So do you believe in the long term viability of the company or do you only plan to swing trade?

nwtf, I am not trying to pick on you and have always enjoyed your posts. But I honestly cant remember the last time you had anything positive to say about ERHC. If you are so negative regarding the stock then why do you bother to post? Do you actually own any shares? If so why?

Art you are correct. ERHC is still in its infancy. Companies at this stage in their development typically dont have the capital for stock buyback programs.

Nwtf when was the last time you made a positive post regarding ERHC?

Because he already has 300 million shares so what is the point in buying anymore. I think we need you, nwtf and mongo to start buying back some shares. Then we will be just fine lol

Too bad ERHC doesn't have any excess cash. We need the company to announce a stock buyback program to take advantage of these low prices.

TMR is a good natural gas play at its current price range imo. Management is not the most trustworthy imo but in terms of pure value its a buy around $4.00

NWTF the investigation makes no difference to you? Why not? Is it:

a) Because you feel the awards were based on technical competence and we submitted the best bid so there is nothing to worry about.

b) Because you feel the investigation itself is all bs and nothing will ever become of it.

c) You want ERHC to fail and you want more delays to occur so you hope they can open up a new can of worms to stall this process even further so your beloved Exxon can reenter the game.

D) None of the above

E) A & B

Great Job Joe.

Art what is not normal about the trading patterns? Have you ever considered that the stock should have never had a $500 million market cap "prior" to awards and now the market cap is where it should be (in the $200 to $300 million range).

For a company with no signed PSC's and no drilling until 2007 is a $250 million market cap all that unreasonable? I dont think so.

What was unreasonable and unrealistic was having a $500 million market cap prior to awards. The stock got pumped and should have never reached those levels when drilling was so far away.

Thanks for that sobering bit of news. Mid 2007? What happened to three wells within one year from PSC signing?? Or was that all BS from Barry Morgan.

Well put. Your a much better writer than myself.

Balance imho the investigation is nothing more than a bunch of sore losers trying to make a mountain out of a mole hill.

The World Bank agreed that the best overall bid came from Noble/ERHC due to the promise of an accelerated drilling program.

So in essence, the Noble/ERHC team made a commitment to spend much more money upfront (ie drilling) than anything Anadarko promised even when you take into account the higher signature bonus that they offered. Drilling those wells is a much higher dollar committment than offering $30 or $40 million more in signature bonus money.

We should not lose sight of that.

Nwtf,

Is it true that the World Bank agreed that Noble/ERHC was the best option in Block 4 because they offered a better drilling program (ie 3 wells in 1 year)?

If that is the case then we have nothing to worry about. In fact we should be complaining that we shouldnt have to pay a higher signature bonus since we had the best overall bid package based on the promise to drill more wells up front. Why should we have to pay the top signature onus bid when we promised more in the way in drilling.

The cost of drilling more wells upfront is much more expensive than the extra dollars that Anadarko offered to pay in signature bonuses.

(Now on to more importatnt matters. What do you think of my Michigan State Spartans and what happened to your Hawkeyes?? lol)

Patience is a virtue. This whole process takes time and we all need to recognize that. Dont lose sight of the big picture by getting too caught up in day to day BS.

I would say to forget about the stock for awhile and come back and check your portfolio in 6-8 months. That would be the correct strategy although Im not sure that would be the wise thing to do due to the political climate we are dealing with in the Gulf of Guinea.

So keep an eye on ERHC but try not to lose sight of the big picture.

We all bought in way too early, myself included. That was the mistake we all made. We got caught up in the hype. The good thing is that by the time the stock price does start moving we will all be "long" in the stock. I still have about 80% of my original shares.

The 20% of the money that I have rotated out of ERHC has done very well for me and has now tripled due to me buying various energy stocks. I should have sold more ERHC right after awards but hindsight is 20/20.

I will keep the remaining shares i have in ERHC and might even add a little. I am not about to sell my shares because I know as soon as I do the stock will start to take off and I will kick myself. I did that before with another stock and will never make the same mistake again. So I am going long ERHC.

Homeport I tend to be a bit naive so take what I say with a grain of salt. But I really dont believe we have seen much in the way in additional dilution since awards have been announced. So I dont think that is the problem right now.

I think it it real simple. There is a lack of buying interest in the stock. Why park your money in ERHC right now when you can put your money in virtually any other oil and gas stock "right now" and get a great return "right now"? Do you know how many oil and gas stocks have doubled and tripled in the last 6 months due to active drilling programs?

Why put your money in a stock that has no drilling activity when you can put your money in the hundreds of other energy companies that are drilling wells "right now" and can thus take advantage of high energy prices? That is what the average investor is thinking. They know they can rotate money in and out of other energy stocks and buy back into ERHC at a later date when ERHC is closer to drilling. The market knows ERHC is still 6 months to 1 year away from drilling. So there is no sense of urgency to buy the stock. Plain and simple.

The energy market is hot right now so it actually hurts a stock like ERHC because investors want to be able to take advantage of high energy prices in companies with active production rather than parking their money in a company with no production.

So as I have said, once drilling programs are announced then a buzz will be created about ERHC among the investment community and people will pour money into the stock. Until then it will be boring around here and a bit painful. Go to the various message boards on yahoo and there is absolutely no buzz about ERHC. There is no interest because we are still a long way off from drilling any wells.

So imho that is 90% of the problem. The other problem is that we have such a high outstanding share count that it scares the average investor away.

Thise two things account for about 99% of our problems imho.

This stock will be hard to analyze until PSC's are signed. We are in a dead zone right now where the stock can be manipulated and there is no buying interest in the investment community. After PSC's are signed that might change. When actual drilling begins to take place that will definitely change imho.

