Hopefully, soon we will finally have something concrete to place our wobbly legs on. Yeah, I actually have 10,000 shares at 91¢. I have bought at all different prices (and sold some at different prices thank GOD!). My average price is now 35¢. I have been told that "averaging down" is stupid. But the truth is, I have seen this stock run from the teens to 90¢ twice over the last 7 years. And guess what? I don't think it will be too much different this time, assuming we can get a well drilling. A lot is going to hinge on what we had to give up to entice the farm-in. But if they make a discovery well out of it all, we will be in the money.
I have property in the Eagle Ford shale play of South Texas and follow it closely. EOG (the operator)claims each of their wells will produce $400-500 million over their lifetime and costs $6 million to drill. They use 40 acre spacing, so you can do the math. (I don't know the conversion from acres to square kilometers, but I think we are sitting on an incredibly rich asset.)
The ERHE shareholders got hammered by unexpected results from the JDE drilling campaign. Initially we were told that the findings were of the type and amounts expected. Now we find that was a lie, and it explains the share price plunge. Thank goodness they had the intellect and foresight to move into Chad and Kenya. So we have new-found hope!
Good luck to us all.
Steel
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