Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
What is also interesting is just as Offor lets his slice of the pie shrink, another whale seems to be forming. Will they become equals?
Representatives for market makers should be banned from message boards. I think everyone agrees with that.
The phrase "strategic investor" has been clearly been used in many releases from the company.
I find a read first, attack if warranted approach is effective.
Some feel an attack first, and then never read approach more comforting.
When they maxed out at 3B there were still note holders that wanted to convert and couldn't. How much? One poster says $300K worth. Those holders are converting.
ERHE/D has trade $100K worth of shares since the split, so if the $300K is accurate it shouldn't be long. Just to put a number on it... say all previous notes are converted and sold for 3 cents. That satisfies the debt and creates 10M more shares.
We should be going into drilling with 40M shares outstanding or less. Calculate your piece of the pie accordingly.
The howler monkeys want you to think that they will continue to issue convertible debt... and they could. But Offor, Ntephe, and Odobulu have put up $550K in the last 15 months. I doubt they will crush themselves.
That outlook is based on a successful discovery of the full 66M barrels estimated... if they hit a dry hole this time around I think middy is right, it's game over.
$11.55 per share, for **THAT** prospect... the de-risking of the rest of the block could double/triple that.
Exciting times are here again, after a long wait.
Maybe, but Odobulu could have forged that. ;-D
Honestly, I *am* getting tired of making jokes about things that should make most humans cry.
You might be mixing your venues.
I don't share your "butterflies and rainbows" excitement... if this 10Q is late because of a material change, that change is likely to be a delay in drilling.
If that's the case you can divide the current share price by 10 or more.
Good grief! We're you waiting like a cat to pounce on *any* reply?
1 minute and 34 seconds before I got slapped.
You ask a question. I gave you and honest reply... the absence of the strategic investor is, and will continue, to drive this down.
Thanks for making me regret offering my opinion.
It's fear that the "strategic investor" was a Ntephe lie. If that entity materializes, it *could* be a game changer.
Spinning negative in hopes of buying tomorrow is most likely.
Shareholder didn't do "nothing", the ones that believe in the outcome bought the 29% that Offor no longer owns.
Only time will tell if they were right or wrong.
"When its seriously lacking it invites the most negative assumptions and suppositions !"
When it is over-abundant is when you really need to be worried.
Is that a flip or a flop? This game is soooo confusing!
"Honestly the hype about ERHC over the years has been the worst I have ever seen"
Why even mention it, it's irrelevant. You just said that nothing on a message board affects the share price, right?
"and, yes I do believe oil will stay down for a long time."
Of course you do. Putting that fear "out there" fits your MO for a decade.
If it is I can think of only a few more deserving of the loss.
The shell(s) is/are most likely where they plan on investing the proceeds from their gain on the sale of ERHC. NGAR buying ERHC assets at this point, with what they have done, would be illegal.
That was actually quite discouraging.
Maybe not. Kenyan oil would be profitable even at today's prices. That's drawing attention:
"Tullow Oil, the UK firm prospecting for oil in Turkana among other areas, has reported the break-even point for Kenya crude is Sh2,550 ($25) per barrel – including the pipeline tariff to the sea port.
Low production costs translate to higher profits for a producer. Kenya's projected cost is lower than $35.40 (Sh3,600) in Angola and Nigeria's $31.50 (Sh3,204), both countries bleeding money as global prices slumped to near-record low of $29 (Sh2,949) this week.
At the prevailing prices, Kenya would still be making a profit if it were already producing and selling crude oil in the international markets. "This is important news that suggests Kenya's oil is viable even at current low global prices albeit at a razor thin profit margin," said Eric Musau, a research analyst at Standard Investment Bank.
He was quoting a presentation made by Tullow Oil after releasing its 2015 operating results. Being a low-cost crude oil producer could mean that Kenya can survive the sustained slump in prices, and still make a profit at the current levels."
http://www.standardmedia.co.ke/mobile/article/2000191356/kenya-would-be-among-cheapest-world-oil-producers-tullow-says
ERHC announced all of this last November:
http://erhc.com/news/erhc-energy-inc-issues-november-2015-shareholder-update/
If he *doesn't* have good news, what will he be presenting, a step by step guide on how to obliterate a companies market cap?
I couldn't help it... it was just there!
I agree, the company will be sold, but only if this drilling is really impressive. Offor, Ntephe, and Odobulu have collective thrown roughly $550K of their own money at this... Offor put up $250K, Odobulu is in for just over $200K, and Ntephe has put in just shy of $100K.
Offor owns 4.6M post split shares, Odobulu owns 840,000 post split shares, and Ntephe 710,000.
When Offor stepped in 18+ years ago he put up millions of dollars, now he has 4M shares.
These folks are going to want to make a decent return, especially Offor after to decades of waiting. If they do sell the company, it will be for more than many think, IMO.
"I honestly don't see how anyone can still believe he would protect our interest over his own or that our interests are aligned. No good businessman does that"
I guess that eliminates all of the 1000's of companies out there to invest in. All of those nasty businessmen running them can't be trusted.
You could give up YOUR paycheck and use that money to buy these dirt cheap shares!
No?
Didn't think so. Ntephe and Odobulu may or may not have taken reduced salaries... we don't know. But we do know that both of them, regardless of how p!ss poor their communication is, have bought large numbers of shares. They are doing what I just asked you to do, funneling a significant portion of their paycheck to buying shares.
