SSC,
Why is it your personal vendetta to argue with all posters on their "valuation POV". If anyone has an optimistic valuation you immediate attack their credibility.
Three things to keep in mind:
a) None of us have any idea what or how much Oil is down there, especially when you consider all four of the zones either drilled or being drilled (1, 2, 3 &4). But according to initial survey estimates it could be as much as 14.4 Billion recoverable across zones 1, 2, 3& 4.
2) The Chinese have demonstrated that they are more than prepared to pay whatever it takes to control their energy future. They have elevated the price for known reserves from above $10 to maybe as much as $15/barrel. Go back and look at the purchase price of the Jubilee field to verify.
3) Can you somehow quantify the potential of ERHC's ownership in zones 5, 6 in the JDZ as well as ERHC's major percentage ownership in two zones (of ERHC's choosing) in the EEZ? As a former commodity trader I have always said their is value in Optionality, the same goes for the oil field, "their is value in prospectively". And if the Chinese believe that the potential for oil is there why would they not make an offer for the package as a whole based on that belief. From a sheer prospectively ERHC is the Chinese best deal. Why would they not pay a premium to get it and to get the advantage of SEO’s connections in both Nigeria and Sao Tome?
Somehow you conveniently or deliberately forget to look at the package as a hole when you start bashing the credibility of any poster that throws up a number higher than your $1 to $2 a share number.
I am not saying I know what the value should be or that anyone here knows that number is. Nor do I or anyone here know what the Chinese or even a US Oil Company may be willing to pay to have the right to own and prospect for the oil in the GOG. None of us do, but we all have the right to discuss it and look at whatever facts we may think we have without a basher discrediting our credibility.
You are beginning to look like a basher. The only new wrinkle here is that the current breed of basher (that would be you) is now bashing our stock at the 1 to 2 dollar level.
That is a significant improvement of where you and your kind were 12 months ago.
Just in my humble opinion, of course.
BayFisher
