A Useful Post From Markvo10, And A Solid Upturn

Two useful bits of data from orangeandwhite0, the former markvo10, were posted today on Raging Bull's ERHC Energy (ERHE) message board. The first told us that Nigeria-Sao Tome Joint Development Authority (JDA) spokesman Sam Dimka confirmed that the 30-day period for ExxonMobil to notify the JDA of its exercise of 25 percent preferential rights is "hard and fast," and the second that PXD Investor Relations spokesman Greg Panangos had confirmed that information.

ERHE's share price improved slightly this morning, with the opening $0.51 moving to $0.53 briefly. At 10:12am EST, the bid stood at $0.519and the best ask at $0.525, and $0.15 gain. A fair number of large blocks, ranging from several 25K buys to 35K, 50K and 100K, moved volume to 683,815 in the first 45 minutes of trading, a little ahead of yesterday's relatively slow pace.

Update, 2:45pm EST: The upturn we anticipated in last night's advice has materialized. At 2:53, the price was .545, an improvement of $0.035 from yesterday's close at $0.51. Volume was pushing yesterday's peak, with 1,748,145 shares traded.
Update, 4:09pm EST: ERHC Energy's share price rose to $0.54 at the close on the Over The Counter Bulletin Board today on closing volume of 2,213,700 shares. A small block moved at 3:04pm EST after closing at $0.545. ERHC On The Move expects more cautious upward movement in share price tomorrow, to the $0.57 range. Today's movement added $4,321 to our portfolio of 123,040 shares. We have bought just 40 shares since November, and our average price remains $0.4394.
According to markvo10's post, XOM now has just 18 days left to exercise its rights or lose them. Dimka indicated that the JDA will meet with ExxonMobil next week, and that the meeting could be followed very shortly by a meeting of the Joint Ministerial Council to make the formal awards.

Here is the post from orangeandwhite0:

PART 1. I just spoke with Sam Dimka. I asked him if the XOM 30 day deadline was a hard deadline. He said "it is Definitely a hard deadline, a contractual obligation. If XOM does not exercise within the 30 day deadline we will assume that they are not interested and the JMC will immediately convene to announce awards." Just to clarify with him I stated that there are only 18 days left for XOM to exercise their options and he said that this was true and that this should all be done very soon. I asked Sam if JMC would meet this week and he said not sure and that next week looks more likely. He said "unofficially" that XOM is coming to meet with them next week and that is why he thinks next week is more likely. You can call Sam Dimka yourself at 011 234 9 524 1069.

PART 2. Yesterday I posted the details of a conversation that I had with Susan Spratlen, IR PXD. After I spoke with her I sent an email to NBL IR, Greg Panagos. Below is the correspondence that I had with Greg:

My email to Greg Panangos, IR NBL:

Hello Greg,

I spoke with someone at the JDA and also someone at PXD (also bid in JDZ). They both said XOM has 30 days starting 2/18/05. So, XOM has 18 days left to exercise their options. XOM must do this within the 30 day period.

Both said they expect awards within the next 2-3 weeks since that's the amount of time XOM has to exercise its options. Both also said that XOM most likely would not take the full 30 days. So, awards could happen any time between now and 18 days. Is this what you hear? Is this accurate? Please reply.

Thanks,

Mark

Greg Panagos, IR NBL Reply:
You are correct and accurate.

Greg Panagos
Phone: 281.872.3125
Fax: 281.872.3121

Also, today's SEC filings show that one insider has registered some 220,000 shares to sell. We have not seen many such Form 144 registrations recently, even though a sharp price increase is expected with awards.

Here is that filing:

SOURCE: Form 144

ISSUER: ERHC ENERGY INC
SYMBOL: ERHE


FILER: VERTICAL VENTURES
TITLE: No Relation
BROKER: BERNARD HEROLD & CO
RESTRICTED SHARES TO SELL: 220,000 DATE REGISTERED: 02/28/05
APPROXIMATE DATE OF SALE: N/A

The Form 144 is filed with the Securities and Exchange Commission to reflect the ontention of any holder of restricted stock to sell those shares. After the 144 is mailed to the S.E.C., the filer is permitted to sell the shares, or any fraction of them, within 90 days.

Form 144 Data Source: Washington Service (info@washserv.com or 301-913-5100)


(END) Dow Jones Newswires

03-01-05 2237ET

22:37 030105