We are on the first leg of an expected weeks-long rise in share price as our company moves toward the signng of our Production Sharing Contract, the inauguration of our first well with Noble Energy in Block 4, and finally, the momentous discovery of our first oil reserves beneath the deep blue waters of the Gulf of Guinea.
Update, 4pm EDT, 6/1/05: It looks like an $0.69 close on volume of 7,167,600 shares, with the closing Bid $0.68 and the closing Ask $0.69. There were 3,229,784 Buys and 3,495,368 Sells and 442,402 shares unidentified in 1,415 trades Wednesday. In the last 41 trades, Sells out numbered Buys 23 to 18, with 107,650 shares sold and 70,850 bought in the last eight minutes of trading.
Meanwhile, there's a bit of good advice from our Comments section, and there are now five complaints filed (and one more on the way):
File a formal complaint about manipulation at
http://www.sec.gov/complaint/cf942sec9570.htm
if you suspect market maker manipulation based on T & S and Level II, though be advised that the SEC itself is now under Senate investigation and sources today indicated that SEC Chairman Donaldson will be resigning within the month. It will be interesting to see in coming days if ERHE appears on the Reg SHO list, as so many other stocks have. If so, that would indicate that ERHE is being illegally naked shorted. So far ERHE has not appeared on that list, to the best of my knowledge.
Anonymous 3:50pm.
We heartily concur with the first few words. Get off your duff and call, write and visit the SEC Website at http://www.sec.gov/complaint/cf942sec9570.htm to file "formal" complaints for manipulation; there's nothing more to it than filling out a form on the Website and clicking "Send." If they get a few thousand of those from ERHE On The Move readers, you can be assured the manipulators will be hurting before very long. Go do it!
Update, 3:55pm EDT, 6/1/05: Volume hits 7,041,000 shares, with the price at $0.69 and the Ask $0.695.
Update, 3:51pm EDT, 6/1/05: The price is $0.69, the Bid, and the Ask is $0.695, with volume closing in on 7 million shares, currently 6,981,000.
Update, 3:40pm EDT, 6/1/05: The price is $0.70, the Bid, the Ask $0.705 and the volume 6,771,600 shares.
Update, 2:48pm EDT, 6/1/05: Now we're at $0.71, the Ask is at $0.715 and the Bid at $0.71. Volume is 6,293,100 shares. You ought to see the misery on Raging Bull. We're feeling it here, too.
Update, 2:35pm EDT, 6/1/05: The price is a miserable $0.685, the Bid, with the Ask at $0.695 and volume of 6,047,600 shares nearly stalled now. I guess 5 billion barrels of oil isn't what it used to be. We're off $0.075 cents on the awards news.
Update, 2:22pm EDT, 6/1/05: Lusa has finally managed to come up with an English-language story on the block awards, and it adds to the quotes provided yesterday by ThisDay Online:
LUSA NEWS
01-06-2005 18:39:00.
Fonte LUSA. Notícia SIR-7050318
Temas:
Sao Tome: Menezes confirms oil bl'k awards; govt talks to civil service strikers
Sao Tome, June 1 (Lusa) - President Fradique de Menezes returned to strike-paralyzed Sao Tome and Principe Wednesday to personally announce agreement had been reached with Nigeria on the awarding of five offshore oil exploration blocks worth some USD 280 million in signature bonuses.
De Menezes, in an airport statement on his return from the Nigerian capital, Abuja, confirmed he and Nigerian President Olusegun Obasanjo had signed the joint awards agreement Tuesday, ending months of impasse and a flurry of partisan corruption charges in the archipelago.
Confirmation the islands would soon be getting their first oil bonanza payoff came as prime Minister Damião Vaz d'Almeida met with leaders of striking civil service unions that have severely hobbled public services since Monday in a scheduled five-day action to press pay hike demands.
"We decided to advance with the process of awarding the (five) blocks, approving the resolution presented by the Joint Ministerial Council" (JMC), de Menezes said, referring to the highest bilateral body overseeing the shared Gulf of Guinea Joint Development Zone (JDZ).
He also said his brief meeting with Obasanjo had unblocked the transfer of USD 49 million for the cash-strapped islands' coffers, the archipelago's share of the USD 123 million signing bonus for the first JDZ block awarded last year to a consortium led by ChevronTexaco of the United States.
"The money is on its way to Sao Tome and Principe's account", de Menezes said.
