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At this snap shot in time yes,but, it wasn't that long ago that AOI's Market cap was near 4 Billion and a share price of over $10 dollars.
As long as CEPSA or Kenya will announce commerciality then for ERHC the tolerances are much lower for commerciality (even with hidden costs to pay)
Thats all I,m saying.It has to get the seal of approval by the larger entities...but if there is approval then for ERHC it will be a game changer for a company this size and a new market cap 100 times lower than it had.
Cheers
IF they indeed have a 70 mill. reserve find, and even if they spend 100 million on this well (lol very doubtful), @ $40.00 a bbl, 2.8 billion dollars I would think would make this well commercial even @ $15.00 a bbl. 1,050,000,000.00 billion dollars would be a commercial find ...IMO
cheers
thank you
Maybe that pic and specs. about the rig was when the Rig was being constructed a new, as I don't see a date on that picture (wouldn't think this is a block 11a picture with the year of construction only shown as under construction).
Especially the last sentence.
VERY TRUE
I read all posts and both sides are irritating and have been for a rather long time. It's a horror of a merry-go-round...I'll wait for news thanks.
thanks we get it again and again and again
If you are assuming that ERHC has anything to do with the time issue for drilling....whether they are now drilling or not?
That is Not their "Call"
This is in no way a vote for management.
Time will tell...lethargically waiting
yes but back then we were ill/uninformed.....LOL
" same as it ever was"
LOL.....and then salvaged
same thing happened in the JDZ..drilling had been on for a week or so before they announced the spud date....IMO and as I remember that. It would be nice to hear the second they spud but usually with most companies ,when spud is reported it has already happened for some days. I remember the JDZ, scurrying about the web for any clues or indications of the spud dates.
Not making excuses... we shall see.
I think we have lots of anti management sentiment on this board..enough that if anyone significant was reading this board the message would be loud and clear. Seems that the effect is also loud and clear a resounding business as usual for ERHC. Survival ...but many here are not impressed.
Tally Ho!
LOL..after or if I can get my money back or with a small profit,I could be persuaded to sign on.......but right now with the expectation of drilling this would do nothing but suppress the share price as you have been talking about. Hey after 15 yrs here I am ready to say good-bye to this stock.
Well you said this once...hopefully you can wait for it to come out, or, do you plan on repeating this 24/7 till may 15th.
LOL....sorry for the fodder. Gonna be a long thursday now.
Sorry to the Boards!
that's because several of those wells were drilled on different structures let alone blocks. There weren't many appraisal wells on their exploration plans. Of course we are talking Kenya.
yes, it isn't even remotely obvious!!
so then you must have bought delusion insurance,because without it, it is virtually impossible to profit after a 1 for 100 reverse split from here without an appreciation in share price by about 101 to 1 on your money.
pages 80, 81, and the 1st line on page 82..have some pertinent information
$30,000,000.00 x 35%= 10,500,000.00 x 25% after 75% carry =2,625,000.00 ERHC's
portion. IF $30,000,000.00 is accurate for the well cost....that is what the the PSC for drilling 1 well stated, up to $30,000,000.00 .
"ERHC is not being run properly and everyone here knows it".
I agree for the most part.
I just disagree with the 24/7 oration and preachings to a venue that has no ability to affect anything here.
You won't find the answer here.
Try asking the company,if they will still talk to you. You and Sylvian had some chemistry as I remember.
you seem tenacious maybe look up that information for yourself. Why you are asking this board to do your work for you is preposterous.
Midi
IF, CEPSA spends the whole 30,000,000. budget, then ERHC's cost would be aprox. 2.6 million. Big IF's I know ,but, IF they have paid up all their calls to drilling and negotiating with the revenue beaureau to pay back their deficiency,then this big IF, is, as big as any of the other IFs we surmise about here.
It would be nice to get info from ERHC I agree.
LOL...you don't believe those percentages do you, as it doesn't reflect the post split loss of the 100:1 debacle. There was no research done before printing.
Do you have a link for that please, so I could remind them about the split and the numbers they are printing?
Seek
I think that was 25% of their 35% interest in Block 11A
SEEK
ERHC must pay 25% of the cost of drilling their first well.
That may include site prep and rig mobilization and drilling Pad expense as well as what we don't know of all expenses(drilling supplies) towards drilling.IMO there may not be much left after that to run the company,even with all the reimbursements from Cepsa and the sale of Block 11 EEZ to Kosmos. From where we sit, things are not all black and white.
Baz
This is a pure example of saying things that are not fact in an attempt to debase ERHC's Management where ever possible.
Just because you recanted, as you were wrong,maybe we should pause to be sure before we post. I didn't see any IMO there.
Now if the 10Q is late that is another story...but maybe lets wait before striking out when we are making a point, as it is fact, which it is NOT.(yet)
"Yes the 10q appears to be late. I guess some will say that is good news. I see it as an attempt to hide things from us once again. If ERHC ever needed to be on time it is now and they failed to do so".
