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Vince, what a woderful story. May you have many more such good news items coming to you.
I hit the BIG 80 this spring and was diagnosed with Parkinson's disease. Hoping to get a few more years coming my way.
All the best to you ...... Klaus (NO - Not Santa Klaus - just Klaus).
No direct quote for ERHED shown by TD Bank. However, $.16 change from previous day. Doesn't make much sense, but as the market establishes itself it shud get the real quotes.
[img] Symbol Bid Ask Last Change Volume FSI
Buy Sell ERHC ENERGY INC
ERHED US V - 0.00 0.00 0.16 0.00 (0.00%) 0
[/img]
Well put, Umbra. My kind of thinking ................
Count me in. A whole cruise-ship full of ERHC'ers would be a blast.
Last 3 cruises we took were with the smaller ships, they are much more fun and easy going. I think Umbra is right with her guidance on where this might be heading.
The real issue is when, and that depends on African Time.
also still here, like Magic:
- Holding a "retireable" position.
- Not too excited by Chad, but it has possibilities.
- Kenya, on the other hand, has huge potential
I have always recognized the high risk in this investment, while also seeing the high potential reward. Hangin in there!!!
Why a rights offering - IMO:
- Tough to get a free carry in this financial market
- Funding needed for drilling in Chad and Kenya
- EEZ exploration funding needed
- Partners needed for any / all of the above
Once the new shares are authorized some of them could be used. One option is to issue these as preferred shares with a conversion feature at $xx into common shares. So they would be almost worthless unless oil / gas / liquids are found.
I suspect Peter N, being a lawyer, is well versed with creative funding / financing. There are so many possibilities, which, though diluting the shares in numbers, would bring in the financing needed and give up-side-leverage to all parties (providing we don't drill dusters).
Am I apprehensive about the dilution? Of course I am. Do we have to volunteer some trust in management knowing what they are doing? Yes - tough one to accept, but what choice is there? We have a majority shareholder who seems to have trust in them.
So lets get this done and wait for the outcome. It will either be good (we ALL hope that) or a bust and we write it off to experience and a big hole in our pockets. But lets stop this armchair quarter backing. It has gone on and on, ad nauseum - I certainly have had enough of that from some well known posters around here.
TSX has been spooked by some Chinese listing which turned very sour. That has made them cautious. But there is always the alternative of listing on their 'small cap' market, the Venture Exchange out of Vancouver.
I don't think Exile/Oando would have a problem there, neither would ERHE.
more equatable distribution of wealth and greater religious pragmatism in Nigeria and the Muslim World:
Umbra, well said, but until the radicalization of the Muslim World is reversed and similarly in the rest of the world for any & all religious bigotry, there is little hope. Like you said, the southern part of Nigeria is Christian and SEO and his 'friends' have the influence to keep things down.
Yes, eventually this radicalization too will stop. Only when is the issue. Not until the worlds dependence on oil is reversed. Not until a radically different replacement of the gasoline engine in cars is reality. After that oil will become what is should be in the first place - a chemical feedstock.
So: When will the Chinese, Israeli's, maybe even Europeans invent this replacement. Figure that out and we have a timeline to determine the end of Muslim radicalization. Likely not in my lifetime though.......
One of the BEST comments on this board in the last 5 years. It should be 'sticky marked' and be weekly repeat reading for any and all of us on this board.
Krom, my hat off to you and for this sensible message.
Likely no Exile announcement on Monday; August 1st is a holiday in Canada and all Exchanges are closed. I expect that Exile will take advantage of this and not issue anything until Tuesday at the earliest.
Exile trading halt info at TMX web site:
http://tmx.quotemedia.com/article.php?newsid=43404876&qm_symbol=ERI
Reason for halt stated as 'company requested'
What will come first? ROTFLMAO - the answer is 'non of the above'. In fact there is no answer and maybe there never will be.
13 cents for ERHE looks good? That is my interpretation of the mighty ones prediction - or is it just SWAG?
Jim, well said. Thank you for pouring a bucket of COLD REALITY water on everyone's head. All this ranting and raving by some posters here is just tedious and repetitive.
Their frustration is understandable. I am as frustrated as the rest of us, but I have to accept reality. Unfortunately this will mean more time before anything happens. We are on African-Time after all.
Lighten up, Mid. King Krom's reply was funny, creative and imaginative. Don't be such a stuck-in-the-mud
new equity issued - my guess is:
1 - someone was owed a favor
2 - SEO under 50%, but the someone is a friend who will vote with him
3 - the new shares will be the ones to facilitate start of trading on AIM
Just SWAG on my part?
A hypothesis: If I was the head of Sinopec and I was bidding on the EEZ Blocks would I let anyone know what was found in the JDZ Blocks?
The EEZ auction has been delayed, why not also delay any info about what happened in the JDZ blocks? Why be silly and let privileged information fall into the hands of my competitors?
