The double-whammy public relations bust of the "negative" Chevron press release and the failure of the ERHC Energy to issue a press release on its historic $43.5 million quarterly earnings has broken several barriers of resistance, including those in the low $0.60s, the critical $0.55 barrier, and it's now falling back towards its 2003 highs - or so it appears - which were in the $0.43 range.
The share price in the past 20 minutes, according to the delated New York Times Business page quote, was $0.47 x $0.48 on substantial volume of 1.4 million shares, better than half of the daily average.
According to ADVFN, Buys outnumber sells at 12:45pm by 1.09 million to about 300,000, with almost 125,000 unidentified.
Given the trend, after selling some shares in the $0.60 range, more in the mid-to-high $0.50s and the rest yesterday at $0.505, we are no longer shareholders.
By following the news from Nigeria and elsewhere closely, however, we hope to be able to regain a substantial position somewhere in or below the $0.44 range, with our ideal target at $0.38. Even that number, however, does leave open the possibility that second news break regarding the search warrnt would make shares available in the $0.24 - $0.32 range.
So, at this point, with Chevron deliberately falsifying the extent of their find in Block 1 and our own company hoping to see the price fall to pick up cheap shares for insiders, shareholders are simply out of luck. There's no good reason to be invested here again until some of the smokescreens are cleared away by management and the future is in better focus.
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