ERHC Energy Inc (ERHE)

[vineseeker2]

H, Akpo drilled the first exploratory well in 2000, they are currently finishing the field development of 42 wells that are expected to produce 225,000 barrels per day, nine to ten years lated and something like five billion dollars. Two drill ships were working the last I read, both contracted to Total. This deep water development is a different timeframe. I got in in late 05 or early 06 when chevron anounced the drilling for Obo-1, a friend of mine had told me about this stock, but I didn't think there was any reason to buy in till they started drilling. I thought they would hit and my Erhe would skyrocket or be bought out once they got a drill ship to block 2-4 and found out exactly what they were seeing on the seismic, and what it ment. An old oil man once told me he only knew of one instrument that could tell you haw much oil was down in the ground, it was called a drill rig.
If total buys in I don't expect it will take as long to develop the JDZ, they have the experiance of Akpo & they have infastructure at Akpo. The time frame on these developments are still measured in years not weeks or even months. I bought again last week, twice and may scrape up some cash to buy more if the price stays down long enough, one thing I expect is the price will rise again and I will try and average my price per share down if I can. I still think there can be a buy out, but only after enough ducks fall into a row.
I have seen lots of shares change hands in the last week but I haven't seen a lack of buyers and I don't think those seven million shares were bought up by this board. We have only been a few months since our first well drilling in august of 09, hopefully we have a development in less than 8.5 years.