It is about time ERHE comes back to life.
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It seems to me that when the stock price doesn't fluctuate at all for several days on low volume and all of a sudden both the bid and ask start to rise like this, there is some news about to break. It is the "quasi" insiders putting in sudden volume on "at market" trades that the MM's take advantage of.
It also seems that with the volume this low on this uptick it is usually something like an ERHE PR with just an update or a BM type article that has a mention of ERHE. The insiders that are buying may not be complete insiders but just know a pr or article pertaining to ERHE is going to release after the bell.
We will see.
magic,
Your "problem" stated may be a real issue but it is not related to "petrodollar" vs "petroeuro". The Saudi's have an trade export excess resulting in more "cash" than they need to spend today. With this cash, they loan it back to people/governments/consumers in exchange for an interest rate. The Saudi's could stop buying the t-bills tomorrow without the oil producing countries switching to euros. Different issue. The Saudi's could exchange their excess dollars to euro's and then purchase european bonds or bills if they so chose. It is a matter of economic (interest rate return) and political (don't piss the Americans off or they will stop selling you arms) decisions.
All this being said, I don't disagree that the US has put themselves into a bit of a corner with the overspending and over importing.
Here is a philosophical statement people should learn to live by:
"Just because it is in print, doesn't mean there is another side of the story also in print". Strategyone 2007
I do not doubt that oil producing countries and/or mega oil conglomerates "cook their books" for political or economic gain. I also don't doubt that the "easy" oil is about to peak, is peaking or has already peaked. Some of this stuff is very scary when you read just one side or one perspective of the story. Luckily for us human beings, we're an adaptable and clever bunch.
When current oil supply does not keep up with increasing oil demand, price rises. When price rises, other sources of oil becomes economically feasible (Trillions of barrels of oil lie in oil sands of Canada; astonishing Trillions of barrels of oil lie in the oil slate of the good ol' USA. Google it.) When oil prices rise to sustainable higher levels, other sources of energy become economically feasible. What is even more important is that as oil prices rise, demand for alternative energy sources increase to the point of technological gains and discoveries in other areas. Hence, the clever human beings.
Now let’s briefly discuss the "petrodollar" vs. the "petroeuro". Scary! Not! Don't get me wrong, it would suck for a short period of time, if it ever came to fruition. The bottom line is this: USA is the largest consumer of oil in the world. Let us say tomorrow that the Saudi's demanded euros for their oil instead of dollars. Would the US all of a sudden stop buying or needing (demanding) Saudi oil? I don't care if the USA had to pay for the oil in McDonald French fries, the point is that Saudi's have a commodity in excess that the USA has a need for. The "petrodollar", "petroeuro", or "petroyen" is simply a means of exchange between commodities.
If the "value" of the dollar plummeted by 50% overnight, the US labor cost would be cut in half overnight. Our international trade deficit would rapidly decline (overnight) as it would become 50% cheaper to produce in the US, what is now cheaper to produce elsewhere. Ah...no more need to put that fence up between USA and Mexico....they are heading back home for better wages.
Uh, oh! What would that do? Overnight, the USA stops buying so much stuff produced more cheaply by countries trading in Euro's. Overnight, the Euro drops by 50%.
It's called a global economy. Believe me, ExxonMobil is extracting oil from countries all over the world each with their own currencies. Whether you call it petrodollar or petroeuro, they are not handing out this currency on the oil rig off the coast of Nigeria as the oil transfers to the freighters heading for the USA.
Remember. "Just because it is in print, doesn't mean there is another side of the story also in print". Strategyone 2007
FYI, may eventually end up in the JDZ
Published: 16:37 10.01.2007 GMT+1 /HUGIN /Source: SeaDrill Limited /OSE: SDRL /ISIN: BMG7945E1057
SDRL - Seadrill confirms contract for West Polaris
Reference is made to the Letter of Intent disclosed to the Oslo Stock Exchange October 24, 2006 regarding the assignment awarded to the ultra-deepwater drillship West Polaris (Mosvold I). Seadrill today confirms that the operator ExxonMobil has signed the award for the long-term contract to utilize West Polaris for international exploration activities.
