It happened today, at least according to the Dow Jones News Service.
Consistent with the long history of last-minute shocks to which traders have become accustomed, the news from Dow Jones News Service reporter Norval Scott, citing "a person close to the negotiating process," jolted the share price out of bed at the open, knocking it down by $0.059 cents to $0.6810.
By 10:38am EST, perhaps realizing that XOM's non-choice opens a greater possibility that ERHC Energy (OTC BB symbol: ERHE) will win operatorships in three of the blocks it seeks, the price was roaring back and stood at $0.715 on 1,232,000 shares of volume.
By 11:20, though, the price had faltered once again, to $0.70, and volume climbed to 1,363,447.
Update, 4/8/05, 3:15pm EST: At the close on Friday, instead of the healthy gain anticipated, the stock lost 9.46 percent of its value, falling $0.06 to $0.69 on volume for the day of 2,172,073 shares. Most observers attributed the selling to the fact that awards will not occur until April 22, according to a telephone conversation between JDA spokesman Sam Dimka and Raging Bull ERHE message-board poster orangeandwhite0.
Here is the release from Norval Scott:
8 Apr 2005
12:58 GMT
DJ
ExxonMobil Turns Down More Sao Tomean Acreage - Source
LONDON (Dow Jones) -- ExxonMobil Corp. (XOM) won't be exercising its preferential rights in the Sao Tomean-Nigerian Joint Development Zone, a person close to the negotiating process told Dow Jones Newswires Friday.
ExxonMobil held rights on any two blocks from those on offer in the current JDZ current licensing round, but has chosen not to exercise these, the person said. ExxonMobil had a deadline of April 9 to decide whether to take up its rights or not.
The decision by ExxonMobil should allow the Joint Development Authority to move forward in concluding the drawn-out licensing process for the JDZ, which has been ongoing since April 2003. The licensing round closed on Dec. 15, 2004, with 26 bids from 23 companies for the five JDZ oil and gas blocks on offer being received.
ExxonMobil has already taken a 40% interest in Block 1, which is considered to have the best prospects in the JDZ and was awarded by the JDA in 2004.
-By Norval Scott, Dow Jones Newswires; +44-20-7842-9344; norval.scott@dowjones.com
It was yet another stinging humiliation for SwingingK, who blithely assured investors on Wednesday that the company had already exercised its options - the third time he'd done so since last September.
24 comments:
JOESHMO:
What I posted which you posted all over your BLOG was that XOM had notified the JDZ of their choices to Excercise, they chose not to excercise & that is what they formally notified the JDA on Wed. The JDA PRed it Today to show met their April 9th deadline.
Where was I wrong??? Do me a favor don't quote me in your biased blog. I put out credible verified info that your fat little fingers couldn't get your hands on.
My post was & still is 100% accurate.
What part isn't accurate???
They filed on Wed to the JDA, JDA released PR on Fri... I never stated what XOM's choices were only that they Formally notified the JDA 3 days before the deadline.
& again I'm looking forward to meeting you at the next shareholder event.
K.
Joe,
Whatever your motivations, negative comments about others in your blog make it much less attractive to read. Facts are perfect, opinions are OK if identified as opinions. In honor of Pope John Paul II, "Do unto others as you would have them do unto you."
Honor and ethics need to prevail, even if you control the content and intent of your reporting.
Making enemies is easy. Making friends is forever.
Tuck
I would trust 100% of what swingingk says, BUT 0% of what's coming out of JoeShmo's mouth.
swingingk and orangeandwhite0 are manipulators and not to be trusted. Take thier posts as opinion only. They are now trying to postulate a JMC meeting date. They are puppets on a string for many.
Whoever made that last comment is an absolute moron. Mark always provides the number. You can call the JDA yourself. I guess Dow Jones Newswires are lying also. ROTFLMAO.
Mr. Shea,
I believe that you are a flip flopper, you sway witchever way the wind blows. I read swingingK's post on Wed, & several of his earlier posts. As an investor in this volitile Penny Stock I find his information invaluable, & extremely accurate.
Why do you post his chatroom commentary on your supposed factual blog if you seem to discredit it then verify it time & time again?? In my day they would say your on the Bandwagon.
