Trading Updates: AWARDS ARE OUT, JDA SAYS!! REUTERS CONFIRMS!! ERHE WINS BLOCKS 2 AND 4; PRICE UP 28%

The Nigeria-Sao Tome and Principe Joint Development Authority have awarded operatorship of Block 2 in the oil-rich Gulf of Guinea to a consortium of ERHC Energy, Devon Energy/Ocean Energy and Pioneer Natural Resources, and Block 4 to a consortium of ERHC Energy and Noble Energy.

The awards have instantly transformed our "minnow" into a substantial player in the world's petroleum industry, and dramatic price gains came with the news.

As day traders took profits during the lunch hour, the price has slipped back to $0.73 from a high of $0.81, but in the next few hours and days as more news emerges of our success and the larger market becomes aware of our price potential, we expect to see gains that dwarf any enjoyed so far.

Update, 4pm, 5/31/05: The closing price is $0.76, with the Bid $0.76 and the Ask $0.77, setting us up for more nice gains tomorrow. The closing volume was a record 13,569,500 shares, and it was climbing so fast all day I could barely keep pace with it. ADVFN reports there were 2,625 trades Tuesday, with 7,579,417 Buys and 5,553,339 Sells and 436,244 shares unidentified. Surprisingly, the last 41 trades were almost evenly divided between Buys and Sells, 21 to 20. There were 82,500 Buys and 75,212 Sells among those last trades, The share price gained $0.13, 0r 20.63 percent, an improvement of $15,995 for the ERHC On The Move portfolio of 120,000 shares.

Update, 3:59pm, 5/31/05: The price is $0.76, the Bid and the Ask is $0.76, with volume at 13,598,800.

Update, 3:57pm, 5/31/05: Looking for a close of $0.76. The price is now $0.75, the Ask, and the Bid is still $0.745. Volume is climbing to 13,481,200.

Update, 3:54pm, 5/31/05: We're better with the Bid at $0.745, the Ask at $0.75 and volume of 13,310,500 shares. The price is $0.745.

Update, 3:52pm, 5/31/05: Day-traders are taking a toll as the price slips to $0.735, the Bid, and the Ask to $0.74. Volume is up a quarter million shares to 13,255,700.

Update, 3:44pm, 5/31/05: The price is $0.745, the Bid is $0.74, and the Ask is $0.746. Volume has climbed 500K to 13,001,900 shares. Per ADVFN 15 minutes ago, there have been 2,444 trades today, with 7,046,875 Buys and 5,042,033 Sells, a Buy-Sell gap of 2 million shares.Some 418,244 shares were unidentified. Virtually all the action was on the Buy side in the last 41 trades.

Update, 3:37pm, 5/31/05: While our partner in Block 4, Noble Energy (NBL) is up $1.09, our Block 2 and Block 3 partner, Pioneer Natural Resources (PXD) is off $0.02, and our other Block 2 and 3 partner, Devon Energy, is off $0.53. That may have something to do with the second-rate Nigerian players we got saddled with in both blocks. So far as we know, the Dow Jones newswire has not yet corrected its reporting of the Block 2 award, which adds up to 105 percent, or clarified the relationship between the Pioneer/EER win of 10 percent and their MOU with ERHE. It may be that "EER" was supposed to be "ERHE," as EER is reportedly broke.

Update, 3:35pm, 5/31/05: The price is $0.745, the Bid, and the Ask is $0.749 as volume hits 12,550,600 shares. We're looking for modest daily gains through Friday.

Update, 3:28pm, 5/31/05: The price is $0.76 as volume climbs to 12,330,800 shares. The Bid and Ask are $0.75 x $0.76.

Update, 3:15pm, 5/31/05: We're starting the 3:15 Surge very close to 12 million shares, with volume at 11,928,500. The price is $0.76, the Bid, and the Ask is $0.755.
Update, 2:54pm, 5/31/05: The price slips back to $0.76, the new Ask, while the Bid stays at $0.755 and volume hits 11,613,500 shares.

Update, 2:52pm, 5/31/05: Volume is 11,612,600 shares and the Bid imporoves to $0.744, while the Ask and the price stay at $0.77.

