by the 2 presidents and the JMC's fear to loose available oil rigs to the other blocks of deep water that will become available in the region in 2005. There's only a finite number of rigs out there right now, and building new ones takes forever. Whadayathink?
ERHC, things are looking VERY nice. The talks with a Chinese partner for block 4 are news to me, but I see the real possibility of an ADDITIONAL co-operatorship there which is quite impressive.
Just a few weeks left to load up at these levels IMHO. Whether the official news is announced in late December or later I have a feeling that after that the PPS will jump way up and some will be real envious of those of us who bought at the current price...
Source of info please... (URL or such)
Thanks.
Can you please ask mabenn1 on RB if it would be OK to re-post his excellent post #72447 here? Or better yet, encourage her/him to do that here in person?
(As a reminder, I don't post on RB)
Thanks.
ERHC, interesting development...
The spam that's below is NOT from the company but I have received a few of those at different email addresses at work, and so have my colleagues. Those are typically harvested with "crawlers" so the fact that someone would bother to do this NOW is quite revealing given that ERHC is supposed to be still such a "small" company... Consider this in the context of a number of MMs trying very hard to pull the share price down right now and you get a pretty good idea that big news - and big profits for some - are right around the corner...
JMHO
Here is the exact copy:
SUBJECT: this is a top institutional play
"Grab this HOT OIL PLAY with guaranteed Billion Barrel Blocks being
awarded within days.
Environmental Remediation Holding Corp. OTCBB - ERHC
Current Price .40
Target for October 1.25
What is an oil stock worth with guaranteed preferential rights to
billions of barrels of oil in the hottest offshore zone in West
Africa? Oil prices were pushing through $40 just 5 months ago, now
the $50 barrier has been shattered. Read the headlines lately? Oil
prices are expected to continue climbing.
Serious attention has turned to a group of 9 offshore oil blocks in
West Africa where Schlumberger SLB-$69, the world leader in reservoir
imaging services, has validated recoverable reserves at over 14
Billion Barrels. This is worth Hundreds of Billions no matter what
formula is applied. This would explain why ChevronTexaco and ExxonMobil
paid over 120 Million to win operatorship of Block 1.
ERHC has very strong percentages of 6 of the remaining blocks to be
awarded along with ExxonMobil and 2 other NYSE super-majors that have
partnered with ERHC. ERHC has signed a partnership agreement with
Pioneer Natural Resources PXD-$35 in Block 2, and Noble Energy NBL-$60
in Block 4. Estimates amongst the international press covering these
events point to ERHC and their respective partners capturing between
50% and 75% of both Blocks 2 and 4. The awards for these blocks are
expected to be finalized any day. The value of these awards in
conjunction with international press coverage is the sudden impact
needed to set ERHC shares on fire!
Any oil issue with events of this magnitude in today's climate is going
to fly. Read the press for additional confirmation of what is at stake.
ERHC's rights have been exercised by the Company and are guaranteed.
ERHC's partnership agreements with oil super-majors are iron-clad.
Investors must act quickly to accumulate a substantial position just
before earth-shattering news is released that will send shockwaves
through ERHC.
DISCLOSURE: The information and opinions in this featured profile are
based on sources believed to be reliable but no representation is made
to its accuracy or completeness. Past performance is not an indicator
of future results. This report is a paid profile for information purposes
only and should not be used as the basis for any investment decision.
The publisher has been compensated ten thousand dollars for the preparation
of this profile and for continuing coverage of the featured company. The
publisher is not an investment advisor and this profile is not to be
considered investment advice. This information is neither a solicitation
to buy nor an offer to sell securities. Information herein contains future-
looking statements that are subject to significant risks and uncertainties.
There are no shares presently held and no participation will occur in the
trading of shares in any profiled company.
No problem, thanks for the reply.
A reminder though, whether or not you have a subscription be sure to START any post of SUBSTANCE with the word: ERHC. Again, it's real important on Ihub. Come on, you started this board, show the way my friend!
