ERHE, battered by doubts and the frustrating prospect of an additional one-week delay if ExxonMobil fails to exercise its 25 percent preferential rights in the Nigeria-Sao Tome and Principe Joint Development Zone, nonetheless went back into the green for St. Patrick's Day this afternoon, turning around a dismal performance on low volume as some buyers leapt in to take advantage of what will likely be the last "low" prices before awards.
At 2pm EST, volume stood near 715,000 shares and the price was $0.61, up better three
cents from today's low of $0.58.
Traders still don't know if the 30-day deadline set by the Joint Development Authority expires for sure on Friday, Saturday or Sunday, nor whether the 7-day extension is in fact likely should the company fail to notify the JDA of its choices.
That uncertainty has helped depress share price in the past two days, but it is wearing thin as an excuse to keep selling when awards are not more than 10 days off.
The share price ended at $0.605 at the market's New York close, a gain of $615.20 for the ERHC On The Move portfolio of 123,040 shares, which has an average price of $0.439 and is $20,350 ahead for the year.
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1 comment:
po po po POP goes the weasle.
fencecitty
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