The contract has a firm duration of three years, and estimated contract value is approximately US$ 570 million. Approximately one third of the contract duration will be utilized by other operators, primarily Ophir Energy.
West Polaris is currently under construction at Samsung Shipyard in South Korea and is scheduled for delivery at the end of the second quarter 2008.
Seadrill Limited
Hamilton, Bermuda
January 10, 2007
Now that is funny! LMAO
That BM is also a big HO HUM, yawn. No wonder we saw no volume, no significant price move.
Maybe next week.
Back to ignoring.
In the past, whether news was coming from BM or an official Press Release that pertained to ERHE, both volume and price would reflect the obvious leaks (either up or down). I have seen nothing this week, so I suspect either we hear NO news or the news is Neutral.
Hoping for real news from a real source.
Imagine what might happen if a little news and/or buying volume comes in.
With tax loss selling done and now the repurchasing beginning along with new cash from a new year of IRA's etc. should keep positive momentum going. ERHE just needs a confirmation of drilling or a buyin to spring board into new share price territory.
Good luck all
man, you make no sense....
Last minute run????? .43 X .44
A Day of Reflection:
It has been quite a year. Progress was made. Unexpected events occurred, share price spiked and dropped.
Big partners turned away
New partners came aboard
New CEO hired
New CEO left
FBI raid
PSC's finally signed
Cash in the Bank
No one could have predicted all the interesting twists that unfolded this year with ERHE and no one will be able to predict what might bring next year but it is fun to think about....
Just think about what IHub will be discussing one year from today..
We will likely have multiple holes drilled in various blocks with some (but never enough) data revealed.
We may be further along in the progress of blocks 5 and 6 with new and different partners to speculate about.
We may be in the middle of the next bidding rounds or about to go out to bid with the STP EEZ or maybe just a new heated battle over our 2 100% rights and 2 15% rights.
A new leader of Nigeria will likely be elected and we will see if EO continues with his political strength in the area (I am betting he will).
It will be another volatile year on the OTC, new board pumpers and bashers will arise. The old-timers (myself included) will both glee and complain as the share price fluctuates between reality and dreamland in our own minds.
Just think, next year our share price may spike to $5 or maybe more. Shareholders will set a new dream price in their heads of maybe $10 or $20 of what ERHE is worth. The share price may be hovering around $2 to $3 dollars and many will still complain that we aren't at $6 or $10 or we should have sold at $5. Still new basher will come out and say what about those poor soles who purchased at $5 and now sit 40% down at $3. Where, oh where is their fortune to be?
Oh what the next year will bring, one can only wonder.
Good luck to all in the New Year.
Strategyone
Great one upn..... Maybe that can be the next ERHE logo,LOL.
Huh? I give. Clue us in.
By the way, welcome back.
First regarding AHBL. I don't think Oilphant included this news item in his predicted AHBL. I am strongly guessing that Oilphants contacts and information come from outside ERHE influence. Probably XOM or Chevron. Most of his puzzle relate to drilling details or outside buyers (buyin). I would even guess that Oilphant did not know of this Ledbetter hire.
On to first thoughts of today's PR.
Congrats to ERHE. Good PR. I am thrilled that the new hire "James Ledbetter" did not come from Chrome oil or have a Nigerian last name. That should help matters for negotiations in the world wide community.
Great background and experience from one of the BIG oil companies.
Little quote from Aramco's website under "Year in Review" January 2005 -
"Aramco Overseas Co. (AOC) and its joint venture partners, ExxonMobil and Fujian Petrochemicals Ltd. (FPCL), sign the Project Management Contract with a consortium of ABB Lummus and Sinopec Engineering Institute for the Fujian Integrated Project. The project will expand the existing refinery in the Fujian Province of China from 80,000 barrels per day (bpd) to 240,000 bpd, with significant product upgrading capability, using Arabian crude as feedstock"
So, in the very first paragraph I read on Aramco's website is a tie to both Exxon and Sinopec. Nice start.
