Meridian....I have a hard time believing you are as close to the scene as you state yet you don't know who Phil Nugent is in relation to the company???? Here is a bit of history:
Phil Nugent was brought into ERHC in an attempt to save it from a certain death. It was junk status and almost worthless when he was asked to help save the company. CEO Tirman had nearly gotton himself imprisoned in Sao Tome due to his announcment that officials had asked for bribe money to make deals go thru involving ERHC. Tirman, unaware of the normal business functions (bribery) of this 3'rd world nation....screwed up all the work James Callender had put together in developing Sao Tomes oil....STPetro which was to be 51% STP owned and 40% ERHC owned. Callender was very aware there was suspected large quantities of oil in Sao Tomes waters as his career was the oil business.
The company was rittled with lawsuits and it appeared to be headed nowhere but down down down! Bring in Phil Nugent. Phil Nugent came up with the theory of applying a JDZ...Joint Development Zone. He fathered this concept for Nigeria and Sao Tome as it was the disputed waters (now the JDZ) that appeared to hold the largest oil reserves as indicated by the seismic data. He authored a memoradum outlining the JDZ concept and gave it to his business aquaintance/friend, Sir Emeka Offor, who liked the idea and now had to sell the idea to the Nigeria and Sao Tome Presidents. Sir Emeka Offor sold the idea quickly to Obasanjo who took it to STP where President Travoado also bought into the concept. Sir Emeka Offor closed the deal with ERHC in February 2001 and bought control of ERHC for around $6 million USD. His cost at the time was around $.015 per share. The company was barely breathing at this time....and thru Phil Nugent and his bringing Sir Emeka Offor to the table it was given new life.
That said, I am extremely surprised you don't know of Phil Nugent and what he means to this company.
Jim Callender is to be credited with his believing in the great quantities of oil present. Phil Nugent is to be credited with the JDZ concept and his insight of bringing Sir Emeka Offor into the play. Without the political clout of Emeka Offor this co would not exist. We wouldn't be here today had these events not occurred.
This company has a fantastically interesting story behind it and many shareholders have ridden thru the many since negotiations, re-negotiations and all the political turmoil involved with the tiny nation of Sao Tome.
I was NEVER an Ali Memon fan. I lost money during his term with ERHC but I don't believe he was dishonest, a "wurm", or a non working CEO as you want the board to believe for some unkown reason.
My agenda is to make money as a vested shareholder of this company. I await yours?
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