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Seven hundred and thirty million shares to potentially three BILLION shares? That is 4X dilution. If our market cap stays the same that would be three cents a share. LOL. Any positive spin right now is looking like lipstick on a porker. Here is hoping for one heck of a rationale. If they don't put out something post haste the exits will be jammed.
db
I think you are missing the heart of this investment. It is Not about Cox and his track record, NJ or others touting the stock. And not about Reynolds. Read the Anatabine SCIENCE. STSI has a world changing product, that may have applications for most of the diseases of aging, as well as many of the problems affecting younger people. Inflammation is component of most disease processes. I think many of the investors here have a personal story to tell about their own experience with the drug, and all the back and forth doesn't matter to them.
The increase in sales we will see for Q2 to be released Thursday is just the barest tip of the ice burg.
db
Block one. Not ours but closer.
db
Long since.
If you cheated on your taxes then clearly you broke the law.
db
Sounds a lot like someone we know and love, lol.
db
What buyers? 20K of purchases moved the market cap by 20 million dollars. Hope no one decides to sell 20k of stock.
db
I more or less agree. As most here know, Nigeria's new oil law is stuck in the legislative process and has been a drag on oil investment in Nigeria. Companies aren't sure where the rules will end, and can't make accurate projections, so they wait.
PSCs provide a framework, but my impression is that as projects become more and more profitable with rising prices, countries try to renegotiate or nationalize. Any sensible big company, not just SNP, will slow play information released. Small players, on the other hand, are so concerned about attaining capital and their share price they tend to sing to the rafters. Thankfully there are a few small players in the JDZ.
The Entimi well is more or less on a line between Egina and OBO1. As I remember it, the FPSO for Egina has excess capacity.
It is clear what is in Total's mind, to include block one in a regional development scheme. If one could put together a sequential light up of well sites starting with Akpo, the pattern would be obvious, plodding from Akpo to Egina, and now to block one.
Three questions really. Did or will they find enough to include block one? My guess is yes because of their success in the region with similar structures and their big investment in block one, but of course I don't know.
Time line? If they decide to go ahead with block one they will start in a year or two, and it will last many years. Production starting in three or four?
Finally, assuming the above happens, which I do, when will they show an interest in our blocks? My guess is a long long time, but it will eventually happen.
db
This post is just to use up the one post I am allowed per day.
db
I bet the next other company report shows a 10 million loss for the "transformational deal" that has not transpired. Perhaps we can blame Ray for this miscalculation. ERHE has not lost 10 million lately. Should Ray be fired?"
db
"Technically, ERHE has been showing support around $0.0853"
That is certainly an optimistic view. I guess that means all those trades yesterday at .08 broke support.
db
Seo Tome and Principe are equatorial islands of great natural beauty. They have an underemployed poor population that would benefit greatly from outside investment. They are centrally located with a relatively stable political situation. They are a natural for transhipment of container goods if they have a deep water port, much like Cam Ranh Bay is in Viet Nam. Big ships in, small ships to Ho Chi Minn City nee Saigon, Qui Nhon etc. They are in a perfect position away from all the close to shore problems of the Gulf of Guinea for refining and transhipment of oil products, regardless of what happens in the JDZ/EEZ They are clearly a natural as a vacation destination, potential refinery spot and a container port. I am sure this is the way they are viewed by the Saudis, the World Bank, and other potential investors.
My guess is the MOU storm has little to do with ERHE for the foreseeable future.
db
"I am also TOTALLY convinced as to how this area will be developed, and that is an area wide approach managed by TOTAL. And this is the reason for the delay of over two years since the last well was drilled, because it takes that long to get everything in place for TOTAL to proceed."
Wellll, me too.
And the delay will continue. The next announcement for the JDZ will be another six month extension of phase one for all three blocks. SNP/Addax will do nothing until Total drills and does at least 3 to 4 months of analysis minimum in block one. And the JDA will let them.
db
Clearly you are positive about this stock, as am I. But using a 28 dollar 300 share market maker paint job as the closing price for TA is a bit over the top. The last trade before that was a few thousand shares at .089, and the bulk of the day's trades went through at .09. All sells.
db
"The fact is, ERHE is at a decadal low."
