More thoughts:
Management....I am not one that thinks that investors can blame all of ERHC's misfortunes on management. The JDZ was a crap shoot based on siesmic data. Sinopec gave it what they believed to be their best shot. I'm not sure that Chevron, Exxon, Total, or anyone else would have done any better. And I'm not sure that any one of them would have drilled five wells like SNP did.
Things didn't work out like investors hoped and when the venture failed investors had to find someone to blame instead of dealing with the reality of the fact that it was just bad luck. SNP was probably devastated, the JDA was probably devastated, ERHC management was probably devastated, and SEO was probably devastated. But I doubt that they were all pointing fingers at someone else...or each other...or thinking that it was a conspiracy of some sort. It happens...things don't always go as hoped...especially in deep water drilling. Will there ever be more drilling? IMHO...not in my lifetime. Are there secret deals going on behind the scenes? I strongly doubt it. Why is SNP still holding on to these assets? Probably because no one else wants them. If someone offered them something for these assets they would probably dump them in a heartbeat IMHO. But who else wants to throw a hundred million dollars at another crap shoot? No takers as far as I know.
Management cannot assure investors of anything. They only provide opportunities for success...or failure. And they make decisions on the best ways to proceed...or exit. Investors make their own decisions and then must live with them. When an investment goes south we have only one person to blame...the person in the mirror. Even then we should know that we took the risk and therefore should be willing to handle the outcome. Some seem to think that they gamble their money and therefore deserve a handsome return. And if they don't get a handsome return it must me someone else's fault. It doesn't work that way. Some will probably never get a grip on that.
Assets....IMHO the only asset that stands a chance over the next few years is Kenya...and I wouldn't hold my breath on anything substantial enough to offset the tremendous number of shares outstanding in ERHE. Could the SP ever go to .20? Doubtful. But if so I would guess that it would only be speculation traders who would bail quickly on any run up...as they do now. News of a significant find could change things...but so could further dilutions.
Since any SP run from .055 to .08 are significant % increases I suppose that blind speculation trading is possible here but buying a million shares at .055 and trying to sell them at .08 could be tough. My guess is that one might be able to sell some at .08 then more at .075 and more at .07 etc. In the end, would it amount to enough to be worth the risk of sitting on a million shares if something goes wrong? Maybe...if it is only a very small amount of your portfolio and you can sit on it for a long time without worrying about it every day. But I have seen many here watching this daily...and posting endlessly...because they put their life savings into this and got caught severely underwater.
Investors that can actually make a difference do not post daily on message boards. They don't read them either. They don't need to. They know what to invest in...and what to avoid. And they do their own research and trust their own opinions.
To me this is not an investment. It's pure speculation for traders. In fact, I would guess that there are some that are trading this now in an attempt to recoup from their losses. And I would also guess that some of the traders are singing the praises of what a good investment this is...and dumping on any run up. That's called 'pump and dump'.
Many told me back in November and December that I was missing the boat. That I only had a narrow window of time to get back in for the prize run up. Once they get a partner it would be too late. Once they start drilling it would be too late. Once they find oil it will be too late. I said I was comfortable waiting for positive developments and was again told I would miss the boat. It's now April and I still haven't missed the boat.
Again, I don't know the final outcome here. Neither does anyone else. Those that claim to know the odds of the outcome are simply putting out opinions as if they are fact. I would guess that the SP fluctuations are between traders playing musical chairs. Someone wins...someone else loses. If ERHE was such a great investment why is it back to a nickle? Traders...that's why. Not investors.
Just my thoughts.
Badog
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