The 5 non-commercial wells were drilled years ago. Since that time ERHC has acquired new blocks in Chad and Kenya and gotten clearance on the investigations. Yet the share price is still in the toilet. To me there is only one reason for that. The market DOES NOT trust this management to get the job done. They want to see someone who has the staff, the technical ability and the finances to explore these blocks instead of a company that has no experience exploring for anything. Combine that with having no maoney to drill wells, no JV partner to help out and a plan to raise capital which will almost certainly cause significant dilution and it is obvious why the share price is still where it is. And it ain't because of the previous drilling disappointments.
I agree that that the share price initially went down because of the non-commercial wells. But it certainly IS NOT what has driven it down even farther and it is not what is keeping us at this share price now.
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