Update, 2:49pm, 5/31/05: The price is $0.77 and the Bid $0.75, with volume now at 11,590,000 shares and just 40 minutes to go on the first day of trading our minnow-turned-whale.

Update, 2:47pm, 5/31/05: The price is $0.74. A three-cent gap had opened up ($0.74 x $0.77) but the Sellers blinked. Now the Bid and Ask are $0.74 x $0.75 and volume has reached 11,570,000 shares.

Update, 2:43pm, 5/31/05: Volume has climbed 400K in a few minutes to 11,489,500. On ADVFN's 15-minute delay at 2:28pm EDT, there were 2,169 trades today, with 6,092,324 Buys and 4,401,725 Sells. Some 385,000 shares were unidentified.

Update, 2:38pm, 5/31/05: The price is $0.775, and volume hits 11,300,800. The Bid is $0.77 and the Ask is $0.775. This must be the cheapest $5 billion company on Earth right now.

Update, 2:34pm, 5/31/05: Great lunch, and more great news from UpstreamOnline:

*******UPSTREAM NEWS************

Gulf of Guinea blocks awarded

By Upstream staff


Sao Tome and Nigeria have awarded five offshore oil exploration licences, after a controversial five-month delay between the countries due to corruption accusations.

The blocks are located in the deep waters of the Gulf of Guinea.

A consortium of ERHC Energy nabbed a 65% stake and the operatorship of block two, while the operatorship of the highly contested block four was won by a consortium of ERHC Energy and Noble.

Anadarko grabbed a 51% share and the operatorship of block three, the consortium of International Commerce and Communications (ICC) and Oil Exploration Consortium (OEC) got 75% and operatorship of block five, while block six went to Nigerian indie Filtim Huzod which won 85% and operatorship of the acreage.

The first licensing round was suspended after just one exploration contract was awarded for $123 million, to a consortium led by Chevron. The second round went through a bidding stage in December, receiving bids as high as $175 million.

Update, 2:12pm, 5/31/05: The market is catching its breath, and I'm going to lunch. The price is $0.755, the Bid, the Ask is $0.76, and volume is 10,570,000 shares.

Update, 2:06pm, 5/31/05: The price is $0.76, the Ask, and the Bid is $0.755, with volume still rising like crazy and now at 10,546,200.

Update, 2:01pm, 5/31/05: The price goes to the Bid at $0.745 and the volume reaches 10,515,900 shares.

Update, 2pm, 5/31/05: The price is $0.76, with the Bid at $0.745 and the Ask $0.76. Volume is 10,504,400 shares.

Update, 1:57pm, 5/31/05: The price is $0.75 and volume hits 10,423,500 shares.

Update, 1:56pm, 5/31/05: The price is $0.745, and the Ask $0.75, as volume scales to 10,396,000 shares.

Update, 1:53pm, 5/31/05: The Dow Jones story is a bit weird, because it shows
105 percent of Block 2 awarded, and shows Pioneer Natural Resources and Energy Equity Resources with 10 percent in Block 3, while Pioneer has a deal with us to exploit our 25 percent award there. Earlier reports showed our consortium winning 35 percent of Block 3, which makes more sense. The JDA may have released it this way for appearences' sake. In Block 5, no percentage is given for Godsonic, one apparent winner, which judging fromn the math got 5 percent since only 95 percent of the block is listed.

Update, 1:45pm, 5/31/05: Here is the Dow Jones story, at last - it was waiting for me all along at 12:54 from Mike in the Comments section. The blog is being overwhelmed with visitors, probably in the 10,000-visitor range or higher now.

MORE) Dow Jones Newswires

05-31-05 1217ET

DJ Sao Tome Awards 5 Oil Blocks In Second Licensing Round-2-

The first round of licensing offered for deep-water blocks thought by some to hold huge oil reserves was won by a consortium of companies led by Chevron Corp. (CVX).

In all, 26 bids from 23 companies for the five blocks, offered a total $433 million in signature bonuses.

