Here's some thoughts. Baring any great PR's, which is always a big if, I expected the price to drop to half a cent, although I thought it would be in March, not February. Now I have to lower my expectations for March!
I don't see how the current oil price is bad for ERHC, in fact it's great! Here's why: The day rate for deep water rigs has dropped in half, the rates for exploring on land have also dropped. ERHC is in the oil exploration business, not the oil production business. So, our cost structure has been almost cut in half. The income side of the equation is off in the future somewhere if and when we sell our leases so can be discounted, whereas the cost side is here and now.
Another benefit is what investment dollars remain are are being re-deployed to among other locations, East Africa and Chad. It should be just a matter of putting up a net and snagging some of those dollars. OK, maybe that's a little to simplistic but the point is, money is on the move and coming our direction... go get it!
Sure, there are some very strange conundrums going on as to why we don't have investment yet. It seems to be taking an awfully long time. Unacceptable, I'd say. But the jury is still out. If I hadn't been averaging down, I hesitate to think what my accounts would be worth now. Let's see, if I do the math, under $2,000 and effectively I'd be bankrupt in terms of my investments. Not nice at all. I do hope that my logic is sound and investment in our company is coming very soon and on good terms.
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