is waiting for some serious oil exploration activity.
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No, I don't think that Strand Hanson was represented. Peter commented that shareholders can expect to receive an information package before the end of the year regarding the move to AIM. And that it will come to us with management's recommendation that we exchange our shares to the new entity, but that no one will be required to do so.
They had a formal presentation which Dan Kenney will post on the website later tonight, or before the market opens in the morning. As I recall, it showed the number of sands encountered in Blocks 2 and 3, and the number of those sands containing gas shows. Since Block 4 had 3 wells, they weren't that detailed, but said that results were similar to Blocks 2 and 3.
For these 5 wells, my take on it was lots of gas was encountered but no oil. They reiterated that oil could show in future drilling, it just didn't show on the first exploration.
In side comments at the dais, I overheard that it will be important to make note of the type of gas that was encountered, and that we should do our own due-diligence to determine the technical meaning of the terminology used. Guess he was saying that if we dig deep enough, there will be hidden meaning in the word usage. I will expand on that once I see the presentation, but it has to do with whether the gas came from "oil bearing sands" or not.
Dan Kenney announced the vote tally as of 10 am this morning. That caused a minor uproar when some of the attendees realized that their desire to vote their shares at the meeting was a meaningless exercise. One of the more vocal shareholders managed to take over the meeting and totally dominate the first 75 minutes with procedural issues. So the shareholders who wanted to vote their shares were allowed to do so anyway. Then the revised tally was announced with no change since the end result was a foregone conclusion. Then the auditor was confirmed, the meeting closed and the floor opened up for questions and comments.
Home from the ERHE meeting. Got a really nice coffee cup, 5 pens, and a big red "gimme bag". Anything else anyone want to know?
There was a cop at the last annual meeting I attended (not ERHE)
You just hit it right on the head. We don't want to jeopardize our carry.
ERHC is several years closer to revenue than HDY and much better positioned in my opinion. But it does show us shareholders what is possible - HDY has been very good at PR. I think the difference lies with the controlling interest aspect. Some investors are afraid that we are invested in a chain letter or another type of fraud. I have tried to interest a lot of my coworkers in ERHC and have been basically laughed at. Who knows, they just may be right.
I would imagine that SEO does have input on behalf of ERHC. He is treating us as if we were minority owners. Oh, I guess we are minority owners. I just left a company that went from being a NYSE listed entity to being 51% owned by a venture capitalist representing the Hallmark family. We ended up not even having annual meetings and eventually were sold at a loss. Our ERHE ownership position is about the same as someone owning 5% of a family run partnership. In other words, WE HAVE NO VOICE.
We are simple royalty owners. The operator holds all the keys.
Mark will be there to meet with all of his close sources.
Huge bid at 50¢
or spread - as in fertilizer (rumors)
I think it's a hangman. (-:
Meanwhile the MM just keeps hitting the bid, dropping the price. GREAT
Larry,
Long-time ERHC holder in Sugar Creek. Please shoot me an e-mail to jnunnally3@windstream.net
Thanks,
Joe
Don't let ERHE drive you to drink. The last six months have been the greatest gift you could give yourself, your body, and your family. It's a battle well worth winning - without going into off-topic details, I know personally (all too well).
Peter is promising us dilution
"This means of financing is available to companies such as ours and we will end up raising money through the London Exchange. Afren has raised over hundred million dollars in the last year in the London Exhange and we believe that we have got an attractive strategy that we should use as well and that is what we shall do."
If the results were poor, they would have already gone public with them. JMHO
The next bid round opens next week. If Sinopec plans to bid, would it make sense for them to release glowing reports of recent drilling results? No, it would only raise their lease expense. They are going to downplay results as much as possible.
Volume now north of 2,000,000 shares
into the $.70's Today
Posted by: oilphant Date: Wednesday, February 24, 2010 2:47:37 AM
In reply to: None Post # of 200494
ERHE trades over 2 million shares into the $.70's Today
Is this our last chance to sell on news?
Triangulate
According to the Ministerial meeting minutes in Portugueze, results in Block 4 were as expected. MY prior DD indicates that 1,188,000,000 unrisked reserves are expected by both
Addax and ERHC in Block 4 - Kina. Also, three wells are needed to "trangulate" an oil field. Guess we are getting the 3rd one now. With all of that being said, it seems that everything really hinges on this 3rd well. Do we agree? I am getting butterflies.
That is your best yet! Keep'em coming.
Final Shake-out - I've seen it over and over. Actually, I have donated over and over. Not this time though - Bought 20K more shares today at 50¢
GLTA
Thank you for the comprehensive reply - it was way more than I asked for and extremely helpful. I am very appreciative. My father was a geologist for Gulf Oil and Triton, but I didn't learn very much about the business from him. I do remember his reaction to finding gas instead of oil - his nose would krinkle up and his disappointment was palpable.
Having been invested in ERHC since 2005 (100K shares, avg. price 70¢), I have analyzed ERHC from different angles and boiled down our SP prospects to the degree of success achieved on the Kina project. And for that, we must wait - the jury is still out.
Again, thank you for all that you do to contribute to this board. I'm a long time reader and pay attention to your every word.
GLTY & A
For the benefit of the ignorant, can you please put the information in the quote below into context (dollars and cents). I assume it means 250 billion cubic feet of gas and more or less 45 million barrels of oil equivalant. My ignorance is that I don't know if that is good or bad. It's just numbers to me. Thanks in advance.
"Mr K, the EEL board moderator and rep of the EEL SLG (Shareholders Liaison Group) has been further informed this afternoon that this gas find amounts to approx 250bcf.(ie ~45mboe).
Regret being the bearer of this rather disappointing news."
Thanks. I think I will go power wash my drive-way. That is more productive than worrying and I am NOT selling. See ya!
I think I'd better stop watching the SP all day every day. I broke my personal investing rules and bought more shares than I can afford to lose on (100,000). That is what is making me nervous. I've been in this tock since 5-20-2005. Haven't made a dime, but keep believing. But when I see the sellers come in I admit it, I get REAL nervous.
100,000 shares just sold .641 - .645
I am starting to squirm - what if it is Mark selling?
The math calculates Bomu at 11,500'
It's me - I put in a 30,000 share buy order this morning at .67 - a little over 25,000 has filled. This will take me to 100,000 shares. Dear God, I hope this works!
The large choke is due to the deepwater isn't it? I don't think we can compare this to the 1" chokes used on land-based wells.