TRY,
I like a lot of us here have been holdoing ERHC for well over 4 years. And like a lot of us I am underwater at present.
BUT, I know that once the drill bit starts turning we will see the SP appreciate rapidly. I keep trying to understand what it is a lot of posters want ERHC to do to promote the shareprice before drilling. In my opinion they need to hold on to as much cash as possible in order to take advantage or mitigate any issues that may arise during the initial drilling phase. No investment opportunity that comes across their desks could be as substantial as ERHC rights in the JDZ and EEZ. ANd in my opinion everything needs to be done to protect that investment, that is primary.
I understand that the waiting is frustrating but that is the price we have to pay. Let me just remind everyone how valuable ERHC's rights are and why they first and foremost must be protected.
If between Zones 2, 3 & 4 the operators find just 4 Billion barrels (which has a market value of just under a half trillion dollars), then That alone (using my conservative calculations) should push our share price to over $11.50/share.
From what I have been able to glean from the available information that has come out and pushing as much information as is available to my Seismic friends and relatives, the chances that we will find at least 4 to 5 billion recoverable barrels in the 3 zones (2,3 & 4) is extremely high. If as is hoped that number is more in the line of 12 to 14 billion barrels, then our share price shoots up over $30.
Granted we have a hard task, we have to wait. And all of us get caught up in the board and hope that some unbelievable news comes out on it. It has been a fairly bleak summer (as far a news), I have even started looking forward to Oily's silly prognostications.
Anyway that is my take on everything. Sorry for being so long winded. My advice to everyone is just wait, once we start drilling it will get very very exciting.
JMO - Bayfisher
PS: If anyone wants me to corroborate my numbers above just contact me.
