Just looking at the recent qtrly report where the bank balance was $5.441m. This was the result of a transfer to a related company in Brazil of $5.349m, so they still have $10m in the bank.
I spoke to Phil Galloway about this and he confirmed that the money wasn't actually spent in the first qtr of this year.
So the bank balance is closer to $10m.
The value in the options in my opinion will only be realised when you have exercised both options. I don't think enough investors will feel confident in what the real value of ERHO is so they won't be driving the options price to its real value. The bet is to exercise.
I recently spreadsheeted the valution of the options with the increase in the share price. The options value was compelling once the share price goes above 70 cents and even more so once it hits $1.00.
I for one bought options yesterday. I intend on exercising the options and the piggy backs as soon as I am able.
Next week's news in relation to the flow test will create a lot of interest. We are likely to see a run up again, similar, if not better than the run up 70 cents.
Potential is even greater with the Silver Marlin JV and also the big fish in the Sao Fransisco basin that will be drilled later in the year.
I feel very confident that we are on a real winner in ERH.
I intend on holding for the long term.
Regards
Kojasper
ERH Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
