600K and .155 now. That ain't far from 10K per minute!

After another 30K shares it will have chewed through a larger offer and will be free to continue moving up, IMO.

Is it? Or is Sinopec playing poker? We just don't know. That's been the problem all along. The Chinese don't communicate well.

Correction, ERHE has no *announced* plans in our blocks. We just don't know what Sinopec is going to do or when.

.146 x .149 on Etrade, .1495 last trade

200K shares and .146 already!

Those 56 were identified with 1999 technology. Who knows what they are looking at now.

For some reason the link I posted doesn't work. Go to www.erhc.com and click on Company History under the company profile tab.

I agree with this 100% minus the dramatic flare, and I believe we will have the answer soon. This company has been racing toward a brick wall for quite a while. Not only have they not slowed down, they are pressing the accelerator.

They *have* to have info that we don't to do this. So we wait.

I believe that Sinopec not commiting is their attempt to force a final decision on the PIB. They need to know the rules before they commit to potential multi-billion dollar costs.

My point was that if I were here for the assets (the JDZ and EEZ) and had a sour opinion of recent acquisitions, ERHC selling the assets that I was here for would have me selling my shares.

The OTC is not investing. It is gambling. Place your bet.

midtieroil, I agree with you completely, and I have suggested that this may be the plan many times. I'm just surprised to see your willingness to turn against the one thing most are here for, the deepwater assets.

IMO, what was found was disappointing, but that "disappointing" rating is against a ruler of high expectations. I believe that a more true description would be "disappointing, but encoraging".

Thus the 2 year+ of extentions.

IMO, ERHC will monetize at least some of their JDZ assets and the balance sheet will be fine.

Just my view on it.

And divest of the assets that some investors say are the only reason they stay invested? If the assets are only worth "throwing in the towel" why would any investor "here for the assets" still be here?

The answer presents a perplexing problem.

Management has options to buy at 20 cents, but they only vest after the share price stays ove 75 cents for 31 days... and they expire after 2 years. Given when they went into effect, they expect the share price to do just that within the next 18 months or so.

I went through the same process about two years ago. In the end I finally accepted that the oil business moves slower than cold molasses, much slower.

I've now accepted that a *lot* of seeds have been planted, and after a painfully long germination period, they are about to sprout. I am also tempering my expectations on these seedlings growth rates. Different plants grow at different rates. Bamboo can grow a foot in a day, but never get very big. A Sequoia can grow to massive sizes, but takes a 1000 years to get there.

That is how ERHC's future looks to me, different assets growing at different rates, some growing very fast and some growing very big.

I've just learned not to expect fast and big at the same time.

If someone's bank account is dwindling and they are continuing to take on debt, the writing on the wall is that they have a trust fund that is about ready to kick in enough cash to cover their needs.

The writing *is* on the wall. They aren't conserving cash, they are spending it to grow the company. There has to be a reason. Everyone can think for themselves, and it is your right to fear the unknown reason. I think they have a known windfall coming. You think they are running the company into the ground so someone can buy it out for a half bag of nickels.

This is a *perfect* example of why there are always buyers for a stock when others are fed up and selling, and why there always sellers of a stock when others are elated and buying.

I define it as ERHC contracting out the studies needed to select drilling targets. I define it as ERHC contracting out the drilling operations to local content, likely a key component to the award of these blocks. I define it as ERHC retaining 100% of the oil interest in the blocks they have been awarded. I define it as ERHC Energy understanding enough about what the governments of African nations want to give them an edge in the slaughterhouse known as the oil business.

It's a big shift from the "hunkered down under the DOJ thumb" survival mode. A new dawn is beginning IMO. No hype here, a lot of things have to happen, the first being a decent sale price of assets to fund the development of others.

Only time will tell.

Onshore, with a pipeline with plenty of capacity already in place... $15-$20 per barrel would be my valuation.

You put a fine point on your misunderstanding. ERHC was granted their rights in the JDZ and EEZ for very little because nobody else was interested. That is good for ERHC, and it is what they have done in Chad, and now just under the wire in Kenya. They go in early, when governments are eager to get exploration started but can't find companies to participate, and they lock in rights to vast acreages.

Whether these governments are subsequently unhappy about their decisions isn't important. What is important is that ERHC continues to be effective in securing rights in areas overlooked by the majors. As these areas mature, they have a very high chance of becoming more valuable given the vastness of the acreage.

This entire argument is **MEANINGLESS**. IF Sinopec bails on all 3 blocks, and IF ERHC can't find a replacement partner (their public statements that they will remain in the JDZ indicate that issue may be solved), then ERHC will sell their JDZ assets to the highest bidder and use the proceeds to explore their portfolio of properties. This will happen long before the JDA reclaims the rights ERHC has... and that's all predicated on the JDA having the authority to strip ERHC's rights. The JDA has struggled for over 4 years to strip ERHC of blocks 5 and 6. If they try that with the remaining blocks my guess is the JDA wouldn't see another JDZ spudding for over a decade.

