Trading should be brisk today - but we'll know in a moment.
Update, 5/25/05, 4:01 EDT: Volume has climbed sharply since the 3:15 Surge, to 777,940, and the price is $0.702 and the Bid and Ask $0.70 x $0.702. ERHE gained $0.002 on the day. ADVFN reports that as of 3:40, there were 146 trades today running strongly to the Buy side, but not as strongly as earlier. There were 383,250 Buys and 206,650 Sells and 30,360 shares unidentified.
Update, 5/25/05, 3:08 EDT: Volume has slowly climbed to 558,525, while the Bid and Ask remain $0.695 x $0.70, and the price is $0.70 just five minutes for the 3:15 Surge..
Update, 5/25/05, 12:47pm EDT: Buyers are becoming still more dominant. In the first 105 trades of the day at 12:28pm EDT, there were 301,175 Buys and 73,025 Sells, with 30,360 unidentified, according to ADVFN, which has a 15-minute delay. Volume at 12:47 is 462,560, and the price is $0.70, with both Bid and Ask improved to $0.70 x $0.702.
.
Update, 5/25/05, 12:35pm EDT: Please read my latest Comment if you want to know what I think about today's meeting. The price is unchanged at $0.70, with volume now at 409,560 and the Bid and Ask unchanged at $0.696 x $0.70. Nothing new on the JDA Website. Now I'm going to Morty's for lunch.
Update, 5/25/05, 12pm EDT: With trading stalled at noon, and the JDA PR still not online, we're headed to Morty's Bagels in Palmetto, Fla., for lunch of great homemade bagel sandwiches and pastries from Tim and Antonieta O'Dea.
The volume is still 337,275, and the Bid and Ask remain at $0.696 x $0.70, with the price at $0.70.
The U.S. Senate has just started voting on Priscilla Owen's nomination to the U.S. Court of Appeals.
Update, 5/25/05, 11:48am EDT: The price is $0.70 in ho-hum trading, Volume has climbed just 7,000 shares in 30 minutes. The Bid and Ask are unchanged at $0.696 x $0.70.
Update, 5/25/05, 11:18am EDT: The price is $0.696, the new Bid, and the Ask remains at $0.70. Volume is tepid at 330,395. We have a picture of the crowd outside the JDA offices awaiting the news that will display here shortly.
SwingingK, ever vigilant...
A crowd has gathered outside the offices of the Joint Development Authority in Abuja, where members of the Nigeria-Sao Tome Joint Ministerial Council are debating block awards for the second time this month. A JDA PR is expected today or tomorrow. Photo credit: "La Lucha," a new DVD documentary of the Mexican sport of "lucha libre" wrestling.
Update, 5/25/05, 10:56am EDT: The last 18 trades ran 15 Buys to three Sells, or 5:1, according to ADVFN. The price is still $0.70, and volume has now reached 311,332. The Bid and Ask are unchanged at $0.695 x $0.70.
Update, 5/25/05, 10:48am EDT: In the last 41 of 66 trades, only 8 are Sells. There are 33 Buys, and the Buy - Sell ratio still is better than 3:1. That's according to ADVFN, which is on a 15-minute delay.
Update, 5/25/05, 10:45am EDT: Volume is 298,042 shares, with the price still at $0.70.
Update, 5/25/05, 10:41am EDT: I hear a distant voice saying, "We have bad news." I need to get more sleep. Volume is 285,542 and all else is unchanged.
Update, 5/25/05, 10:40am EDT: We're back at $0.70, with volume still slow at 275,042. The Bid and Ask are unchanged.
Update, 5/25/05, 10:37am EDT: The Buy - Sell situation is remarkably tilted to the long side, with 126,357 Buys to 39,400 Sells in 51 trades as of 10:17; there are 20,360 shares unidentified. The price has fallen to $0.699, and the Bid to $0.695, while the Ask is lower at $0.70.
