ERHC Energy Inc (ERHE)

[RubyMartin]

I Think Joe Shea Agrees With Walldog... Offor Is One Hell Of A Deal Maker.

(J.S.)
What is fascinaing is how incredibly agile Mr. Offor is when it comes to making deals. He had set his eye on two other non-JDZ blocks and won them, but was apparently persuaded by his JDZ partners at Addax to swap them for OPL 291 instead. The winning bid for OPL 291 was from India's ONGC, another crafty player, but ONGC couldn't pay the hefty $55 million licensing fee. Starcrest's's original partner in the bid for the two other blocks (collateral for the swap), Chinese Petroleum Corp., dropped out, and Offor tried to link with Sinopec, a government-owned Chinese company, but it couldn't make a quick decision and Offor replaced them with Addax. With Addax, he got the identical good deal he got from the Swiss driller in their JDZ partnership.

Once again, as other companies faltered, Offor seized the day and came out on top.

That has always been the pattern: In Blocks 2 and 3, he replaced Pioneer and Devon with Sinopec and Addax in a heartbeat. just as he'd earlier replaced Noble Energy with Addax in Block 4. The process, from the outside, looked seamless and brilliant; investors shocked by the Noble defection sold out, and the ERHE share price shot up almost instantly; the same occured in Blocks 2 and 3, with sharp price drops followed by sharp rises when the malefactors were replaced.