ERHC Energy (OTC BB symbol: ERHE) unnerved investors today with a 25 percent fall to a $0.50 ask x $0.505 bid and now stands at $0.506 at 3:30pm EST. The fall was mirrored in the oil sector, where multinational oil giant ExxonMobil fell $2.59 and ChevronTexaco fell $1.71.
Update, 3:55pm EST: oiljunior2 says Sam Dimka in a phone call minutes ago has assured him that the JMC meeting will be on either April 25 or April 26.
Remarkably few buyers - just 46,000 shares - took advantage of the stunningly cheap price of $0.50.
Update, 3:35pm EST: The share price has shot up $0.035 in the past three minutes to $0.54, with a $0.535 bid and $0.54 ask, on volume of 3,662,500 shares.
Update, 3:37pm EST: The price is $0.55 at 3:37pm EST.
Update, 3:43pm EST: The price is $0.56 at 3:43pm EST.
Update, 3:47pm EST: The price is $0.57 at 3:47pm EST.
Update, 3:48pm EST: The price is $0.58 at 3:47pm EST.
Volume stands at 4,271.200 at 3:51pm EST. The Dow is off 200 points.
Volume stands at 4,418,000 at 3:58pm EST. The Dow is off 198 points.
Update, 4pm EST: The price is $0.57 at the close, with the bid at $0.56 and the ask at $0.57, down 11 cents or 16.18 percent. The final volume was 4,481,000 shares. The Dow closed off 198.41, while the Nasdaq was off 38.56. ExxonMobil lost $2.56 and ChevronTexaco fell $1.56.
ERHE fell as investors lost faith in the Joint Development Authority's promises to produce a decision on awards shortly after a Joint Ministerial Council meeting on April 22. Today, in a post to reliable source oiljunior, the spokesman for the Nigeria-Sao Tome and Principe Joint Development Aithority, Sam Dimka, backed away from his hard and fast promises of an April 22 meeting to offer "April 18-26" instead, along with a hint that the awards may go beyond April into May. He said the meeting might last "4-5 days", and if so, and the meeting began on April 26, the earliest day for awards would be May 2.
Update, 3:29pm EST: This latest flurry of ambivalence took its toll. At 3:24pm EST, the price stands at $0.50, down $0.18 or 26.47. percent for the day, and just off a $0.51 low.
ERHC On The Move has not sold any of its shares, absorbing a $22,147 loss so far today.
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14 comments:
May I suggest to close this blog?
Joe, you are.....
Goodbye.
Joe,
Markets closed now so please share the potential good news you posted on your blog earlier today.
Thank you
dcre
We had our own triple witching hour today.
1) No PR regarding a firm JMC Meeting Date and thus uncertainty.
2) Continued drop in oil prices.
3) General crash in stock market.
It was the perfect time to bring the price down and maybe the last time (lets hope so anyways.) A perfect combination of ERHE and non ERHE related events (almost a perfect negative storm.)
Once the JDA puts out a PR stating the next JMC Meeting date then manipulators will no longer be able to bring the price down.
I hope the 25th and 26th are the actual dates. I would not want the meeting to occur next week. Not with the stock market crashing like it is. Let the general stock market fall further next week and then begin to correct later in the week.
And then by the time the awards are announced the market is back on the upswing.
Joe, If you care to have an ounce of credibility left. What was your supposed good news ?
Had I instead said there would be terrible news, would the stock have fallen further? And would I also be blamed for that?
One other thing. The MM took out all the stop loss orders which in itself triggers a decline and pamnic selling which triggers lower stop losses.
That is why I never use them in stock under $5 that are volatile. Because at some point the MM's almost always trigger them to pick up cheap shares. They do that with all small cap stocks. So you usually end up losing your shares.
Joe thank you for providing ample reason to stop visiting this joke of a site. You flip flop worse than Al Gore. You take third hand information and add speculation and report it as factual. You offer inuendo about things you do not know first hand and in general manipulate your readership with your word-smithing of cryptic misinformation. And will you please spare them of the minute by minute price and volume reporting. We all have internet access and are well aware of the price and volume. You have lost what little credibility you had.
Joe:
Screw them all you are doing a good job.most info on this company anywhere on the web..
Keep it up
Joe,
Doing a great job on a thankless job. Will this be your last blog
on any stock based out of the Nigeria, Sao Tome area?
Joe the Dow was down almost 200 points today. It is all your fault. LOL
Hey maybe Jim Cramer should have you on as a guest since you that have that much of an influence.
P.S. All joking aside I think u should stay away from price predictions. But controversy sells. Its free publicity. You learned alot from Madonna
Joe, when you said the stock would fall to $0.50 if the awards were on the 28th, were you just guessing or did you know? When the awards did move to the 28th or so and the price did fall to $0.50, why was everyone so mad at you?
HANG IN THERE, TUFF WEEK FOR ALL,I STILL BELIEVE
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