I'm gonna stick this in the Ibox, I'm getting a bit tired to have to remind people all the time.
I sent you a PM on 10/12. No reply... Please check your mailbox.
ERHC, Thanks for sharing markgovols.
Please be sure to start ALL messages with ERHC (see above) which is the only way to insure that people who do a ERHC search on IHUB will read you (most serious investors use this great tool.)
I don't think so. If anything that should accelerate backroom negotiations and awards because it's considerably easier to secure/guarantee oil flowing out of the ocean than on lands where Obasanjo's greed and ancient tribal rights clash.
Selling? No way. I actually think this shake is quite possibly a sign that some insiders know that something is coming (official awards?) and are trying to grab as many cheap shares as they can. I sure wish I could add to my position right now!
Manti FWIW I don't give rumors much sway unless whatever they pertain to is backed up by careful observation AND common sense. XOM has huge economic and political pull (they can pretty much "suggest" i.e. dictate the current admistration does whatever they need) and given the billions of barrels at stake in the Gulf Of Guinea I would be amazed if they don't somehow come up with much more than the goods you describe. IMHO their wheeling and dealing is one of the main reasons why the awards haven't been announced yet.
On the other side of that coin, I think it's a real possibility that XOM seek some kind of JV with ERHC since they have rights in many blocks, and that's VERY good news for both our company's reputation and the stock value. But even if they didn't, not only do we have operatorship of blocks 2 and 4, as you pointed out, but this also means that ERHC, PXD and NBL together now have huge leverage to negotiate good, quick returns for STP (they need cash very badly) through fast drilling/extraction in those blocks. So we have:
- Operatorship and technical capabilities
- Awards (not officially announced but PLAIN OBVIOUS.)
It's all falling into place.
ERHC, thanks Lowbrow things have been very busy for me this AM.
This puts to rest any doubt about block 4, and may indicate that Memon would be the first CEO to listen to shareholders and keep us more up to date.
Keep in mind that we also own a very susbtantial interest in block 2. The rumor is that the partnership in this one would be with XOM.
The corrupt STP presdident has named a new government without any coup or big hooplas and the country is VERY anxious to start reaping cash and other benefits from its huge oil potential. Note that the "oil" minister has NOT changed and is back on the job...
It's all moving in the right direction.!
ERHC, thanks for sharing oiljunior2.
Weird way of using words though (quite a "writer", geez) could be interpreted in quite a few ways!
Not worried about the exact dates anyway, I don't think ANYONE knows what they may be, and even in someone did, at this time there are just too many factors and parties that can create yet another delay, African-style. Some of these delays are bad and erode people's confidence in ERHC while others, such as the front and back-door deals in the making between Nigeria and China right now, could potentially be excellent developments for us.
OJ2 please start your messages with ERHC, as I did above so that folks who do a search on IHUB don't miss your posts (most serious investors start with that, but few visit this board at this time.)
Thanks, just wanted to hear it from the horse's mouth with all these bashers and impersonators...
Good to have you here. Thanks in advance for sharing any finds, news or thoughts you may have with this (much more) reasonable investing community.
Any feedback on or addition to the long post I made yesterday? (I had been away for a while)
ERHC, changes I'd like to see implemented so that this company becomes a major player and a worthy investment. These would also greatly facilitate moving ERHC out of OTC and onto one of the big boards, something that's way overdue.
1 - Continue and accelerate the hiring of people who are competent and experienced in the oil/gas industry. Memnon was - hopefully - a first good step, now we need to have him surrounded by high-level management that can earn both the industry and THE SHAREHOLDERS's trust right off the bat. What will need to be done once blocks 2, 4 and possibly others are officially awarded - which could be any time now - is A LOT of work, much more than a single qualified person can handle.
2 - Stop issuance of shares of company common stock to pay for all kinds of "services," debt conversion, interests, etc. It's not illegal but it's bad for the books and it does not generate any kind of trust among investors. Is Emeka Offor really a billionaire? If he is, he needs to understand that such small-time practices are not good for the company, neither are they for his image! ERHC is already worth billions and has no business being in the red at this point.
