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Great catch! Thanks
Brez
Welcome
I'm also new here but I do enjoy a glass half full board, without the pains!
Cheers
Brez
Red
Ask a moderator to sticky a post. Moderators can manage a board and it also gives them the ability to sticky posts.
Cheers
Brez
Great post!
Brez
Tamtam,
Wilco
Cheers
Brez
Agree!
Thanks for your posts and time that you dedicate to them
Cheers
Brez
Ruby
Same here just found it this week. I like the " glass half full " crowd!
Cheers to all
Brez
Homeport, OC,
I just openned the attachements and finally got your references! Very funny actually!
Good morning to you both
Brez
So I like what may be happening.
Don't know who posted it or if it is a summary of many posts, but I like it.
1. ERHC wants an outside player to invest in the company.
2. The outside player doesn't mind investing or farm in to current acreage. But they are not happy with SEO owning so much and they want an upside for their money.
3. They want some shares of the company, but the BOD know that if they outright let them buy shares they will get pummeled by us. So they come up with the RO. We all had a chance to buy more. Now they give the same deal to said company. So they buy all the rest of 200M shares at 7.5 cents. That now gives a company skin in the game.
4. But the above does not give te said company acreage to control. So they pay a price for a percentage of Kenya block and even perhaps a controlling share of it.
5. All ERHE shares go up in price on the deal, including the 200M shares of the said company. Insta profit, which is the upside!
So what does a farm in deal look like? My guess is:
1. Company X buys 100s of Millions shares for .075.
2. Pay 10s of Millions for %of Kenya
3. Pay even more for controlling % of Kenya.
There expenditure for shares will be immediate profits. Which would be a huge upside for any company. BOD will get there .20 options. Actions or quality of new partner will dictate if SP goes to .75 for BOD to get rewarded.
We as usual are just along for the ride and where we decide to get off is up to us!
Cheers
Brez
Krom,
You're my new best friend today!
Cheers
Brez
They have the number of shares already authorized. They gave all shareholders an equal chance to buy more shares. Now they are cleared hot to find a company/person to go ahead and invest and get as many shares as they want for .075. None of us will have a leg to stand on if we try to complain about "preferential" treatment. We had our chance, now it's up to others.
Cheers
Brez
Snayeman, my comments were not really meant for you, but you did provide me a perfect "in" with your post.
No worries.
Cheers
Brez
There is nothing more appropriate than ( or is it then?) what I asked you.
I didn't ask for your permission I asked that you redirect your attention
What did we do to you??
Why do you hound us???? We are not in power. Please send your question to ERHC, they may have answers for you. Then, please post them here so we may all benefit.
Umbra: All in good fun, of course!
Cheers
Brez
Thanks for the "April's Fool" joke
No most of us don't believe in continuously externalizing our fears !!!
Holly revelation!!!!!! Thanks that's the post of the day if not the year!!!!
Thanks tryoty
Brez
I don't think management has created a total lack of confidence. This implies that all now lack confidence. I personally don't. If you do, that's ok, but don't speak for "all" of us.
Still have confidence,
Brez
No matter what, it will be a painful month!
Cheers
Brez
Beat ya by 1 minute!!!
Cheers
Brez
ERHC Energy Inc. Provides Guidance to Previously Announced Rights Offering
HOUSTON, January 16, 2013 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today provided continuing guidance related to participating in the Company's ongoing rights offering. In late December, ERHC distributed on a pro rata basis one non-transferable subscription right for every three shares of common stock owned. Shareholders as of the close of business December 17, 2012 are eligible to receive subscription rights, each of which entitles the holder to purchase one share of the Company's common stock at a subscription price equal to $0.075 per share.
The Company plans to apply the funds to specific exploration and development activities in the Republics of Chad and Kenya, as well as for general corporate purposes and working capital needs.
The rights offering is being made only by means of the Prospectus Supplement filed by the Company with the SEC on December 27, 2012.
Shareholders who hold their shares directly should have recently received the Prospectus Supplement, together with a letter from the Company describing the rights offering, a Shareholder Subscription Rights Agreement, instructions for how to complete the shareholder subscription rights agreement, and IRS Form W-9. Those wishing to exercise their rights should review all materials, properly complete and execute the shareholder subscription rights agreement and deliver it and payment in full to the subscription agent:
Corporate Stock Transfer, Inc.
Attn: Operations Department
3200 Cherry Creek South Drive, Suite 430, Denver, Colorado 80209
Shareholders whose shares are held in street name through a brokerage account, bank or other nominee, will not receive the materials described above and must instruct their broker, bank, or nominee whether or not to exercise subscription rights on their behalf. Those wishing to obtain a separate shareholder subscription rights agreement should promptly contact their broker, bank, or other nominee with that request, although it is not necessary to have a physical shareholder subscription rights agreement to elect to exercise rights if shares are held in street name.