Under a bilateral treaty agreed in 2001, revenues from the JDZ are shared 60:40 in Abuja's favor.
Sao Tome JMC officials have said Nigeria was withholding the islands' share of the 2004 signing bonus of one block to pressure it into reaching agreement on the latest licensing round of five JDZ blocks.
The months-long bilateral negotiations reportedly centered on disagreement over selection criteria - with Sao Tome said to have preferred higher bids to Abuja's defense of exploration and production timetable commitments.
On the domestic front, d'Almeida and Labor and Welfare Minister Fernando Maquengo held a first round of talks Wednesday with leaders of the striking civil service unions, representing some 6,000 government employees, including teachers and workers at hospitals, state media and courts.
The unions have demanded that the minimum civil service monthly salary be raised to the equivalent of USD 100 from its current level of slightly more than USD 30.
The government has offered a rise to USD 40 per month.
In the islands, where families tend to be large, a kilogram of rice costs the equivalent of 60 US cents, a liter of cooking oil USD 1.2 and a kilogram of meat USD 3.50.
The unions had threatened to extend the strike indefinitely if the government did not return to the negotiating table after the breakdown of talks some two weeks ago.
RCN/SAS.
Lusa
Update, 1:36pm EDT, 6/1/05: The disgusting performance continues unabated, with ERHE now at $0.735, and with the Bid at $0.725 and the Ask down to $0.73 on volume of 5,226,600 shares. I'm going to lunch and I don't think I'll be back.
Update, 12:56pm EDT, 6/1/05: At the end of the lunch hour, we've seen ERHE dip to a low of $0.725 and come back to the current price, $0.741. The Bid is $0.74 and the Ask is $0.745. Volume, meanwhile, is now at 5,002,500.
Here's an aticle from afrol, which calls us the "great winner" but also seems to want a pound of flesh. It points out that at least "two totally unknown companies" named among the winners even now cannot be identified. I have heard of the ICC outfit mentioned in the eighth paragraph, however:
São Tomé-Nigeria oil blocks finally awarded
By staff writers
afrol News, 1 June - Five offshore oil blocks in the joint development zone between Nigeria and São Tomé and Príncipe were finally awarded tonight, in the zone's second licensing round. The big winner was the controversial company ERHC Energy. The licensing had been troubled by a five-month delay, multiple corruption charges and frictions between the governments of Nigeria and São Tomé.
The Nigeria-São Tomé and Príncipe Joint Development Authority (JDA) - which administers the offshore zone jointly owned by the two countries - this night awarded five offshore oil exploration licences to several small-scale international companies. Most of these oil companies have US or Nigerian owners and very little experience in the sector.
The great winner of the second licensing round was Environmental Remedial Holding Corporation (ERHC) - a company giving authorities in São Tomé a big headache. ERHC is a Texas-based company controlled by Nigerian businessman Emeka Offor, who had close links with Nigeria's former military leader. These contacts, the Nigerian press holds, were used a decade ago to achieve favourable deals with the past governments of Nigeria and São Tomé for all future oil explorations in the zone.
São Tomé's current government, led by President Fradique de Menezes, has reportedly tried to limit awards to ERHC in this second round, causing the five-month delay in the licence awarding. In São Tomé, several corruption charges have evolved around ERHC, which is not known to have any deepwater oil experience. Only an intervention by an irritated Nigerian President, Olusegun Obasanjo, in late May put the licensing process back on track.
The inexperienced Nigerian-US company was thus richly awarded, exercising its option rights in all the five blocks. In Block 2, a consortium of ERHC, Devon and Pioneer consortium was awarded a 65 percent interest and was designated the block's operator. Also in Block 4, a consortium of ERHC and Noble was awarded 60 percent interest and operatorship of the acreage. Blocks 2 and 4 were the most contested and promising. Also in blocks 3, 5 and 6 ERHC was awarded interests from 15 to 25 percent.
Block 3 went to Anadarko, a relative big independent oil company based in the US and with large-scale experience in Algeria. Anadarko won a 51 percent share and the operatorship of the block, which now stands out as the most professionally led among the joint development zone's five new blocks.
Block 6 went to Filtim Huzod, a small-scale Nigerian oil company with no previous experience in the sector. The Nigerian company, which is partnering with China's Sinopec, secured 85 percent and operatorship of the acreage of Block 6. Filtim Huzod was one of many competing Nigerian oil companies owned by former politicians.