On to the CEO hire. Bring it on.
Strategyone
Hdot, I would answer that it was you, LOL but you only seem to make negative comments regarding ERHE anymore therefore you must have sold at a much lower price.....
good luck to you
it obvious when...when all hell breaks loose. LOL
oilman57, I am very curious of WB and his new position with MPE also. What if they aren't trying to get ERHE on the cheap? What if it truely is a fair price or if they just get majority voting control as suggested recently. No more Nigerian control yet binds EO to continue doing good work for his remaining investment. Sounds like a WIN - WIN to me.
Strange close too. .425 with .41 X .425
.43 X .45 Nice spread???
And 5 MM's at the .45 ask.
No worries of people "selling the news" on that update.....There was no news. LOL
If the Buy-in rumor holds any truth then this PR still is in line. If a third party is wanting control, they will also want to put their own CEO/CFO/VP's in place. I would think these slots remain open until the Buy-in is PR'd.
GLTA,
Strateygone
Your last paragraph is close to what I see happening if rumors are true with a slight change. Your thought was:
"The only deal that would make sense is a buyin at $2 wherein the buyer absorbs all sellers on the public markets at $2 and then Offor sells however many of his shares to reach the previously agreed to share total. The problem is that doesn't fit with the rumor. The rumor is that Offor is selling a specific number of shares at a specific price vastly higher than the market price. That can't happen."
I see the interested party negotiating a specific price for Offors specified number of shares plus voting rights on his remaining shares. In addition, the company would probably offer the general shareholders the exact same price up to a similar percentage of their holdings (If they buy 40% of Offors shares they could offer the same price for up to 40% of everyone’s shares without a problem). The only reason for the purchasing entity to limit the number of shares they are interested in is if they didn't want more than a set amount. Since they are going for controlling interest, I feel they will offer to purchase as many shares as the common shareholder wants to sell at the pre-negotiated price.
If the negotiated offer is a stock swap, I may take the new entities offer up ONLY to a certain percentage and ONLY if it limits the tax liability of the stock swap. For short term cash needs, I will likely sell a small portion on the open market.
Think of this option. What if the buying entity is XOM and they offer a stock swap to the general shareholders that is equivalent to a $2.00 per share current price. I would likely take 10% - 25% of my ERHE holding and accept the stock swap (again only if it is a tax free exchange). This would give an immediate 300% gain and take the volatility and risk out of the converted shares. I may sell 5% - 10% over the short term to pull basis and get some "high risk" money out to play other stocks. Then leave the remaining 65% - 85% for the pop after oil is discovered.
Not saying the rumors are true but it is always wise to plan your own exit strategies based on set outcomes or material changes in the investment.
Good luck all,
Strategyone
Sorry Tryoty, but I think you are mistaken. Six years ago, I held a stock that did a private transaction to another company for substantially above the current share price. It was not a complete buyout and the market price immediately reflected the PR'd negotiated price of the buyin. This is not too uncommon if an outside company is trying to purchase controlling interest.
You may be partially correct that the purchasing company has to offer the same price to the common shareholders. This just happened a few months back with Microsoft. It was obviously not a controlling interest but there was an interest by a specific party that offered to buy up to a certain number of shares for a specified price that was (I think) about 15% above the current price at the time for MSFT.
As I mentioned yesterday, I think that if (BIG IF) the rumors have some truth to it, the purchasing entity(s) would be happy to pick up as many shares as they can possibly come by and will gladly offer the same price to the general shareholder. I am also pretty certain that the reasons for the transaction to not be a complete merger or takeover is that they need Offor to maintain a substantial number of shares that will reflect the success or failure in the future of the rights currently granted. This is a STRONG incentive for Offor to keep his political pressures in place for the benefit of both him and the new entity (along with the common shareholder - Win, Win, Win). I also am guessing that by doing this type of transaction, the interested entity(s) were able to get a price low enough for them to purchase without proven reserves along with allowing Offor to maintain a large enough holdings to capture the big payoff when oil is struck. Again this could ultimately be the biggest win for the common to small shareholder.
