ERHC On The Move has added 400 shares of Pioneer Natural Resources to its portfolio at $41.96 a share.
The company, which withdrew from partnerships with ERCH Energy in Blocks 2 and 3 for reasons that have not really been made clear, is continuing to sell assets and according to a reliable source in Africa has already been in takeover/buyout discussions with Chevron.
Regardless of whether these talks really occurred, continue or are consumnated, we believe the company's African interests are going to grow in value and that it remains a likely takeover target.
Ironically, it's one of the few stocks we've ever purchased that rose immediately after we bought it!
In some ways, we have come to admire the company's approach, despite reports that it continued to assure ERHC Energy shareholders who called that it expected to sign PSCs in the near future after it had already withdrawn from the ERHC consortium. The PR department may well have been left out of the loop on that issue.
Meanwhile, ERCH (OTC BB symbol: ERHE) has moved up to $0.87 and fallen all the way back to $0.79 today before rising once again to $0.82. It is now at $0795 x $0.80 on volume of 3,272,210 shares and the last sale was $0.80 at 3:21 p.m.