The strangest licence was however awarded on Block 5, where a 75 percent ownership and operatorship went to a consortium of International Commerce and Communications (ICC) and Oil Exploration Consortium (OEC) - two totally unknown companies. Texas-based OEC had been advertising on the Internet for months, searching for "a partner with considerable experience in oil exploration" for its West African offshore operations. It found the Cayman Islands-registered ICC; a company to which there are no references.
The Nigeria-São Tomé and Príncipe Joint Development Authority (JDA) thus seemed even less lucky in its second licence awarding round than in its first, now being pressured to produce a conclusion for all the five contested blocks. In the first round, only one of the six announced blocks was awarded, to the US giant Chevron.
The trouble of getting serious bidders to the rich and promising blocks, combined with the unlucky old agreements with ERHC, last month caused political turmoil in São Tomé. A wave of corruption allegations caused the sacking of the presidential oil adviser and the temporary resignation of São Tomé's Natural Resources Minister Arlindo Carvalho, who was re-installed by President Menezes.
Update, 12:26pm EDT, 6/1/05: Don't ask me why, but we're at $0.75, the Ask, with the Bid at $0.74. This makes as much sense as a car wash on a rainy day. Volume is now 4,727,600 shares, and we're actually down $0.01 on news of winning awards of an estimated 5 billion barrels of oil.
Update, 12pm EDT, 6/1/05: Going into the lunch hour, we're not really enjoying a $0.02 pop, with the Bid at $0.775 and the Ask at $0.78 and volume of 3,296,600 shares. Until we can get the SEC to look at this trading, we just have to live with it.
Update, 11:52am EDT, 6/1/05: The price is $0.785, the Ask, while the Bid is $0.78. Volume is 4,265,300 shares. The JDA press release contains a lot of additional details about bidders we never heard of during the process. There are two Chinese companies, an Iranian outfit, and even a Japansese explorer, and some we can't readily identify. There's no more extra 5 percent, though, in Block 2, as Dow Jones had mistakenly reported.
Update, 11:45am EDT, 6/1/05: The JDA has released its own news on the awards now, and it's available here and on the JDA Website at http://www.nigeriasaotomejda.com. Here goes:
PRESS STATEMENT
ANNOUNCEMENT OF BLOCK AWARDS
IN THE
2004 JDZ LICENSING ROUND
The Heads of State, Presidents Olusegun Obasanjo of Nigeria and Fradique de Menezes of Sao Tome and Principe, have approved the award of blocks in the 2004 JDZ Licensing Round. The awards structure is attached herewith as Annex A.
2. The awards were decided at a meeting of the two Presidents held in Abuja today (31st May 2005), which is coming at the heels of the just concluded JMC meeting held in Abuja. The JMC meeting had forwarded the harmonised award structure to the two Heads of State for their endorsement.
3. While congratulating the winners who would be issued letters of awards immediately, the JMC/JDA wish to once again thank all companies that bidded and other stakeholders for their patience and sustained interest in the activities of the JDZ.
Nigeria-Sao Tome and Principe
Joint Development Authority
31st May 2005
NIGERIA-SAO TOME AND PRINCIPE JDZ 2004
LICENSING ROUND
APPROVED RESULTS
COMPANY/BLOCK SIGNATURE
BONUS
EQUITY REMARK
BLOCK 2 $71 million
Devon/Pioneer/ERHC
(including existing Rights)
65 Operator
Equator Exploration/ONGC Videsh 15
A. & Hartman 10 Nil
Foby Engineering 5 Nil
Momo Oil & Gas/SOJITZ/IMT Int./NISSHO IWAI 5 Nil
BLOCK 3 $40 million
Anadarko 51 Operator
Devon/ERHC (including existing rights) 25 Nil
DNO/EER 10 Nil
Equinox Oil & Gas/Equinox & Energy
Limitada/Petrochina
10 Nil
Ophir/Broadlink 4 Nil
BLOCK 4 $90 million
Noble/ERHC (including existing rights) 60 Operator
Conoil 20 Nil
Hercules/Centurion 10 Nil
Godsonic Oil and Gas 5 Nil
Overt/Addax 5 Nil
BLOCK 5 $37 million
ICC/OEOC Consortium 75 Operator
ERHC (Existing Rights) 15 Nil
Sahara/Denham/WoodGroup 10 Nil
BLOCK 6 $45 million
Filthim-Huzod Oil & Gas/DNO
ASA/EER/SINOPEC
85 Operator
ERHC (Existing Rights) 15 Nil
………………………………….. ……………………………………………
ALHAJI ABUBAKAR A TANKO ENGR. ARLINDO DE CARVALHO
For and on behalf of the For and on behalf of the members
Members of the Nigerian DRSTP Joint Ministerial Council
Joint Ministerial Council
Update, 11:32am EDT, 6/1/05: The price is slightly better at $0.78, the Ask, and the Bid is $0.777. Volume is now 4,030,300 shares.
