ERHC On The Move, with 123,040 shares averaged at $0.4394, is comfortable with the selloff, which is understandable given the turmoil in the Sao Tome government.
There are some "eternal" verities, however, and among them is that ERHC Energy's rights in the JDZ are protected by treaty, the same treaty that protects ExxonMobil's rights. For us, it's a question of how long it takes the turtle to cross the road; if a helpful motorist stops to carry it across (for the metaphorically challenged, I'm referring to President Bush or President Obasanjo of Nigeria), it may not be long at all.
As usual, both the JDA and ERHE have retreated into their shells and are not addressing any of the new issues that have arisen in Sao Tome. Given the flak flying around their high seas, that may be wise.
Update, 4:40pm EDT, 5/9/05 ERHE closed at $0.695, on volume of 1,790,355 shares, giving up $0.075 cents on the day, or about 9 percent. The closing Bid was $0.692 and the closing Ask was $0.70. Buy-Sell information was unavailable due to problems with ADVFN's servers.
Update, 3:27pm EDT, 5/9/05 Volume has hit 1,534,000 with Bid, Ask and price almost unchanged; the Ask has slipped to $0.724, and the price is $0.725.
Update, 3:19pm EDT, 5/9/05 The Surge has brought us about 10,000 shares of volume so far, hittting 1,485,600. Bid and Ask and price are all unchanged.
I expect a close in the $0.70 range today.
Update, 3:16pm EDT, 5/9/05 The Surge brings volume to 1,480,100, a relatively modest boost. All else is unchanged, so it's not much of a Surge yet.
Update, 3:14pm EDT, 5/9/05 The price is $0.715 a minute or two from the Surge. Volume is 1,477,600. The Bid and Ask are $0.715 x $0.72.
Update, 2:58pm EDT, 5/9/05 With just 17 minutes to go before the 3:15 Surge, the share price reflects the conflict between the rumor-mongering that optimistically posits awards this week and the depressing pragmatists who look at the STP National Petroleum Council meeting tonight as a possible dead end for awards anytime soon. The price is $0.725, the Ask, and the Bid of $0.715, with volume of 1,439,800 shares. We're off $0.45 as I write.
Update, 1:43pm EDT, 5/05/05 Terry Edwards, a Gretna, La., man who posts on some message boards as stockhocker70, admits he was the person who contacted Google and got ads removed from the ERHC On The Move site. The move also meant we lost the $500 we had earned with the clicks. He is also the man who had me removed from Raging Bull for posting troubling news stories from Nigerian newspapers on Raging Bull, leading to the creation of this blog. Here is his post on Raging Bull:
« ERHE Message list | Reply to msg. | Post new msg. « Older | Newer »
By: stockhocker70
09 May 2005, 01:37 PM EDT
Msg. 38684 of 38684
(This msg. is a reply to 38677 by alwright.)
Jump to msg. #
Or my way... I had Google remove his ads for violating their terms of service. He begged for clicks to support his blog, even ran a poll which counted ad clicks as results.
We know this is a smoke screen and the blog is his tool for trading ERHC. Now that he has no supporting revenue, he should have to close the doors, right? Yeh, keep holding your breath - perhaps after awards...
Know, before you go. Where's my disclaimer post when I need it?
Update, 1:37pm EDT, 5/9/05 The price is now $0.73, the Ask, as the Bid lifts to $0.725. Volume is 1,324,400 shares.
Update, 1:17pm EDT, 5/9/05 Trading has become rangebound, with the price $0.724 while the Bid and Ask are $0.724 x $0.725. Volume is 1,254,900, stronger than it looks.
Update, 11:48am EDT, 5/9/05 An update from the almost-always wrong SwingingK says JDA officials are now verbally acknowledging an awards date of Wednesday, May 11. He provides a phone number and urges readers to check for themselves. We called it and no one answered, twice, after 10 rings each lapsed into a busy tone. Here's SwingingK's latest, which - as always - he has written in under other aliases to praise:
********Confirmation**********
Just got off the phone with a Hi Level JDA Memeber, & several real Media guys Awards are on track for this Wed. Menenez sacking of Trovado has set in motion the delivery of awards, this week, & Trovado's bid to be President of Sao Tome is in full motion.