The award process was delayed by five months and marred by allegations of corruption.

Table: JDA Licensing Second Round Results

Block 2

Devon/ERHC 65%

Equator Exploration/ONGC Videsh 15%

A & Hartman Resources 10%

Foby Engineering 10%

Momo Petroleum 5%

Block 3

Anadarko 51%

Devon/ERHC 25%

Pioneer/Energy Equity Resources 10%

Equinox Oil and Gas 10%

Ophir Energy 4%

Block 4

Noble/ERHC 60%

Conoil Producing 20%

Hercules 10%

Godsonic Oil

Atlas Petroleum 5%

Block 5

I.C.C.-O.E.O.C. 75%

ERHC 15%

Sahara Energy 10%

Block 6

Filtim-Huzod 85%

ERHC 15%

-By Shai Oster, Dow Jones Newswires; +44-20-7842-9357; shai.oster@dowjones.com


(END) Dow Jones Newswires

05-31-05 1237ET

http://www.amtddj.inlumen.com/
bin/djstory?StoryId=CqPVHqaebqLqWmduWmdm

Update, 1:43pm, 5/31/05: The price is $0.76, at the $0.76 Ask, while the Bid is at $0.755 and the volume has climbed over 10 million to 10,108,100 shares.
Update, 1:38pm, 5/31/05: The price is $0.76, the Ask, while the Bid is $0.765 and volume has climbed to 9,900,600. A second update on the Reuters story doesn't yet update the percentages in all five blocks, so we're still waiting on the Reuters Update 3 for details on the minority winners in each block.
Update, 1:33pm, 5/31/05: The price is $0.745, the Ask and the volume goes to 9,615,700 shares. We're searching for the Dow Jones story.

Update, 1:31pm, 5/31/05: The Bid and Ask move to $0.74 x $0.745 with volume unchanged.

Update, 1:29pm, 5/31/05: The price is $0.735, the Ask, while the Bid is better at $0.731, and volume reaches 9,605,700 shares.
Update, 1:26pm, 5/31/05: The price is $0.725, the Ask, while the Bid is $0.721 and volume soars to 9,496,700 shares.

Update, 1:24pm, 5/31/05: The price is $0.721 and the Ask $0.725 with volume at 9,438,400.

Update, 1:23pm, 5/31/05: We expect a $0.10 run to develop shortly. The price is $0.73, the Bid $0.724, and the Ask $0.735 opn volume of 9,396,799 shares.

Update, 1:21pm, 5/31/05: The price slips to $0.721, the Bid, while the Ask is $0.735 and we hit 9,392,000 shares.

Update, 1:20pm, 5/31/05: The Bid is $0.735, the price $0.744, and the Ask $0.735 as volume reaches 9,356,200 shares.

Update, 1:18pm, 5/31/05: The Bid is at $0.74, the price at $0.735 and the Ask at $0.745 as we hit 9,257,200 shares of colume.

Update, 1:16pm, 5/31/05: The price is $0.735, the Ask, with the Bid at $0.731 and volume at 9,223,100 shares - something like 100K shares a minute for a long time now.>br>
Update, 1:11pm, 5/31/05: Volume hits 9,066,600 with the price at $0.741, while the Bid slips to $0.731 and the Ask to $0.735.

Update, 1:09pm, 5/31/05: The price is $0.745, and the Bid and Ask are $0.743 x $0.745, with volume at 8,938,600 shares.

Update, 1:02pm, 5/31/05: The price is $0.74, the Bid, while the Ask is $0.745 as short-sighted day-traders exit with a $$0.10 - $0.15 gain. Volume is 8,563,500.

Update, 1pm, 5/31/05: The price is $0.745, the Bid and the Ask is $0.75 as volume hits 8,513,500 shares.

Update, 12:58pm, 5/31/05: Dow Jones is reportedly moving a breakdown of percentages in each block. We await it eagerly, as the price slips to $0.75 and the Ask to $0.755. Volume is 8,452,700, and we expect another boost when the DJ story circulates.