If the JDZ is like Akpo and turns into a ‘Biggy’ then it would be especially prudent to lower the Cone of Silence and cool it until the EEZ blocks are allocated to the bidders.
It is also necessary when I need to put an exploration and production consortium together. I also need to get rig of a lot of small fry partners who have nothing to contribute and only want to profit from the work my company did. So why would I tell even them? Silence is the word.
Now, this is bad news for anyone who wants to profit from short term information. But if I were the head of Sinopec, I would insist on silence until I have made my best possible deal. I owe this to my owners / shareholders.
The only reason I would tell even SEO would be for him to help me with the respective governments in this part of the world. Again this can wait until the consortium deal is tied down and any deal I want to make with Total is done.
So what if all this takes time, what is another year? Even two? I need to make sure I have the best possible deal for my company and my stakeholders.
This is hypothetical and a guess on my part. The current tone on the message board is still short term gain for speculators. The real business world does not work that way.
If you are dealing in Cda with TD-Bank, use their Web-Broker - TD-Waterhouse. Same for any of the other 4 big ones, they all have Web-based brokerages.
Investing outside of North America now made easy - TD Waterhouse introduced their Global Trading Platform for their customers. This will make any buy/sell orders a breeze.
The Global Trading Platform includes the major European exchanges, Australia, Hongkong, Singapore and will likely be expanded based on demand to others.
For those of us who trade thru TDW this is good news, especially if / when ERHE is listed on the AIM.
Well said EXCEO and I share your sentiment. This has always been a highly speculative stock play. It is NOT an investment. It is one of those plays into which you put only as much money as you can afford to lose.
Like you said, it is time to gain perspective and to walk away from scanning the board messages in real time. We do have in SEO a majority shareholder who has more than any of us at stake. I hope he succeeds in making this a winner for us all.
The timing thing is the tough one to digest and to accept. Africa is like the Caribbean: 2 speeds - slow and stop. For North Americans this is just incomprehensible.
It will be slower than we think and probably less than we think. I find this frustrating, but will take your advice - Go for a walk, think about all that is right in my life and hope for the best.
b]More Insight into Chinais a very interesting read. While today everyone is praising the Chinese Economic Model, and to some extend the political one, it reminds me of the Japanese Debacle of the last 20 years.
In the late 80'ties too every management guru and most academics in the field of economics fell over themselves praising the Japanese Management by consensus. In the end they got 20 years of stagnation.
China is the current song on the hit parade. My thinking for the past 3 years has been that it also is too good a thing to last a long time.
In the end our economic model, currently evolving again to deal with the economic facts, will continue to prevail.
That said it still means China needs resources like crazy and will buy them now.
Love that last line of your reply. This line is a 'keeper': suicide - a long-term remedy to a short-term problem
I also second your motion of "Everyone should "get a life"". There are too many emotional and irrational statements on this board, since everyone is upset with the SP. Give it time and it will sort itself out. For someone who does not have the 'time' and does not like the current uncertainty cut your losses and sell out.
2011 at the earliest. Posted by: kaydee Date: Saturday, December 26, 2009 11:27:29 AM
In reply to: DegenerateGambler who wrote msg# 191949 Post # of 217404 Send a link via email Share on Facebook Tweet this post
2011 at the earliest.
- African time one reason,
- Chinese negotiating tactics another,
- Sinopec needs data from phase II drilling
- lack of readily available drillships
- EEZ blocks allotment
- SEO's price target will only be met with much more data available from drilling, e.g. Phase II and possibly more
IMHO
Thanks, BB. Always good to hear from you and to see your perspective. Since April things have reminding me of the ADDAX situation a while back. It also was very quiet for a while, the market had gone sour and then, SURPRISE!!!
The timing is the question. All IMHO, of course.
I just received my proxy material from TDW last Friday. Guess it depends who your broker is.
Voting via Proxyvote.com is a cinch, as long as the material arrives before the voting cutoff date.
Check with your broker and complain, if necessary.
Majic, re: EEL board - can you post the link. Much appreciated.
Krom, nice post on your view of the economy and China.
Reminds me of the admiration back in the late 80's of Japan and their much hyped style of management by consensus. All the academics and management gurus were gushing that this is the way to manage in the 3rd millennium.
We all know what happened to Japan in the early 90's - a recession that is still not finished, overvalued real estate, banks that would have collapsed without government help and a government that has been trying to spend itself rich ever since. What did survive and triumph was the capitalistic management style in the developed world.
I suspect the much hyped Chinese system of government and economic management will take a huge hit sooner or later. Lets just hope that ERHE will by then be well established and all of us shareholders have benefited hugely from that.
Walldog, that is funny. And now that you mentioned it, are we not all invested in Sao Tome and Principe for the same reason? Namely that drink; I am not just leaning towards it either. It is the whole raison d'être for me and possibly everyone else too.
