Strass and other finger pointers.....
Although I am not thrilled at the current share price of ERHE or the amount of progress being made in the JDZ, I also think you are only focusing on negatives and trying to find someone to blame why you are not rich right now.
You said JCG has done nothing to date. I disagree. Addax signed on with ERHE for the JDZ. They then agreed to jointly work all current blocks with ERHE. They then successfully agreed to and signed the PSC with the JDZ. They then paid both the JDZ the signing bonus' and ERHE their fee on schedule. They then worked jointly with Sinopec to find, negotiate and sign a contract for a deep water drilling rig in the AA. This is progress whether you forgot about it or decided it was not worthy is your own opinion but it is progress.
The delays in the AA and the current world wide economic upheaval that we are in are not the fault of JCG.
I wish the AA was already drilling in the JDZ just like we all thought it would when we first signed the contract for her. I wish Addax would have successfully negotiated and signed for another ROO. I wish the oil prices were at least $50+ per barrel. I wish the stock market and home prices would rebound. I wish ERHE stock price was over $5 per share. But this is not the reality we are in right now.
It really doesn't matter what we all wish for (although it is healthy to think positively) or what our past failed expectations were. It is, however, important what actions we continue to see from Addax and ERHE as we move forward. These actions will create the future price for ERHE shares and be the determining factor for how long each of us decide to hold on to our investment in ERHE.
I do agree with you that JCG has not been as successful as we all had hoped and I am not singing praises for what he has done but I will give him credit for positive movement forward. Right now, I am feeling very fortunate that there is a JDZ contractual deadline out there (2010) for beginning drilling because if nothing else, this will hold JCG’s hand to the fire to get something going or he will be held accountable to that date.
When I originally invested in ERHE (I think 2001), I never thought it would take this long for the amount of progress we have made and I likely would have never invested had this been my expectations. But I do constantly re-evaluate this and many other investment decisions and make the appropriate adjustments. I still judge the ERHE investment to be a very positive Risk/Reward opportunity as we stand today.
The reality of this investment is that I view the downside risk being very limited here with low likelihood of much further downward pressure. Primarily due to zero debt; minimal employees; cash in the bank for years of current burn rate; excellent legal representation; stellar track record for maintaining the amount of rights they currently have through world court; and the perceived future value of their current prospects (if they can only drill to prove). With the March 2010 looming deadline, this should provide enough pressure for action to be taken in 2009 and I fully expect upward pressure on the stock price sometime this year as a result. For my high risk investment money, ERHE is still an attractive bargain (IMHO).
Good luck all.