Shareholders who wish to exercise subscription rights but will be unable to deliver the shareholder subscription rights agreement prior to the expiration date can deliver a Notice of Guaranteed Delivery in accordance with the directions in the prospectus supplement.
Shareholders who fully exercise their basic subscription rights are eligible to over-subscribe to purchase shares of ERHC common stock offered in the rights offering that are not purchased by other rights holders pursuant to their basic subscription privilege. Those wishing to exercise their over-subscription privilege must specify the number of additional shares they wish to purchase, which may be up to the maximum number of shares of common stock offered in the rights offering, less the number of shares purchased under the shareholder's basic subscription privilege. If there are not enough shares of common stock to satisfy all subscriptions pursuant to the exercise of the over-subscription privilege, we will allocate the shares that are available for purchase under the over-subscription privilege on a pro rata basis among those rights holders who exercise their over-subscription privilege.
The rights offering is scheduled to terminate at 5:00 p.m., central time, on January 31, 2013, unless extended. Holders of rights will need to exercise their subscription rights prior to that time and date.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy shares of the Company's common stock, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Those with questions can direct them to the subscription agent, Corporate Stock Transfer, 303-282-4800, or to Dan Keeney, ERHC Investor Relations, 214-432-7556, or e-mail dan@dpkpr.com. A copy of the Prospectus Supplement may be obtained from the subscription agent, Corporate Stock Transfer, Inc. (Attn: Operations Department), 3200 Cherry Creek South Drive, Suite 430, Denver, Colorado 80209.
Wm960
No, I just looked at my holdings and there was an extra row. For symbol it says erhe offering and the number of shares ( 1/3 of shares)
Give them a call if you don't see it shortly!
Cheers
Brez
Wow
Just checked today and I have the shares from the rights offering appearing in all my accounts ( tdameritrade in US and Scotiaitrade in Canada)!
I guess all I have to do is just choose how many I want and it's done! Simpler than I thought.
Cheers
Brez
Nice play on name...**
Cheers
Brez
No you are correct unless the following is true ( and I could be wrong! Read long shot )
If someone as 300k shares on 17 December he is entitled to buy 100k. Now he or she has until the end of month to sell some shares to log some losses. He/she gets his rights and may want to get his original shares back after logging losses to counter other gains??
Not probable.
Just shooting from the hip.
Cheers
Brez
Krom
Thanks for the replies. Yes it clears it up.
Lets hope that we get a continuation of buying this month for the folks that are trying to get back in after logging in some losses.
Happy new year!
Brez
Krom
Help me out and excuse the simpleton question!
If the price stays as is ( 8-9 cents) is there any reason why I couldn't sell some shares at current price and exercise my right for 7.5 cents shares ( I haven't yet)?
Do I have until Jan 31 to exercise?
Cheers
Brez
Merry Christmas and Happy Holidays to all!
Cheers
Brez
To ERHC Shareholders:
I am pleased to update the investment community and other interested parties on ERHC Energy Inc.
Rights Offering
Shareholders will recall that a few days ago, we formally announced the details of a proposed rights offering. If fully subscribed, the rights offering will raise approximately $18.5 million, which will be applied primarily to ERHC's exploration programs in Chad and Kenya next year.
December 17, 2012 was the record date for the Rights Offering.
Each shareholder will be entitled to purchase one share of common stock at a subscription price of 7.5 cents per share for every three shares of ERHC stock the shareholder owned as of the close of business on the record date.
The Rights Offering allows each shareholder to identify with the Company's objectives and participate fully in its growth. Of course, no shareholder is obliged to participate in the Offering. A shareholder may also choose to take up some but not all the rights available to him or her under the offering. We look forward, however, to our shareholders fully subscribing to the rights so that the Company's funding requirements may be met without proportionately diluting any existing shareholders.
Key Dates for Rights Offering
In addition to the record date of December 17, 2012, other important dates are:
- December 27, 2012, is the proposed distribution date. ERHC expects to begin distributing subscription rights to shareholders under the Rights Offering on or about this date.
- January 31, 2013, is the proposed termination date. Holders of rights will need to exercise their subscription rights prior to 5:00 p.m. Central Time on the termination date. It is possible that ERHC could extend the termination date.
Further details of the Rights Offering will be contained in a forthcoming prospectus supplement that will be distributed to all shareholders entitled to participate in the Rights Offering. We encourage holders of subscription rights to read the prospectus supplement carefully.
Kenya Block 11A
Earlier this year, we detailed how the funds raised through a Rights Offering will be used to advance exploration activities in Kenya and Chad.
We have recently received formal approval for our 2013 work program in Kenya.
That work program is focused on conducting a Full Tensor Gravity (FTG) survey to define the major structural elements of our Block 11A. FTG acquisition measures minute changes of the earth's gravity caused by differences in density in the local geology. When combined with known geologic information and other kinds of data, FTG data is used to assess geological structures and potential resource deposits, which helps us to identify potential leads and prospects. This will enable us focus the acquisition of seismic data, which will follow thereafter.