Update, 12:52pm, 5/31/05: Now is a good time to go to the Raging Bull board and read posters like Balance Builder, who will try to steer you right on events and prices. Some investors there can be trusted, but it's a dangerous swamp, so be careful. The price is $0.77, and the Bid and Ask are $0.765 x $0.77. Volume is just soaring incredibly and is now at 8,345,200 shares.

Update, 12:51pm, 5/31/05: The price is $0.755 as traders start to trickle back in from lunch and the volume continues to climb rapidly, now at 8,035,700 shares.

Update, 12:47pm, 5/31/05: The price is $0.762, the Bid, while the Ask slips to $0.765 and volume reaches 7,891,600 shares. We hope you're around for the Surge.

Update, 12:46pm, 5/31/05: The price is $0.774 and the Bid slips to $0.76 and rises to $0.77 and the Ask goes to $0.774 on volume of 7,827,900.

Update, 12:42pm, 5/31/05: We're starting to bounce again, with the price $0.776, the Ask $0.78 and volume 7,712.400.

Update, 12:42pm, 5/31/05: We're starting to bounce again, with the price $0.776, the Ask $0.78 and volume 7,712.400.

Update, 12:38pm, 5/31/05: As some day traders take profits early, the price slips to $0.77, the Bid, and the Ask to $0.772, on volume of 7.440,200 shares. The volume shows no sign of slowing down. Long-term investors have predicted in the past that as many as 40 million shares could trade on this day. We don't think that will happen, but we'll guess 12 million before the end of the day.


Update, 12:34pm, 5/31/05: The price slips to $0.785, up $0.155 for the day, with the Bid and Ask at $0.785 x $0.79 and volume at 7,244,500 shares. For investors, the price declines and peaks are familiar from the run-ups of last October and the summer of 2003, when awards were also expected but not made. The pphenomenon is likely to keep on happening all through the day, and the share price is likely to improve all week. We have won approximately 4 billion barrels of oil, after all.

Update, 12:31pm, 5/31/05: We hit 7 million volume, with the price at $0.80, the Bid at $0.802 and the Ask at $0.803, and volume at 7,067,400.

Update, 12:29pm, 5/31/05: The price is $080, the Ask $0.805, and volume is 6,688,800 shares. The Bid is $0.801.

Here is the very latest update from Reuters at 12:07, from the Yahoo board:

UPDATE 1-Nigeria-Sao Tome award five offshore oil blocks
Tue May 31, 2005 12:07 PM ET
(Updates with details)
ABUJA, May 31 (Reuters) - Sao Tome and Nigeria awarded five offshore oil exploration licences on Tuesday after a turbulent five-month delay plagued by disagreements between the countries and accusations of corruption.

A consortium of ERHC Energy (ERHE.OB: Quote, Profile, Research) and Devon (DEV.N: Quote, Profile, Research) won a 65 percent stake and the operatorship of block two, while the operatorship of block four, the other most highly contested block, was won by a consortium of ERHC Energy and Noble.

Anadarko (APC.N: Quote, Profile, Research) won a 51 percent share and the operatorship of block three, the consortium of International Commerce and Communications (ICC) and Oil Exploration Consortium (OEC) got 75 percent and operatorship of block five, while block six went to Filtim Huzod which secured 85 percent and operatorship of the acreage.

The Joint Development Authority announced the winners after Nigeria's President Olusegun Obasanjo and Sao Tome's Fradique de Menezes endorsed the recommendations of the ministerial council at a meeting in the Nigerian capital of Abuja, the JDA said.

The offshore blocks are in the deep waters of the Gulf of Guinea, one of the world's exploration hotspots since a series of huge oil discoveries over the last decade.

Update, 12:24pm, 5/31/05: Slipping suddenly to $0.795, with the Bid at $0.791 and the Ask $0.795. Volume is 6,233,800.

Update, 12:20pm, 5/31/05: We're at $0.81 now, and the ERHC portfolio is up $22,147 on the day. The Bid and Ask at $0.809 x $0.808, and volume is an incredible 6,124,700.

Update, 12:07pm, 5/31/05: The price improves to $0.765, the Ask, with volume at 4,983,600 moving faster than I can type. The Ask is $0.76.

