It is about time ERHE comes back to life.
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emdyal,
Not to be too argumentative but doesn't the share price increasing into the 90 cent range multiple times in the past while still being under the current CEO nullify your statement of saying
"we have a CEO who will only communicate what has already become common knowledge. Like I said markets just don't work that way!"
I feel a better reality of the current situation is that "the market" priced in the expection of hitting an elephant field in ERHE's first attempt at drilling. When this didn't occur, the price reflected the 5 non commercial wells. I think the market is also reflecting the uncertainty of "time" till we next see the results of the next drilling attempt. I feel the market has way over corrected for the true valuation of ERHE's potential but I also understand the general markets reservations.
When we see a date in print on when the next time drilling will take place in ANY of ERHE's blocks in JDZ, EEZ, Chad or Kenya, the shareprice will do a rapid catch up.
Until we have signed agreements with a JV partner and/or rig to drill onshore or offshore, our CEO can not give the "market" what it clamours for.
There certainly has been some very good news recently to show ERHE is going in the right direction. One step at a time....
NICELY DONE ERHE. Good PR just a few days after the Kenya announcment. Looks like work is being done now.
Keep up the good work.
Really, it probably should not be down at all but I feel it has a lot to do with the Negative Nancies (no offense intended to anyone named Nancy) around here who constantly pound the negative to what ever news comes out.
It would not surprise me in the least to see the current major complainers to come out after a commercial oil discovery with comments like: "what is the flow rate.... tell me the flow rate now... this is just worthless.... I need to see the flow rate!!!" or "Where in the world will ERHE find the steel necessary to make enough piping to drill all this acreage..... OMG now we will have to deal with environmental impact studies in case there is a production disaster... I think the world just stopped spinning.... Why hasn't ERHE management informed us of what the disaster plan is NOW!!"
In reality, the EEZ blocks are HUGE and they are the closest choice to current discoveries off of Equatorial Guinea and closest to shallow waters off Sao Tome or Principe Islands which have had oil seeps on shore for years. Take minute to think about the fact that the first 4 blocks of the EEZ went to previously negotiated deals and they will likely be the most valuable over time. Yes, there was not a lot of interest or demand for the 5th choice or further down the chain in virgin territory. If I were an oil major with the know how, I would either wait for someone else to prove out something in the first 4 blocks OR I would negotiate with the winners of the first 4 blocks. There is value to ERHE's blocks but it is unknown now and it will take time.
As for the Kenya announcement... WOW. This could be the next luckiest thing to ever happen to ERHE. Really think this through..... ERHE announced the hiring of the most knowledgeable consultant on the Kenya territory last year. We know they have been negotiating for a long, long time with Kenya on this. Now, it just so happens that Tullow Oil/Africa Oil just made the first discovery of commercial oil in Kenya in the blocks next to the one ERHE was just awarded last week. Not only that, but the Tullow/AOI have made claims that their discovery made in the past few months (which just hit total depth within the past two weeks) have substantially derisked the area and they have already predicted Kenya to hold more oil than Uganda. The timing almost could not be better for ERHE.
Ok, to sum things up..... we have Total finishing up their drilling and analysis of that drilling in two wells in Block 1 of the JDZ. We have the EEZ being ripe and open for negotiating for the PSC's or Partnering opportunities to any number of potential deep water explorers for the two BEST blocks of the EEZ. We have on-shore opportunities in three blocks next to recent discoveries in Chad. And now we have a brand new incredible opportunity in Kenya next to the most recent discovery of oil.... Hmmmmm, this just sucks..... what should I complain about now?
Real DD about Kenya
I sent an email several days ago to CAMAC to inquire about the difference in the Reuters article that stated ERHE signed a PSC on the Kenya Block 11A and that was a contradiction to their June 25th presentation.
I just received an email back from CAMAC stating "Reuters is correct and will be reflected in the next update of the presentation". They confirmed that they are out of the block 11A negotiations.
I also sent a similar inquiry to Reuters but have not heard back from them.
WOW! It is looking very likely that it wasn't a typo or an error. We may be on the cusp of another significant step forward by ERHE. I am already invested in another Kenya Oil company so I have been following news in that area. I am way more impressed with the opportunity in Kenya than in Chad and I still like the Chad prospect.
Good Luck all.
I know the US exchanges are closed tomorrow but with AOIFF be trading on TSX? Will the price be changing tomorrow?
That is very strange. According to the CAMAC presentation, I would say block 11A is theirs too. But according to the shareholder update, we should have NEW acreages within the next two weeks so something is brewing. Maybe ERHE is getting 11B that looks between 11A and the Tullow/AOI discoveries in March. Who knows? I guess we need an official PR.
