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ERH - Eromanga Hydrocarbons

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wow these guys have blown 20m in a couple of yrs. Whats the reserves they are saying for the brazilian projects. They could have bought an oil feild for that
 
unbelievably erh, terminated its joint venture last yr for the base mentals project for an imparment of $409,091. And no one said anything at the agm about this. This cost erh nine million shares and nine million options given to who?
 
oh i forgot, they have the fortrend facility available up until 2012, for 10m, which they can use to issue more shares. I would use this as a reserve though, as it requires some discount to current price
 
looking good the share price has risen a bit, and theres a real possibility of raising higher than 5 cents. 7 - 10 cents could be a possibility. One things for sure, there will be a capital raising, and yes it will be soon, just at what price. If they dont capital raise this company will go no where for yrs, it needs the cash to succeed.
 
1m left in the bank. no oil sales? is the production well in brazil shut in? hmm. no result from amercia yet????
 
come on with the capital raising, dont leave it too long management. Everybody knows its going to happen. Make sure shareholders are included in a spp
 
think its time for a management overhaul. Some have been with the company for yrs. Some fresh blood and new ideas wouldnt go astray. Maybe the brazil impass could be solved with some new personalities.
 
finally some news on klick. This company must be the most unluckest company out. Looks like they drilled into a watery area, and are going to have all the drama's associated with that. A 96% water cut is a worry, but its good to see the water cut has improved a little bit since production testing started. Currently 20 bod for erh at $85 a barrel for $1700 a day. Unfortunately a capital raising will be needed to do the next drill, because of the slower than expected flow rates. Hopefully that drill will go to plan easier
 
going on the graph provided it will take a couple of months (following the trend) before the water cut improves to a level where erh's share will be more than 100 bod
 
on a lighter note, at least erh can plant a crop of pumklins or watermelons and get them watered well. Good cash crop with vegs costing more this yr
 
Erh are good at finding pools of oil, its just the extraction thats the problem. Thats now four drills in a row. Someone needs to get a vodoo priest to take this spell off them. The only explaination i can think off. On a positive note they need to perserve and do the next drill. Raise some capital and drill fellas. And ffs refresh the board
 
I like the direction the company is going by partnering up with cmx in mature feilds in USA and using directional drilling to drill the wells. I know the klick well wasnt as successful as first thought, but atleast management are perservering with aquiring new acerage, and drilling them. In the announcement, they have said they will use the proceeds from oil sales from klick. Forget about those revenues, and raise some capital with shareholders using a rights issue at 5 cents. Im sure most shareholders would part take.
 
Why dont they raise some capital, and aquire and drill some more permits. Why wait months and yrs to get the revenue out of klick to start drilling. Cant managment raise money? No one will invest in the company? How the hell are the managers even going to pay there own wages and secure the company for the future, with no capital raise. Maybe we might see some price appreciation, and allow people to average down with a rights issue as well
 
How low can the share price go? Its at 2.1 now. So much for a capital raising. Maybe no one believes managment anymore? One manager has gone, surely a couple more to go? Then the turn around will happen. Brazil for me is the real worry. I think the market has put a zero value on the assets now
 
how much cash is left in the bank? The next quarterly will be interesting. Wouldnt be much left i recon? Capital raise at 1 cent anyone?
 
Tough game the oil and gas with most stocks trending down considerably. Especially the lil' speccy fellas.
 
Wysiwyg said:
Tough game the oil and gas with most stocks trending down considerably. Especially the lil' speccy fellas.
Click to expand...


agree with you there. Problem has been with this one, they have the resources, just cant get it out of the ground. Thats the most frastrating thing. Management dont communciate to the market whats realing happening, people have to guess. They set out timelines for the yr, and never ever achieve 1/2 of what they say they are going to do. Theres not much cash in the bank, the share price has tanked, no capital raising was taken earlier to advance projects or aquire new projects. The company isnt moving forward. Just sitting watching time. No new productions numbers are out from klick? Brazil is still in dispute with partners? Sad state of affairs. Maybe new people running the show may clear the current impass. Who knows. I just hope things move along, and the company comminutes with its shareholders more for a change
 
Are erh still pumping oil from klick in amercia? Is oil being pumped from brazil? Anybody heard anything from the company? Hasnt been an update for a while? Really worried, as shareholders we know nothing. Thinking of dumping my sizable parcel. Should i stick in there? Was i stupid to buy lately - looks like i was the only one. I hate bottom picking, its cost me big time again
 
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