Update, 11:23am EDT, 6/1/05: Dadd17 has some simple math for those of you who wonder if we're watching our company get stolen from us:
Was doing some quick calculations.....
At $0.79 and with 710,000,000 shares, that gives a market cap of $560,900,000.
With the standard of $3.00 per barrel of estimated unproven reserves of 2 billion barrels (being conservative here), this market cap should be worth around $6 Billion Dollars, or $8.45 per share.
Lets look at what $1.00 per barrel of estimated unproven reserves of 2 billion barrels would be: $1.00 x 2 billion barrels = $2 Billion Dollars Market cap, equaling $2.81 per share.
As of right now, sitting at $0.79 per share, with a market cap of $560,900,000, our average of estimated unproven reserves of the 2 billion barrels comes to $0.28 per barrel. That is unheard of for any company to have that low of a price per barrel of estimated unproven.
Dadd17
Update, 11:23am EDT, 6/1/05: The price is $0.765, the Bid, and the Ask is $0.769, as volume climbs to 3,872,300 shares.
Update, 11:18am EDT, 6/1/05: We're slipping further now, with the Bid and Ask $0.761 x $0.769. The price is $0.761, and volume is 3,762,300 shares. I wish the SEC would take a look at this.
Update, 11:16am EDT, 6/1/05: The price is $0.774, the Ask, and the Bid is $0.772, with volume at 3,792,800 shares.
Update, 11:11am EDT, 6/1/05: We've slipped to $0.772, the Bid, and the Ask is $0.777. Volume is 3,666,000 - is this price the Devil's work?
Update, 11:07am EDT, 6/1/05: The price is $0.777, but we're not sure it's lucky: We control 180 percent of the 500 percent of blocks in the JDZ, or 36 percent, and it's said there are 14 billion barrels there, so that gives us 5 billion barrels, and at $50 a barrel that's $250 billion. You can buy all that for $0.777 at the moment. The volume is 3,651,500 shares and the Bid and Ask are $0.777 x $0.78.
Update, 10:37am EDT, 6/1/05: We slipped to $0.7725. The current Ask is $0.774, and the Bid is at $0.77 on volume of 3,094,600 shares. A lot of posters on Raging Bull are debating why the price hasn't popped as it did last year and the year before when it seemed awards were imminent - especially now that they're here. The answers being posted are varied and uncertain. In Fall 2004, the price was held back so that even a million shares of volume would not move it, and we learned that there was a settlement of 63 million shares paid to First Atlantic Bank and that our chairman, Sir Emeka Offor, had bought tens of millions of shares at $0.17 to restore his ownership percentage. The price stayed down for endless weeks, moving a penny or so a day. Now there are no insider sell filings, so that's not likely to be a factor. And GEECF, the former Phil Nugent investment vehicle, has recovered from a low of $0.40 to a current $0.70 in the past week, so he may not be selling. It is painful to admit we may be being had by someone wanting to accumulate a substantial ownership position at low prices, because when sellers cooperate, shareholders lose.
Update, 10:17am EDT, 6/1/05: The price is better at $0.79, with the Bid and Ask $0.786 x $0.79 and volume at 2,509,500 shares.
Update, 10:15am EDT, 6/1/05: Volume is slowing at 2,450,400, and the price is lower at $0.785, with the Ask at $0.79.
Update, 10:04am EDT, 6/1/05: The price is $0.79 again, while the Bid has slipped to $0.785 and the Ask $0.79. Volume is 2,330,300 shares.
Update, 10:02am EDT, 6/1/05: The price is to $0.80, the Ask, on volume of 2,311,700 shares.
Update, 10am EDT, 6/1/05: The price is $0.80, with the Bid better at $0.795 and the Ask up at at $0.80. Volume is 2,289,200 shares.
Update, 9:58am EDT, 6/1/05: Volume has reached 2,210,300 and the price has moved back up to $0.795, the Ask, with the Bid now at $0.79.
