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it didn't exactly work out well with exile...
10Q out...
a lot of players have bailed on the JDZ, no? and based on the wording of the PRs and the reading of the tea leaves... SNP doesn't sound so committed.
curious on your thoughts re the JDZ? I have essentially written off those assets for the time-being and don't expect much if anything for many years (funny those were the assets that got me here!).... and the company seems to have done the same based on how little mention it gets in the PRs (and how it's usually listed last in order of assets in the PRs)
based on the action so far... it seems no one is ready to do much until the details are known which is smart based on the track record. On the face... this seems like an excellent development and hopefully they can avoid future offerings, specifically convert debt offerings. but before i get Krom-like excited... I will wait and see how much this will actually net in terms of proceeds and at what terms (and keep in mind it's an LOI and not a contract)
sadly this is probably how they think. Apparently there are no mirrors in the offices of ERHC and DK. We really need to hope they actually do some research on what can happen with a penny stock convertible debt offering. They keep mentioning this as a possibility in the PRs which tells me this is a very real option. god help us if so.
unreal...
lol - if you listen to some here there have been buyers all along. I guess if you don't believe in supply and demand that makes sense... but last I checked all that "buying" has driven the price to 5 cents
Dilution is always a question mark...convertible debt will be an absolute disaster. Everyone should be letting keeney and PN know that convertible debt should NOT be pursued.
(What a joke...lets see what excuse is used now by the faithful)
I'm in the camp that thinks this is a complete joke but I am not ready to fully assign blame on management just yet until the details are fully know... I am just really surprised that they havent issued an additional PR explaining the reason that several days has turned into 40+. I would think they would be somewhat sensitive at this point to the market's view on their meeting (or lack thereof) timelines.
ahh meridian... he was run off the board because people were upset that he said this stock would "only" be 2 or 3 bucks a share. those were days...
he used to post here, right?
no form 4's yet... let's hope they come soon and chrome does participate because there is nothing stopping them from doing a new offering at any price they can agree to with another party. not sure how some of you think it is something that would create legal action? there are no rules or laws that i am aware that say they can't go back to the market at another price (even if lower) if the rights offering failed.
let's pray they don't go down the convertible bond route...if anyone has a line into DK or the company... let them know this is a terrible idea.
the responses to your post are exhibit A as to why the JDZ gets talked about so much. People still refuse to believe what is reported because a) it didn't live up to the very loft expectations of striking it big b) conspiracy theories are always more fun when the truth doesn't fit pre-conceived notions.
I am the first to admit that I thought the JDZ would be a huge hit and frankly I have paid less attention to this stock when i realized it wasn't (as of now). I like the new assets and agree that they could provide a significant boost to the SP but my expectations have definitely been tempered.
I have admittedly not been following ERHC as closely lately but is that a new blurb in the 10Q that they have asked Chad for extensions? Sorry if this has already been out there
i'd be pretty upset if i subscribed in January... you can get the shares for 20% less today. Here's hoping to them releasing something to the get the price back over 7.5.
according to the release, pay date is TBD so no you wouldnt have the rights yet (record date is 12/17 so it would be after that date). Not sure on the actual transfer between accounts... but you definitely couldnt buy or sell them in a secondary market type setting. I would check with your broker once they are paid if they can be moved within accounts.
the rights are non-transferrable.... not the resulting shares.
Krom - food for thought....
maybe they are currently in negotiations and the rights offering (ie Chrome) is basically their ace in the hole. In the spirit of krom:
ERHC: "Hey Company "T", we are willing to work with you but have some of our own demands and can't just bend over and take it from you"
Company T: "hahaha you little minnow you... you have very little money left and you need us and our heavily-filled coffers"
ERHC: "back the truck up... did you see what Chrome just said in that PR? They are fully-behind us and so we have an alternate form of financing if we have to go that route... yeah we like your expertise but it's not do or die and we could probably find someone else more than willing to step into this hot area on more of our own terms"
also in your spirit... the above may be totally wrong and I could be giving management wayyyyy too much credit.
I guess the JDZ backroom deals are so "backroom" that not even ERHC is aware. Now that's some secret stuff. Better let the VIP's know.
TOB - let me guess... That was you who gave the 10 min spiel?!
Ps thanks to all those reporting back. Great stuff
totally agree - we have been beaten over the head repeatedly through multiple sources (and yes, ERHC has communicated it as well) that the JDZ findings have been disappointing. some just choose to continually ignore because back-room deals are more fun to think about (and to justify a shrinking wallet). Looks like it's on to Kenya for the time-being. Maybe sometime down the road the JDZ will pick up again.
I have been critical of management but give them plenty of credit for getting into a hot area like Kenya
great stuff
it's obviously a problem every time with your broker. you should probably talk to them. I have had mine (i am paperless through TD) for awhile now
Bowleven Hits 5-Month High; Marathon Farms In to Adjacent Block
By Benjamin Dow
Oct. 3 (Bloomberg) -- Bowleven up as much as 7.6% on 2.4x 3-month daily average volume.
* Earlier Marathon agreed to pay $40m for Agriterra’s 20%
stake in Ethiopia’s South Omo block plus $10m for
participation in commercial discovery
* South Omo abuts northwest Kenya’s block 11b; Bowleven
acquired 50% stake from Adamantine Energy, will spend $10m
to fund 2 years of exploration there
* Goodbody says South Omo deal implies “proportional value”
for Tullow’s Kenya, Ethiopia acreage at $125m
* BofAML says Kenyan Government’s “pragmatic” approach to
energy development “clear and reassuring”
* Says government resolute on pipeline construction from
coastal Lamu to NW oil region; refinery likely to be
built at Lamu
* NOTE: Tullow holds 50% stake in South Omo, holds 7 licenses
in Kenya
* NOTE: ERHC signed PSC with Kenya in block 11a in July
* NOTE: Bowleven has risen earlier this year on deal
speculation
* NOTE: Yesterday Reuters reported that co. said its Etinde
project in Cameroon to start in 2015
Good to see ERHC getting some press.
agreed - way out of left field on that. makes little sense.
i'd be curious to get more color as to why it is going to take 5 years to drill Kenya. would maybe be a good Q&A answer on the website.
Q: What else do you see happening in the next two to three years?
PN: In the next two to three years, we see exploratory drilling in the JDZ in the Gulf of Guinea, possibly some major discoveries. We also see ERHC as a much bigger company with a diversified asset portfolio. It will have subsidiaries and producing assets. We will be enhancing shareholder value.
I agree - since they started with the new mantra of the "three options" a few months back, I have all but concluded that SNP will most likely exit the JDZ... unless there is a big surprise in B1 (which still may not even do it). Also the fact that the JDZ is generally mentioned last in all communications should tell you where our priorities are now. jmho.
edit: I should add... in the long-run this may be the best thing if someone like Total comes in. (if not Total... than we should probably write this one off in terms of any meaningful returns for the near future as well)
I agree but you still have Monday and Tuesday before the CC. they aren't going to release a plan the day after that PR... they would've just released it yesterday.
what were you expecting between yesterday's PR and the call on Tues?
looks like the meeting has been moved to 10/9 based on the latest 14a.
nice! thanks
today is the record date to vote in sept according to the filing so you would have needed to buy on 8/15 to be eligible. (though we all know it will most likely be a formality).
early fall - gotta like that.
nice post.