I agree 100%. Vanco and that crew don't seem to be in much of a hurry getting their holes drilled. If I remember right their daily rate is so low it's like they're getting the rig for free. Why not take your time.
For those who are spazzing about the AA I seriously doubt Addax would have drilled all 10 holes in the JDZ. Addax would have used several slots for their other obligations in the gulf.
It will be interesting to see what the meaning of the word "replaced" is. Does it mean that the AA is gone for good or does it mean that the 2009 drill slots originally meant for the AA have now gone to the Pathfinder?
I don't see why Addax would just dump the AA for good because by the time Vanco and company get done with the rig, Addax will be ready for round two. At $410,000 the price is right. The only way the AA will be dumped is if Addax is confident they can easily replace her in a timely manner.
Now I can't say I've never lost some serious amounts of cash in my life. Far from it. When I was 24 and stupid I lost all my cash because I had every peeeenney to my name in a bank in Oklahoma City that went belly up. Fast forward 20 years, I lost a little over $5 million in an afternoon over a little spat I had with a driller. One was a cost of doing business and the other was stupidity.
My question is.........How does a publicly listed company not know to check on the health of the banks that are holding their already limited assets? WOW! is that inexcusable! I don't think I'm being too harsh in saying that someone was a little derelick in their duties.
Hopefullly the lesson learned is that the cheapest help isn't always the best route to go. Usually you get what you pay for. It will be interesting to see if someone gets canned and which can will it be.
I think ERHC's future is competely up in the air right now and dependent on drilling results. If Sinopec and Addax hit a few nice gushers then ERHC will be snapped up in a heart beat. If the news is just so-so ERHC may go the acquisition route.
I am beginning to take seriously all their talk about acquistions. The presence of Mr. Bovell tells me they are ready either way they decide to go.
In 10 years ERHC could grow themselves into a nice juicy 100,000 - 200,000 bbl/day takeover target that would make us all proud.
In the end it's just a question of which super will end up with the JDZ. ERHC will have to go shallow or on land to have a chance to survive.
IMO SEO wants to dump ERHC and concentrate fully on his other assets but we will make a lot more money if ERHC sticks around for a while.
We'll see.
bsk
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