And on a relatively big buy...
These Kenya news bites must be what our CEO was referring to in the update about news we would here in the next 2 weeks.
I am guessing we get a PR after the close today.
6 years on a board, 14 years working with a board and reporting directly to the board as a member of senior managment. Both much larger than ERHE. However, zero experience in the oil business.
Did you have a specific question? I have primarily worked with the finance committee and operations.
Krom,
There is no conflict of interest on Blair with respect to Eland (IMO). This is actually quite simple. Blair is NOT an employee of ERHE NOR does he have the responsibility of new business regardless of what that business is.
A Board of Directors is meant to oversee the actions that occurred of the company. It is NOT the responsibility of any board of director to bring potential business to any company (other than their own). If there was any conflict as in Blair being a competitor, then ERHE should remove him from the Board. I see no problem whatsoever with the Eland deal.
Looks like a good reason to buy to me.
I am still slowly purchasing as risk money comes available so don't run the share price up yet. thanks...lol
Interesting developments. Not unprecedented... Someone found oil where none was found before.... now everyone wants more of the pie.
This may provide me with another entry point that I wasn't expecting. Selfishly good news for me now but in the long run should be irrelevant when the local and national government come to terms.
Wow, someone wanted in at the end of the day.
big volume and 8% rise
Nice post.
Yes, these types of projects take time but this again shows another reason why the gas discoveries already made in the JDZ may provide value down the road (in commercial quantities). It may take several nations efforts/money and multiple projects to get the infrastructure built but there is obvious interest.
With each of these steps forward, whether China or Russia or Brazil, etc., both the JDZ and EEZ will become more valuable.
So am I, I was just joking about the right one.
Thanks.. I hope I bought the right one, LOL.
(same ticker and price between systems and same security... just confusing)
Maybe someone can explain this:
When I go to Schwab and look at real time quotes for AOIFF, they show today's volume over 1 million shares with a 10-day average of over 2 million per day. Yet, on IHub the volume shows just over 61K. Bloomberg real time terminal matches IHub. When I go to other OTC securities between IHub and Schwab, I don't see this difference.
So, what is the real volume for AOIFF?
Hello fellow AOI investors/speculators. Been following this company for months but just recently hopped on board for a little knibble. Might be too late but if further progress is made, I will make a deeper investment.
Some very exciting times for Africa Oil Corp with multiple drilling sites in process.
Nice to see some other fellow investors from other oil speculative plays.
MUCH, MUCH more positive energy here.
Good luck to all,
Strategyone
Ironically after all these years, I see Total helping out Sinopec to continue forward on this regional development. I still think it makes a killer combination with Total's experience and Sinopec's cash coffers with a strong desire to develop future assets for their homeland.
I don't see SNP going it alone in 2 - 4. If so, I agree with you that we would be better off if they passed and allowed more experience to step in down the road.
I almost find this funny. Zero volume this far into the trading day and respectively almost zero posts.
I am convinced that the slightest peep (real news) out of the company/(s) regarding the JDZ/EEZ/CHAD/IMO/KENYA/??? will jump the share price. It has been stagnant tooooo long and nothing but the worst is now priced in.
On the bright side, I am spending less time on this board reading through redundant arguments baked into the share price to the negative. The weather is starting to get better in the Northwest and life feels good.
Good luck to all
Now that I expanded my chart, yes, of the 126K+ in volume today, it looks like around 1K was below .12. The rest was at .12 or above.
None the less, disappointing trading volume until we get more hints of news or real news itself.
I still feel somebody got a hold of either real drilling results in block 1 or advanced info on SNP's phase II decision last week. I am leaning towards drilling info. It is about time details come out.
It took 800 share purchase to make it go down to the low of the day and I think 500 to bring it back up at the close. Both trivial amounts.
A majority of todays trades were at the open at .135.
Regardless, we need news to bring sustained volume and interest. I thought last weeks volume were people getting in before news was released and it still could be.
Hopefully news this week.....
Not much follow up volume today but I like where the price ended on the week. Especially since we heard no official news.
My suspicions are the following possibilities or a combination of them:
1) Could be investor(s) who have heard about drilling results from Total/ Block 1 early.
2) Could be investor(s) who have heard specifics about Sinopec's decisions for blocks 2 - 4.
3) Could be investor(s) who have information on agreements for Seismic studies in Chad/EEZ/or further JDZ.
