The nice thing about the company going dark is that there's very little "fodder" for short sellers to make any kind of argument against the company.
Hence, the only data point left is the share price...and so that's what short sellers might use to weigh any disadvantages of owning ERHC.
But regardless of price...EMH doesn't work in illiquid stocks like ERHC.
Now certainly, it would be good to have some news...and we've waited a long time, but no one should conclude that there's anything wrong with the silence...
...the Company is humming along to the point that Ntephe can sit on the board of the chamber of commerce for all things oil exploration after COVID 19 in all of Africa...with no sign of bankruptcy.
And...quite frankly...the COVID 19 and the subsequent drop in oil prices is a very legitimate excuse for any delays that may have occurred.
That's not moving the goalposts...it is simply to be understanding that a sudden drop in oil prices due to COVID 19 would cause everyone in any such circumstance a bit of pause.
All good.
Remember that other companies have had gains of 20,000% or whatever the number that gets thrown around...other companies like Monster Beverage did. And no amount of "listen to the market" mumbo jumbo or EMH could stop the illiquid company of Monster Beverage from rising that much...it was a black swan event.
ERHC is very much a black swan event too. Very binary. Either we have plenty of oil in our "assets" or not. And that still remains to be seen and will ultimately drive the stock...either in a Total buy out, or through the 5% carries, etc. They will monetize this. It is only a matter of time.
And yes we've waited a lot...but look at the reasons why. It's not because management has been twiddling its thumbs. There was some real litigation by Kosmos and Total...and why? Because they know what these blocks are worth...and we should not lose sight of that. $500 million assessment by Kosmos? That's not some number pulled out of someone's rear end.
Krombacher
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