I am hoping that a XOM or Sinopec does NOT successfully get a complete buyout now (for say $2 per share) before there are proven reserves. Within 2 - 5 years, this stock could be double digit $ if a good amount of oil is found. By having a buy-in of sorts (as currently rumored), the common shareholder will get the immediate boost in share price to approximately the purchasing entities negotiated price which will allow shareholders to get a short term pop and access to some cash if needed yet also allowing them to hold shares for the larger pop when oil is found. Again Win, Win, Win.
Possible Scenario:
First, I preface this post with two statements. One, I am not privy to any inside information as it relates to ERHE. Two, all of the following is "in my humble opinion".
The following may unfold:
Offor sells approximately 200 to 300 million of his shares for anywhere from $.80 to $6 (let's say $2 per share). He also gives up his voting interests for his/Chromes remaining registered shares to the buying entity/entities. Within the agreement, Offor probably is required to hold his remaining registered shares for a set time period which I would guess at not less than two years (probably closer to five or a step out to five years). There may even be a clause that unravels this agreement if current rights are removed or significant altered from any future negotiations etc.
What does this result in?
First, Offor gets a lot of US dollars that supposedly he critically needs for the upcoming necessary political bribing (which is nothing to belittle; it is what it is in Nigeria).
Second, Offor is forced to hold a significant amount of non-voting shares to maintain his political influence in the region. This would be a huge benefit for the remaining shareholders (and Walldog's ego - just kidding) and is probably recognized by the purchasing controlling entity. Offor would have a vested interest in making sure the JDZ rights are not materially discriminated against from Nigerian political interest that Offor maintains in the future (before and after the election). If Offor's political ties diminish due to the outcome of the election, the controlling entity can utilize other influences it may exude on its own and Offor's remaining vested interest will likely maintain more value than it would have otherwise, if Offor kept his entire holdings as is.
Third, by an external, fully functioning oil company currently trading on any world stock exchange getting controlling interest in ERHE's rights, we would be rid immediately of the "Nigerian Scam" stigma. The current short term share price would get an immediate boost including Offor's remain shares.
Forth, any external, fully functioning oil company may be in a better position to soften the outcome of ERHE's STP EEZ remaining negotiated rights. I feel STP still has a bad taste in its mouth regarding the JDZ outcome and how much local political influence Offor/ERHE held. I feel it would be looked at entirely different from STP's perspective if the rights were acquired by a non-Nigerian oil company.
Fifth, I still believe Offor has legally moved many millions of shares to an offshore entity above the current 43% interest owned that he can continue to profit from and utilize for cash flow in the future.
Sixth, Offor could concentrate his future oil rights endeavors with the "Starcrest" entity which he has already started and he can get out from under the SEC watch and or conflict of interest clauses.
If a deal is in the makings I would expect and hope it would be structured similar to the above thoughts. I also feel that this would be the only way for a successful change of control.
Thoughts welcomed,
Strategyone
Procon/Joe Shea, you have an incredible lack of thought in your analysis....
There have been many rumors around here for months of a potential buyout/buyin and yet never the volume or percentage increase in price as we are experiencing today.
Also, until you can prove a source incorrect, you may want to not jump to conclusions that a source's "information is almost certainly false" as you have stated about S.Freed. Although, I don't make investment decisions based on what S.Freed says, S.Freed has been fairly accurate in the past if I recall correctly and very infrequently says much. I also don't follow the elephant field’s board anymore but I can appreciate information that others bring to all these boards.
Plus, the only way "hidden-source rocketry may cost some investors dearly" would be if they invested based on these rumors only for an expected short term gain beyond that which already started before S.Freed posted and they were forced to sell at a lower point.