Update, 9:56am EDT, 6/1/05: The price is $0.7825 and the Bid and Ask are $0.78 x $0.785.
Update, 9:53am EDT, 6/1/05: Volume hits 2 million within just 23 minutes, as the price slips to $0.785, the Bid, and the Ask to $0.79.
Update, 9:52am EDT, 6/1/05: The price is $0.79 as the Bid and Ask slip to $0.795 x $0.798. Volume is 1,964,300 shares.
Update, 9:51am EDT, 6/1/05: The price is $0.807, the Ask, with the Bid at $0.805 and volume racing towards 2 million shares, now at 1,798,900. Here's the news release from ERHC Energy, via Business Wire:
Business Wire from ERHE!
ERHC - Awards Announced in the 2004 JDZ Licensing Round
Business Wire - June 01, 2005 08:47
The Nigeria-Sao Tome and Principe Joint Development Authority (JDA) issued a press statement on May 31, 2005 announcing the award of five blocks on offer in the 2004 JDZ Licensing Round.
ERHC Energy Inc. (ERHC) (OTCBB:ERHE) had previously exercised its option rights in all the five Blocks on offer in the 2004 JDZ Licensing Round, and in December 2004 submitted bids as a consortium member for Blocks 2, 3 and 4.
In Block 2, the ERHC/Devon/Pioneer consortium has been awarded 65% interest, which is inclusive of ERHC's 30% signature bonus free interest. The consortium has been designated operator for Block 2.
In Block 3, the ERHC/Devon/Pioneer consortium has been awarded 25% interest, which is inclusive of ERHC's 20% signature bonus free interest.
In Block 4, the ERHC/Noble consortium has been awarded 60% interest, which is inclusive of ERHC's 25% signature bonus free interest. The consortium has been designated operator for Block 4.
In making the awards for Blocks 5 and 6, the JDA confirmed ERHC's 15% interest in each of these Blocks. ERHC's interest in Block 6 is free of signature bonus.
"The announcement of the awards is a significant milestone for ERHC. We look forward to working with the JDA and other participants towards developing the petroleum resources in the JDZ for the mutual benefit of the peoples of Nigeria and Sao Tome & Principe as well as our respective companies," commented Ali Memon, President & CEO of ERHC.
About ERHC
ERHC is an independent oil and gas company focused on exploration in the Gulf of Guinea offshore West Africa. ERHC's headquarters are in Houston, Texas. For more information, visit ERHC's Web site at www.erhc.com.
The statements in this document are forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements and the business prospects of ERHC are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties are described on Forms 10-Q and 10-K filed with the Securities and Exchange Commission.
SOURCE: ERHC
ERHC, Houston
John Coleman, 713-626-4700
Copyright Business Wire 2005
The 25 percent Block 3 award is less than most of us thought, and excludes the 10 percent that Pioneer and EER put together on their own. But the 65 percent figure in Block 2 is very reassuring, as it appears that the JDA awarded 105 percent of that block, at least according to the Dow Jones Newswire story. The release also mentions our rights wins in Blocks 5 and 6, which is free of any signature bonus.
Update, 9:40am EDT, 6/1/05: The price is $0.819, with the Bid and Ask at $0.815 x $0.82 and volume of 1,213,100 shares.
Update, 9:38am EDT, 6/1/05: We're hit a million shares with just eight minutes of trading. Volume stands at 1,081,600, and the Bod and Ask at $0.81 x $0.81, the price.
Update, 9:33am EDT, 6/1/05: We have 566,674 shares of volume in the first two minutes, and the price stays at $0.81 with the Bid and Ask unchanged.
Update, 9:31am EDT, 6/1/05: We open at $0.825, the Ask, and quickly slip to $0.819 on 326,874 shares of volume. The Bid is $0.81 and the Ask is $0.819.
Update, 9:29am EDT, 6/1/05: The gap climbs down to $0.82 x $0.825 on early volume of 41,400 shares. Good luck, everyone!
Update, 9:28am EDT, 6/1/05: The Bid has climbed to $0.835 before the bell, and the Ask to $0.845. That's $9,600 before we finish our onion bagel and coffee for the ERHC On The Move portfolio of 120,000 shares averaging $0.4394 cost.
Update, 9:22am EDT, 6/1/05: We're gapping up $0.07 in the Bid before the open, set $0.835 x $0.84 Ask. There's early volume of 30,400 shares.
