Fallout from new delays in the award of five oil blocks offered in the second licensing round of the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ) dragged ERHC Energy (ERHE) shares down to $0.51 from Monday's opening high of $0.65, a loss of 21.5 percent so far this week.
The volume was 1,932,500 shares, about 40 percent of yesterday's action.
ERHC On The Move on Monday said "we recommend that investors who want to make short-term gains do so now and reposition themselves as the share price slips below $0.50." We now think that recommendation has been fulfilled, and that price slippage below $0.51 will present very limited and brief buying opportunities; the stock should be largely static today and start to gain on Friday once again, as Nigerian sources become more explicit about a near-term date for announcement of the JDZ awards.
There may also be some interest generated over the weekend by a long, in-depth report on ERHC Energy by a senior writer for the Houston Chronicle that is scheduled to appear on Sunday. That story may also be available in some of the paper's early Weekend editions. The story was suggested to the Chronicle by ERHC On The Move.
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1 comment:
Joe did u sell?
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