ERHC Energy Inc (ERHE)

[oilman57]

My last post of the day. Someone on RB just mentioned that he thought it was bad that XOM decided not to exercise. As if to imply that Exxon wasnt interested because the prospects for oil weren't good enough.

I couldn't disagree more. Exxon has been fighting tooth and nail to get an operatorship. The reason IMO that they didnt exercise their options is because they did not want to participate in a block unless they were the ones running the show.

If they didnt think this area was of high strategic importance they would have folded up their tents and went home a long time ago. They wouldnt have scheduled emergency meetings in Abuja and brought a large team of management heavyweights to try and negotiate their way back into an operatorship. They wouldnt have asked for more time and an extension of the deadline if they were not interested.

Things just didnt go according to their liking IMO so they decided not to participate. They could see the writing on the wall so they bailed. And that is fine with meThey are in Block 1 so they are Chevron's problem, not ours.

Of course this is all IMHO.