Charles
Joe, I am worried a little, just a little mind you. I am seeing more of the smearing pointed at the ones from RB that had placed you on ignore or other things that happened over there. First SH70, then Swinging, and am wondering if you have an agenda towards them. Don't bring into your blog the affairs of others. Keep doing what you are doing, and you will be fine. By the way, I clicked on the no on the daily sp. Only because I think it takes away credibility from this place.
Nice call on the price today, Joe. You only missed it by 12 cents. Your believers are going to be upset with you.
BTW, you never answered my question regarding your qualifications as someone that can make day-to-day price calls. I'm waiting...
Your pal,
SH70, the accused swing trader from louisiana
JDA --> DJ --> SK --> RB -->Jail
JMHO
Also: Why is O&W playing down a fast JMC meeting date? hmmmm.
Must agree with most of the posts here, you owe swingingk an apology and retraction. Check his posts, he said they made their selections, but never stated what those were - clearly either did not have or did not reveal that information.
Agreed, Joe I definitely think you owe SwingingK a retraction at the very least. He posted that XOM had officially notified the JDA, not what the selection was. You are setting yourself up to be considered unethical.
What a twit
For the record: SwingingK's words in his note on RB, "XOM has given their selections to the JDA...".
In fact, they had made no selections.
It's like going to a men's shop, and saying, I want this tie and this tie." And the clerk says, "Would you like to bring your selections to the register?" If at the register, you have no selections, you have not made any selections. SwingingK was wrong for the third time.
You can see his original post in the story headlined, "A Report Says XOM Has Exercised Its Options." "Making" its selections and "exercising" its options are phrases that are identical in meaning.
XOM made its selections (exercised its options) as 0% in block 2 and another 0% in block 4.
XOM notified the JDA of their selections. They put in writing that they were not going to partake in this round, They were not buying a shirt & tie, They were formally notifing a Gov't Agency what their intentions were, Just as Swinging reported. Now he knew exactly when XOM filed these documents with the JDA. Did You Joe???
He let everyone know, even you, he did not or did not disclose what the exact choice was, only that they officially let the JDA know what those choices were. Are You angry that you SPECULATED the wrong way??? Shirt & Tie purchase, that sounds like a Multi Billion dollar decision... You have no credibility.
William
It's all symantics, why argue about it. The facts are out now that should be enough to make everyone happy. Another couple of weeks when everyone sees their portfolio jump, all of this will be forgotten anyway.
So who else is getting extremely close to just biting the bullet and selling off all their ERHE shares?
I would like to hang in, but I'm starting to lose faith in a recovery.
Joe's going down with his stock.
Please sell all of your shares then. You sure sound desperate LMAO.
The April 22nd suppossed JMC Meeting date have given the traders one last chance to manipulate the share price to the down side. They have all of this week to play games with the stock price and Im sure they will.
This is all very predictable. As the April 22nd meeting date approaches the stock will reverse and go north in a hurry and those that arent on board will be left in the dust.
IMHO you better be in by the 17th or 18th or the train will begin to leave the station.
SELL, SELL, SELL, because I will be there to BUY, BUY, BUY.
You guys have no idea how big ERHE will be.
Unreal, bashers are even trying to use this medium to manipulate... get a life! I got a ton of ERHE, and I will be adding any cheap shares.
Gary
Time after time we get to a "hard"
date and time after time it comes
and goes. I think after this date
this time and it does not happen
its time to rethink.
"Please sell all of your shares then. You sure sound desperate LMAO."
First, let me thank you for your completely useless response. I was merely trying to get some opinions from other people that were pondering selling. I only heard about ERHC a few weeks ago and haven't done much research at all, so I was just trying to get some feedback.
I'd rather I don't have a stock completely plummet, but I have no problem hanging on to it for a (long) while if I know there's a chance it's going to recover.
Second, I am by no means desperate. The stocks I have in ERHC are a mere drop in the bucket compared to the other stocks and, well, cash that I hold.
Let me put it this way... I'm a former .com owner that got out while the gettin' was (extremely) good, and to sum it up I'm 27 years old and have been retired for a few years now.
I'm sorry if you feel better about yourself if you act like a jerk off on blogs, but I can't help that, sorry... you may want to seek some counselling.
As for everyone else that actually gave real, honest opinions, I thank you. I guess I'll hold on to these for a while and just see what happens.
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