4) Could be investor(s) who have information of negotiations/agreements for a drilling ship for Blocks 2 - 4. Sinopec may have made their decision and is contracting a Rig before agreeing to a timeline for the JDA???
5) Could be investor(s) with information regarding advanced negotiations in EEZ partnerships/ IMO state agreements/ Chad partnerships etc.
6) Could be friends and family from Offer who knows what's transpiring short term....
Anyway you slice it, some pretty substantial volume (from an individual investors standpoint - not an institutional standpoint) came in this week. It put a sudden pressure on the bid side which raised the price fast. Since there wasn't substantial pull back or no new news released, I don't think this was any kind of day trader gambling going on. To me, the pattern looks like someone wanting to get in relatively quick before information is released.
I am looking forward to some positive news shortly.......
Just out of curiosity TOB, what was the 200 day MA and what will it take in a closing price to show a breakout?
or did that already happen yesterday?
wow, up over 20% on over 500K shares so far today.
This has got to be Midtieroil getting back on the bandwagon,lol.
IMO, this smells like oil leaks......
ok, I am ready for good news after the market....
Let's hear it. This is the normal pattern from years ago when news is about to hit...
The reason I don't think SNP walks completely at this point is that if they sell their interest, even for $1, the new owner would retain the costs to date for recovery when the oil starts flowing. I would think they would work out something better than just a walk-a-way.
Ok, That is not good news if I read it the way it sounds.
Yes. That is a good and balanced reply. Thank you Midtieroil. We are all on the same page that more information is needed.
I am just happy some leaks are coming out and we are not waiting 2 years for a change. I feel ERHE and/or Sinopec/Addax learned a lesson from the way news was diseminated last time. Good news for us.... Sinopec doesn't have 2 more years to make a decision on blocks 2 - 4.
Wow, both those wells are within 3 miles of the original OBO well.
At this point, I will take "oil shows" on OBO-2 as good news but I also agree, this was pretty much as expected. I will hold full judgement until we get a better idea of what those oil shows tell us...
It is also good to know the new Enitimi is so close to OBO and in Block 1 of the JDZ.
Any news of real information is welcome at this point. Thank you for sharing.
Regardless of how midtieroil and amj want to spin any real news into the most negative outcome as possible, it all boils down to whether or not Total decides it is of commercial value or not.
On the bright side, Total mentioned they were going to invest at least 200 million into block 1 exploration. Since both of these wells have been drilled in less than 60 days (yes I know they are not to Total Depth yet), I am guessing if the "shows" are good enough, we may hear more about this investment or possibly other drilling plans later this year.
Thanks midtieroil. That makes more sense to me too.
What did you make of the "drilled in batch with Enitimi 1" part of the article?
I know Total deploys a different type of drilling but I don't think it is possible to drill two different named regions from the same drillship at the same time? I am wondering if batch means "next in line"
Interesting verbage.
Obo 2 was drilled in batch with Enitimi 1 in the same block. I don't understand if the "Enitimi 1" is being drilled simultaniously with another rig? or are they moving the rig to a different spot to begin drilling Enitimi 1?
Either way, they did intersect with some oil and gas shows and that is all the appraisal well is meant to do. I don't think it is unusual to plug and abandon an appraisal well once it finds what it was looking for. I am not the expert but I recall this type of well being used to help define the "size" of the find. The fact that they drilled in another spot (1.5 km away from OBO 1) and found more oil, this should help define it.
I will wait for a better notification from Total before getting too excited one way or the other.
Tryoty,
This post is spot on! No better way to simplify our reality.
Thanks for the reality check.
Homeport,
I got a virus warning when I went to that linked site.
Besides that, I liked the news....
Good point tryoty. Not only is the cost likely reasonable for the job performned, but PSC's are not signed every quarter. This is the first PSC signed since the original ones signed for blocks 2 - 4 I think about 5 years ago.
That's the spirit MTO. Ha!
Now doesn't that feel good?
Hey, the share price just hit .10 (real time).
I have correspondence emails out to two companies (other than ERHE) and the JDZ for updates. Maybe we will hear something soon.
Good luck all
Just an FYI,
There are 8 individual shareholders now represented at my company and yet your poll will only allow 1 vote due to the recognized IP address of our company.
Please add 7 more FOR the board when your results are complete.
Coffee mugs were only for the first 10 Shareholders through the doors. They also had to donate blood....
I just want to know if the coffee mugs were autographed by SEO?
lol
The share price only proves we did not discover commercial oil in the only wells drilled for which ERHE has rights. It is that simple.
Yes, there is still risk and a lot of uncertainty and that is priced in at .09. IMHO.