I am not trying to defend S.Freed but it seems to me that he is providing a second potential source to the same rumor that oilphant recently brought up. Neither sources rumor hit the boards today before considerable volume and price increase had already begun which further proves their stand alone, lack of ability to move the price or volume from these boards anyway.
JS, you once had your own "sources" of info and you used to put considerable effort into confirming such rumor rather than shooting from the hip from and outsiders perspective. Why not tap into your historical "sources" yourself and try to contribute to the possible run in volume rather than guess after the fact with no due diligence.
Just a thought.
Oh, and by the way, this is the only real news out today and I seriously doubt this would create the volume and price spike we are experiencing. Someone else knows something and it is about to become public.
When an insider (non executive) Nigerian Director, appointed by Sir Emeka Offor himself, picks up 85,000 shares at .425 cents, I will take that as a positive sign. And not the reason for this current run up but a very positive sentiment towards the value of ERHE. I seriously doubt that the director insider would be picking up additional shares at .425 for a meager gain. And I doubt seriously that SEO would allow this director to pick up addional shares if SEO was about to sidestep the shareholder as BM's artical last week suggested that was also thwarted (if true).
This little Form 5 takes a little uncertainty out of the risk and in my opinion, points towards some very positive developements coming before the ealiest of rumored drilling next March.
Good luck to all and enjoy this begining move up as I will,
Strategyone
Magic,
Can you post a request to raise the ask to $1.39?
LOL
Not surprising, but what did Starcrest bring to the table? The exact same NOTHING. SEO owns greater than 50% of ERHE plus it has solid assets and cash to work with. SEO only owns 33% of Starcrest (albeit 67% is owned by pals no doubt).
The only benefit I see to Starcrest is that it is a Nigerian indigenous company that may have been looked at more favorably.
Comments welcome.
SEO obviously still has plenty of political power in Nigeria to pull this one off. I would like to know why he didn't utilize ERHE to do this deal.
I have been searching for the actual filings and I am not finding them yet. The two that nh posted are both "intent to sell". Neither one he posted is stating the sell took place. According to Bloomberg, the last insider sale was back in 2004 but this data is only good through 10/15/06. I don't know when it gets updated to cover the 11/3 or 11/6 date time frames in question here. I will keep watching it.
Second, if Memon actually sold his 1.272 million shares the price would have gone down, not up. I think the volume that we saw back on 11/3 (that oily predicted also) had nothing to do with Memon. I am guessing it is either friends and family of insiders that know of some news soon to come out or friends and family of a newly hired CEO/CFO etc.
Ali Memon still has 78 more days to sell any or all of the 1.272 million shares registered and unless he does this going into news, it will take the pps down.
By the way, I seriously doubt Memon met with the DOJ or SEC. I believe he resides in Nigeria. If he is actually selling soon, it is probably to raise cash for bribe money for upcoming elections in Nigeria.
GLTA
sahd3g, even if no drilling occurs until 2008, I would think the pps will go through several upswings which likely will fill your gap. The following have small to huge upside potential to move ERHE's pps:
1.) The actual announcement of a secured drill rig which may come 6 months to over a year before the drill schedule. This lowers the uncertainty of whether it is 6 months out or 6 years out.
2.) The announcement of a new CEO/CFO/ & or new technical staff. This will bring on a minimum of speculation where the company is going regardless of who these people are. Will the company be put into a growth mode or will it be set up for a buy out.
3.) The announcement of STP either starting a bidding round of their EEZ or purchasing further 3D analysis. All this moves the time table up from completely unknown for ERHE's 2 100% blocks and 2 15% blocks. The good news there will also be that ERHE should not have to wait for the bidding politics. They should get to select their 2 100% blocks before the bidding round begins.
4.) Any annoucement out of XOM or Chevron regarding Block 1 news. This could be further release of what they found or even further news on when they drill next. Both should build speculation into what the JDZ has down below the sea.
