With more assurance that block awards are imminent in the Nigeria-Sao Tome Joint Development Zone, ERHC Energy (OTC BB symbol: ERHE) moved sharply higher in steady trading Friday, adding $0.055 or about 9 percent to $0.66 on volume of 2,940,100 shares at 3:30pm EST.
The day saw more investors moving to capture a piece of the prized blocks in the Gulf Of Guinea, where ERHC has rights to five option allotments ranging from 15 to 30 percent in a zone that is said to contain more than 11 billion barrels of oil in deep offshore waters.
ERHE is guaranteed rights to more than $81 billion worth of oil at current prices, although only a fraction of that - possibly 10 to 15 percent - is likely to be realized.
Those rights apply only to the current licensing round; ERHE has additional rights in the next JDZ round and rights to two full signature bonus-free blocks in the Sao Tome Exclusive Economic and to 15 percent allotments in two additional blocks of the EEZ, where officials say a licensing round will begin this year.
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11 comments:
How is it that you called 66 cents at 3:20 pm when it didn't hit 65.5 cents until 3:26?
Oh it mst be another conspiracy from another paranoid ERHE long. Anytime Joe says something remotely perceived as going against the grain the little babies like anonymous above whine like a two year old. You are almost as bad as the bashers. (not quite though).
Put your pacifier away you baby.
Not sure exactly how you came up with $81M worth of oil, but that is reasonably in the ballpark. However, I am especially concerned that you say only 10-15% is recoverable.
Western Geco estimated 14.4B bbls of RECOVERABLE oil in the JDZ. I believe that means we have rights to something on the order of 2B bbls of oil. At $57/bbl this is about $114B. All of it being recoverable - not just 10-15%. Total reserve estimates would be much higher!
Mabenn he said $81 Billion worth of oil. Not $81 Million.
Mongo got TOS'd from RB because of repeated posts of the same or similiar content.
He was reported for that early last week and is now gone.
Too bad for you Mongo. So cose to awards and now you are gone. Repetitive posts are a no no on RB.
You cannot post the same thing from an 8-K or news release over and over and over. That is a TOS violation.
That is not why Mongo is gone.
so Mongo got iced huh? lol
I filed a TOS report on Mongo early last week for repetitive posting. So I am assuming that is why he is gone. And then every time he mentioned the same thing later in the week I filed more TOS reports. So in all likelihood that is why he is gone.
Mongo got outsmarted. I could have attempted to have him TOS'd six months ago. But I wanted to hit him where it really hurts. And that meant having him TOS'd right before awards. Imagine his frustration right now LOL. Poor Mongo.
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