45 comments:
It is painful to admit we may be being had by someone wanting to accumulate a substantial ownership position at low prices, because when sellers cooperate, shareholders lose.
Shortterm it sucks but is that better longterm?
could someone do the math and post what erhc is really worth $10?-$30?
thanks.(i don't have a clue how to do this)thanks again!!!
GOD BLESS
Well, here's some math: There's 14 billion barrels of oil, they say, in the JDZ. We have 180 percent of the 500 percent of all five blocks, or 36 percent of that, 5.04 billion barrels. At $50 a barrel, that's $250 billion dollars. And you can own it all for just $0.78.
thanks joe
but i ment to ask what would be a fair share price? thanks
At least $2.30, and probably $3.50.
What everyone seems to keep missing or avoiding is the painfully obvious point that we still do not know what the terms of our agreements are with our partners. Until these terms are disclosed all discussion about what we "got" is pointless. There is no way to assess what we will ultimately "get" and what the financial terms are and our need for cash going forward. When these points are clarrified, there will be considerable uncertainty surron=unding the value of our company' assets. Regretablly IMHO, this is causing the current gross undervaluation we are experiencing.
I meant to say that until these points are clarrified there will continue to be uncertainty.
Pardon me, but I think that's ridiculous. Whatever it costs us going forward is going to leave a huge amount of value, and we're not even selling as high as little oil stocks like FEEC, TMY and HYPD. This is not market uncertainty, it's gross manipulation.
thanks joe
but i ment to ask what a share should be worth when thay are pumping oil & have proof of 5 bill barrels (#shares*?/?=etc.)
Anywhere from $12 to $40 a share, depending on the price of oil.
Joe,
Once again your lack or forward thought is astounding. As an investor how can I know what the company may have done to get these partnerships. and What they will need to give up to obtain the necessary cash to operate the company going forward. I am certainly a long holder and believe there is massive value in the assets we hold. BUT any prudent investor will immeadiately leap to these questions as threashold issues impinging on any prudent valuation model.
JDA PR NOW OUT on Website !!!!!!!!!!!!!!!!!!!!!!!!
http://www.nigeriasaotomejda.com/
Welcome to the world of the Market Makers (aka Market Manipulators).
Do you really think people were out there yesterday selling 13 million shares?
Of course not.
It was the Market Makers dumping shares on the market whenever the stock began to rally. They effectively put a "lid" on the share price. They sold among each other.
Once they accumulate enough shares they will let it run. It might be a while before that happens but it will happen.
Now you know why people dont trust the stock market and instead invest in real estate.
Without the obvious manipulation of yesterday this stock would already be sitting at $1.50.
Ive seen it happen time and time again. Its a shame the SEC never does anything about it.
Sure it would help to have the particulars on our deals with our partners, but our rights are free and guaranteed. On those rights alone exercised in all five blocks, we should be over $1. The rights are not dependent on partners.
We brought our rights to the negotiating table with our new partners. The final deal structure is critically important. there is timing issues/concerns, rights, sharing ratios, sliding scales, cash requirements. On and on in a deal as complicated as this.
We have entered the "next phase" of the bashers.
They will try to tell you yesterday's action was no the work of the Market Makers when indeed it was. They put a cap on the rally by selling small amt of shares under the ask. Meanwhile accumulating shares on the way down. When the accumulation is through we move up. Plain and simple.
If you dont believe this theory then sell your shares. There are plenty of other stocks out there.
The volume is too light. So imho the price is going lower. The mm's will drop the price to a level where buying interst picks up substantially.
Unfotunately .73 or .74 dont seem to be generating much in the way of buys.
So we go lower imo.
I found a credit report available for ICC, which is HQ'ed in the Cayman Islands, as is Chrome Energy. Here's the address for the credit report if anyone cares to buy it:
http://www.icpcredit.com/companies/In31.asp
72 cent? this is fraud.´fund accumulating by manipulation.
Joe would you care to investigate why the pps defy any logic. at one point you said raymond james was buying a position , could that be it. . tia.
The market makers capped the rally yesterday by applying constant sell pressure.
They did the same today early and now interest in the stock has dried up along with the volume.
Im afraid too many false starts with awards and too many delays along with manipulation by the MM's are the true culprits here.
Actually, this was a great opportunity for me to accumulate some shares!! We won't see sp this low again any time soon! $0.70 is a bargain!
How low will we go? That is the question. Will we see the .50's again.