5.) Any continued gobling up of minor interests within the JDZ block awards as we are starting to see happen. I don't think ERHE has gotten much of a bump yet but with each additional merger, the value and speculation should grow.
6.) Any announcement on forward progress on blocks 5 and 6. This could be a surprise at any point in time. They did award these blocks and PSC's are being worked on according to the JDZ announcements a while back.
7.) Any other announcement that EHRE comes out with showing they are working on ANYTHING other than waiting for block 2,3 & 4 oil should provide a huge lift in the price per share. This could be anything from bidding on new rounds outside the JDZ/EEZ to any other business dealing for building the company structure from either Offor's polical influence or a new management team. Keep in mind, we don't need a new management team if ERHE is going to sit around and wait for Block 2,3 & 4 oil profits.
8.) Time alone, without negative news regarding the SEC/DOJ raid should ease the implications already priced into EHRE regarding said raid.
I know it is slower going than most people would like but I hardly see much downside potential from this point forward. With nothing going on during this quiet period we have already tested the bottom several times. From here it should be heading up with any news. We just don't know how fast, far or when the real price appreciation will start.
GLTA,
Strategyone
Mark, if it is, does ERHE get to count the reserves from oil found in his hair?
New challenge for the insiders:
Who can be the first to name the new CEO?
You don't have to give the actual name, but maybe give the company that the individual is coming from (i.e. Chevron or Addax or China ....).
I have a strong suspicion that this type of news is about to be released. Something has happened in the last two weeks. Volume and price has gained strength yet no news. Someone or group is accumulating in relatively small amounts which leads me to believe it is NOT buyout/buyin related. I think the volume would have been much bigger and growing till news. We had a noticeable surge in volume and although the price came back a little, it did not retreat all the way which would signal a more P&D type action.
Who will be the first to hint/predict/or inform us lowly outsiders what the next bit of news will be AND who will get closest to the date of when the news is released?
Repost from the IV board:
"Geez, are we starting this conversation over again?
Originally, the JDA awarded 35% "bid interest" to Noble/ERHE; ERHE 25% "signature free"; Conoil 20%; Hercules 10% Godsonic 5%; Overt 5%.
At some point in time the JDA allowed Noble to drop out of the 35% Noble/ERHE bid award and allowed the replacement of Addax/ERHE BUT lowered the bid interest to 26%. The 9% additional bid interest was given to Godsonic (who already had 5%) from the JDA as part of the final award process. NO Compensation to ERHE or SEC filing required by ERHE was or is necessary as the 9% interest was not ERHE's to begin with or to negotiate away. Granted, it was not very clear how/why/when Godsonic obtained the additional 9% award but I have a guess that Addax originally was not interested in covering 60% of the expense for drilling in block 4 OR Godsonic somehow negotiated to allow Addax to replace Noble as long as they got 9% more.
Therefore, ERHE always retained its 25% signature free award. It then negotiated part of it's 25% signature free portion to Addax for the upfront expense free ride to oil production. ERHE ended up with 17.7% signature and upfront-expense free ride (paid for by Addax and ultimately recovered from oil production). Addax then had 33.3% (33.3 + 17.7 = 51% block 4 award).
On April 13th, Addax acquired and PR'ed the addition of 5% interest in Block 4 from Overt Ventures.
Current Breakdown of Block 4 Award:
Addax now has 38.3%
ERHE 17.7%
Conoil 20%
Godsonic 14%
Hercules 10%
TOTAL 100% End of current discussion until changes are made."
Good luck all,
Strategyone
I was able to get a partial fill of 10K today at .347. We will see if the rest fills tomorrow.
Anyone know where to get a time and sales report for ERHE today?
Ok, this was too funny to pass up (email received over the weekend):
THE Addax & Oryx Petroleum Group Ltd.
4 Chiswell Street,
London, UK EC1Y 4UP
United Kingdom.