3 - Significant improvement in Investor's Relationships. No I'm not talking about systematically replying to each and every inquiry, be it by email or by phone (although that would be nice, it's just called being professional), I'm talking about instituting NOW a policy of more frequent, informative Press Releases that let us know where the company is and just SHOW MORE RESPECT FOR THE INVESTOR. We need a middle-ground approach between the childish "wow, The Great Man always underhypes and overdelivers" and Barry Morgan's shady insider-type articles to get our information. Offor is a skilled "card player" and a patient man, which is very good for ERHC's future, but he must realize that he cannot do it alone. Demonstrating that he considers investors, including Institutional Investors, partners in this endeavor would also stabilize the price and eventually be very good for his own pocket book. Let's do the math for a minute, even at a mere $4 - which is where I believe the price should be within 6 to 12 months - his 300 million shares are worth well over one billion dollars (and he might own more...) Fast forward 3 to 5 years and IF by then big players, fund managers, publications, etc. have come to respect the company and its success in the JDZ and EEZ, oil will be extracted and the PPS could then easily be in the $20-50 range...
4 - Not underestimate the power of oil's big dogs and their respective governments' servants/accolytes. Memnon, ERHC, new CEO, was apparently spotted having dinner at a Houston restaurant a few weeks ago with no less than Exxon Mobil's second in command. Now we know that XOM got a fairly good deal out of block 1 but also really screwed up while bidding for the others, so why would they want to meet with teeny-weensy ERHC now, and why would they want to do so not in their corporate offices but in private? Whether they seek a JV with ERHC or have darker intents, great caution is in order. Offor and Obasanjo have big leverage in Africa but the likes of XOM have huge leverage on the geo-political- military WORLD scene!
5 - Display full transparency in its books and in its dealings with the various forces at play (legitimacy does not only come from awards of oil rights in Ocean blocks...)
6 - Develop more JVs and other such agreements with reputable companies like Pioneer and Noble Energy, and even with XOM and such if needed, as long as it doesn't turn our initial, hard-won rights into just a few percentage points of the overall profits to be made. This is the kind of move that will go a long way towards establishing ERHC's profile and REPUTATION.
7 - Change Environmental Remediation Holding Corp to a name that is shorter and more representative of ERHC's core business.
Thoughts and constructive criticism on the above are welcome, including from RB longs.
Thanks for the contribution, will add this to the ERHC Ibox.
What are you posting under at RB? (There are two very close ones, Oiljunior and oiljunior2.)
Thanks chcr, sorry I don't have more time for all this right now!
hey BTW what do you or others think of Barry Morgan? Do you consider him to be a reliable source?
Lowbrow I'll second that. Much of what's posted there is useless and occasionally flat out disturbing.
I know old habits die hard, but for the life of me I just don't understand why the SERIOUS investors/longs at RB don't ALL move here, where bashers and pumpers get quickly removed. That they would not even discuss it is in itself a little bit disturbing isn't it? Or perhaps they just need the lead of one or two who finally state they're moving out of there for good?
ERHC is a stock/company with absolutely enormous potential and it deserves much, much better than the nasty RB jungle!
Oh well.
Well Platina just as I was sending my reply yesterday my darned ISP shut down my connection so it looks like it never posted. I will try to re-construct it then...
Thanks for the SONSE warning, I don't own it but I've been burned by thye same type so it's much appreciated I hope it will help others.
About ERHC and Barry Morgan, I hope that my memory isn't playing tricks on me (as my wife would say!) but I seem to recall that a LONG time ago there I saw in some filing his name with others that had been compensated in shares for "services" (ERHC does that a lot BTW, way too much for my taste), sorry that's the best I can do. But perhaps more importantly I've never been impressed by his writings or by his record when it comes to reporting on ERHC and/or gas/oil matters. Do you happen to know if he's a "real" journalist? In what country does he live?
