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Regarding the rights offering:
In several days most here will either be somewhat happy with events or join the curiously, perpetually sad and bitter crowd. Hopefully the former result will prevail.
Unfortunately...somehow...IMO...past performances from our board will still be the same.(encore!)
I will wait for results...can't force them,(oh the futility of it all).
Questions about the rights offering may be directed to the subscription agent, Corporate Stock Transfer, 303-282-4800, or to Dan Keeney, ERHC Investor Relations, 214-432-7556, or e-mail dan@dpkpr.com. A copy of the Prospectus Supplement may be obtained from the subscription agent, Corporate Stock Transfer, Inc. (Attn: Operations Department), 3200 Cherry Creek South Drive, Suite 430, Denver, Colorado 80209.
thanks ,I understand,and concur.
GLTU, comrade
The results are in the transfer agents hand firstly.The results one way or another will come out...what is your point?
Unfortunately there are way too many posts on that subject from both view points as it has been discussed to death.I do read both sides but try not to respond very much either way.My history of number of posts per day confirms this. But,I am invested here by my own choice and, REALLY hope for the best, not slamming for the worst.The more toxic the posts here(either way) the worse my investment will achieve.That is what irks me as I want to succeed with this issue.We need more positive investors here,who incidentally don't need us preaching to them on the merits or demerits of this company as they SHOULD be doing their own DD and be encouraged to do so.
so all your incessant negativity was because you were buying?
NWTF
I see your point, but,do you think that defending the company for several years against the Alphabet soup gang comes without a cost, as well as expenses and salaries over those same years?I suspect they may have done better on the "Exile" investment (as well as the Stanford debacle that caught many experienced companies off guard!), with an accruing type of investment, but, overall with the conferences and promotions which have landed 2 cool looking prospective locations(and some lost bids), IE:Chad and Kenya, and, to land them before fundraising, also bares a cost against the account.It is too easy to be an armchair quarterback without your team on the ground and little information to base an unassuming opinion on monies spent.Take a poll here and see how many happy campers are aboard this Risky investment.In light of all that, I think that management, over the last 2 years or so, have done a very good job diversifying OUR position with little cash available and have strengthened the core of the company's quality personnel which also doesn't come cheap.The past was out of our control as far as activities in regards to oil exploration and NOW we have created possibilities to succeed and be in control(to more of a degree)of our future.
Also a not so ecstatic but participating shareholder seeing brighter times ahead.
Baz
thanks Arnim-v-b
I was just pointing out that Offer seems to have a stake in Addax now...which I wasn't aware of.I guess that happened with the sale of opl 291 from Starcrest to Addax.
OPL 291 was awarded to Starcrest Energy Nigeria Limited, owned by Emeka Offor, which was sold by Starcrest to Addax Petroleum. Emeka Offor still has a stake in Addax operations in Nigeria.
http://www.dailytrust.com.ng/index.php/top-stories/52052-pib-north-south-rift-deepens-in-senate
http://www.sec.gov/answers/quiet.htm
not sure if we are in a quiet period or not ....small print excludes penny stocks somewhat!!!!!!
what does this all mean,and in a few days it probably won't matter...BWTFDIK
thanks tryoty
that was very interesting indeed.
well done!
CNOOC (China's # 1 deep water explorer) bought out Nexen just a brief while back so China is forging on with it's insatiable glut for energy.
kingpindg
thanks for sleuthing this.
very interesting indeed.Reads like extremely complex geology.
Even with a "quiet"(possibly info restricted) period during the offering,it would be better to announce "your" wanted news after the completion of the offering,and whomever has taken part will reep the rewards as they have helped out the company.IMO..the JDZ is not the panacea once thought to be.Even blocks 1 and 2 are hinted to be sub commercial except for a company that has infrastructure near by and can splice the two blocks back to the mother station(s).But on the Positive side Keya and Chad look strong and prospective,and now the wild card may be the EEZ.
Cheers
thanks cherry man
cheers
tamtam9042
What is the status with the EEL/Oando PSC for the Sao Tome EEZ as these were the first negotiations for blocks 5 and 12?
Baz
they can't compete with chinese bids,especially if the properties are producers
SEO's shares won't look very good to him either with a 1 to 8 reverse split no matter what he bought at...and he is the principal common share holder isn't he?
Also management won't like to see their shares being dwindled down....after all with your outlook after a reverse split then the price would again bottom out wouldn't it? LOL
SEO has been,and will always be in the driver's seat with his share counts....this is not new news...get real man!
