Wednesday, February 09, 2005

ERHC Flutters Downward

Fluttering steadily lower like a wounded bird, ERHC has resumed its fall today as investors grown weary of delays in the announcement of block awards take recent profits and move to the sidelines. In a third lackluster day of trading, the stock has fallen $0.014 to $0.481 at 10:13am EST.

Volume was a modest 121,500 shares, mostly at the bid of $0.481.

There was still no sign from the Nigeria-Sao Tome and Principe Joint Development Authority (JDA) that any near-terms awards are being contemplated until Exxon Mobil, apparently unfettered by any deadline, exercises its preferential rights to 25 percent of Blocks 2 and 4 in the Joint Development Zone (JDZ).

12 comments:

Anonymous said...

This could be the reason Joe
Subject: ********UPDATE********* from EF
Looks like at least 1-2 weeks more still

I finally spoke to one of my most senior contacts in the JDA. He was
playfully avoiding my direct awards questions, & finally told me, he
was pleased that there finally... has been traction in culminating
the Second round. Official anouncements will more than likely happen
in the next week or so, & I may even be surprised at how quickly
these anouncements happen. After this call I got several different
new JMC meeting dates from 3-4 different sources I use to confirm
information. It looks like this thing is finally coming to a head...

Anonymous said...

Joe, get ready to start pumping again. You've done your best to drive the price down. Good news really is coming soon. REALLY GOOD NEWS. ERHC will win all 3 blocks. You are shameless.

Anonymous said...

We have heard predictions of block wins and block awards too many times to mention and none have come true. Nothing is a certainty until awards are announced. It is just idle speculation.

ArtK2004 said...

Joe you do appear to have an ERHC put down agenda the past couple of days.

You have not referred to the Swinging K post that awards could come within 1-2 weeks.

The JDA has said that they expect Exxon to respond within one week of being notiffied, so the Ali Memon quote was misintrepeted. Memon correclty stated that he knew of no 30 day clock running on Exxon as they had not been notified yet.

It was not meant to allude to any indefinite period of time for dalays.

According to today's posts announcments are to be soon.

Why don't you feature that?

Hope you have repurchased any shares that you sold.

Anonymous said...

Swinging's contacts have been wrong before. How many times have awards been expected only to have them not come true. So why post the latest rumour this time. They will change in a week or so anyway. Joe should stick to publishing real information from real articles and stay away from the rumour mill. He should also refrain from predictions about share price. It cheapens the integrity of his site. I stopped reading RB long ago and hope Joe's site doesnt turn into another RB.

Anonymous said...

It didn't bother Joe to print upbeat rumors before when he was beating the drum. Joe's tone is obvious and predictable. he's been negative for the past few days and he'll start puming again soon. I'm sure if enough complains sec will investigate him.

Timmer said...

Hi Joe,
Your coverage of ERHC events is excellent! You've got to be a dedicated man to keep on doing the good work
despite all of the uncertainty and the ups and downs of this thing.
My background very much like yours! Lived on an ancient farm (1735) in N.H. a lot of my life. Now reside in Marietta, Ga.
Will be a dull world when we all have our money and no longer have Nigeria to face each morning. Long live dullness!!
Keep up the great work, Timmer

Anonymous said...

Light volume and low share price certainly dont speak of news anytime soon. Maybe they are really keeping a lid on any leaks over at the JDA and will spring a surprise announcement on us.

...Joe Shea said...

Timmer, I grew up in Marietta, too! Went to St. Joseph's Elementary there and worked on Ramblo'er Farm for the Bentleys when I was young kid - $2 a week during the school year and $5 a week all summer! Many thanks for your kind comments.

PS: To those who asked, since the selloff didn't amount to much, I didn't sell anything. I am generally wary f Swinging ---K's posts. You may remember he said the PSC was already signed way back in January, when it wasn't signed at all for several weeks later. I am hoping for good news, too, but you can't turn a sow's ear into a silk purse without some block awards!

Anonymous said...

I think Swinging has his heart in the right place. Its the contacts that might be a bit questionable. They might be saying things just for the sake of saying them. A little misinformation from those abroad.

Anonymous said...

Joe, since you post every article that has a negative slant towards ERHC no matter how extraneous, how about doing it the same on the postivie side? Like the gas price going through which would have more direcct relevevance to ERHC then some citizen complaint against oil co in nigeria. Plus JDZ is offshore. Ooops, I forgot, you may not be back in yet...

Anonymous said...

Swinging will be wrong AGAIN!