Update, 5/25/05, 10:34am EDT: This yawning $0.002 "gap" frustrates me. Why doesn't some market maker demand what ERHE is worth? Volume has climbed to 261,542, suggesting that as the end of today's meeting and a JDA PR grow closer, there will be a rush for the rafters.
Update, 5/25/05, 10:27am EDT: We're at $0.702, the Ask, with the Bid still at $0.70 and volume approaching 200K, at 198,117. It's Dullsville out there, folks.
Update, 5/25/05, 10:25am EDT: GEECF, where ERHC investor Phil Nugent is trying to dissolve his partnership agreement, hit $0.40 this morning and is now at $0.41, off $0.07. So much for resistance at $0.48.
Update, 5/25/05, 10:20am EDT: The Buy - Sell ratio has swung more firmly to the Buy side now. In 30 trades, 24 are Buys, and just six are Sells.
Update, 5/25/05, 10:18am EDT: The price is $0.7020, a twentieth of a cent lower, with volume at 186,117 and the Bid now at $0.70. The Ask is $0.702.
Update, 5/25/05, 10:14am EDT: The price is $0.7025, a healthy innovation. The Bid is still $0.695, but the new Ask is $0.704, as if that made any sense. Volume is 164,017, moving at last.
Update, 5/25/05, 10:09am EDT: Buyers are outrunning sellers 3:1 this morning, with ADVFN (on a 15-minute delay) reporting 59,590 Buys and 18,150 Sells in the first 23 trades. Someone's got brains.
Update, 5/25/05, 10:03am EDT: The price has slipped four-tenths of a cent to $0.695, and then come back to the Ask at $0.699. Volume is a meager 88,940 shares.
Update, 5/25/05, 10:03am EDT: About 5K shares have traded, with volume now at 82,940 and the price, $0.699, the Bid (the same) and Ask, $0.699, all unchanged. It appears traders are not chomping at the bit, but the JDA PR will spark a riot (i.e., a really strong rally), we think.
Update, 5/25/05, 9:58am EDT: We think the following update from SwingingK is probably the real thing this time. His named source declined to say when awards will be, but says we can expect a Joint Development Authority press release:
*********YEAH**********
Just got off the phone with Kashim Tumsah, He is the JDA's Legal guy. Was asking him some PSC questions regarding Blk 1, & how that would affect the Drafting of Blk's 2-6, He responded, " We are so glad to finally have settled the matter of whom actually is awarded which block, the PSC should be a snap, 90% of it is Boilerplate from the Block 1 PSC."
I then asked him if Awards will be anounced today since in your own words you finally settled on whom gets awarded what. KT responded, " A PR will be issued as soon as the JMC Draws to a close."
Update, 5/25/05, 9:51am EDT: Very, very slow trading today, but we think the meeting may yet be a short one. Volume price, Bid and Ask are unchanged. It reminds me of July, 2003.
Update, 5/25/05, 9:47am EDT: A fresh and much appreciated Update from Anonymous (you know him):
****UPDATE AWARDS****
Just spoke with Secretary of JDA. I asked him if the Gomes quotes about awards this week and the Reuters article were accurate and he said they were indeed accurate. I asked him if awards would be announced this week and he said yes and that there would be a PR most likely today/tomorrow. JMC is to start meeting in about an hour.
Price, Bid and Ask are unchanged as volume reaches 77,740.
Update, 5/25/05, 9:42am EDT: We added an extra "3" to the volume figure - sorry. Now it's 47,040 and motionless. The price, Bid and Ask are unchanged.
Update, 5/25/05, 9:37am EDT: The price is a tenth-cent lower at $0.699, 44,450 shares trading so far. The new Ask is $0.699.
Update, 5/25/05, 9:34am EDT: Well, not brisk as only 24,040 shares trade in the first three minutes. The price is $0.70, the fallen Ask, and the Bid is $0.695.
28 comments:
Joe, thank you as always, but get some rest. Your typo ratio is very high this morning, not that it is a problem to read but it is an indicator you are worn out.