I was encouraged by yesterday's press release by the company. Yes it was probably a "paid" release but substantive nonetheless, and ERHC has a long way to go when it comes to investors relationships and keeping its shareholders sufficiently informed. I've never liked overhyping or sending news releases every other week as many OTC companies do, but keeping investors informed is a critical thing, especially now that we are at the cusp of big things that are quite likely to attract institutional investors and other big fish. Hopefully this is a sign of a positive policy change by the new CEO.
PS I didn't know you are from Norway. I hope to go there some day, the little bit of experience I've had with Scandinavia has just been outstanding.
Take care,
GW
ERHC, indeed not much effect so far BUT this one appears to go much farther than the original MOU. Based on what I've observed lately I'm now 99.9% sure that JDZ block 2 award has been completed and that ERHC/Pioneer have gotten a good chunk of the pie.
Block 4? Not so sure, but keep in mind that ERHC also has indisputable rights in the EEZ, and awards for that one should be announced within 2-3 months. We are looking VERY good!
Platina, first your participation here is most welcome. I hope many other serious RB posters will join in soon. I have waited for this a long time and whilst I occasionally read RB out of principle I don't participate so I often just bite my tongue!!
Second regarding ERHC I share your hopes for the kind of substantial news that will (finally) legitimize it in the eyes of newbies and the investing public at large but to be quite frank I have strong reservations about that Morgan character's "reporting." By all means correct me if I'm wrong but hasn't he been paid by ERHC in substantial number of shares in the past?
We could really use a truly independant source based in Sao Tome or Nigeria if there's such a thing.
As to IHUB being light years ahead of RB technically, that's true but FWIW it's not even the most important reason why I joined IHUB. I'm here primarily because it's a true COMMUNITY that has a terrific record of keeping most investing BS (the kind that's all over RB and can really hurt the small investor) at bay. What this means is that we can concentrate on substantial discussions (differences of opinion are welcome!) and sharing "real" information. The ability to send Private Messages is also an incredible asset and a big plus.
[feel free to post the above at RB platina]
One reminder folks (that goes for me too.) Most IHUB visitors do a search to inquire on a stock so be sure to enter "ERHC" in EVERY post (in the first few words is best.) that's the best way to send people directly to this board. Here are a couple of examples:
ERHC, what I think of the latest news...
ERHC, what's your opinion on the new CEO...
Gigwoof
Sad!!
Thanks. But just for the sake of clarity, the RB post actually doesn't "quote" me since my name doesn't appear anywhere! Not splitting hairs here, just want to make sure RB posters understand that this is a legit invitation by legit fellow investors who prefer to express their opinions and share DD in the great environment that IHUB is (especially in light of what bashers and pumpers post at RB almost daily!)
Be VERY careful, I'm still way down on this one after being naive enough to believe the claims of the CEO who's a scumbag of the first magnitude. All we can do is hope that Indigo is a REAL company (that would be a first.)
I highly recommend that you do a search for posts on IHUB...
ERHC, heads up! Possible last day for really cheap shares.
I have been watching quietly and "digesting" all the info I could possibly find over the past two weeks. Here are my thoughts on the current situation. While everything remotely important is clearly happening mostly behind the scenes (typical deal-making process in Africa) EVERY BIT OF RECENT INFO points to a MAJOR development for ERHC as decisions on several blocks of which we automatically get a big chunk are (possibly have already been) made. Add to this the growing signs of a major JV between ERHC and one - or two - of the big oil companies (common-sense anyway, it would be a win-win situation for all), and of course the huge pressure on small energy-rich countries like Sao Tome, Nigeria, etc. from the Bush cronies to get more oil flowing ASAP and I say we are VERY RIPE for a huge take-off.
Some people have gotten all excited over chart indications recently. That's not necessarily untrue but it's not really relevant here since this stock is way undervalued until it gets the "big news." Once it has moved up to several dollars (again, we are talking about BILLIONS here) and stabilised, chart analysis will again be a good tool.
News could come out today (unlikely) or more likely next week, as early as Tuesday. Since markets will be closed Monday, taking a strong position in ERHC today (if you haven't done so already) might be a very, very wise move.
