mr omro, thank you for your response.
I supposed you might have missed all the post between the Doc and ERHC's IR, Dan Keeney.
In their e-mail interchange it was confirmed that bio gas was found and no oil was found. When asked whether thermo gas was found or condensate was found, ERHC's IR danced around the issue, saying they don't comment on what was not found (although clearly they commented on oil, which was not found).
When ERHC's IR was pressed if when they say they don't comment on what wasn't found, does that mean that thermogas was not found, they would not confirm that thermogas was not found. From my eyes, that's double talk, and confirms to me and all of these shareholders with so many shares that thermogas was most likely found along with condensate. If shareholders trusted management at face value, then there would be no need to own shares at all in my opinion, and the share price would not be at 10x cash value.
The question then becomes was what was found either thermo gas or condensate, commercial or not? If SNP announces a Phase II, many will assume that that must mean commercial, although it could also just mean that SNP is trying to hold on to its rights "just in case" something commercial is found.
You say that it is easy to tell "from the mud log report within a couple of days of drilling". Let's assume momentarily that thermogas was found, could you then tell whether a well is commercial with just the mud log information? If not, that explains the 6 month extension. If yes, then the extension may have been for strategic reasons, which DK from ERHC has stated(to my recollection) that it is possible for SNP to have withheld the release of info for strategic reasons (as opposed to purely analysis ones).
Krombacher
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