LOL, I hope that is true.
db
Prazeres has always struck me as an unreliable source of info. He seems to be the type of politician who says what he thinks you want to hear. He is the one who said of the JDZ that oil was found in expected amounts.
What he said about us losing block 5 certainly raises the question about whether or not it belongs to us, but I won't count it out until we hear it from a better source.
And I agree that it does not matter a great deal either way, except that it once again calls into question our managerial competence.
db
And the right wing nuts hatred of Soros.
Both use their money and power for political influence. Peas in a pod.
db
Yes,
I like the options numbers. They are encouraging, but all the prior questions are not answered in the 10Q, and barring a news release,I doubt that they will be answered better in the conference call. Voting for optimistic options unfortunately is not a substitute for achievement. Hope springs eternal.
db
I don't think SNP was involved in AKPO. Another competing China National oil co was the partner. CNOC?
db
"Why did Sinopec buy addax for 8 billion us dollars plus their debt that they owed, that was the most a Chinese co. ever paid for an aquisition."
IMO The primary reason was Addax's possession of their hugely productive concessions in norther iraq.
db
Yep,
I saw that last night. I record all his shows so I can watch them at more convenient times. Right now I think he is the best commentator we have in the U.S. A prime example of why the U.S. can benefit from immigration.
I particularly noticed the Saudi example of going from needing 25 dollars a barrel for a balanced budget, and now needing 80 plus. Budget needs will support current prices or better with little downside. OPEC is these countries, and now we can see the real pressure that will drive OPEC and prices.
db
Most likely supply of oil for a while.
db
Agreed,
Nice to get a straight forward report. Looks like Block 2 will eventually be abandoned.
My guess is SNP will walk on block 2 if they don't get another extension. I will further guess that they will get the extension, otherwise the JDA has no hope of further activity in 2.
Will be interesting to see if the price holds tomorrow. Sure would like a straight forward report on 4.
db
"I do not think there was any open acreage near our JDZ blocks"
How about the unsigned PSC's in the rest of the JDZ. Certainly qualifies in my mind. The carries in retrospect were brilliant, we probably would not exist with out them, and Peter was not CEO at the time.
"He should have made an acquisition right after receiving the money"
Hind sight is 20/20 as they say, but that statement is on the level of I should have bought Apple when jobs was fired. ERHE was going to be the next GAWAR, we had the dough but were years from drilling, and the only idea was to make it to the EEZ and production. I still think the acquisition idea is sketchy. If the shareholders had been polled on a minor producing property at the time we received the cash the only response would have been laughter. The EEZ still may provide some cash, and so might current new properties.
Whoops! Not Gawar? Those turkeys should have bought some income properties. Let's fire them. Yeah. Your involvement in acquisitions apparently does not give you much in the way of insight.
db
Addax would have been a better partner for us prior to the Chinese buy out. They were shouting to to roof tops about all their assets to improve their share price and buyout offer.
SNP is doing That for which its culture is famous. Knowledge is power, and one does not share business knowledge if one doesn't have to.
Sorry, changing our CEO won't change Sinopec. We would be in the dark either way. Fay Ray could be our CEO and it would not make a difference. But I guess it gives us something to talk about while we wait for real news.
Oh, by the way, very few companies respond to unsolicited job enquiries, and if they do the response is usually canned. What the heck though, most people in that situation would probably have something negative to say.
db
I'm happy enough with the current CEO. It is important to understand that retired junior/mid level execs mostly think they could run the Co better. Lots of grumbling and complaints. Not a lot of value.
db
When I was a child I lived in a across the street from a set of Southern Pacific train tracks. Carried freight, and was also a San Jose to SF commuter line. The trains in those days would shake the house and rattle the windows, but after a time, we mostly didn't notice them. When we had friends over, they would run to the front windows to see the train and comment on how loud they were to our questioning looks. We no longer noticed.
My guess is that is how ERHE management views middy. They just don't notice him much anymore. The constant noise has just become background. An initial polite response. His undocumented claim of many shareholders agreeing with him has not born out in any substantial way. My guess is they have categorized him as "special" and just moved on to running the company.