The main surface feature of ERHC's Block 11A is the Lotikipi plain. The proximity and in-trend relationship between the Lotikipi plain and the Abu Gabra Rift basins of southern Sudan, which are established petroleum provinces, suggest high oil and gas prospectivity. More directly, exciting news of discoveries and other positive developments continue to come from surrounding Blocks. In November, another oil discovery of significance was announced at the Twiga South-1 exploration well in Block 13T. This followed the earlier oil discovery in the Ngamia-1 well in Block 10BB. Both Blocks are in the same Northern part of Kenya in which our Block 11A is located.
Chad – BDS-2008
In 2013, our proposed work program in Chad will concentrate on our focus areas in BDS-2008 with the goal of identifying leads and prospects for future drilling. ERHC's exploration team has delineated two focus areas situated directly north of numerous major discoveries on a rift margin along the Central African Shear Zone. Regional stratigraphic mapping indicates the presence of alluvial fan deltas and lacustrine deltas in ERHC's areas of interest, which provide both reservoir and seal rocks.
As we announced last month, ERHC plans to pursue rift margin plays in Kenya and Chad similar to those that led to recent major discoveries in East Africa. Based on existing data, ERHC has delineated exploration focus areas in Block 11A in northwest Kenya and BDS 2008 in Chad. If you are interested in learning more about our plans for Kenya and Chad, I encourage you to review the video from our Special Meeting of Shareholders in October, which is posted at http://erhc.com/videos/.
Potential for Farm-in Partners
It is important to understand that while we are forging ahead as the operator of both our Kenya and Chad assets, we continue to entertain potential partnerships with oil and gas exploration companies. Given the nature of exploration assets, partnerships spread risk and reduce the financial outlay of each partner. Our Kenya Block in particular has attracted considerable interest, and we are currently in advanced discussions with several potential partners. However, exploration programs are time-bound and until a farm in is actually concluded, we believe it is in the best interests of the Company and its shareholders to proceed as if we will not have a partner. We have spent the last two years strategically building up a highly competent and vastly experienced technical team. We are, therefore, quite well-positioned to operate the assets by and for ourselves.
Other Assets
We anticipated that Production Sharing Contract negotiations related to our exploration Blocks in São Tomé and Príncipe Exclusive Economic Zone (EEZ) would be completed by the end of 2012. This has not been possible as ERHC and the ANP-STP continue to negotiate diligently a few key terms that remain with a view to making resulting provisions mutually satisfactory and equally beneficial to both sides. We have also continued to explore meaningful farm-in discussions on the EEZ.
Finally, in the Nigeria – Sao Tome & Principe Joint Development Zone (JDZ), we still await a final decision as between the remaining parties to the PSC and the Joint Development Authority on how exploration in Blocks 2, 3 and 4 will proceed. As we have stated in the past, that decision could be made public at anytime. The three potential courses of action are entry into Phase 2 of the exploration program, further extension of Phase 1 or a withdrawal by some or all of the remaining parties from the PSC and relinquishment of the acreage. ERHC intends to remain in the three Blocks and to retain its other interests in the JDZ. We will keep shareholders updated in a timely manner as developments occur.
If you have questions, please ask the Company directly through its investor relations representative, Dan Keeney (214.432.7556 or dan@dpkpr.com).
Thank you for your continued interest in ERHC and your trust. We wish you all happy holidays.
Sincerely,
Peter Ntephe, Chief Executive Officer
Krom,
The game changer here is if companies like what they see with Tullow and decide to make an offer for partnership with ERHE in Kenya with terms that are similar to what other companies have received. This may result in ERHE never have to touch the outstanding share count. This would force the market out of the "wait and see" attitude and increase the SP with the current OS count.
Cheers
Brez
Thanks Tamtam! Great news!
Cheers
Brez
Great post Krom!
Thanks for that
Brez
spp119,
Welcome back, your views and posts are always welcomed!
Cheers
Brez
Peter
I always thought the placement program was two fold:
1. To make sure we can go forward and have the money to explore; and/or
2. To let everyone know that we have the means and the willingness to go at it alone. So don't bring weak offers to the table, bring your A game and your A offer.
By the way thank you and others that took the time to go to the meeting for us!
Cheers
Brez
Strass,
Welcome back, hope all is well.
Cheers
Brez
"I like positive information but I don't like hype"
Isn't being so negative the polar opposite of positive hype? Therefore a negative hype in itself?
So I recommend that you become more balanced, since you don't like hype!
Brez
TOB
Great and well documented post. I added to the stickies since new comers can start their DD with this post and verify all information via links provided. Very good compilation!
Thank you
Brez
Excellent, thank you. If we ever meet, your drinks are on me!
Cheers
Brez