Saying there are overwhelming odds that ERHC finds oil is very misleading. They currently don't have enough money to drill the one well which is scheduled. As I have often stated, the odds of hitting oil in a single well in a virgin basin is about 25%. There is no guarantee that another well be drilled in Kenya let alone anywhere else if this one well is not successful. Where will the money come from? The MOU in the EEZ expired. The JDZ is dead with NO indication of activity other than in Block 1. And they have been trying for years to find a partner in Chad with no success.
And to make matters worse, In the two months between now and 9/6 convertible debentures in the amount of $242,500 become eligible for conversion. As we have seen in the past, this could result in 100's of millions of shares hitting the market. And how many more convertible debenture have been issued which we have not been told about between 3/31 and 6/30?
Combine that with a management who is trying to hide the outstanding share count. Trying to hide some of the terms of the debentures. Trying to hide the details of the convertible debenture with Chrome and trying to hide the issuance of numerous convertible debentures for months after they are issued. Also trying to hide the formation of new company involving current ERHC management. And what do you have? A stock trading under .004 with no real idea of which direction it will head now. Without news in the next month, I think I know which direction it will be heading.
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