If you think about how oil/condensate is formed, through millions of years of organic matter falling to the sea floor and being covered by millions more years of silt, you have to ask yourself... did the organic matter only fall on AKPO a few kilometers to the north?
Of course not!
There's liquid gold in the JDZ and plenty of it, we just have a partner that is trying to screw us into oblivion for their own gain. That's why I'm so ticked off that Ntephe didn't have a sustainable plan B prepared, ESPECIALLY after Sinopec bought Addax. Our Chinese "partners" own the news flow of blocks 2-4 now, and I pointed that out to Ntephe over two years ago. Sinopec is not our friend, I think that is evident as we choke on our 15 cent share price.
Maybe Offor/Ntephe "trusted" Sinopec, I don't know, but my fears from 2 years ago have been realized full force, and the timing of that could not be worse for me as my youngest heads off to college this Fall. To say that I'm disappointed and angry with management is the pinnacle of understatement. They were told the Chinese were aligning to choke out the little guys and they did nothing to prepare for it.
That is totally unacceptable, yet even after it all became clear how screwed ERHC was, the Board made Offor's unprepared puppet permanent. That is a disgrace. This company has no trustworthy corporate governance to give the market reassurance that we aren't going to see more of the same.
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