Menenez is looking to establish his legacy with these awards. Look for awards on Wed.
Please call the JDA to confirm as they are now verbally acknolodging the Wed date 011 234 9 524 1069
Confirmation is a sacrament, Swing, while Menenez is de Menezes.
Update, 11:48am EDT, 5/9/05 The price is $0.715 and the Ask is $0.72 as volume climbs to 1,040,600 shares.
Update, 11:39am EDT, 5/9/05 The price is $0.72, the Bid $0.715, the Ask $0.72 and the volume is pushing 1 million at 984,124. No news yet.
Update, 11:04am EDT, 5/9/05 The price is $0.70, while ther Bid is a tenth of a cent higher at $0.701, and the Ask is $0.71. Volume is 925,124 shares.
Update, 10:59am EDT, 5/9/05 Back at $0.71, the Ask, while the Bid slips to $0.695 on volume of 917,874. Our ADVFN Buy-Sell updates are unavailable today due to a crach of their Website.
Update, 10:53am EDT, 5/9/05 The price slips back to $0.70, and the Ask falls to $0.71. Volume is cresting 900K at 902,199.
Update, 10:50am EDT, 5/9/05 The price inches up to $0.72, the Ask, as the Bid stays at $0.711. Volume is 831,324.
Update, 10:46am EDT, 5/9/05 Volume is 819,924 as the Bid falls to $0.711 and the Ask slips to $0.72. The price is $0.715.
Update, 10:41am EDT, 5/9/05 The price is holding at $0.725, the Ask, and the Bid at $0.72, as volume slows to a trickle at 801,316.
Update, 10:31am EDT, 5/9/05 The price rises to $0.725, and the Bid lifts to $0.72; the Ask is at $0.725 on volume of 800,466.
Update, 10:26am EDT, 5/9/05 The price claws back to $0.71, below the $0.712 Bid, and the Ask rises to $0.72. Volume is 763,366 shares.
Update, 10:20am EDT, 5/9/05 The Bid recovers to $0.70, while the Ask stays at $0.705 and the price is $0.705. Volume is 686,858.
Update, 10:16am EDT, 5/9/05 The price is $0.705, with the Bid and Ask unchanged. Volume is 684,058. Buying may have kicked in.
Update, 10:09am EDT, 5/9/05 The price is $0.705, a cent above the $0.695 Bid, as the Ask falls to $0.705 on volume of 459,309 shares.
Update, 10:02am EDT, 5/9/05 The price hits $0.705, the Bid is $0.70 and the Ask falls to $0.71 on volume of 322,642 as the sellloff gathers steam.
Update, 9:57am EDT, 5/9/05 The price hits $0.725 before bouncing back to $0.73, the Ask, on 218,242 shares of colume.
Update, 9:52am EDT, 5/9/05 The price is $0.74, the Ask, while the Bid has fallen to $0.73 on a relatively modest 184,792 shares of volume in the first 20 minutes.
Update, 9:46am EDT, 5/9/05 The Ask falls to $0.745 and the Bid goes to $0.74, the current price, on volume of 137,092.
Update, 9:43am EDT, 5/9/05 Volume almost unchanged, suggesting the selloff may be brief. Recent tradng has frequently seen a shoprt selloff followed by a substantial recovery in share price. Bid and Ask are unchanged, and the price is $0.745.
Update, 9:39am EDT, 5/9/05 Volume is relatively low, at 132,010, as the Bid falls to $0.74 and the Ask reaches down to $0.75.
Update, 9:31am EDT, 5/9/05 ERHE opens two cents down at $0.75, the Bid, with the Ask at $0.77, on initial volume of 103,260 shares.
Update, 9:27am EDT, 5/9/05 The Bid is $0.76 and the Ask is $0.77, unchanged The failure of the Nigerians and Sao Tomese to agree on block awards in the Gulf of Guinea's Joint Development Zone administered by both nations has apparently caused a new round of depression among ERHC Energy investors, who have taken the price down to $0.73 from the opening $0.76 in light trading this morning from Friday's $0.77 close, as the opening bell grows near.
