Everyone has the right to have an opinion (no matter how wrong it is...lol). Everyone can also vent on a public message board.
My opinion is this: the share price of ERHE will reflect the future potential of the business of ERHE discounted by the level or risk times the amount of time.
ERHE is in the discovery and/or holding of rights to oil business. Until we have a near term solid drilling schedule, ERHE will not come close to the projections of either outside industry analysts or the armchair speculators of this board. Management can jump up and down and do cart wheels on the moon yet the oil and/or assets still have the same unknown value.
Once ERHE and their partners have a confirmed oil drilling rig heading for their blocks, nobody knows the exact time ERHE will confirm the quantity of oil they have rights too, therefore, time is unknown. In the oil business and especially around the Nigerian neck of the woods, there will always be a level of risk from lawsuits, change of political strongholds, potential of somebody attacking them (although I give very very low risk to this) which means the level of risk is unknown. And finally, since ERHE or their partners have not punched the first hole in the ocean floor yet, the quantity of oil is unknown.
What we have here is an equation of unknowns (oil, risk and time) therefore we have pure speculation.
I see my glass (shares of ERHE) as more than half full, albeit a little blurry and out of reach right now. I am very confident that at some point in time, ERHE via partners will find commercial quantities of oil with very secure rights to them (lawsuits without merit and STP politicians without legal recourse to their yells of unfairness for past signed deals). The clearest time frame we have is from the signed agreement for the Aban Abraham which due to delays is now predicted to be somewhere near mid year 2009 (with potential for more delays).
I look forward to the day when the three parts to our equation become known (or at least the time and quantity of oil). I feel confident that we currently have a qualified management team doing responsible management of our resources while we wait out the time neccessary to get our destined oil rig. Once we have firmed up value of our assets, then I will begin to evaluate how management is doing on getting our share price close to that value.
Good luck all.