STP, Nigeria and Joe are all ready for awards. (and me)
Maurice
You're right, Maurice. I couldn't sleep all night. This crap does get exhausting.
RB **UPDATE** from Swing ...
Just got off the phone with Kashim Tumsah, He is the JDA's Legal guy. Was asking him some PSC questions regarding Blk 1, & how that would affect the Drafting of Blk's 2-6, He responded, " We are so glad to finally have settled the matter of whom actually is awarded which block, the PSC should be a snap, 90% of it is Boilerplate from the Block 1 PSC."
I then asked him if Awards will be anounced today since in your own words you finally settled on whom gets awarded what. KT responded, " A PR will be issued as soon as the JMC Draws to a close." :- )
Pins & Needles...Needles & Pins...
I have a Hassidic friend in Monroe, NY, who says he knows Swing and that he is actually a 17-year-old kid. But I like the sound of this one.
are you serious joe about swing?
i like little brown terdies on my knee caps and then i like kneeling down on sao tomean heads!
i'm tired of looking at little joe's picture every time he posts! lol
It's nice to be called "little" Joe for once.
And, no, I'm not serious about little Swing.
Joe,
I thought SwingK was in the fashion business, so how is he able to connect with these top people in the JDA and Oil Executives? He's never been right till now. Still remember his apparent conversation with someone based in Abuja during the last meeting where he quoted his so-called source as saying they are just "dotting the i's and crossing the t's". When will he learn to just keep quiet? Maybe he just wants all the attention and people constantly thanking him. "Thanks Joe" and "U Da Man"... When it happens, it happens!
guys Swing is LEGIT end of story!
time frames change which are out of everyones hands and control
if you have doubts call Nigeria yourself
simple
Anyone can make a phone call and connect to them. A call from the States is a status symbol of sorts.
In New mexico when I was a reporter there for New York's Village Voice, the governor's phone was listed and I actually called him (Gov. David Cargo) once and he answered the phone.
Hey folks you all have time to buy 70 cents or lower until awards. The MM's told me so.
Why are you referring to Phil Nugent is a "founder" of ERHC?
And, why are you saying today that Carvalho is an ERHC shareholder, when yesterday you corrected me for stating he was?
sh70
Why not? Just trying to confuse you, SH70.
Seriously, do you recall the remark de Menezes made about Carvalho's portfolio?
But you are quite correct. Phil Nugent weas merely an investor who apparently introduced Emeka Offor to Sao Tome - I don't know how he got into the act, or what other role he may have played - and there is no evidence at all that Carvalho is an ERHE shareholder. Good catches, and thanks.
I should add that Phil Nugent's problems with GEECF, which have led to a lawsuit by him against GEECF in which he is trying to dissolve his partnership in the company, could have some consequences if he needs to sell shares to cover any losses in GEECF. He has so many shares he could affect the market by selling, and we don't know whether he has or not. In looking for a culprit in the recent selling, we might be wise to look at him. legal problems almost always translate as large financial losses. No one sues a good thing.
Nobody knows how things are going in the JMC meeting except the people that are actually in the meeting.
So all the rest is just conjecture and heresay.
My gut feeling is they dont get it done. I think Sao Tome is trying to stall this whole process out because they want to harm ERHC and they want to help Exxon.
All this is IMO.
That's a fair opinion. I think diplomatic and ministerial statements are very carefully crafter and almost never off-the-cuff. So when Arlindo de Carvalho came in saying "We want changes" and Abubakar Tanko came in saying the "bonds of partnership" are at risk - which would mean the dissolution of the Joint Development Zone and a whole new process, preceded by lawsuits - we should be as sober as church mice in weighing their words. We may yet get a great result, but there are strong currents of hostility on both sides that must first be resolved.
If Sao Tome does indeed try to stall this out, then the respective oil companies who have committed valuable time and resources would probably have grounds for a pretty hefty lawsuit.