Many CEOs and staff of the "smallest" exploration companies are at the bottom of the scale in salaries. These "smallest" companies just can't afford the asking price of talented experienced CEOs, (running mid to big companies, and if their contracts are salary based) including their "still in the game"(not retired and several years away from field work) staff.( excluding P.Thuo I think )
This is in no defense of ERHC management. I am here because; this company's management (excluding Walter B.) from the get go had no business of being awarded the assets they have till today.IMO: I believe they go to conferences and are always trying to extoll their "unique" qualities, but it isn't the CEO or other managements names
that is enough to broker those deals they made.There is 1 name I can think of in Sub-Saharan Africa That is known who could be a difference brokering deals and seen as a Backer of ERHC.IMO nothing else makes sense to me ,so I will try to do as SEO does ........if I can find that out when it counts.
I am not trying to put ERHC down as I have a bundle still, even divided by 100. I just think we would have been gone long ago if not for SEO.
He may not be tops or even on the forbes richest People....but in Africa he does have power and I didn't GAMBLE against him.
I don't know his next moves,but, I don't see him running away.
This is my positive view!
We are rowing semi-similar boats.
Midtier
I also agree with you on a number of things not disclosed. I was commenting mainly about The JDA JMC and things that were not wanted by those officials exposed. They are trying to protect the possibilities of future interest in the Zone. And the SNP AXC position now,which this "now"
has been aprox 6 years. Don't forget that the drilling reports along the way and plans etc. were all release by ERHC not the operator until later and we know there was no significant oil,and pitiful gas showing as well. I was disgusted the way funding through convertibles was handled, and We longs got especially screwed badly (if you had a high cost base,or not). THere are other management issues I don't like.I still do think that for a tiny company with no real revenue EVER, there must be some sort of clout allowing for acquiring assets.....not being laughed at or thrown out of the process.
So not happy here at all,can't sell at these prices(losses),still waiting for shareholder value ...which most would say that their positions have been severely harmed.
But I don't harp on this day after day .
Again Midtier
YES this is what I think regarding certain information that is sensitive to the Owning Nations. I know how long it has been and I don't like it.
BUT if my opinion is right and I have no reason to wain on this ,then It is a reasonable explanation that takes the assumed blame that you and others don't even seem to CONSIDER, and place it properly. There are no good reason for sensitive information that was sanctioned by appropriate government agencies to not be made public by the operators, unless maybe there is still a desire to keep Certain Operators hanging around for future Monies seen as possibly coming in the future,or other scenarios deemed Privately Sao tome and Nigeria.
Midtier
Do you really think that those specific news releases involving information concerning the governing Nations and their officials don't need to be sanctioned by them before they release the info for the companies to then release?
There are lawyers etc. and Oil and Mineral governors that peruse the wording and facts of those items as well as the impact on the the concerned Nations as to the validity and impact of releasing news. So YES I believe there are times that Nations will require either compliance with wording and sensitive information when it comes to sanctioning or non-sanctioning it to the public domain. SO IMO YES to your Question.
If you are so interested in this why not write to the JDA and post their response to you, as I know you would not taint their replies!!
Strat
There was a time limit that was set by SAO TOME and Nigerian officials and it has passed,without word of an extension. Now This(IMO) information is owned by the Joint development board and if THEY don't want that public then they won't sanction it(IMO they are the last word on this).
I don't have this info at hand ,but,after all the statements from the officials of the JDZ it is my opinion as to how this transpired. My Point is That it is the JDZ that has the sanctioning authority as to what gets released (after presentation and scrutiny) as is with Kurdistan etc. So they are the culprits not the companies .
All my opinion from my memories...lol
13 Jan 2016 Stock Order Entry - Step 1 of 3
Show Me
New Global Acreage Resources Ltd ( RAP.P ) CDN as of 13 Jan 2016 at 10:33 AM EST
Last Price Change Bid / Size Ask / Size High Low Volume
0.00 CAD 0.00 0.00 / 0 0.00 / 0 0.00 0.00 0
Listed in Canada
Free assets that have NO provable value except for the money spent on these assets to bring them closer to drilling. We know(just ask Middi..lol.)that right now pre drill those assets are unproven and so ....so far have little value. Free assets could be like free holes in doghnuts.
Just trying to temper the enthusiasm that is unwarranted at this time.A 1 for 100 share split is nothing to get all excited about.
Okay ...took off the Middi mask!...I'm long since year 2000 .....I have 3200% more shares then year 2009. It's hard to see the big picture after many years of looking through the centre of the doghnut and can't still taste it.
yes, except for that small 1 for 100 stock split.....free assets I think not,it has cost each and every one of us dearly...even for the dilution insurance takers(such as I).Dilution: the action of making something weaker in force, content, or value.
I'm still hoping for good exploration results,as,I don't expect there to be a tangible run up before drilling. This market environment and events triggering the oil slide globally,are extremely cautious and bearish.