The cost of virgin blocks is **not** an indicator of prospectivity... by definition, the lack of seismic means the blocks are untested. These blocks could be wasteland, the scenario you prefer to promote, but they also *could* be even more prospective than the much touted 9 square mile Gulf of Mexico blocks, and ERHC has millions of acres of them.

It is virtually impossible for ERHC to have so many acres in known oil basins and not find a *lot* of crude. I'll concede that the question looms large about how they are going to pay for exploration, but my gut says they have a plan and it involves divesting some of their JDZ blocks (and my gut says for more than you might think). Then its off to the races with cash in the coffers and onshore blocks to explore.

The answers you seek do need to become known, we all know that. But when we have those answers you will not be able to buy this stock for a dime.

Nice post.

Can you show me the operators press release declaring the 5 wells non-commercial? Can you show me a press release of any kind from the operator of blocks 2, 3 and 4 that announces what the 5 wells encountered.

Feel free to show everyone a link to the operators statements. We all want to see them.

You've been asked for links dozens of time and never provided them. Enuf said.

Again with factualization of opinion... sigh.

Hey middy! That's actually a fairly decent recap of the last year, albeit jaded and negative. The only correction I suggest is that Sinopec, our JDZ partner, is *rumored* to be considering walking from block 2 only. Nothing on that has been verified. For all we know that report could mean Sinopec is considering selling the gas finds, which were reported as significant, to Total.

ERHC could gain all the cash they need by following suit. We'll have to wait and see how it all plays out.

The NOCK is 100% government owned and charged with being involved with all things Kenya oil related. As such, don't you think that they are the sounding board for the analysis provided by companies like Tullow? Governments don't take companies at their word, they verify. Since the NOCK is the oil arm of the Kenyan Government, they are the most likely to be tasked with verifying exploration companies results, confirming siesmic findings, etc.

So Tullow may not be sharing as you say, but the NOCK knows, and ERHC's recent hire Peter Thuo just retired from the NOCK. History may record Thuo as the game changing strategic hire that makes this stock fly.

Just a thought to comfort your over abundant angst.

I'd like to comment on the last two words of your post. By the time ERHC *can* "prove it" you will have to pay dollars per share, not cents.

I don't disagree with the gist of what you and middy are saying, lord knows ERHC has a long way to go to get there. However, the first step to exploring a block is being awarded that block. I'll give Ntephe a check mark for that...

... and I will fault him for his single-most significant failure, communication. Until he "gets it" and finally accepts that he **has** to tell the market how he is going to finance the course he has put ERHC on the market is going to yawn at the addition of these new assets.

I am really, really getting frustrated with Ntephe's total refusal to improve communication. It really is that arrogance that is preventing the share price from responding to Chad and Kenya in a meaningful way. Ntephe has to do better.

It makes sense that they would want to wait until Total's results in block 1 were done, and being a partner with Total in block 1 insures they are getting all of the data they need to make a decision on blocks 2-4.

For all we know the 5 well drilling campaign didn't show oil, but the information gleened suggested a very large multi-block possibility and they want to tie in block 1 and Total's expertise to make sure they don't make any mistakes in proving it up.

If you find thick porous sedimenary layers charged with gas, even if it is biogas, you don't shout from the mountian tops that you found evidence of the possibility of a world class discovery. You would start a bidding war if you did that.

The frustrating bottom line is until Sinopec or ERHC release a detailed comprehensive report of what was found, like Chevron did with OBO-1, we just don't (and can't) know.

Jus' sayin'.

It seems that there is another case of "if something is posted enough it becomes fact" going on here. Can you provide a link that shows the "money in a briefcase" incident involved Offor?

Maybe you can, I don't know, but I've never seen anything more than a document that identified suspects A, B, C, and D etc. No names have ever been linked to that case that I have seen.

Enlighten me.

Well said. I went through my rage period and played the blame game for a while too, until I realized the greedy guy in the mirror is who caused my pain. I accepted it and chose to add to my position to lower my cost.

Please know that I was not buying during my tantrum period, I was too pissed off. In hindsight the cheap shares had a theraputic value, and my personal circumstances have changed for the better making the wait more tolerable, but I *am* tiring of the wait!

What I find revealing is that investors whose sole and much professed reason for holding this stock and annoying every hominid that visits this board being it's assets, and suddenly those assets should be jettisoned to the first bidder at any price?

ERHC investors that feel that way should sell. They obviously feel that that the assets are worthless and won't garner a decent price anyway. Best to take the market valuation and find greener pastures, IMO... that is unless they have faith that the highly qualified CEO can negotiate a deal that is above the current market valuation.

So are the assets worthless and the CEO golden, or is the CEO worthless and the assets golden?