Some lucky ERHC shareholders got more than 19,000 shares today at the bargain price of $0.44, while another 25,000 shares or more went off below $0.45 before the price bounced back to .46, a penny and a half off the day's open.
It was a rare bargain amid recent trading in the stock, which has fallen below .45 only momentarily in the last few weeks.
The cause of the selling? Unknown - and it was probably unwise.
Observers were unable to explain the sales, which came as ERHC investors await a Dow Jones News Service story, the signing of the Production Sharing Contract for Block 1 between ExxonMobil and the Nigeria-Sao Tome and Principe Joint Development Authority, and the award of licenses by the end of January - followed "immediately" by production contracts, according to Nigerian energy advisor Dr. Edmund Daukoru.
The rapidly-moving developments in the Gulf Of Guinea have drawn ERHC's new CEO Ali Memon to Abuja, where he is believed to be conferring with Nigerian oil officials and other companies in order to prepare the contracts for quick signing.
That trip has delayed the Dow Jones News Service story.
The Abuja meetings could include ExxonMobil, which reportedly wants to farm out its two 25 percent preferential entitlements in any two of the five blocks on offer and has contacted ERHC about them, per UpstreamOnline's Barry Morgan.
Subscribe to:
Post Comments (Atom)
5 comments:
well Joe it looks like you won't ever be welcome back by the entire RB board. C'est la vie, mon ami. I would like to know how long you plan on running the blog. Is this blog done once awards happen or you sell your position or when?
I would like to believe what you believe to be happening there that Ali Memon is there perparing for PSC.
ruby1100, wondering where you are today. Is BM article coming this evening?
It tends to be a fantastc amount of work, but I enjoy it a great deal and we are seeing some real signs of success. I suspect that it's going to make me rethink my investment strategy, which had been to cash out at $1.20 and come back in around .0.70 a few weeks alter. I have to cash out some of my holdings, but I don't think I will sell as much as I planned. My gut tells me we're going to get a much better run than I'd been hoping for. In any case, I do plan to keep the blog for a long time.
Ruby calm down. I certainly am not taking a cheap shot at Joe by any means. Just the opposite. From reading RB I can see that he's not going to come back with a big welcome sign. That means he needs to focus his activity here. I check his blog several times a day. My question about how long he'll run the blog is an honest question which Joe answered. I would not mind if he ran it forever. But I know he's got other business and I was just seeing if there would be a possibility (not hoped for) that he might step away from the blog. Nothing more than that. :)
Post a Comment