ARE WE THERE YET? As a little child might ask, lol.
Well, for all those people with there noses bent out of shape the past few weeks, you got what you wanted. News! Management enlightened you with the information they had. It turns out, they weren’t holding on to any secrets. It’s pretty much what we already knew. But I hope all those complaining feel better now. You can now apologize to management because they really were doing the right thing by keeping silent until there was relevant news to share. It was the board rumor mongers that whipped many into a frenzy about how much “in the dark” management was keeping us and that our share price would rocket if only they would tell us what was going on.
Guess what, the investment world now knows what has already been written about in industry rags. Sinopec expects to drill using the Sedco in about the 3rd week in August. You can tell by the surge in volume and share price, the value of this information as it is.
Don't get me wrong. I am glad ERHE did a mini “state of the union” PR and I am happy the share price is not drifting lower for the time being. I just feel ERHE could have remained quiet for another two weeks or so and all shareholders would have benefited more from the exact same PR, strictly from the timing. ERHE may have more specific details to release in two more weeks that would provide a much better bump in share price such as the current location of both drilling rigs (which will likely be in route in two weeks or anchoring in position etc.) or a precise drilling start date. That kind of information does not warrant a PR on its own and would be a waste of company capital. With the PR from yesterday, it is now possible we won't hear any news until drilling results (or significant block 3 news, if there is any). ERHE has essentially disclosed the beginning drilling news for both block 2 & 4 and therefore won't have "material" type news to release until results are known.
In the long run, it won’t really matter as I am holding for ERHE to be valued on its reserves. It still will be very exciting over the next three months as multiple drilling rigs begin to unearth the treasures from below (again hoping…). I am sure many here will find other things to complain about as we get closer and we are due for another round of bashers to hold the price down until results are known, lol.
It’s going to be a bumpy road to the top of this mountain. Enjoy the ride along the way.
Good luck to all.