What any responsible management team would do.
db
Sure looks like a bulletin board scam to me.
Another opinion held by few and stated as fact.
"If you do not think management here is inept"
I do NOT think they are inept.
db
That is the way I read it.
And in any other stock, the CEO buying shares would be considered bullish by most observers. Amazing that a few here stretch to make it a negative.
Nice to see.
db
Nice to know we can believe what we choose. I am going with management. They have the facts, and I believe they have shareholders interests at the forefront. I see NO reason to believe otherwise, despite your endless speculation about their motives and actions, and your endless rants.
db
Peter Ntephe is overseen by a competent board, and they think he is doing a good job or they would fire him. Your constant attack is based on your opinion and falling on deaf ears, both here and there.
db
Ridiculous.
Yesterday saw 150000 shares at the bid of .105 sit there all day. The day ended with less than $2000.00 in trades. Some market maker had an ask of 5k shares at .11, the next significant ask was at .13. That is clearly no sellers. Negative posters with low ball bids will have to work harder. The huge spread is because large holders won't sell at these prices, and are not buying the BS. These few trades are scalpers in the piker range trying to make a few pennies off of investors who drink THAT cool aid while we wait for news.
The float is somewhere north of 300 million shares. Looks to me like there are NO sellers, and no buyers without a low ball entry. Yesterday we traded five thousandths of one percent of the stock. No anybody.
That guy with the 150000 bid simply sees the value at that price.
Current price does not mean a lot unless you are an impatient buyer or seller. Over the next few months we may see lower prices, which will bring buyers out of the woodwork. If we get in the eights again, watch the bashing increase while people pile into the stock. And despite the stream of negative posters, over the next year we will likely see prices multiples of .11.
db
"BUT it should not ultimately be at the expense of non SEO shares/shareholders!"
Many things could go wrong with this investment, but intentionally scamming minority shareholders is very unlikely. Colorado incorporation law protects minority shareholders from decisions detrimental to their interests.
This is just another baseless farfetched worry that this board exhibits on a repetitive basis.
I guess it is about time to bring up the moribund investigations again.
db
Most likely 2D.
Ditto on the Wow.
Explains the amazing confusion on the "NSAI report". The most informative thing I've seen to date.
PN makes a good case for himself, the board, and DK.
That one I will keep.
db
Looks like a business plan to me. From the transcript:
First, we are growing the Company by the addition of new assets.
Second, in order to finance the growth of the Company, we are pursuing strategic alliances and fund raising activities.
Third, we are seeking a listing on the Alternative Investments Market of the London Stock Exchange, also known as AIM.
Fourth, we are in talks over Production Sharing Contracts on the Company’s blocks in the São Tomé and Príncipe Exclusive Economic Zone (“EEZ”) as well as seeking technical partners to farm into our EEZ Blocks.
Fifth, we are continuing our participation in the exploration program in our Blocks in the Nigeria - São Tomé and Príncipe Joint Development Zone.
petemantx,
You have one of the opinions here I have always respected. I do share your concerns about cash burn, survivability, and dilution.
However, in reading the transcript I am getting a different take.
The description of each of the Chad blocks include geological features and "closology" in an effort to explain why they were picked, and to me they two lower blocks look very prospective. I take them at their word about outside interest, and I think that further indicates their prospectivity.
I was glad to hear (first time for me at least) that they have started negotiations on the EEZ PSCs. They hinted at futher info later this summer. They are still looking at Exile and have hinted that although Oando is a quality company and sees Exile as undervalued, the Oando offer is possibly not the end of the story. They are looking at several more land E@P plays, and we may hear about them in the next few months. I believe the AIM listing will go through. The delay has been interminable, but given the US government investigation and Offer's suit case faux pas, it is not hard to see the AIM going through our history with great diligence.
What I am seeing is a change in direction that has been in the works for some period of time. As I mentioned, they should have started earlier, but they are moving aggressively now. They are pushing their business plan hard, and I very much like the change.
I think the "info" and opinions here have distorted many investor's perspectives. There are certainly risks, as discussed, but I am convinced ERHE is seriously under priced and the future will bring very big rewards.
LOL, it might help that I read the transcript this AM before I looked at this board.
Regards, db