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Re: None

Monday, 12/12/2005 5:32:36 PM

Monday, December 12, 2005 5:32:36 PM

Post# of 353423
Just another day in the life of little ol' ERHC/ERHE OTC:BB!

What's that saying? "Much a do about nothing"

I personally think that what simply occurred is STP trying to posture to renegotiate the EEZ rights with ERHE. Threaten a law suit (which they already lost in an international court) or investigation. Unfortunately, I think this Zoe reporter was a little over zealous of the news. Joe's infamous blog also overstepped his 'opinion' (yeah, Nigeria is just going to take over the JDZ...let's wait to see if Joe is right on this one, not). Panic selling takes hold and zowee (no relation to Zoe) the price hits a new 52 week low.

In reality, Zoe's first article about this (12/9/05) has more merit. The STP president basically came out and said, the investigation is over, the recommendation is coming. We (STP) can not void the second round without Nigeria, therefore it goes forward (for those weak at heart, please reread and understand what is being said here). Politically, the President of STP did the right thing. He gave merit to the arguments from his political foes by stating “some irregularities were found”, thus taking away this argument in the next election. He then publicly says “that is not right” but he can't stop it himself. When awards, PSC signings, etc. go forward (most likely this month in my opinion), he becomes a hero for bringing in all that signature money which is long overdue. Today, The STP President simply followed through with the recommendation of the failed investigation, which basically said, STP should request the SEC look into this whole mess (basically, old, already known, wrong doings by many involved in international oil negotiations which have already been publicized and corrected as much as likely possible). Again, the STP President knows this won't likely go anywhere to stop the current round, but he looks good to his biggest nay Sayers’ on the island, screaming of corruption.

The irony is that it wouldn't surprise me one bit if the PSC get signed and publicized within the next two weeks with both the President of STP and Nigeria shaking hands and smiling for the cameras.



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