As I anticipated in an earlier post here, there was no good news coming out of the ERHC Energy annual shareholders meeting except that our Acting CEO Nicolae Luca is leaving and that company Secretary Peter Ntephe, with us since 2001, will take his place in the same transient capacity.
There was some unnerving news, though: it seem our drillship, the Aban Abraham, is still in drydock and not expected to arrive in the Gulkf of Guineau anytimes soon. The company is still looking for a "ship of opportunity," as VP Jim Leadbetter put it, which is a nice way of saying we are in a life-or-death struggle with other drillers to get a ship together that can deliver some of that $120-a-barrel oil that lies in the Block 4 prospect.
Former U.S. Ambassador to Nigeria Howard Jeter reiterated the remarks of several speakers when he said that finding a permanent CEO is management'sfirst priority, and added that once this is accomplished the board may expand by two or three members.
Attorney Michael Madigan. who is representing us in the SEC/DOJ investigation of the company's dealing with foreign leaders, stated pretty unequivocally that while the government can't be hurried, there is no evidence against the company tgo prosecute it at trial. Madigan seemed confident that no indictment would ever occur, but I did not hear him say that, if he did, as I didn't get into the live broadcast until 5:15PM ET.
And, of course, I have been telling readers the samer thing for about a year. It seems like they could have done the same, really.
The lack of news may have been reflected in the lack of support ERHE received on the OTC Bulletin Board, where trading was only a little above average at 745,889, but traders took the share price down 13.21%, or 7 cents.
It might be wise for investors to go back through ther posts on the message boards elsewhere and search out those posters who implied or predicted good news coming from the annual meeting. Those are the folks whose advice you need to avoid.
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