posted
Guys, I was gone for a bit. I checked the price and its down. Any bad news or anything? I think this would be a buying opportunity, but I have no extra spare cash
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IMO its reacting to the news that instead of last friday XOM has a deadline of April 9 to exercise the 25% stake in 2 blocks. The sec. of the JDA has said that he expects XOM to do this before the deadline and the meeting with the JMC will take place shortly after that. The JMC meeting will be to confirm the stakes in the remaining 5 blocks for this round so that they can be made public. He said that he expects this to take place before the end of the month. But then this all depends on how long XOM wants to procrastinate.
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posted
ERHE is not a 1 or 2-day play right now...I think any entry at 60-70 is fine, understanding that nothing special will happen until the block awards are decided. If you do your reading you will see this whole process has been fraught with delays, so you have to be willing to wait it out...otherwise good luck penny flipping
posted
Realistically, no one knows when the news will come out, it all depends on when XOM stakes their claim. All we know for sure it that they have to do it by April 9. They are expected to do it earlier but not required to. When they do,imo, this is going up quick. You may have time to get out and back but, it is the gamble you play with all stocks. I think I will just wait it out for now.
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always do your dd this will drag on.. the article that winnes will be next week is being contradicted by another newspaper..read the blod do your DD.. not bashing just trying to inform as the rules state on this board
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posted
jumped -- agreed, and the blog article went up within the last few minutes and I hadn't seen it. Thanks. The major problem right now is that there is so much uncertainty in this process that the rumors and pumping are out of control. Apparently Nigerian news articles are flase, and the blog from Joe prints postings from message boards like they are the truth. And everyone making the "news" is invested long or short in EHRE. A lot of upside here, but you have to accept the risk...
also I do see a big difference between mainland Nigeria and the offshore properties in question here (re. your yahoo article)
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I wouldn't buy in at this point...wait a few days...I originally bought 3000 shares at $0.70 and a few days later it dropped to $0.65...then today its up....so I sold only what I paid and kept the remaining shares as equity.
Now when the BIG news comes out...I will ride it up and drop it again like a bad habit.
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I don't want to burst any bubbles here, but I was in ERHC now ERHE for a year and a half.....there is always a delay....I am not saying to not play it, but just have the good sense to know when to get out. It always looks like a long term hold, but had I not cashed out at the top I would have had many regrets. When it moves it moves fast but nothing ever seems to come to fruition with this company. I made a lot of money with it and I have not bought back into it. A very good play but be careful when it peaks, because there just might be another let down right around the corner. These blocks had been awarded back when I was in and that was over a year ago and nothing was ever finalized. Good luck to all.
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Looking back over these post it sure looks like I was pumping this stock. Fact is that I let my enthusiasim get the best of me. This stock does have some serious upside potential one just has to keep in mind that they use a different time line in Africa that doesn't necessarily conform to our expectations. Having said that, there is news out this weekend that seems to remove the latest obstacle to awards. Sao Tome oil council has said that although they had issues with the procedures of the JMC no laws were broken and the interests of STP were preserved. Just thought I would bring this thread up to date so that you could at least put it back on your radar. I don't want to sound like I'm pumping this, I just believe it will be very big once the awards go thru. JMHO,,,,DO YOUR OWN DD
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The Nigeria-Sao Tome and Principe Joint Development Authority (JDA) is to announce winners of five oil blocks put on offer last November this week, an official from the Department of Petroleum Resources (DPR) of Nigeria said Tuesday.
"The winners will be announced before the end of the week," said the official who refused to be identified.
"Exxon-Mobil has exercised its 40 percent option right on Block One and reserved Related Products
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its 25 percent option on two blocks for the next licensing round," he added.
According to the source, the winners are chosen based on competence and wherewithal to operate in the deep offshore waters.
The Joint Ministerial Council (JMC) of the JDA met in April and decided the winners that had been approved by Nigerian President Olusegun Obasanjo and his counterpart Fradique Des Menezes of Sao Tome and Principe.
Exxon-Mobil reserved its 25 percent options on two blocks among the five on offer in the 2004 bid round because it could not be given the operatorship of the blocks in line with its desire.
American oil firm, ERHC Energy in which indigenous firm Chrome Energy has major stake, had similar options and had already exercised them and validated by the JDA.
Oil activities are imminent in the JDZ after the Production Sharing Contract (PSC) on Block One was signed between Chevron- Texaco, Exxon-Mobil, Dangote EER and the JDA in February.
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the title of this thread is a testament to how crazy the delays have been in making the awards. For the past month it has always been "in a few days". The latest projection is for late this week, but I will believe it when I see it.
By the way I do not think any of the comments here are pumps...I mean one cannot really pump a stock that is in a 7-month uptrend. Since this was originally posted the stock hit +50%, and is now +16% due to the delays. However if everything goes as planned the upside could be great.
Just beware that this is an all-or-nothing play; if the awards news is good the stock will be great /// if the awards news is bad, it will be worthless.
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Amen to that....I owned this stock 2 years ago and it has always been the same thing. I got out on the big run last year and never cared to go thru that again. They are very convincing I will give them that (the company and their pr's.)
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that's very true, but i don't really blame the company for being misleading. It doesn't even put out enough PR to be misleading. The real confusion comes from the ridiculous message boards (RB) and blogs (Joe blog) where anyone can fabricate a news story or rumor. The blog (erhc.blogspot.com) is the worst as far as publishing posts from a message board as "news". It is easy to get caught up in that stuff, and they sure as he|| influence the stock price...
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chetg.......so true, the sighing and being determined to wait out this thing is so obvious in all the posters ...........for the pot of gold at the end of the rainbow which never comes. They dig up news from God knows where and post it over and over. Supposed calls to the people in the know.......and the deep seated belief it will all come true. I know this because I was in it and believed it all....LOL
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thnx...however we have seen this price of .80 before, actually not too long ago -- before the awards. So, I would hope that we can surpass that level..otherwise I would be mystified
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posted
There have been so many frustrations in getting to the awards, that people are justifiably gunshy. It will take a time for this to hit all of the wires and for it to finally sink in, then it will adjust to reflect the new valuation of the company. jmho
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