Friday, February 24, 2006

A Time For Apology, And For Cautious Waiting

ERHC On The Move may have been too optimistic today about the certainty that Production Sharing Contracts would be signed this evening in Abuja.

We apologize to the Nigeria-Sao Tome and Principe Joint Ministerial Council, to the Joint Development Authority, and to our readers for overstating our knowledge and our presumption in reporting beforehand the outcome of today's meeting, which remains unknown.

The contracts were supposed to have been signed at a ceremony that was to begin at 7 p.m., but as of 8:15 p.m. Abuja time there apparently has not been any news from the meeting of the Nigeria-Sao Tome and Principe Joint Ministerial Council meeting.

That does not mean that the PSC for Block 4 will not be signed, whether tonight or in the next couple of days, but it seems somewhat less than a certainty than it did this morning, when your reporter jumped the gun and "advanced" a post on the signing.

In short, investors ought to be prepared for a bit of a letdown, a minor disappointment, and a possible adverse reaction by the market.

Again, it is our certainty that is the problem. The situation in Abuja is reportedly tense, complex, sensitive and delicate. At stake is wealth beyond imagining for any ordinary individual, and a future so bright it may blind some of us to the present.

Again, we merely urge caution, patience, and steadfast support of ERHC Energy in the days to come.

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