That's your opinion. IMO the prospectivity of the exploration blocks is far more important than the number of shares issued or the exact method of fund raising. ERHC always had to raise money for exploration, either selling shares or selling interest in the exploration blocks. The free ride in the JDZ was important at the time, but came at a high price in terms of the interest assigned.
they have not explained the prospectivity question and until seismic is done, they really have no clue. cvx found oil in block 1, snp found no oil according to erhc, so closeology is nota selling point with their track record.
If ERHC doesn't issue more shares and doesn't explore the assets, then those shares have little value. If they issue more shares, explore the blocks and find commercial oil, the shares have value. Pretty obvious. Remaining undiluted is of no benefit if it means not being able to explore for oil and forfeiting assets. Unless of course the only value is in the JDZ with its free carries. That is a risk factor certainly.
3 billion shares, they better find a lot of oil.
That is my clue that there may be only general outlines, as they clearly state "the company currently has no plans, proposals or arrangements".
typically compnies go to control sharehlder's to ask if they would be in agreement for such an arrangement, not really buying that one, but why bother to get approval with no plans? if i were the sec and i'm reading that, that would send off some bells.
tob, you can't have a vote on the rights offering with no details given, so people show up at the meeting and have no idea what they are voting on? they have to announce ahead of time some kind of details.
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