Update, 12:04pm, 5/31/05: This stock is flying out the door, but the price is lagging behind interest as volume hits 4,674,800 and the price remains $0.735, with the Bid $0.736 and the Ask $0.738. Nonetheless, the 3:15 Surge this afternoon ought to be a regular force of nature.

Update, 12pm, 5/31/05: The price is $0.745, the Ask, and the Bid is $0.74, with volume over 4 million at 4,272,700.

Update, 11:52am, 5/31/05: The price is $0.73, and volume is 200K higher at 3,706,900, while the Bid and Ask are $0.725 x $0.73. This day has a long way to go.

Update, 11:50am, 5/31/05: The price is $0.707, the Ask, while the Bid is $0.706, and colume hits 3,449,000 shares. That's almost half a million shares in a couple of minutes.

Update, 11:44am, 5/31/05: The price is $0.70, and volume crosses the 3 million mark to 3,008,000. The Ask is $0.704, and the Bid $0.70.

Update, 11:42am, 5/31/05: The market has begun to respond, pushing the price to the high of the day, $0.695, on volume of 2,806,300 shares.

Update, 11:28am, 5/31/05: OFFICIAL WORD FROM REUTERS:

ABUJA, May 31 (Reuters) - Sao Tome and Nigeria awarded five offshore oil exploration licences on Tuesday after a turbulent five-month delay plagued by disagreements between the countries and accusations of corruption.

A consortium of ERHC Energy ERHE and Devon DEV won a 65 percent stake and the operatorship of block two, while the operatorship of block four, the other most highly contested block, was won by a consortium of ERHC Energy and Noble.

((Reporting by Felix Onuah and Tume Ahemba, Editing by Brian Killen; Reuters Messaging: tume.ahemba.reuters.com@reuters.net; tel: +234 1 263 1943))

Update, 11:28am, 5/31/05: We're settling down now, hoping for an official announcement at the close of business, which is 5pm in Abuja and 12:00pm here. However, the Nigerians seem to like an evening celebration, so I'm betting the news - if it comes as indicated - will be released around 8pm Abuja time, or 3pm here in the Eastern United States. The price is $0.66, the Ask, while the Bid is $0.65. Volume is 2,293,500 shares.

Update, 11:14am, 5/31/05: Awaiting confirmation of the news we just reported, the price has started slipping to $0.675 after hitting $0.685 on current volume of 2,045,600 shares. The Bid and Ask ar $0.671 x $0.675.

Update, 11:11am, 5/31/05: Word has come from the JDA to thedaneslapper via a phone call from them that the awards have been released. More ASAP. Don't you love these three-day weekends?

***More***
From Mark - Sec of JDA just called and Awards were just announced. ERHE in 2 and 4. ALL 5 blocks Awarded

Update, 11:04am, 5/31/05: The price has soared in the past few minutes to $0.68 on volume of 1,675,912 shares.

Update, 10:55am, 5/31/05: The price is $0.585, the Ask, and the Bid is $0,58 as volume hits 953,405 shares. We issue the following Alert: There has been a substantial change of cirumstances following the most recent delays in Sao Tome, and there is a genuine chance that, as President de Menezes meets for several hours with Presdent Obasanjo today, that the awards document will be signed. That would in all likelihood catalyze an enormous reversal in the downward slide of share price in frenzied buying. While that outcome cannot be guaranteed, it follows from De Menezes' expressed desire to bring the awards process to an end that - since he is the only hold-up - this resolution could occur today. While it is more likely that whatever modifications are made to the awards would not benefit ERHC Energy, it could well be that they would affect only the so-called Nigerian "indies," such as Momo Petroleum, Godsonic and Conoil. In that case, with agreement from the Sao Tome and Princiope opposition, awards could occur shortly. We believe these developments merit a Hold and Accumulate position on ERHE now.

