ERHC, changes I'd like to see implemented so that this company becomes a major player and a worthy investment. These would also greatly facilitate moving ERHC out of OTC and onto one of the big boards, something that's way overdue.
1 - Continue and accelerate the hiring of people who are competent and experienced in the oil/gas industry. Memnon was - hopefully - a first good step, now we need to have him surrounded by high-level management that can earn both the industry and THE SHAREHOLDERS's trust right off the bat. What will need to be done once blocks 2, 4 and possibly others are officially awarded - which could be any time now - is A LOT of work, much more than a single qualified person can handle.
2 - Stop issuance of shares of company common stock to pay for all kinds of "services," debt conversion, interests, etc. It's not illegal but it's bad for the books and it does not generate any kind of trust among investors. Is Emeka Offor really a billionaire? If he is, he needs to understand that such small-time practices are not good for the company, neither are they for his image! ERHC is already worth billions and has no business being in the red at this point.
3 - Significant improvement in Investor's Relationships. No I'm not talking about systematically replying to each and every inquiry, be it by email or by phone (although that would be nice, it's just called being professional), I'm talking about instituting NOW a policy of more frequent, informative Press Releases that let us know where the company is and just SHOW MORE RESPECT FOR THE INVESTOR. We need a middle-ground approach between the childish "wow, The Great Man always underhypes and overdelivers" and Barry Morgan's shady insider-type articles to get our information. Offor is a skilled "card player" and a patient man, which is very good for ERHC's future, but he must realize that he cannot do it alone. Demonstrating that he considers investors, including Institutional Investors, partners in this endeavor would also stabilize the price and eventually be very good for his own pocket book. Let's do the math for a minute, even at a mere $4 - which is where I believe the price should be within 6 to 12 months - his 300 million shares are worth well over one billion dollars (and he might own more...) Fast forward 3 to 5 years and IF by then big players, fund managers, publications, etc. have come to respect the company and its success in the JDZ and EEZ, oil will be extracted and the PPS could then easily be in the $20-50 range...
4 - Not underestimate the power of oil's big dogs and their respective governments' servants/accolytes. Memnon, ERHC, new CEO, was apparently spotted having dinner at a Houston restaurant a few weeks ago with no less than Exxon Mobil's second in command. Now we know that XOM got a fairly good deal out of block 1 but also really screwed up while bidding for the others, so why would they want to meet with teeny-weensy ERHC now, and why would they want to do so not in their corporate offices but in private? Whether they seek a JV with ERHC or have darker intents, great caution is in order. Offor and Obasanjo have big leverage in Africa but the likes of XOM have huge leverage on the geo-political- military WORLD scene!
5 - Display full transparency in its books and in its dealings with the various forces at play (legitimacy does not only come from awards of oil rights in Ocean blocks...)
6 - Develop more JVs and other such agreements with reputable companies like Pioneer and Noble Energy, and even with XOM and such if needed, as long as it doesn't turn our initial, hard-won rights into just a few percentage points of the overall profits to be made. This is the kind of move that will go a long way towards establishing ERHC's profile and REPUTATION.
7 - Change Environmental Remediation Holding Corp to a name that is shorter and more representative of ERHC's core business.
Thoughts and constructive criticism on the above are welcome, including from RB longs.
