Thanks Mike, that is what I had seen before. I think that it was not indicating any firm number but that someone was going to have to cross the $10 threshold to even talk sale.
My opinion has always been that a sale is on the table because no outcome is ruled out. SEO thinks he will make more by holding through development he will, but there is the time value of money. Somewhere there is a price that would sell us off tomorrow, the question is wheather anyone is willing to pay it. I also believe that price is not static, these five wells have surely changed it. I hope up, but intill we get drilling results who, besides SEO can tell. I think $10.00 is a good round number that would REALLY effect my bottom line, but we won't know till someone hits it. Someone a few months ago said their guesstament was $27.75.
I never thought there would be a pre drill butout, too many uncertanties for what ever price SEO would accept. There are chinese in prision or dead for making deals like that. Even with five wells drilled there is the fate of block 5 & 6 and our two 15% EEZ blocks and there is no EEZ production agreement yet. Everything that falls into place helps define what that price is, my hope is that we find out some of the unknowns and they start being reflected in our stock price. My personal feeling is that the new oil law, the marginal field initative and the delta truce have all changed the playing field and SEO can see ways to profit from all of them.
When I decided to invest in ERHC is was because of this situation not in spite of it, I don't care if SEO makes himself another 6 billion, as long as he make me proportinately wealthy. I'll settle for three or four dollars a share, I'll happily settle for four to six per share, I'll be estatic at $10.00 and run out of ways to express my happiness at $27.75.
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