What would they get out of suing them? CoCo and 1-900 numbers?
Update, 5/25/05, 10:25am EDT: GEECF, where ERHC investor Phil Nugent is trying to dissolve his partnership agreement, hit $0.40 this morning and is now at $0.41, off $0.07. So much for resistance at $0.48.
Joe, You idoit. Do you not remember the other day?
May 16, 2005
Mr. Joe Shea, Editor-in-Chief joeshea@cal.net
The American Reporter joeshea@netcom.com
1812 N. Ivar Ave., no.5
Hollywood, CA 90028-5026
Dear Mr. Shea:
The factual content of your Internet posting entitled “Phil Nugent, ERHC Founder, Faces Issues With New Company” is FALSE. Mr. Nugent demands a public retraction of this libelous posting.
Mr. Nugent is not “battling to save his newest enterprise, Global Environmental Energy Corp”.
Global is not an “enterprise” of Mr. Nugent’s;
he does not have any interest in this company;
he is not battling, fighting, struggling, or otherwise exerting himself to “save” this company; and, most importantly,
the Sunday London Times article you quoted does not mention Mr. Nugent!
For you to flatly state that Mr. Nugent or his company, ERHC, has any management or ownership interest in Global Environmental, a company that is described as insolvent and facing numerous punitive damage and director/investor actions against it, as well as possible tax liability actions, is not only patently libelous but could be characterized as an intentionally tortuous act made with the intention of causing financial harm to Mr. Nugent who is a stockholder of ERHE along with thousands of other people around the world.
In fact, Mr. Phil H. Nugent, individually and on behalf of Green Energy Management, Inc., filed a lawsuit on May 9, 2005 against GEECF in Civil District Court for the Parish of Orleans, Louisiana, in Civil Action No. 2005-6260. This is a suit for Breach of Contract and Dissolution of Agreements, if any, between the parties for failure of GEECF to perform or honor any of its representations to Mr. Nugent’s company, Green Energy Management, Inc.
Consequently, demand is made upon you to publicly withdraw and rescind these allegations and falsehoods posted on your website or in any other forum. We expect you to print a public retraction on your website blog using the same size and style print as the original article. If you fail to publicly retract these falsehoods within the next 3 business days my client will have no alternative than to seek redress, including damages, against you in the Federal Courts.
Your immediate attention to clearing up and resolving this matter is appreciated.
Cameron C. Gamble
CERTIFIED MAIL
cc:
JOE SHEA
4119 61st Avenue Ter W
Bradenton, FL 34210-4011
I would love to be a fly on the wall in the JMC Meeting. They have now been meeting for 3 and a half hours.
I have my doubts that they will compete this thing.
Who owns ERHC Phil Nugent or Offer?
12:51PM post
For you to flatly state that Mr. Nugent or his company, ERHC, has any management or ownership interest in Global Environmental...
Dear Anonymous,
If you would do and DD and reading you would know Mr. Offer/Chrome ownes ERHE! Do your home work!
MY, MY, MY. Nugent again? Joe, lets get back to ERHC.
I think it's important to deal with such issues as they arise and that it's best not let them go unanswered when there may be serious legal consequences.
joe...why doesn't Nigeria just take over sao tome since they're being dickheads about the awards! Screw em'. People are dying anyways. GO TAKE OVER THE SAO TOME GOV'T!
If you can't play the game Sao Tome, then go to hell! I actually work at Pioneer and I am close to trying to get them out of the JDZ. This is ridiculous and I'm starting to believe these delays are very unprofessional. I own ERHE, but I'd love for all the major oil companies to ditch the JDZ so it goes to waste and Sao Tome/Nigeria realize what their crying did!!!! LOL bitches!
Screw the JDZ... There's oil in other places!
If I was an oil company interested in the JDZ I would no longer be interested and focus my attention toward ethical and speedy bid rounds and awarding of the damn bids. SHit!
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