ERHC, ERHE - Presently 'ERHC Energy Company' & ticker ERHE ! - CONFUSED ??
Even Scared ?????????
IMO, Yes, give this some time...........
Just that ''one line'' might confuse even the most cunning investor trying to DD this (our) Co.; for starters !
So, even prior to start with the ''basics'' a New Investor has to realise that it's the same Co. that ''used to'' hv the ticker of ERHC, now ERHE, but the latter STILL has the ''name of the EARLIER ticker'' in the New Name of the Co. i.e. ERHC Energy (BB:ERHE).
NEXT :
They see that there is a Nigerian Connection, as was my FIRST reaction and why I didn't get in before 37 cents. But, doing my DD, I saw that it was a legitimate Co. registered in The U.S. and subject to SEC Regulations (not that being monitored by the SEC is of much comfort, at all); hwvr, I ''saw the potential'' and started my more serious DD.
At, ANY, stage of doing DD on this Co. REQUIRES that you have a FULL understanding of, at least some, of the following:
The history, prior to, the establishment of the Zones; (JDZ & EEZ) [These abbreviations stands for: Joint Development Zone, between Nigeria and Sao Tome and Principe JDZ & the Exclusive Economic Zone EEZ of Sao Tome and Principe]. Again, that alone, as seen in many posts over the years, must NOT be confused with another EEZ (Economic Exclusive Zone, the Nigerian one). See how people mix EEZ of Nigeria and that of STP !!
Sao Tome and Principe, with 150K souls didn't know squat abt. Oil and gas, Offshore; nor on the Island, which was also tested with drilling.
(Intermission here, there was the ELL guys in the picture here, but I don't hv the memory nor effort to go into that now, but this shady guy with a Russian name etc.)
ERHE and Mr. Offor, was INSTRUMENTAL, (whilst at the time under a different name) to SECURE an International Agreement between Nigeria and Sao Tome and Principe, over a DISPUTED BOUNDARY Offshore, between the 2 Countries. (Norway have negotiated with USSR; now Russia, for more than 30 years in the Barents Sea, and although we discovered a SPY who was convicted; well, we still don't have an agreement with Russia, TODAY) !!
Food for thought, we're supposed to be a Sophisticated western Country lol
Furthermore, seismic was made, at NO cost to Sao Tome and Principe, but on the cost of the seismic Cos, Western Geco and PGS etc. (which was customary at the time, the seismic Cos ''shot'' seismic on their own account, believing they wud sell it later) As a side note, this ''practise'' nearly killed PGS as a Co., but not by it's own !!
STP, got, by the help of ERHE, an International Recognised Agreement of the Offshore Areas, between Nigeria and themselves. Furthermore, seismic, which is a MUST for exploration activity, was done, at NO cost. In return, hwvr, certain Rights to acreage was given; and that's been through, I think, now, 3 Arbitration's.........Final
Then you have to look at the Political situation, and with a Coup d´état in the mix, WHO as an investor would not shy away, just, at that ?????? (Similar situation happened ''close'' in Equatorial Guinea, the son of Margaret Thatcher, on trial in South Africa).
If your still ON; and not put off more DD in ERHE, still doing more DD, what's next ?
Outstanding shares, dilution, shady deals with a Nigerian Bank (not Internationally known) and transfer of shares. Then, Mr. Offor owns Chrome Energy, a Nigerian Enterprise with political ties; but with no experience with Deep Sea Offshore Exploration; just a local dredging firm + some yards doing piping and stuff.....
If your still ON, and continue yr DD, you find that there are several other issues, but I'm now to tired to cover it all. Geez, what a Marathon this has been, over 3 LONG YEARS.
I've DONE MY OWN DD, together with many others, BUT, this was just to SHOW what NEW INVESTORS are BEING CHALLENGED WITH.......
How often don't we see, hey guys look at this Co. (OTC: XXXX) only Y shares float and ......... BUT, do your own DD !!
Imagine, I've TRIED, with the above, to put myself in the situation of a New Investor TODAY wondering what's THIS ALL ABOUT, WITHOUT the knowledge I personally possess.
Quite frankly, with ALL OF THE ABOVE, plus being TOLD that ERHE have scooped XOM and SECURED the MOST IMPORTANT OIL AND GAS ACREAGE THAT EXISTS TODAY ON THE GLOBE, Sweat Crude; and Offshore just across the Pond of US of A, and XOM pulled out.
WOULD YOU HAVE BELIEVED THEM ???? I wouldn't; IF I didn't know BETTER.
I stick to my shares VERY LONG TERM........This is HISTORY in the MAKING and I look forward to travel to STP's future Hotel and SPA resorts with my wife, upon retirement.
Have a nice w/end all..........
AI