Stay tuned.
going back to 10 cent. its snake oil. roflmao
hey joe
whats the buy sell raito?thanks
Years of anger and fustration, and we end up with nothing. why take this risk when there is no reward. if we had failed to get awards we would be at 20 cent. now we got awards and we only lose 7 cent.
hip hip hurray
No credibility left in this stock.
File a formal complaint at www.sec.gov if you suspect market maker manipulation based on T & S and Level II, though be advised that the SEC itself is now under Senate investigation and sources today indicated that SEC Chairman Donaldson will be resigning within the month. It will be interesting to see in coming days if ERHE appears on the Reg SHO list, as so many other stocks have. If so, that would indicate that ERHE is being illegally naked shorted. So far ERHE has not appeared on that list, to the best of my knowledge.
Joe - Is pre-market included in PopTop?
major damage has been done. its finito.i think most investors will exit in the near term, no matter how much oil they will find this stock will just tank. those manipulating it, will be holding a stock with no public interest. so screw you arseholes.
PopTop is a contest to determine the highest price reached between yesterday and June 3. Trading after 4pm on Friday, June 3, is excluded. Send your PopTop guesses to amreporter@aol.com with your name, address and telephone number. A $100 prize will be awarded and mailed over the weekend.
At least four people have contacted the SEC as requested. More need to do so.
Make it five.
I can't help but think, Joe, that your recent jabs at the very imperfect Portuguese media I frequently cite - Lusa agency and RDP-Africa radio - are in some way directed at me. Perhaps, because I recently switched horse and hitching post at a crucial time.
I quietly moved to posting on iHUB because I increasingly appreciated its generally sober, intelligent and civil style. I'm a recent ERHE investor - +/- 10-weeks-old - and have nothing to do with or interest in longstanding clan feuds. Foul language, constant controversy - clearly not necessarily your fault, and your penchant for fanciful spin drove me away. Even though I prefer your more easily digestible format.
I appreciate much of your efforts, Sir Shea, and continue to read The Blog regularly, always with interest and often with benefit. I wish you well.
"Boa noite,"
make it 6
Joe,
Anonymous posting should not be allowed. I want to know which ID is bashing. At least let them make a little bit of effort of generating their IDs.
Homeport, I was sorry to see you seduced away, but there's no sense trying to explain why or what I do.
And you are right, I did feel more empowered to attack the people who are attacking us when you moved. I would have done so, anyway, in time because I had realized that Lusa's content was every bit as biased as the MLSTP's accusations, and that they never gave our side of the story or the Nigerian government its due, and I did feel somewhat hampered by my gratitude for the generosity and value of your contributions.
Wake up people. Did swingking redinvest buy back the shares he sold this morning or will he buy back tomorrow? He has 10 mil shares and lies to you for a living. Don't do what he says. Do what he does. He sold at the high today after seducing you last night. And he was gone in the morning and didn't make breakfast! LOL
Ask him why he started EF.
To help you, right!
8:15 p.m. -- yes anonymous posting is kind of chickensh**. By the way why did you post that comment anonymously?
A little ironic (or idiotic).
from -- Nodak
Maybe another competitive company in the region (hint, hint) is trying to exact some sort of revenge on ERHC by dumping or accumulating shares.
Maybe your buyout theory wasn't bad after all. Only instead of a buyout they are attempting a hostile takeover or just to ravage the stock price.
I dont buy this theory but some are speculating. I blame it on the MM's.
Joe,
It's insane to leave this blog vulnerable to bashing anonymous modafockors.
One of you Anonymous folks wrote the below. Would someone please explain the mechanics of how the MM's do this? How do they "dump shares"? Where do those shares come from? What are the mechanics of "selling to each other"? Do their accumulated shares belong to them or are the shares sold back to buyers? I sincerely want to understand all of this.
"It was the Market Makers dumping shares on the market whenever the stock began to rally. They effectively put a "lid" on the share price. They sold among each other."
Once they accumulate enough shares they will let it run. It might be a while before that happens but it will happen.
dont throw in the towel while its raining.
upndwninnout, I saw that post and copied it to keep. It's a good one.
upndwninnout, at 9:52 AM
That's for the explanation. I too copied it, read it four times and think I get it. Manipulation, pure and simple, as I see it. Should be illegal if it's not. There are unethical mechanics of the system being performed. Sounds like ERHE needs to get to an exchange as quickly as we can qualify
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