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you didn't answer my question (since you are seek's proxy). He claims because they said that 200mm will be spent, then they had to have already drilled 2 previous wells. How do you get there? What logic is used to arrive at that conclusion besides simply guessing?
where in all of that does it point to secret wells already being drilled?
agreed on all counts...
seek - because Total said they were going to spend 200mm...how does that mean the money has already been spent on secret wells?! Why can't that 200mm be spent on this well and subsequent one(s). The logic that there had to be wells already drilled because of this makes no sense to me. There is no connection.
let's hope there weren't secret wells (gee can't believe this rumor has been reborn again...) because if so, it means they were duds as nothing has leaked about them. My guess is that this is the first of 2 wells... you know, based on what the operators/stakeholders have put in their LEGAL, public filings.
I hope this is the case but the board just recently had options expire worthless... they were priced much higher than the market at the time. so to me, it means little.... hope i am wrong though.
unless you are trying to maintain/boost tourism which i believe is one of their biggest money-makers. I don't see any relation... sorry.
I honestly don't think there is ANY relation between the mall and oil. none whatsoever.
edit: see HP's post for further proof.
well... very interesting... thanks for sharing!
my understanding was that there was not much value assigned to the JDZ in terms of the final buyout price of Addax. Is this correct?
haha that was the same thing that stood out to me as well. he/she was one of the better posters on this board.
agreed - the theory that there is some invisible hand guiding them to make additional acquisitions is ludacris if you ask me. It doesn't mean their can't ever be a buyout... i just don't think there is a currently some secret buyer.
this definitely looks like a company expecting to be bought out...
Forward-looking:
-I am happy to report that ERHC and the National Petroleum Agency of Sao Tome and Principe (ANP-STP) continue to make meaningful progress on the most critical terms of the Production Sharing Contracts (PSCs) for the Company's two exploration Blocks in the EEZ.
-ERHC's preparations for the commencement of its oil and gas exploration work program for the Chari-Ouest III, BDS 2008 and Manga blocks is continuing to gather steam
-ERHC is also seeking expressions of interest from qualified contracting companies to conduct seismic work and gravity and magnetic studies, which will be the focus of the first 18 months of the work program.
-This is an important aspect of ERHC's announced strategy of
transforming itself from an offshore-focused, non-operating company to a company with both onshore and offshore assets, some of which it operates in its own right.
Oh and you aren't hiring new people because you know some super secret buyout is going to happen...
nope...nothing forward-looking at all... SMH
Seek - ERHC's recent update is riddled with forward-looking statements... i mean they just hired a technical guy...if that isn't forward-looking then i dont know what is?
it was supposed to hit 14 or 15 cents a few friday's ago... wouldn't put too much stock into this.
this is a joke right? I don't know where to begin. But let's start with where are you getting the $2/share??
it was conjured up... nothing points to any deal between Oando and ERHC. Oando got what it wanted with Exile by doing the reverse merger deal. That's it.
haha thanks HP!
I have absolutely no problem with them going to the match - that's how business works and I understand that. This type of stuff happens everyday (which is why there are things like corporate suites etc). It doesnt mean you put it in a company update. What company does that? It's just weird and out of touch.
i agree - based on the current price and company actions... there is no buyout anytime soon but it's been fun to talk everyday for the last 7 years or so (coming any day now)
yeah it's pretty shocking how out of touch our PR is... completely not necessary to include that.
well the best part of that PR was that Total is drilling by end of march.
Other tidbits:
-We have added more overhead to our dwindling cash with a new hire. I am now beginning to believe the theories that we are expecting some cash soon... otherwise these guys are some of the worst managers in history
-Peter (assuming it was him) is good at watching soccer
i am almost certain that offor is not a billionaire or even close for that matter. I think this is a MB myth as no one has ever been able to produce anything close to proof.
it's nice but aren't there (or maybe they already expired) a number of their options set to expire worthless soon since they never achieved their strike price? Plenty of public companies give their directors high-priced options... this is not uncommon. It doesn't guarantee anything. Sure it's a bullish sign but PN just recently bought stock (which i am glad he did and commended) but he is underwater now too. It's nice but i don't put alot weight into that we will be over .75 anytime soon. Again... i hope your right... this stock has worn me down into a realist, that's all.
troy - see Exile as exhibit A as to how they have bungled PR and company strategy in the past. You could be right but AMJ's theory seems to hold more weight if you look at past history and not just wishful thinking. Let's hope YOU are right though!
it has literally NOTHING to do with that... nothing. If it was a legit operation, the recovery would be much greater than pennies on the dollar.
The same can be said for madoff - doesn't make it any less of a fraud or any more of a "viable" operation. Unless your definition of viable is to continue a ponzi scheme unabated...then yes I agree with you.
spin spin spin. If no one is taking your money and suddenly someone is willing to take your money AND give you a very high interest rate...shouldn't that set off all kinds of alarms? Even the most novice of investors would have raised some red flags with that. Spinning this that it was good they didn't put all their eggs in one basket is laughable. This is almost as good as TA predictions!
oh and people did legitimate transactions with Madoff... doesn't mean he is any less of a fraud...
and how was it a viable operation? if it was so viable and legit, please tell me why these wealthy, smart investors will only be getting pennies on the dollar?
I THOROUGHLY disagree with this... it was NOT a viable operation and CD rates were well above market. The excuse that everyone else was fooled is incredibly weak and lame. The fact that they were willing to accept ERHC's money when apparently they were having issues finding anyone to accept AND the fact that they were still willing to give such high rates to such a supposedly risky depositor should have set off numerous red flags.
would love to know how this is a personal attack?! I agree with you.
for sure!
I don't think anyone is disputing you there... so not sure your point?
it's already been written off... anything from here is a bonus. I know...difficult to understand what being written off means...
i don't know all the details of it but i am guessing there is more to go after elsewhere than just the offshore stuff. regardless... it was a dumb move by the company to put 5mm into such an investment..."everyone else was doing it" is not a valid excuse. Prudence and fiscal knowledge by those handling our finances should know that if someone is giving you CD rates way, way, way above market... then there might be something more to it.
haha actually... it's just the opposite. The verdict now gives US regulators the ability to go after hundreds of millions in offshore accounts. ERHC has written this off... you can only go up from here. keep spinning and moving the target though.
actually you are wrong - this has zero impact on ERHC's claim. When Madoff went to jail, were his investor's claims suddenly void?! lol.
no it definitely happened - i believe the Nigerian oil minister at the time stated it during an interview as well. I witnessed it firsthand... there are a ton of MB myths... this is not one of them.