FF now that PAVP is history can you please edit the IBOX son that we title of the board shows
Cortdev (CDVJ)
It'd make a lot more sense. Thanks.
Thanks for the info Fogdog. Could you repost this on the GMDP board (http://www.investorshub.com/boards/board.asp?board_id=2271) and give Mr. Brown's email address if you have it? Also, did you just discuss distribution of dividends and capital raising or is there anything concrete on the horizon?
So you're talking just about ERHC? Nothing to do with the Nasdaq IMHO it's just been in a swirl of speculation. My guess is that barring any significant development it will still trade down in the .35 - .55 range this week and start inching up higher next week since we will get much closer to the meeting and possible announcement of awards to a few more blocks.
I know last week was a kind of roller coaster we rarely see in this price range, but the consensus seems that in spite of all the behind the scenes wrangling and stock manipulation, ERHC's rights can't be taken away. Anyway you look at it we look pretty darn good!
The current PS is just a fantastic bargain IMHO. If I had cash left I sure would get me some mo'!
BTW, I love FF's board but it'd be great if you guys could post your main ERHC questions on the ERHC board, it just makes sense and it's a lot easier to follow things that way:
http://www.investorshub.com/boards/board.asp?board_id=1909
Same as what Tym, you lost me here friend... Sorry I don't have time to read all messages right now, but give me more details and I'll be glad to do whatever I can to help.
ERHC I'm unable to do much stock work right now but from what I see the wild fluctuations we've seen recently are the result of some major BEHIND-THE-SCENES arm-wrenching both by US big oil and Bush administration and in between factions at the local level (Sao Tome's president de Menezes' political position is very weak, so he's making statements that show posturing/politicking more than facts, and clearly indicate in my view that he's received some serious "support" from US big oil.) To make things worse, MMs, day traders - and quite possibly insiders too - are having a big party with some major stock manipulations (the dang stock has been behaving like a sub-penny this week!) But FWIW I'm not worried about ERHC long term, not a bit.
Stay cool, avoid panic selling, take the occasional profit for re-entry at lower levels (which I was NOT able to do recently because of personal circumstances, darn!) and you'll be just fine. I see only delays, no change in the eventual outcome, as per my last post I believe.
As always do your own DD.
Probably nothing significant for another 2 weeks or so. If anything it might settle a bit lower. ERHC is NOT the stock you need to play bounces! I'd suggest subpennies for that (great such boards at IHUB!)
You bet, see my post here
http://www.investorshub.com/boards/read_msg.asp?message_id=2947490
The stock was hammered today and IMHO will be yoyoing over the next 3 weeks, at which point I THINK the JDA will announce the final rights for all other blocks blocks. That's what they say but things can take a long time in Africa, in this case it's not a bad thing, Offor being somewhat of a "godfather" in Nigeria which gives him more time to pull strings and make deals. The rumor (actually quite common sense) is that he/ERHC is already quietly working on getting a Joint Venture deal with a major operator that has drilling/extracting experience. The JDA is looking at a much faster turnaround time for oil testing/extraction (usually 4-8 years) possibly 18 months in this case, in my mind in great part because of the mess in the Middle East right now, and no doubt with soem behind-the -scenes arms-tiwsting (and arms-dealing to support the regimes in place) by Bush and his oilteam. Hey, who would blame Nigeria and sao Tome for wanting to cash in on this right? A a new, MAJOR oil producer will automatically be courted by our insanely SUV-crazy economy!
It's all VERY good, but only for those of us who have the stomach to stay long. I have revised my expectations that the stock will hit $2 not at the end of April but at the end of June IF the JDA comes with a decision in 3-6 weeks.
Given the billions at stake and our guaranteed rights in what's a stake here, ERHC is still hugely undervalued. Those who purchase at .50 to .90 this spring will remember those buys with great fondness in a few years, IMHO.
FWIW not too much activity here but lots of excellent posts by several people at
http://ragingbull.lycos.com/mboard/boards.cgi?board=BB:ERHC