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Great conference call. Very thorough. Things are proceeding in a professional fashion as far as I can tell. Amazing recent progress and possibly more coming. E@P, not window dressing for a sale. Like Umbra, I have had to adjust my timelines, this may not be a quick buck, but many multiples are down the road somewhere IMO. Many of these steps could have been taken sooner, obviously, but we are where we are and we are moving now. I am encouraged. I think these guys have found their footing.
The chatter here does not have a lot to do with it.
db
Time will tell of course. The question is how much?
Darn.
db
yes,
I read it that way also. But the real value has yet to be determined, and the agreement does give ERHE a lot of room. And who knows, maybe Offer's connections played a role, and there is more value than one might guess. All I am saying is I like it so far. Would you rather they did not acquire these blocks?
I want more info also, but I never expected more from the company than we have gotten so far, and I never thought we got a producing well, so I am not disappointed. The Blocks are most likely a net plus in my opinion. We will see if we get further info on Friday. Some 2D is done, and it is my hope that we will move quicker than the minimum. I also would have liked tighter deadlines to push performance, but with our cash position it is probably better to have the flexibility.
db
Ha ha.
Maybe you will get some of that Friday.
Must hurt to spend so much time stamping your foot.
db
The 10-Q had the minimum work schedule, which I had not seen before and wanted to see.
db
Ha ha,
If you don't read this board, the only thing that has happened is that the company has acquired some huge acreage in Chad of unknown value. A good minimum work plan has been negotiated, and more info is on the way, hopefully some of it Friday.
LOL, how is this a bad thing? The mercurial mood swings based on endless speculation are painful to watch. At least Middy is consistent, lol.
db
We may or may not get a more aggressive work schedule on Friday, but it will be interesting to see the board reaction if we do.
Manic depressive comes to mind. Reminds me of a bunch of helicopter parents.
db
Sometimes (maybe most times) This board is just plain silly.
Since Chad was announced, speculation about producing wells and drilling schedules have been over the top. Now it is doom and gloom because ERHE negotiated a minimum work plan that gives them lots of time to get a partner and raise money. What any good company would do. All this doom and gloom stems from ridiculous assumptions that turned out not to be true.
We still don't know how fast Chad will develop, we only know the minimum progress required to keep the blocks.
Our market cap is now below ninety million dollars. If you think this company is worth less, then I guess you sell. I think the value is quite a bit north of that.
db
Typically non binding and nullified easily, but they do show intent. Looks good to me, but we will see.
Hogs Breath: When I was motorcycling to the "Vernal Equinox" at Lime Kiln Creek in Big Sur around 1970, I knew of the inn owned by Clint Eastwood. Didn't visit because I assumed it would be high end off the scale. Last year I was in Monterey with dogs and heard they allowed dogs in the restaurant. Went with six people, and 3 dogs. Very good salads, burgers and beer. About 15 bucks each. Great.
Sat by the fire after a morning at the beach.
The things one can miss from wrong assumptions haha.
dbernet
Mercy please,
Please don't hurt the share price, please. Some one will be pleased, just hit the bid and it is over.
db
Instructmba,
It would be nice if someone would post the reason for the change to a premium board on the board intro. I have noticed other premium boards use the intro to post their raison d'être.
I am not judging, I have often thought a more controlled board might reduce the more obvious agenda driven rants. Maybe improve the information to noise ratio.
Thanks,
db
The company says they are "very valuable". Though I find it hard to believe we have an interest in proven hydrocarbons. More likely to me that we have some blocks that are fairly prospective.
Who knows though, I have been here for a long time, and read a lived through the detailed history of this company. I have heard all the explanations, but I still find it astounding that we have the rights we do in the JDZ/EEZ. The Machinations of our Nigerian power guy and his connections could lead to almost anything. I wouldn't rule anything out.
I believe them when they say there is increased interest from other oil cos. Though info is usually less than I would like, I think what they do tell us is true.
db
"Not exactly a collapse"
No, but it is a 16% decline leading into the halt.
db
If whatever is going on is bad for Exile(My guess because their stock price was in decline before the halt) it would make a further buy in cheaper. And if it is good for Exile it makes our current position there worth more.
Just a thought.
db
These are some excerpts from an article on trading halts:
"The most common reason for a stock to get halted is if there is a really important piece of news coming out on the stock. Most of the time it seems as though this is bad news, but that isn't always the case. Let's take a company that has a drug in to the FDA for final approval. The stock may be halted while the FDA announces their decision, either good or bad. If they approve the drug, the stock will gap way up after the halt; if they reject the drug, it will gap way down."
and
"In the rare case that an acquisition is announced during the middle of a trading day, the stock that is being acquired is usually halted. This exact situation happened to me once in the last 90's. I can't remember exactly what the stock was called, but I remember it was halted in the middle of the trading day, and I was expecting nothing but bad news. Fortunately, the news was that the stock was being a acquired at a substantial premium."