Would you like to work online temporarily and earn constant payment? We are glad to offer you a job position in our company, Addax & Oryx Petroleum Group LtdP. We permanently need new people to occupy the position of Processing Manager, able to receive and send payments between our partners' clients and our company. This part-time job does not require any special skills. You do not have to spend much time to earn sufficient money to be added to your main salary. Every payment will be accompanied by detailed instruction. This is in view of our not having an office presently in the United States/ Canada. You don't need to have an Office and this certainly won't disturb any form of work you have at the moment.
We have sold in galleries and to private collectors from all around the world especially the U.S.
*** REQUIREMENTS ***
- Honesty, Responsibility and Promptness in operations;
- PC with Internet and e-mail access;
- We don't work with persons under 21;
- Postal or Mailing address.
YOUR ROLES ARE:
1. Receiving payment from our Customers
2. Deduct 10%, which will be your percentage
Instructions on how to remit the company's balance 90% will be given to you. We understand it is an unusual and incredible job position. This job takes only 3-7 hours per week. You'll have a lot of free time doing your permanent job, but this job is very challenging and you should understand it. We are looking only for the worker who satisfies our requirements and will be a Co-operative assistant. We are glad to offer this job position to you if you are capable and fit to carry out the tasks stated above, and you want to work for Addax & Oryx Petroleum Group LtdP
---------------------------------
Please contact us for more information via email with informations filled
out: addaxoilgas@cooperation.net
Full Names:
Occupation:
Company Name:
Position:
Marital Status:
Age:
Sex:
Phone number:
Contact Address:
Email:
Country:
----------------------------------
Sir. Thomas Graham
Managing Director
Addax & Oryx Petroleum Group Ltd.
4 Chiswell Street, 5th Floor
London, UK EC1Y 4UP
United Kingdom.
CAddax & Oryx Petroleum.
Hdotmycom, occassionally you bring reasonable discussion points but I don't quite get your current rant.
Guess what? You were right. The CFO that Offer had hired turned out to have two skeletons in the closet. A personally bankruptcy recently claimed (Dec of 2005 if I am correct) and he mis stated something in his credentials. Well, once this came out he was quickly dismissed as he should have been. The issue is closed and was handled very well by EHRE. The FOX has been locked out of the hen house and is no longer related to ERHE. What part of this don't you understand? Why continue to try to make an issue about it?
Now, where's the oil?
It is interesting that Raging Bull has become so bad that now some bashers are seeping onto this board. They must be pretty desparate as no one is reading their manipulative rants anymore. I don't even look at RB anymore and I have enjoyed the relative reasonableness of messages here.
For those who want to cry foul to the moderators, you are probably wasting your time and you only look more manipulative by doing so.
If on the other hand you want to carry on a reasonable discussion over realistic concerns/time tables/issues ect, try being level headed in your arguments and not focus solely on the extreme negatives which are technically possible but highly unprobable.
Now for ERHE discussion:
It is great that the issues we are complaining about are focused on Rig availability and no longer on whether or not ERHE will loose there negotiated rights.
It is also nice that due to ERHE's multiple block participation that we have multiple companies all trying to negotiate a rig of "availability" (Addax, Sinopec, Anadarko).
From a timetable perspective, all we know is that once the rig is in place it takes approximately 60 days to drill to depth. Probably another 30 days to get an official release on findings if they hit any oil. (Sooner if it is a dry hole, nothing to analyze) It will probably take 3 to 5 holes drilled to determine recoverable reserves but we will also probably find out estimates after one or two good findings.
All in all, the price will be moving NORTH through most of the steps along the way so I really don't get concerned over whether I think ERHE will start seeing production profits in 3 or 5 or 7 or 9 years. The price advance will long precede the profit and in all likelyhood a buyout, buyin or substantial institutional holdings will be supporting a price a lot higher than todays.
Good Luck To All (except the manipulators, LOL)
Do you mean "Buy In" partner?
Balance, that post is almost eerie if all this comes out to be true. Oilphant indirectly would have spelled out the rig name back in May of this year "find the path for the major answer 2.(yes)"