The sale of a single large position has dramatically eroded the price of ERHC this morning, even as the Dow Jones average kicked the doldrums and ran up 105 points.
The ERHC position, possibly one of the large ones taken just yesterday, sold at prices between an opening $.0.535 and $0.49.
By the end of the day, however, the stock had traded up to $0.535, and closed where it opened, at $0.52. Some 1,196,500 changed hands on the OTC Bulletin Board.
Yesterday's purchase of 260,000 shares was the suspect. The last of the shares sold for $0.49. The next trade was a purchase at the $0.50 ask. A total of 343,379 shares traded by 9:57am EST.
A single poster on Raging Bull, claiming to have information from Joint Ministerial Council secretary Sam Dinka, said Dinka told him yesterday that the JMC would meet next week and that the date certain wouild be known on Thursday.
Today that date was pushed back to Friday, but Dinka reportedly said the long-delayed Production Sharing Contract sheduled to be signed first in December and then on Jan. 10 will now be signed on Feb. 1.
Dow Jones News Service writer Norval Scott said in an article published again yesterday that awards of Blocks 2 through 5 may be delayed past the "end of January" deadline set by Nigeria's energy advisor, Dr. Edmund Daukoru, after his first deadline, Dec. 31, 2005, passed. Scott said the delays could extend into the month of February "or longer."
A meeting of the Joint Ministerial Council of the Nigeria-Sao Tome and Principe Joint Development Zone that will ratify the awards has been repeatedly delayed, earning widespread derision from many investors.
Meanwhile, the disappointing distribution of a Dow Jones News Service story about ERHC continues to rankle investors. It was posted on the Power E*Trade site and the Schlumberger oil services site, but was impossible to find on Yahoo, Bloomberg and other popular investment Websites. It is also available in a recent post on ERHC On The Move.
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