Thanks for discovering it for us!!!!! All IMHO, of course.
I second the motion.
FTC, fascinating how you connect dots. A very different, and may I say refreshing, flow of logic. I for one can see the possibility that your outline of scenarios could be real.
The telling sign will be what the BOD does, or not, with Mr. Blair.It won't be too far into the future, even on African time. If/when Blair gets appointed CEO, your will be the dot-connecting-champ of this board.
GLTY
Long and strong ERHE
Mid, another 6 month before results?
I can see the logic of it and, IMHO, indirectly confirms a phase II drilling start. If they can get a drill ship quickly it will take about 6 month to complete the next phase.
It also confirms to me that no one wants to let the results out before the EEZ bids are submitted: Don't let the competition in on the drilling info and enable them to make educated guesses on what may be in the EEZ blocks.
Lastly, after phase II, much more info will be known on what really is down there. Is it like Akpo, is it a continuation of Akpo, what is the recoverable volume of 'stuff'?
Any buy-in, buy-out, whatever will then justify the price SEO seems to want much more realistically.
Patience is unfortunately not a virtue for some of the posters here. They may have to learn that the hard way.
Long and strong ERHE
Krom, I think you are on to something on Total vs. Chevron.
Do you remember back in the ancient past of about 3 or so years ago when the speculation was all about "Block 1 is not great but the geology probably indicates the real stuff is in block 2"? Tons of ink were spilled at that time on this bulletin board. A lot more information is now available about our blocks after the drilling.
Now IMHO another interesting point is Gandur, who is Swiss, but likely speaks French like a native. Is that all he likes about France, or does he like French companies like Total too? Maybe, just maybe he had a little discussion over an aperitif or two with some of the Total Big Wigs?
I share your conclusion that Total has a whole bunch of info on the JDZ and used that in arranging the deal with Chevron.
Time will tell and prove you bang on right.
Rich by Easter?
Isn't it about time for another one of those (annual) PRONOUNCEMENTS? Our well known pundits should use the opportunity at this time of year again.
As for announcing drilling results:
- Not expecting any until last weekend in March at the earliest
- Likely be worded in fuzzy language - see redinvest's comment
- Expect words on Phase II starting - whenever that might be
- Low key wording of the whole anouncement.
Best thing for us would be to under promise and over-deliver. However, our oracles (Oily in particular), won't be able to live with that - so sad.
---------
MTO, I like the way you put it and the expectation management you set:
Results may take a while to be published: Consider that the drilling analysis is complicated, that the drillers want to also bid on the EEZ, that knowing what is in the JDZ is a competitive advantage.
If that is the case then why make the drilling results public until after the EEZ bids are completed?
If that takes until the end of April, then results would not be announced before some time in May. Any buy-in/buyout scenario would not come before then. Same with any consortium scenario.
We are still on African time. Everything will take a lot longer. We need to cool down timing expectations or will continue to be inundated with mindless rants about what to expect, when and at what prices .......... IMHO, of course.
Phant also predicted today's rally. He / She is on a roll
Bravo, Mark !!!! for telling the whiners what to do and where to get off !!!!
Midtier, yup to your comment about managements actions geared to keeping the SEC off their backs. Same with the suggestion they are doing more harm than good.
But can we make them go away? Not darn likely when the major shareholder and his friends can outvote us any time.
So what to do? We still need a small management group as a front for the SEC. Whom do we get that SEO and 'friends' would also like?
Time to lay back and enjoy the play.
Interesting phrase indeed, John, and thanks for pointing it out.
I suspect you are correct about Peter N having been told to tone it down and making it look like an about face.
<<we are hopeful that we will be involved in more drilling in these Blocks in the coming years.">> could mean a number of things:
1 - buyout is always a possibility
2 - sending a message to the current partner(s) that they are not the only potential partners / buyout customers
3 - hint of some kind of deal done or in the works
4 - veiled threat of 'don't muck with me or I will make your life difficult for any other kind of deal in the Nigeria / Sao Tome neighborhood.
On the other hand it may just have been a slap across the face from SEO to be more obtuse in public statements. Now why would that be the case? We can all speculate and create yet another panic reaction on this board.
In reality we can do very little. I agree with some of the posters here that the price is being 'managed' for whatever reason. Who manages it - anyone's guess, but SEO and his close friends come to mind. Could even be the MM's, but I doubt that.
So on we go, waiting, throwing 'poster-tantrums', panicking about the time frames (fortnight's). It is always interesting reading, sometimes frustrating, but never dull.
This should be an 'investment' using mad-money. Money one has to be prepared to lose. It is still highly speculative, the timing for any deal is undeterminable and may yet be more years (I hope I am wrong).
In the meantime too many people here treat this as a real working company with quarterly results and pronouncements. It is an asset play and nothing more. With luck it will pay off handsomely.
IMO, GLTA