Electick-I tend to agree with you. here is a re-post from me with my opinions on the subject (FWIW on a slow Saturday).
Rheddle.
Re Elecktic, if the issue is your non-trust of his info than that is a separate issue. I for one trust him and the info he has provided re WB and some of the in-house problems.
Re Offor and his presence as a hindrance to Major co's wanting to buy-in/out ERHC, i feel he is correct. Of course it must be recognized that Offor is an amazingly talented and shrewd businessman who performed miracles with ERHC. Noone denies that and that is also why noone denies his right to make billions of dollars or whatever he ends up with, short or long-term.
With that said, the ERHC is on the threshold of performing great things in the JDZ and EEZ for not only itself, but many others. ERHC is the Keystone of the JDZ/EEZ IMO. Offor is the reason they are the keystone; HOWEVER, a transition of sorts is in the works-a very necessary transition. The JDZ cannot see its full potential without the involvement of the major oil co's. Its about the technology and the big bos have it. Sure AXC and SNP have expertise, but nothing like CVX, XOM, BP, Shell and others.
These companies, especially the American ones are and will be careful about entering into any alliances involving ERHC for good reasons. It comes down to control and liability. THEY need the ability to make the business decisions and can't be dependant on getting the ok from Offor. They also need to be careful about allegations of corruption and local political issues. The JDZ has to be above reproach imo forthe big guys to get involved. IMO, they will not, and probably cannot buy into ERHC while Offor is in a highly influential position, be that as a large shareholder, or in a management capacity or even as a member of the BOD for ERHC. Just too risky for them from a local perspective and especially re the FCPA.
A while back ERHC did a lot of financial restructuring and Offor I believe reduced his declared ownerdhip interests to around 43% I think. Other changes were also made re accounting standards and the composition of the BOD. I and others were convinced at the time that much of this was done eiither for preparation for listing on another exchange and/or to make the co look more attractive for a buy-in/out.
These were all positive events and remain so. To truly be attractive to the Majors, more must now be done.
I'm rambling on, but in some, I have great respect and admiration for Offor and would be honored to shake his hand and hopefully be able at some point in time to thank him for changing my life. I also however recognize that a new dimension is awaiting ERHC and while he should certainly be a part of it, he no longer can take the co to the next level that it needs to go.
This is all JMHO of course. Sorry for the long post.
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