Ya maybe
Why did he out right say he would participate in the rights offering then
cheers
manuel06 Thursday, January 31, 2013 3:50:49 PM
Re: stocks2rise post# 269666 Post # of 269843
http://globenewswire.com/news-release/2012/10/02/494485/10006941/en/The-Chrome-Group-Announces-Support-for-ERHC-Energy-Inc-s-Intensified-Fundraising-for-Oil-and-Gas-Exploration.html
http://www.nigeriaoilandgasintelligence.com/2012/10/09/erhc-energy-intensifies-fundraising-efforts-for-africa-programme/
Stocks2rise...to be fair Offor is in favor of Chrome Oil giving ERHC's management financial flexibility and facilitating this as well.
In the statement, Chrome Group chairman, Sir Emeka Offor said: “Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC’s management and board the financial flexibility needed to realize the value of the Company’s highly prospective assets.”
And....facilitating
"Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC's management and board the financial flexibility needed to realize the value of the Company's highly prospective assets," said Sir Emeka Offor, chairman of The Chrome Group. "ERHC has done a commendable job of diversifying its portfolio of assets and we at Chrome believe that shareholder value, which is our overriding concern, can be derived from facilitating the Company's exploration programs and ambitious growth plans."
seems like more than just a oh yeah.
but I do Understand your position
Baz
it closes at the end of Feb.Not now.....so the numbers aren't official yet,or made public.
http://globenewswire.com/news-release/2012/10/02/494485/10006941/en/The-Chrome-Group-Announces-Support-for-ERHC-Energy-Inc-s-Intensified-Fundraising-for-Oil-and-Gas-Exploration.html
http://www.nigeriaoilandgasintelligence.com/2012/10/09/erhc-energy-intensifies-fundraising-efforts-for-africa-programme/
Stocks2rise...to be fair Offor is in favor of Chrome Oil giving ERHC's management financial flexibility and facilitating this as well.
In the statement, Chrome Group chairman, Sir Emeka Offor said: “Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC’s management and board the financial flexibility needed to realize the value of the Company’s highly prospective assets.”
And....facilitating
"Chrome Oil Services Ltd. and Chrome Energy LLC are in favor of giving ERHC's management and board the financial flexibility needed to realize the value of the Company's highly prospective assets," said Sir Emeka Offor, chairman of The Chrome Group. "ERHC has done a commendable job of diversifying its portfolio of assets and we at Chrome believe that shareholder value, which is our overriding concern, can be derived from facilitating the Company's exploration programs and ambitious growth plans."
seems like more than just a oh yeah.
but I do Understand your position
Baz
TOB
that's fair....I was just angling to what ERHC has to offer up for another party's possible farm in etc.Because the Kenyan govt. has this extra 10% option this restricts the amount ERHC can offer by another future 10%.They must work from then 80% rather than 85.5%...or so.
Good luck to all in the coming weeks ahead!
Baz
Just look at the history of Offer and SEC or ERHC and the SEC.....neither want to be investigated again and waste years and money on legal fees and accomplish nothing.
Baz
TOB
erhc possibly then would have 80% if Kenyan govt. takes it's extra 10% after declaration of commerciality and then carries Circle for 4.5%,leaving 75.5% available to ERHC.(possibly)
http://www.sec.gov/Archives/edgar/data/799235/000114036112050512/form10k.htm#2
The Company holds a 90% interest in Block 11A, which encompasses 11,950.06 square kilometers or 2.95 million square acres. The Government of Kenya has a 10% carried participating interest up to the declaration of commerciality and may thereafter acquire an additional 10% interest in the PSC in which case the total Government participation would rise to 20%. Circle Limited (www.circleoilandgas.com) (“Circle”) acted as finder in ERHC’s acquisition of the Block by facilitating ERHC’s entry into Kenya, including the introduction of Dr. Peter Thuo, ERHC’s Kenya-based geoscientist and technical adviser who provided liaison services in the pursuit of ERHC’s application. Circle’s involvement provided significant efficiencies, including substantial cost savings, in ERHC’s application process. By virtue of the terms of the business finder’s agreement reached between Circle and ERHC, Circle is entitled to receive a 5% payment on the value of the acquisition accruing resulting to ERHC from the application. Circle has opted to receive this fee in the form of a carried 5% of ERHC’s total interest.
Trader55
If you don't participate (participate by giving your permission to your broker and having sufficient funds in your account),you will NOT lose any shares that you acquired previously....only the rights will be removed from your account a few days after the dead line, depending on how swift it is all concluded.
Baz
vip1999 from the ERHC wesite hope this helps.
