redwing, I stay in because of the assets. But what I really want to see, which I think would vastly improve the share price, is honesty from management.
Do you think Sinopec hasn't told ERHC what their plan is for the next drill in the JDZ? Do you really think that Sinopec doesn't know whether it will move forward or not 18 months after drilling 5 wells? Of course they know what they are going to do, but ERHC shareholders are kept in the dark. Has Sinopec decided to camp out until Total drills in block 1? Fine, what we need is honesty and less excuses and deception.
Don't you think a plan, even a preliminary one, laying out ERHC's course forward in the EEZ would generate interest in this stock? I think it would. Leaving the EEZ as an open ended festering wound is hurting the share price. Sao Tome has been frothing at the mouth to get their blocks drilled for years, why is this company blaming Sao Tome for the continuous delays? The blame game builds distrust. Tell us why it is taking so long and be honest about it.
Do you think sharing the bare minimum work requirements for the Chad blocks to have wells drilled within EIGHT years will cause investors to flock to ERHC? I don't. A detailed plan showing the company's goal forward, more aggressive than the bare minimum required, is what investors need to decide whether they are willing to put their hard earned money at risk. Since when does doing the absolute bare minimum set the bar for a CEO to claim success?
What about the AIM? There are MANY investors here that have been through the AIM listing process before... and with some pretty "seedy" companies, yet those companies managed to get listed in 5 months or less. What's the holdup? Why can't Peter Ntephe just be honest?
And the NSAI/CPR report... we have all seen communications from the company from over a year ago that updated reserves estimates were being worked on and would be announced. Now Peter Ntephe comes out and says that he contracted NSAI with doing the CPR and not updated an reserves report, not only a direct contradiction to what we have been told, complete B.S. because Strand Hanson cannot do a Competent Persons Report without and update of reserves, and by law the CPR is only valid for an AIM listing for 6 months. So what is the delay? It seems obvious because of the 6 month expiration date of any CPR that ERHC got screwed by the Sinopec extension... the AIM listing is toast until Sinopec moves forward and a reserves estimate can be done and the CPR released, but that is not what shareholders are being told.
We need honesty. Until we get it shareholders are going to complain and the share price will suffer. We can make a sound investment decision with honest management... period.
I have a teenager barking at me... excuse any typo's in the above!
When majority shareholders don't trade their stock, the price is set by the minority that do. Managements must satisfy the minority.
AI