Update, 10:54am, 5/31/05: Here are an English machine translation and the Portuguese original of the latest Lusa story from Sao Tome - a solid confirmation of what we've heard, posted by the proprietor of www.greatsprings.net/erhc, dadd17:

NEWS http://noticias.uol.com.br/ultnot/lusa/2005/05/31/ult611u63392.jhtm 31/05/2005 - 11h01 Is Tomé: PR are -tomense go to the Nigéria to decide problems on oil Are Tomé, 31 Mai (Lusa) - the president of Is Tomé and Príncipe, Fradique de Menezes, left today for Abuja (Nigéria), where he goes to congregate with its homologous Nigerian, Olusegun Obasanjo, in an attempt to decide divergences on the adjudication of the blocks of oil in the zone of joint exploration. The announcement of the meeting was made by president Fradique de Menezes, moments before leaving the international airport of Is Tomé with destination the Abuja for a sojourn of some hours. Beyond the process of auction of five blocks, Menezes it said the journalists that she will try next to its homologous Nigerian to unblock the relative question to the transference of the resultant value of the first adjudication to a petroliferous North American. "I go to find me with Olusegun Obasanjo to arrive at the end of these negotiations of as auction of blocks", affirmed Fradique de Menezes, adding will also go to decide the relative question to the first auction. The trip of the head of State is -tomense appears in the sequência of the two last meetings of the Joint Ministerial Advice of Oil between the two countries, that had resulted unfruitful due to agreement on the proposals in the picture of the adjudication of the five blocks in cause. Also to try to exceed the divergences in the meetings of the Ministerial Advice, carried through in the capital Nigerian, president Olusegun Obasanjo was, has few days, but without success, in one visits lightning to the capital is -tomense. The discord is arrested with the criterion of selecção of the competing companies to the blocks, with Is Tomé and Príncipe, of a side, to defend proposals monetary of petrolígeras, opposing the position of the Nigéria that gives priority to the time established for the oil production. In relation to the sum still for transferring, São-Tomé and Principe wait to receive 49 million dollar of the 123 resultant million of the adjudication of a block in ends of 2004 to the petroliferous company North American Chevrom-Texaco in would seem Exxonnopil. Signed in February of 2001, the treated one to joint exploration of oil establishes 60 percent of prescriptions for the 40 Nigéria and percent for Are Tomé and Príncipe.

31/05/2005 - 11h01
São Tomé: PR são-tomense vai à Nigéria para resolver problemas sobre petróleo

São Tomé, 31 Mai (Lusa) - O presidente de São Tomé e Príncipe, Fradique de Menezes, partiu hoje para Abuja (Nigéria), onde vai reunir- se com o seu homólogo nigeriano, Olusegun Obasanjo, numa tentativa de resolver divergências sobre a adjudicação dos blocos de petróleo na zona de exploração conjunta.

O anúncio da reunião foi feito pelo presidente Fradique de Menezes, momentos antes de deixar o aeroporto internacional de São Tomé com destino a Abuja para uma estada de algumas horas.

Além do processo de leilão de cinco blocos, Menezes disse aos jornalistas que tentará junto do seu homólogo nigeriano desbloquear a questão relativa à transferência do valor resultante da primeira adjudicação a uma petrolífera norte-americana.

"Vou encontrar-me com Olusegun Obasanjo para chegarmos ao fim destas negociações do segundo leilão de blocos", afirmou Fradique de Menezes, acrescentando irá também resolver a questão relativa ao primeiro leilão.

A viagem do chefe de Estado são-tomense surge na sequência das duas últimas reuniões do Conselho Ministerial Conjunto de Petróleo entre os dois países, que resultaram infrutíferas por falta de entendimento sobre as propostas no quadro da adjudicação dos cinco blocos em causa.

Também para tentar ultrapassar as divergências nas reuniões do Conselho Ministerial, realizadas na capital nigeriana, o presidente Olusegun Obasanjo esteve, há poucos dias, mas sem sucesso, numa visita relâmpago à capital são-tomense.

A discórdia prende-se com o critério de selecção das empresas concorrentes aos blocos, com São Tomé e Príncipe, de um lado, a defender uma propostas monetária das petrolígeras, contrariando a posição da Nigéria que dá prioridade ao tempo estabelecido para a produção de petróleo.