The article also points out lot of the bad reasons for a trading halt:
http://www.davemanuel.com/2007/08/03/why-do-stocks-get-halted/
db
I can't find anything on the halt. Like you say, it could be something on Turkey. Exile trades for under a dime now and the one analyst on Yahoo has a price target of 1.75. pretty big spread.
db
We know we had our company president coyly saying it was "too early" to talk of a takeover of Exile. And Exile is halted. Seems like a possibility at least. I would not expect an announcement unless a deal finalized. Exile requested the halt, so they are worried about rumors, whatever is going on.
db
Anybody else think Exile is halted possibly because we have made a buyout offer?
db
Something going on with Exile
http://finance.yahoo.com/news/Investment-Industry-cnw-2658899783.html?x=0&.v=1
ress Release Source: Investment Industry Regulatory Organization of Canada (IIROC) On Friday July 29, 2011, 9:03 am
VANCOUVER, July 29, 2011 /CNW/ - The following issues have been halted by Investment Industry Regulatory Organization of Canada (IIROC):
Issuer Name: Exile Resources Inc.
TSX-V Ticker Symbol: ERI
Time of Halt: 8:56 am EST
Reason for Halt: Company Request Pending News
------------------------------
Peter said it was too early to talk of a buyout?
db
"I suspect it is something you read and decide to believe"
What he says and what he believes are NOT connected.
db
Areas being developed are kept.
db
I also would love to have more info sooner. I would like this company to be more like other companies that I invest in.
The fact is this is an African controlled company and it will probably continue to be run the way it is. Some clear disadvantages there, but advantages also. Many African countries are tired of a long history of being pushed around by the oil majors, whether justified or not. They are looking for local content, often codified in law. The result of that is what we are seeing in these new properties, at least partially. Time will tell their value, but at least it shows the company is moving forward aggressively.
I would like to know every thing they know now, just like you. The fact is that is not going to happen. Some of it is restricted by contract, some by competitive considerations, and some, I agree by the company because they don't feel the need to tell us. I am sure they have their reasons, and I am sure I would disagree with them on some of their reasons. So it goes.
I like the assets and their possibilities, incredible upside. Ultimately they will decide the value of the company.
db
Their dumpster diving history includes the JDZ and the EEZ. Properties that got you to invest here. And I think you are an astute investor. The fact that you are miffed at the lack of information and the company's refusal to respond to you does not make the newest acquisitions bad ones.
Your fixation is coloring your posts, but perhaps not your judgement, because you are still invested here.
db
Nice flow of info. I don't think we stay at this low price for long.
db
Two percent.
db
Not questionable at all. When one sells, a lower entry point is to be desired, and to some, worth endless effort to get the price down.
db
You should read the last few. They discredit some of your opinions.
db
Might I say at this point:
Yada yada yada,
the chart looks good. Nice couple of weeks.
db
Well,
I do hate to encourage you, but I need to see the PSCs. The minimum work requirements will give us a worst case time line to drilling. I also would like to know how close we are to finding operating partners, and whether or not 2 and 3D have been done in any of our blocks. I think we get the PSCs or a summary in the next month. My guess is we won't hear about partners til a deal is inked. And whether or not we exceed the minimum work requirements will probably depend on our partners. They did imply increased interest in us which is encouraging. I also don't think we will be drilling in the next few months. I am happy with step by step, as long as there is reasonable progress. And what that is will depend on where we are.
db
LOL,
You may not like management, but you are looking forward to the next few months as well.
db
"We are the operator of the EEZ blocks and we are the operator of at least two of the three Chad blocks. We are also in control of our own AIM listing. We are also in control of how and when we raise capital."
Sounds pretty good to me. You remind me of why I am looking forward to the next few months.
db
No reason for him to be there. The deal got done, he signed off on it. I think a personal affront has driven you slightly bonkers. You are reaching. Some of your stuff I agree with, but you are trying a bit to hard.
db
Someone posted areas for two of the blocks. A mental rough calculation gave me a square more than 160 miles on a side for those two. Very Very big.
db
Funny group. Surprise acquisition(at least to me) of a very large very prospective set of blocks, PSCs already negotiated and signed, and everyone is whining. LOL. What a crowd. Some idiot wanted to know when production will begin. Everyone seemed to want to know what they are worth. Me too.
Management is obviously excited about this development, as they should be, but they can not answer those kind of questions. No legitimate company would.
The PSC's work schedule will come out in short order, and the company's development plan will follow, but not before they finalize it. Financing will be through farm ins or institutional placements, or public offerings on the AIM. They will tell us when they KNOW.
Sheesh. We just made a major acquisition that doubled the share price. Just shoot me.
db
My guess is they pulled the report because it was written before the news about Chad.
db
Given that shareholder updates are not typically used to give new material information, I am hoping for a PR before the "chat". Perhaps after the bell, but before would be interesting.
db
You can only hope.
db
Nope,
Just a simple effort to disseminate information without having some irate idiot take over the meeting, as happened at the last annual event.
db
Agreed,
It is pretty clear to me at this point that SNP is waiting for Total to develop their way south in the JDZ. I am looking forward to Total's results in block one, which I expect to be successful. They will continue south on their own time line. Our blocks will most likely be developed and most likely with Akpo technology. It looks like Chad has and will shorten the time to share appreciation. The EEZ seems stuck in molasses. Perhaps the "chat" will give us an update on the EEZ.
db
haha,
I know at least ONE buyer.
db