It's easy to demand that someone else takes a major paycut. But boy howdy how the claws come out when someone suggests that you do that same!
I've lost track, was this a flip or a flop?
Agreed. It doesn't have to come from CEPSA though, the C-friggen-E-froggen-O of the company we're invested in would suffice.
I agree with that second line. This looks like it is the "end game" play. I will say that I do feel comforted that Ntephe and Odobulu have bought a lot many shares. I hope that comfort isn't a mistake.
WE get diluted again to benefit Offor and restore his position. It would be illegal as hell for a CEO to do that to to shareholders to benefit one, but obeying law isn't Ntephe's strong suit.
I'm just trying to figure it all out OC. Offor *has* left Ntephe in charge and *watched* him destroy 10's of millions of $$$ of Offor's money, and Offor has *not* made a change in the CEO position.
That doesn't make sense to me.
Offor lost over $30M and near 30% of his stake in ERHC because of Ntephe.
I doubt they are best friends now.
Got it! SEO didn't mind Ntephe using convertibles to reduce the value of his position from $36M a year and a half ago to less than a half million now... AND diluting his position from 43% ownership to 13%? Yea, you're right. Offor has all the power. ROTFL!
If Offor *could* fire Ntephe, Ntephe's unemployment benefits would have long since run out.
"was he a buyer on the open market last year?"
Where are the Form 4's for those transactions? Offor was not buying, not legally anyway.
The way I see it is Ntephe and Odobulu came up with the Right's Offering as a way to continue their paychecks.
- Offor saw that he was being expected to carry the load with a massive outlay and decided not to support it.
- Ntephe and Odobulu responded by crushing Offor's investment in retaliation.
- Now it is Offor's move. Since he hasn't fired Ntephe I can only conclude that Ntephe is in the drivers seat here and Offor is powerless. That's probably a strange feeling for him, but it is what it is. It looks like Ntephe and Odobulu destroyed Offor's stake in ERHC, and ours, over a dispute over continuing their paychecks regardless of their performance... and Emeka Offor, so far, has just held on to his ankles and taken it.
Stay tuned.
Any number of excuses can be made to explain where we are. There are very few excuses that explain Peter Ntephe's absence in his position of CEO.
He's paid $20,000 per month, so where IS he? What is he DOING for that salary? His **JOB** is to work for the **BENEFIT** of shareholders. Has anyone seen any benefit since he has been running the show? We have been decimated by his arrogance and his greatest accomplishment has been a internet video of him proposing to his wife... His narcissism has not benefitted shareholders. Peter Ntephe needs to wake up or leave.
It's time to excite the market and he is hiding under his desk or left the building all together. Which is it?
I assume you work for VFIN, that explains everything.
It wasn't toxic convertible debt...
Our "leader" Peter Ntephe said so. He said it was "quick and attractive". [gag]
Those are words from a CEO with all of the integrity of road kill.
A decade ago ERHC Energy had the attention of the markets. Sadly, that's gone. Fairly recently ERHC's CEO, Peter Ntephe said that he would "excite the market" when the time was right.
According to everything Peter Ntephe has said drilling in Kenya will commence in the next 55 DAYS, yet the only thing we hear from the company is [insert crickets chirping sound]
Mr. Peter Ntephe, CEO of ERHC Energy, isn't the time right *now* to excite the market? Or did you just say that because in reality you don't know what to do?
Or even worse, you are yet again committing a lie of omission by not telling shareholders that CEPSA has postponed drilling due to the oil glut? Is THAT what this silence is? Are you even CAPABLE of telling the truth to shareholders... ever? Last question... are you embarrassed when you look in the mirror each morning? Because you should be. ERHE has a very real chance of being a $10-$50 stock in mere months and your voice, your leadership, is NON-EXISTENT.
Quit screwing shareholders and go get a job at Walmart where your leadership skills are more of a fit.
ERHE has given me those more than once!
Yet here we are.
"We have an exploration geologist at our offices and I hear him reference 5 key attributes that any exploration target needs to be successful. I am doing this by memory so I am not sure if this is 100% correct. The list goes like this:
•Charge: Does the rock in this sedimentary basin have oil or gas in it? A sedimentary basin that is charged has a rock deep under ground that is producing hydrocarbon, this is called a source rock. If the basin doesn't have a source rock then wells targeting prospects in the basin will be unsuccessful.
•Migration: Does the rock containing hydrocarbon (source rock) have an outlet for the hydrocarbons it is producing? If so the hydrocarbon should slowly fill up different structures up depth from the source rock.
•Structure: as oil and gas migrates out of the source rock flowing up are there any traps to catch and contain the hydrocarbons? Kind of like an upside down cup.
•Timing: has the structure in the basin formed recently or previous to the production of hydrocarbons from a source rock. The targeted structure may have formed after the production of hydrocarbons has finished.
•Productivity: what is the porosity and permeability of the sand contained in the reservoir? If the well doesn't flow enough to cover well costs then the well is uneconomic.
Essentially every well's success rate is driven by a multitude of factors, such that it is tough to generalize a success rate. Suffice it to say that each data point within a reservoir usually provide data that improve our understanding of the above characteristics which increase our chances for exploration success."
High risk, and in this case, unbelievably high reward, thanks to the fear gap.