7 comments:
Joe, the world has rule, and despite what you might think, the rule apply to you, just like everyone else.
You have a habit of ignoring rules, then blaming others for reporting violations and picking on you. It's not you I am picking on, I don't know you. It is your behavior and specifically the habitual rule breaking I don't like.
How many times did I warn you that you were breaking Google's TOS, yet you failed to listen and continued your practices.
I've made it clear that I don't like your blog nor your agenda. You can keep it clean, and keep it live - that I cannot interfere with. But, when you leave the door open for me, you can be sure I am coming in...
I am smiling knowing I put the $500 you stole back into the hands of the rightful owners - those who paid Google for clicks on their ads that were nothing more that votes on your polls.
Try to do the right things in life and things will get better for you.
SH70
I couldn't agree more. You violated Google's TOS and were caught red handed. Try being a man and accepting responsibily for your actions.
i can only say that traders and weak hands deserve to be taken out of this stock before it take off.
this stock has major potential, people who had done dd. know that for a fact. i find it natural that emotions kick in at this stage, but when its all said and done , we are all here for a good reason.
i have no doubt that awards will be done very soon, and i do not care if the pps are at 50 cent or $1 when we get the news. in the longer term it make no differences. ERHE is golden, like it or not , thats just the way it is.
good luck to all.
Oilsor
FYI, Portuguese Lusa news agency carrying a report ex-STP this eve with ruling MLSTP party spokesman, Carlos Tiny, accusing Pres. de Menezes of wrongdoings in JDZ oil negotiations.
The report makes no mention of any oil meet taking place in Sao Tome this eve.
The story, in Portuguese, is on Lusa's (www.lusa.pt) reserved service, not free accessed. Nothing so far on its English service.
In brief, Tiny used a news conference to charge de Menezes with:
-- steering negotiations to "gain personal benefit";
-- encouraging "conflict of interests" by having named Mateus Meira Rita, his chief of staff and ERHC shareholder, to participate in the negotiations;
-- having used an unnamed "foreign adviser" with direct interests in the bidding process; and
-- seeking to "monopolize the process" by holding meetings at his private residence.
"It's been proved that there's no transparency", Tiny summed up. "The President of the Republic is violating the oil revenues law."
G'nite,
Thanks, Homeport. The meeting is over, I would think, and it is my guess we did not prevail. I will be checking the English translations this evening for more information, and I suspect Reuters and Dow Jones will be doing pieces as well. If we have lost this vote in the NPC, I think we will see the tide that kept us alive when the Parliament voted on denying our rights last year will turn and see the opposition succeed this time. If we did not lose, we can expect awards very shortly, I think.
Stockhocker70, all you succeeded in doing is making all the hard work I've done unavailing in financial terms, but your admission certainly puts your future on shaky financial grounds. I hope you'll research the statutes as well as you've researched the laws; look under the rubric of "business interference," and check the protections you enjoy as an anonymous user with no financial interest in the outcome of a complaint you make in order to disrupt a third party's business, as you havce so often doen on the Raging Bull message board. Such a complaint is called "malice" and it is very actionable - so actionable, in fact, that a well-heeled attorney will take it on speculation. I'll be getting back to you and the We Are Golden Gang with more details shortly. Good luck to you under these changed circumstances.
International laws cannot just be overturned by a vote of the Sao Tomean parliament. ERHE's rights have been upheld by international courts and the Paris-based International Chamber of Commerce.
If the Sao Tomeans want to profit from those JDZ oil blocks, they'd best reconcile themselves to that fact, or else that oil will just sit there forever doing nobody any good. ERHE and others will sue Sao Tome into the ground if it tries to circumvent the law. In the meantime, I suspect that most ERHE shareholders can wait. Let's see how long the impoverished Sao Tomeans can wait, or if they get any "debt relief" from the IMF if they flout international law, screw up the second JDZ licensing round, infuriate Nigeria, and anger a wide range of oil companies. Let the Sao Tomean politicians play their inscrutable little political games; ultimately they're hurting themselves.
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