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Wednesday, November 26, 2014 4:24:26 PM
Doc, I can’t speculate about what ERHC may be considering regarding the future of any particular holding, but I can say that the Board and management continuously consider the strategic importance of its various assets and they take action (or don’t) based on those evaluations. The most recent disclosure from ERHC about its Oando holding came in the Q3 2014 10-Q:
INVESTMENT IN OANDO ENERGY RESOURCES (FORMERLY EXILE RESOURCES)
During the three months ended June 30, 2011, ERHC invested $1,350,000 in Exile Resources Inc, a company listed on the Toronto Stock Exchange (Ventures Exchange) stock in open market purchases. ERHC's intention was to gain an indirect interest in Exile's underlying oil and gas exploration and production assets as well as the ability to participate in Exile's decision making in respect of those assets. ERHC was particularly interested in Exile's carried interest in the proven Akepo field in the Niger Delta.
In July 2011, Oando Petroleum and Exploration Company ("Oando Petroleum") commenced a reverse takeover ("RTO") of Exile Resources. In July 2012, Exile announced the completion of the RTO by Oando Petroleum and the change of name of the resultant company to Oando Energy Resources Inc, ("Oando Energy"). It also announced the listing of the company's shares under the symbol "OER" on the Toronto Stock Exchange (TSX) and commencement of trading in the shares on the TSX from July 30, 2012.
As a result of the RTO, ERHC now holds 418,889 shares in the common stock of Oando Energy. ERHC also holds warrants for 418,889 common shares exercisable within 24 months of the closing of the RTO at Cdn$2.00 per share.
Additionally, the following was in a shareholder update issued in July 2014, prior to the completion of Oando’s acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips:
Oando Energy Resources Investment
ERHC holds a small stake in Oando Energy Resources (TSX:OER) as a result of a strategic investment in Exile Resources, which was later acquired by OER.
Management is closely monitoring the Company's holding following consent of the Minister of Petroleum in Nigeria for OER's acquisition of the Nigerian Upstream Oil and Gas Business of ConocoPhillips.
It is possible that if completed, the acquisition may have a positive impact on OER's market valuation and, therefore, ERHC's holding.
You can learn more about Oando Energy Resources at http://www.oandoplc.com.
Sincerely,
Daniel Keeney, APR
DPK Public Relations
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