Trading Updates: JDA Work Done; Announcement At Press Conference; ERHC: Awards Next Week; Menezes Signs Awards; Raymond James Acquires 6% Of ERHE?

A new press release from the Nigeria-Sao Tome and Principe Joint Development Agency has reassured investors this morning that the awards process is on track for announcements when the signatures of both nation's leaders can be obtained.

Update, 8pm EDT, 05/05/05 It's been a day of half-baked information, and we need to apologize for publishing it. Our sources were not as reliable as we thought they were on the Barry Morgan story, which has not shown up, or on the Raymond James story, which the company has denied. This lends our blog a reputation for false leads so that when we do get useful true information, you won't believe it. It would be ironic indeed if the only truth among the rumors today came from SwingingK

Update, 4:55pm EDT, 05/05/05 Tracey Bustamante, corporate communications director at Raymond James Financial, says the Tampa-based market maker could not confirm any acquisition of ERHE, and said it doesn't make a market in the stock. She wanted to know our source, and is checking further, however.

Update, 4pm EDT, 05/05/05 The share price closes at $0.745, up 14.62 percent or $0.095 on the day, on volume of 2,506,600 shares. That represents a one-day gain of $11,688.80 for the ERHC On The Move portfolio of 123,040 purchased at an average of $0.4394.

Update, 3:52pm EDT, 05/05/05 The price is $0.735 just eight minutes from the 4pm EDT close. The Bid is $0.735 and the Ask $0.74, and volume is 2,386,300 shares. ERHC On The Move has learned from a reliable source that the Raymond James Co. has suspended its own trading in the stock after acquiring more than 6 percent of ERHE shares, requiring SEC notification. Confirmation is still being sought.

Update, 3:50pm EDT, 05/05/05 ERHC On The Move has learned that Barry Morgan of UpstreamOnline will report tonight at 7:15pm EDT that ERHC Energy has captured 70 percent of Block 4 with partner Noble Energy and another operatorship in Block 2, with partners Pioneer Natural resources and Devon Energy.

Update, 3:45pm EDT, 05/05/05 No big movement yet. The price is $0.74 and the Bid and Ask $0.735 x $0.74, with volume sharply higher at 2,301,300.

Update, 3:15pm EDT, 05/05/05 With the Surge comes an improvement in the Bid to $0.741 and in the Ask, to $0.745, on 2,116,800 shares.

Update, 2:58pm EDT, 05/05/05 Volume has crossed the 2 million mark and stands at 2,046,600 with less than 11 minutes to the 3:15 Surge. The price is $0.74, and the Bid and Ask are $0.735 x $0.74.


Presidents Meet
President George W. Bush and Nigerian President Olusegun Obasanjo met privately this morning at the White House to discuss regional issues and security. This was the second time in two years they have met. Obasanjo now heads to Atlanta, and will attend a dinner honoring ex-Secretary of State Colin L. Powell in Washington Saturday night. He is expected back in Abuja to announce the block awards in the Joint Development Zone on Monday or Tuesday of next week.

Update, 2:43pm EDT, 05/05/05 The price has improved a cent to $0.74, the Ask, and the Bid a cent to $0.735; volume is 1,934,300 shares. The air of a siege lifting is fragrant with profit.

Update, 2:22pm EDT, 05/05/05 After a day of dramatic movement, the share price is now $0.73, the Ask, with the Bid at $0.725, and ERHE registering a 12.31 percent gain of $0.08, down from an earlier $0.115 gain. The volume is a healthy 1,855,800 shares as we grow closer to the 3:15 Surge. We expect the Surge to bring an uptick today as compared to yesterday's dramatic last-minute selloff.

Update, 1:48pm EDT, 05/05/05 We think SwingingK has got a genuine scoop this time: He says an executive of a firm with whiom ERHE is partnered has been notified by a high-ranking JDA official that the company can begin exploration next week after President Fradique de Menezes of Sao Tome today signed the Nigeria-Sao Tome Joint Development Authority awards document, finalizing the process. A press conference is expected to occur on Monday or Tuesday of this week to report the winners. One great scoop excuses a multitude of sins, Swing!

With Nigeria's President Olusegun Obasanjo in Washington to meet with President Bush today and to honor outgoing Secretary of State in Saturday, and Sao Tome and Principe's Prime Minister in Washington to appeal for debt relief at the World Bank and International Monetary Fund, that cannot happen until early next week but the stock jumped $0.115 in one of the sharpest gains in recent memory this morning before falling back three cents late in the morning to $0.73.

At 11:50am EDT, ERHE stood $0.08 higher on volume of 1,232,100 shares, a far better showing than yesterday's dismal downfdraft and tedious rangebound trading. The high for the day so far is $0.765, while the Bid and Ask are $0.7261 x $0.74.

Here is the press release from the JDA, which was accomplished on the schedule [romised to poiser hurricaneoffor in an email message reported on Raging Bull's ERHE message board and ERHC On The Move yesterday morning:

PRESS STATEMENT
JDZ 2004 LICENSING ROUND

The 9th meeting of the Joint Ministerial Council (JMC) was held from 26-27 April, 2005 in Abuja, Nigeria.

2. The meeting amongst others considered the JDA report on the awards of the five blocks on offer in the 2004 JDZ Licensing Round.

3. After exhaustive deliberations, the JMC has in line with the prescribed Treaty provision, forwarded its recommendations to the Heads of States for endorsement.

4. As soon as it is obtained the results of the rounds will be announced.

5. While appreciating the level of interest sustained in the rounds in particular and the activities of the JDZ in general, we wish to appeal to stakeholders to continue to show understanding in the process that has to be followed in arriving at such crucial decisions.

Nigeria-Sao Tome and Principe
Joint Development Authority
4th May 2005

Update, 12:53pm EDT, 05/05/05:Here is the ERHE press release that was carried on Yahoo a short time ago:

ERHC - JDA Update on 2004 Licensing Round Results
Thursday May 5, 12:12 pm ET

http://biz.yahoo.com/bw/050505/55619.html?.v=1

HOUSTON (Business Wire) -- May 5, 2005--ERHC Energy Inc. ("ERHC or the "Company") (OTCBB:ERHE - News)

ERHC has been informed by the Joint Development Authority (JDA) that the Joint Ministerial Council (JMC) met in Abuja from 26th to 28th April 2005, and deliberated on the 2004 Licensing Round.

The JMC has submitted recommendations on the structure and final awards of the blocks that were put to tender for endorsement by the Heads of State of the State parties.

As soon as this is done, the JDA will announce the results of the 2004 Licensing Round. The JDA expects that this will take place before the end of next week.

The JDA issued a press release on this subject on May 4, 2005.

The full text of the JDA's Press Statement is available at http://www.nigeriasaotomejda.com/.

About ERHC

ERHC is an independent oil and gas company focused on exploration in the Gulf of Guinea offshore West Africa. ERHC's corporate office is located in Houston, Texas. For more information, visit the ERHC website at www.erhc.com.