The Rights Offering will be made only by means of a prospectus supplement, including any amendment thereto, meeting the requirements of the Securities Act of 1933, as amended. The prospectus supplement will contain important information about the Rights Offering and the Company, and holders of subscription rights are urged to read the prospectus supplement carefully, copies of which may be obtained, when available, from the subscription agent, Corporate Stock Transfer, Inc., Attn: Operations Department, 3200 Cherry Creek South Drive, Suite 430, Denver, Colorado 80209 at (303) 282-4800. These securities may not be sold nor may offers to buy be accepted prior to the time the prospectus supplement expected to be filed with the Securities and Exchange Commission becomes effective.
hopefully you can request from the transfer agent to execute your will regarding the rights offer.
thanks... is 12/27/2012 the disbursement date of the rights for the record record ?
wtf does this mean for shareholders who were waiting for 1/1/31? sorry kingpindg not directed exclusively towards you....anyone?
TamTam
I see your point(sorry for the misunderstanding) and it isn't clear,but,Kenyan govt. may only be carried to commerciality on either or both of the 10%'s.It sounds like Circle will get a full carry, but even that wording isn't clear as far as upto commerciality is concerned.The question would be also how long till the declaration of commerciality.Kenya would like(possibly) to see that farther into the future...LOL
Peace
Baz
TamTam
reread my last post ...in the link it says that it adds up to 20%...don't read so fast this time...LOL
Happy New years Mr. Cherry!
Baz
P.S...Not sure if the additional 10% is carried though...I would hope not !(especially after commerciality)
Also ERHC has only 75% of the Kenyan block if the Govt. takes the extra 10% on top of the first 10% carried interest,and circle limited has a5% finders fee as a carried possition.
http://www.sec.gov/Archives/edgar/data/799235/000114036112050512/form10k.htm#2
The Company holds a 90% interest in Block 11A, which encompasses 11,950.06 square kilometers or 2.95 million square acres. The Government of Kenya has a 10% carried participating interest up to the declaration of commerciality and may thereafter acquire an additional 10% interest in the PSC in which case the total Government participation would rise to 20%. Circle Limited (www.circleoilandgas.com) (“Circle”) acted as finder in ERHC’s acquisition of the Block by facilitating ERHC’s entry into Kenya, including the introduction of Dr. Peter Thuo, ERHC’s Kenya-based geoscientist and technical adviser who provided liaison services in the pursuit of ERHC’s application. Circle’s involvement provided significant efficiencies, including substantial cost savings, in ERHC’s application process. By virtue of the terms of the business finder’s agreement reached between Circle and ERHC, Circle is entitled to receive a 5% payment on the value of the acquisition accruing resulting to ERHC from the application. Circle has opted to receive this fee in the form of a carried 5% of ERHC’s total interest.
That should tell you something, however. It should tell you that management thinks the Kenya blocks are so worth it that they don't want to give up what they believe are valuable percentages.
So ERHC doesn't want to give up greater %'s than they have to,as they are starting from a possible 75% possition that they must respect.
LOL...I understand that math I was just commenting on pushing up the Share price for SEO,.075 is .075 even for the oversubscripion.
the rest I can understand....I think...lol
I can see him not wanting us to push DOWN the % of shares he can aquire @ .075
tryoty
IMO your second statement conflicts with your first one.If he can get all he wants at a set price through subscribing then oversubscribing,then how would we other buying(subscriptions or oversubscriptions) shareholders be then pushing up the share price for him? After the conclusion of the rights and oversubscription I would think he would love to see the share price climb to .50 or 1.00 I know I would.
http://www.sec.gov/Archives/edgar/data/799235/000114036112052750/form424b3.htm
thanks again to 2IRAs for sending me the link
I read the prospectus and I believe that Offer can only oversubscribe for shares pro rata like previously for his rights.
ssc Friday, December 28, 2012 1:44:44 PM
Re: jimbo1959 post# 268693 Post # of 268716
From the rights offering announcement today:
Quote:
In addition, holders of subscription rights who fully exercise all of their subscription rights may also request to purchase additional shares of the Company's common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among rights holders exercising such over-subscription right.
thanks-- SSC
P.S.I couldn't find how long the holding period was for the 1st subscription,or what would happen to any outstanding shares not oversubscribed till closing date and there after.
don't forget that SEO will be cost averaging UP not down with these rights...LOL
I agree with you that it is a given just like the vote to approve the amount of additional shares up to 3,000,000,000.Everything is hedged for the gain of SEO and we are merely riding his coat tails.I don't think he likes throwing money away!
(thanks 2IRAs for sending me the link for the on line prospectus)
After reading(quickly) I didn't see anything on disposal of shares IE: holding time period.
question for the board
I fully subscribe.When can I sell these rights?I was hoping MAYBE to then sell all of them(hypothetically at a higher price),lets say throughout 1 month slowly. Then buy the pro rata share of oversubscription (at .075 again) pocket profits and come out with 1/3 more shares semi- gratis.Can this work? Is it even a possibility?
2IRAs? Krom?
TIA-Baz