Em relação ao montante ainda por transferir, São-Tomé e Principe espera receber 49 milhões de dólares dos 123 milhões resultantes da adjudicação de um bloco em finais de 2004 à empresa petrolífera norte-americana Chevrom-Texaco em pareceria com Exxonnopil.

Assinado em Fevereiro de 2001, o tratado de exploração conjunta de petróleo estabelece 60 por cento das receitas para a Nigéria e 40 por cento para São Tomé e Príncipe.

RCN.

Update, 10:41am, 5/31/05: We're back to $0.585 but haven't sold any shares, per Money.net. Not sure how that happens.

Update, 10:40am, 5/31/05: The price slips to $0.575, below the $0.58 Bid, as volume closes in on 900K at 899,905.

Update, 10:38am, 5/31/05: The price improves to $0.585, the Ask, while the Bid stays at $0.576. Volume is 884,905.

Update, 10:36am, 5/31/05: The Bid slips back to $0.576, a tenth of a cent over the low of the day. The Ask is $0.585, and volume is on the move again, now to 878,905.

Update, 10:33am, 5/31/05: We're at $0.58, the Bid, with volume at 842,305 and the Ask lower at $0.585. I wonder if President de Menezes brought the awards document with him? Meanwhile, there's a general strike going on in Sao Tome as civil service workers demand a 340 percent increase in the minimum wage, to $100 a month from $30. How do you live on $30 a month? Barely, we suspect.

Update, 10:23am, 5/31/05: We're at $0.59, off $0.04, as volume moves far more slowly with traders awaiting the outcome in Abuja. It's now 833,215 shares, and the Bid is lower at $0.58, with the Ask still at $0.59.

Update, 10:23am, 5/31/05: The volume is 815,807, and the meeting in Abuja has been confirmed by an RDP Africa radio report from Homeport. The price is $0.585, the ABid, and the Ask is still $0.59.

Update, 10:19am, 5/31/05: The price is $0.59, with volume at 807,807 - hello, hello. The Bid is still at $0.585 while the Ask is lower at $0.59.

Update, 10:13am, 5/31/05: The price is $0.585, the Bid, with volume at 800,807, and the Ask at $0.60. I just had a chance to check Raging Bullfor updates, and there's one (a Comment below) from thedaneslapper that suggests President Fradique de Menezes is winging his way to Abuja to chat with President Obasanjo there. At least he's gong in the right direction:

****UPDATE****

Just spoke with JDA (source did not want to be named) and they confirmed Menezes is meeting with Obi today. I asked if awards were today and all they would tell me is to call back later today for update. That's all for now. Will update later hopefull.

Update, 10:04am, 5/31/05: We hit 700K, with the price $0.585, the Bid, and the Ask at $0.595, on volume of 711,507.

Update, 10:02am, 5/31/05: After a strong shake, it looks like volume is slowing for the moment as we stand $0.595, off $0.035.

Update, 9:59am, 5/31/05: We're at $0.595 again, improving, with the Bid and Ask $0.585 x $0.595 and volume hitting 689,857.

Update, 9:54am, 5/31/05: The price is $0.576, the volume is 648,907 with the Bid and Ask unchanged. We're off 8.5 percent.

Update, 9:53am, 5/31/05: The price is $0.576, with volume now 615,559, and the Bid falling to $0.576 and the Ask at $0.58.

Update, 9:49am, 5/31/05: The price is $0.58, on volume of 583,959, with the Bid and Ask $0.58 x $0.59.

Update, 9:46am, 5/31/05: Volume is over 500K at 519,971 and we're at $0.60.

Update, 9:44am, 5/31/05: With volume at a fast-paced 476,071, we're off $0.02 at $0.61. There must be tremendous buying support at this level or we'd have seen the $0.60s vanish in the heavy volume.

Update, 9:40am, 5/31/05: We're at $0.61, improving, on volume of 454,071, with the Bid $0.60 and the Ask $0.61.

Update, 9:38am, 5/31/05: We're off $0.03, less than expected, on volume of 433,471. Money.net has chosen this moment to stop working.