Tuesday, June 13, 2006

Discovery? Daukoru Talks Of 'Next Thing' In JDZ

Has OPEC President and Nigerian Oil Minister Dr. Edmund Daukoru dropped a broad huint about coming good news gfrom the JDZ?

Maybe, but it hasn't helped our share price much, which has fallen from around $0.48 late last week all the way back to $0.40 this morning.

Just before 1pm, the price is $0.407 x $0.415, with ERHE down $0.03 for the day on modest volume of 794,589 shares. At 12:59pm, Sells of 553,389 outnumber Buys of 221,200, with 20,000 shares trading on the cusp.
Dr. Daukoru's comment to the Nigerian daily newspaper Vanguard of Nigeria are a little too general for our tastes, but it does sound faintly like he's saying that an announcement about the true dimensions of the discovery iomn Block 1 may be forthcoming from Chevron. My gut tells me that would come in about a month.

Here is the Daukoru comment, lifted from the I-Hub board:

Q:) The JDZ has been quiet lately. What is really happening there?

[Daukoru:] JDZ has been quiet, that is no news, it could indeed portend good things. After awarding blocs, they blocs have to be administered through the nitty gritty. How far of a success, we are yet to establish. The initial signals are good. We have signed the PSCs like you know very well. So we are into the quiet stage and the next thing should be the announcement of a big discovery and that would be the time for popping champagne.

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