ERHC tried to open higher this morning, possibly because some investors anticipate award announcements from the Nigeria-Sao Tome and Principe Joint Development Authority this morning, but sellers quickly moved in and brought the price down to $0.535 on volume that reached 169,158 by 9:40am EST and then stalled.
There was some light pre-market trading at $0.545 and $0.55, which quickly dropped back to $0.54, and then to $0.535 as a block of about 65,000 shares hit the tape in small lots, the largest being 18,000 shares. The bid then moved up to $0.54, up half a cent.
Update At 10:37am EST, the stock began trading at $0.54 and moved up to $0.545, and about 240,000 shares traded at that price over the next half hour, with two lots of 25,000 and a final lot at 60,000 at $0.545, before the ask dropped back to $0.54 and the bid dropped to $0.535. Trading then resumed, mostly at the ask.
Update Following a post by markvo10 (now orangeandwhite0) that indicated the awards would have to await ExxonMobil's choice of preferential rights, the stock dropped to $0.525, and closed there at 4pm EST on volume of 986,163, substantially less than yesterday's 1.6 million shares.
There was still no indication anywhere in the Nigerian press, or from the thrice-errant Dr. Edmund Daukoru, as to whether awards will be announced today.
No mention of the signing of the Production Sharing Contract for Block 1 appeared anywhere in the Nigerian or limited Sao Tome press, either, before a story announcing that it had been signed appeared on the commercial telecommunications Website www.cstome.net.
Nigerian reporters apparently are not alerted to such events until after they occur, or have become wary of Dr. Daukoru's predictions, which normally are wrong.
Meanwhile, a fairly lengthy list of shareholders was headed to Houston this morning to the first shareholders' meeting in memory. The event is being held in a small conference room (capacity 20) at 3 Riverway in Houston.
One of them, a Louisiana man known on the Raging Bull ERHC message board as stockhocker70 had revealed to the Raging Bull message board that he would be carrying a shotgun to Houston, although when questioned he said he was not bringing it to the meeting. Then again, he also professed to being a "long," but later confessed he'd become a "swing" trader.
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16 comments:
Do you remember who did the survey of how many shares RB board members owned?
I remember someone by the name of joust and hijo who tried to manipulate the share price of ERHC by posting certain ramblings about the future price. Hmmmm, could this still be the same person who does this here also?
Oh so Joe is to blame for the stock price? Get a clue. Its all about the awards at this point and nothing else matters. If there is a delay the price will go down on light volume. If a date is set to announce awards then the volume will increase along with the price. All of the conspiracy bs is nothing but a waste of time. Its the awards stupid.
If you recall, his posts on RB were always to his advantage and his own. Evidently you havent been around the RB board for long. I have, and have seen it first hand. He was TOS'd twice and as a result the board there has been better without him. Who in their right mind would say, "I'm selling at $1.78, but it will reach $6.00 a month afterwards? The guy is a radical. Get with it. Open your eyes.
Stockhocker70, how many people have you TOSed for your own benefit?
LOL, Trader, I'm not sh70. In fact, we have posted back and forth a number times, not once putting either one down. I would actually say we get along fine. But I myself have tos'd countless times due to tos'able items such as language, aliases, personal info.... I enjoy your posts, but after finding this site, and knowing who is running it, I felt that readers should know some background on Joe. And if he can't take a little criticism, then that would show what type of person he is. The old saying, 'can dish it out, but can't take it' comes to mind. Enough of that, I'm not saying another word about him unless this gets pulled.
Oh Ok. So if Joe didnt have this blogger and if he would just stop commenting on ERHC then ERHC would be trading at what price now? $5 or $6. Yeah whatever. More dillusional thinking. Joe has had no effect on ths share price whatsoever. So to get worked up over it is a waste of time. ERHC is a great stock and Im long but the longs on RB make this stock look foolish most of the time.
Readers should know the background of "stockhocker70.".
So, share his background, oh wise one.
Mango and Mandrill monkey are here?
Seems to me like someone claiming he isn't SH70 is very interested in talking about him and seeing what others know about him. What's the interest?
what time is the sh meeting?
Meeting is at market close - 3:00 central time in Houston.
Regardless, I am not sh70, wouldn't want to be. Besides, figured I would post this while the meeting was taking place to prove it.
One of the gangs.
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