Good post BB...
"and for those not wary enough to note that drilling in ERHC's blocks has not occured yet"
That's the monkey wrench that stops the whole machine, IMO. ERHC is an asset play. It has no business, no revenue, and no earnings. It has drilling rights, nothing more.
The value of ERHC's assets are only slightly higher for a motivated buyer than what was paid for them years ago. There has been no change in the amount of oil below, unless you factor in the NSAI report which indicates a small fraction of what was thought when the bids were placed. There is no change in the amount of risk get the oil.
ERHC Energy is today what it was 3 years ago, it is a collection of drilling rights. *IF* it gets taken out before drilling the only ones that will be happy will be the daytraders that were only looking for a small gain anyway.
I find comfort in the fact that Offor didn't sell a single share on the 3 previous runs towards a buck. That tells me he wants more... which clearly indicates there will be no deal before drilling. It simply doesn't pencil out, even after eating whacky mushrooms!
Addax didn't even pay a premium for Exxon's block 1 rights, and that was after oil was found! Why on earth do people think they will pay billions for ERHE's rights? It's lunacy!
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