They should have done it before the JDZ was drilled. But even doing it after would have been preferable to blowing all the money on nothing. It would be over except for the fact that the same people who made all those foolish blunders and awful decisions are still running ERHC. WHY?
Almost everything they have done since the JDZ has been an unmitigated disaster. A failed AIM listing, A failed rights offering. A terrible farmout deal with CEPSA causing them to owe millions and drill only one well. A total screw up with the IRS audit. Chad has been worthless. No real progress in the EEZ. They spent all the money ERHC had and then issued highly toxic convertible debt that diluted shareholders into oblivion and drove the share price to .0001. And we are supposed to congratulate Ntephe and Deloitte and call what they have done to this company some sort of accomplishment? I don't think so.
Ntephe did one good thing. Got the Kenya block. Then he blew that by doing an awful deal with CEPSA that leaves ERHC owing millions. And by the way, Ntephe only got that block because Camac backed out at the last minute and ERHC was the only one left that had shown interest. And that is a fact.
So, no I won't let it go until Ntephe and Odobulu are gone. They've had multiple chances and blown them all. When do you think it will be time to try someone else? At this point it might be too late. And FYI Deloitte has not done a damn thing either. Name one if you can. I used to work for Deloitte Touche. They're a great company. But even they couldn't put lipstick on a pig that been run this poorly.
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