For now we are at the mercy of the market.

Patrice, EEL, Exxon, all enemies of ERHC imho.

Procon, thanks for the information. Have you emailed ERHC with that information? They are the ones that need to know.

Balance you spoke with Carlos Gomes?

Im impressed.

So assuming EEL selects their two blocks within the next three months.

Then the Govt of Sao Tome has the third selection. Following that would be ERHC with its two 100% block selections in the 4th and 5th slot.

Will Sao Tome dispute ERHC's claimed rights?? Will Sao Tome stall with their own selection to punish ERHC??

Stay tuned....

Link to latest EEL press release. Interesting info for you to review.

http://ww7.investorrelations.co.uk/equator/uploads/press/INTERIMS_280905.pdf

In the first half of 2005, Equator and PGS acquired a further 5,500 km of infill 2D seismic in the Sao Tome EEZ. To date, Equator and PGS have acquired 3,000 square km of 3D seismic data in the JDZ and 13,500 km of 2D in the EEZ. With the addition of this latest dataset, Equator is in the position to make the final delineation and selection of the two EEZ exploration blocks and conclude negotiations on production sharing contracts (PSC's) with the Govt. of Sao Tome. Following signing of PSC's on the two selected blocks, Equator will commense a 3D seismic acquisition programme. Under the current timetable, the EEZ blocks would be ready for drilling in late 2006 or early 2007 subject to rig availability.

TMR is now up to $4.40. It continues to climb in the hot natural gas sector.

Thanks for the excellent information on EEL. I knew I should have bought some 6 months ago.

Balance my good friend. You made some excellent points regarding EEL. So although I do think that a lack of buying interest accounts for the majority of our pathetic stock price there does seem to be other forces at work.

I do think some of it is just plain perception. When people see the number of outstanding shares they tend to end their research on ERHE at that point and dont look into it any further. It scares people off. In addition the constant smear campaign by some of the bashers on Emeka Offor and ERHC in general has definitely tainted the public's perception of this company. This company suffers from a negative public image.

What shares? The volume is very low for a company with over 700 million shares outstanding. Its a lack of buying interest plain and simple. Stop with all of your conspiracy theories.

TMR moving up again. Now at intraday high of $4.25.

Natural Gas stocks are the hot play.

UIC Jeff regarding TMR. Yes TMR was a $9 stock not so long ago. They have had some poor drilling results and hence decreasing production over the last year and then got hit by Hurricane Katrina. So IMHO the price got knocked down artificially low to the $3.50 range. They have some added production that will probably be tied in within 60 days and have a high impact well (Turtle Shell) which will hopefully start to turn their drilling results around.

I always had stayed away from TMR because of management. I am not 100% trusting of their management. But at $3.50 I felt it was a good buy and still do. I am counting on some of their luck beginning to change with regards to drilling. They are also expanding into east Texas so they have some good things on the horizon.

Good luck.

That was pre-awards Mr. Disingenuous. I did expect a breakout upon news of awards. On that I was totally wrong.

Now go back and try being balanced for once in your life and look for my posts "post awards" where I said this would be dead money for awhile.

I remember explaining it to rancho in particular about the excitement and buzz that will be created once they begin drilling. Until then though dead money.

Nice day for TMR today. Closed at $4.14 on minimal damage from Hurricane Rita. They are sidetracking on the Turtle Shell well right now. If that well is successful this stock could really go for a ride.

I agree that this is a lack of buying interest, nothing more, nothing less. I tried telling all of you 6 months ago that this was going to happen and that this stock would be dead money for awhile. Anything else is just plain bs.

No interest will be generated in this stock until drilling schedules are announced. And the longer and more drawn out that becomes then individuals will sell their stock and put it in a stock that can make there money work for them right now. They can always rotate into another stock and buy back into erhe later.

There is no urgency to buy this stock. So the stock drifts down.

TMR (natural gas play) has been on a nice run since I suggested it 3 weeks ago. It has run from $3.50 to $4.00. Still a bit dicey due to Hurricane Rita. I would expect a PR soon to discuss whether there was any damage. If not TMR should continue to rise.

OT: TMR is a good natural gas play right now.

STP does not seem like a country that is interested in becoming a financial power anytime soon. Instead the constant infighting and political haggling seems to bog everything down. If you were poor and had the opportunity to bring millions and millions of dollars into your economy wouldnt it be in your best interest to do so as quickly as possible? One would think so.

Instead they drag their feet during the whole JDZ licensing round and are dragging their feet with regards to the EEZ licensing round.

Where is the sense of urgency?

Apparently there is none.

Crying over spilled milk. Here is a post from oldandintheway from RB. I tend to agree:

"I think alot of the stink is becouse the Nigerian "indies" got all these small little percentages of the blocks, and the Sao Tomes leaders were to ignorant to set up their own front companies. I wouldn't be surprised if Wade Cherynko whatever his name is behind some of this along with money from XOM just to screw things up. XOM doesn't care what happens untill they get what they want, and wade thought he was getting more."

Thanks unfortunately so do I. Thas why Im not around much. But maybe someday ERHC will be my ticket to prosperity.

Where is Markvol and SwingingK?

Its a shame they are gone and yet that mangy ole mutt Mongo is still here.

I have a thought. That was a brilliant post by you Homeport and should be bookmarked so we can always refer to it. We will forget the point you made in a couple of months and yet we shouldnt. Great post.

Doug that happens to me all of the time. Sorry to hear your in the same boat as me. We both wont make that mistake with ERHE.