Wishing all ERH holders a very merry and safe Christmas and...

Wishing all ERH holders a very merry and safe Christmas and looking forward to better returns for ERH in 2011.

There have been a few announcements since I've been away and all I'm looking for is consistancy from the board - I refer to their Investor Presentation 16th September:

"By the end of 2010 we would have completed the following, each being SIGNIFICANT market movers"

1. "Completion of the first Oklahoma drills"
Yes completed but no flow rates and no revised reserves and therefore no significant market moves so management get a 'C'

2. "Production Licence for Guara granted."
They have currently a 'production phase - development stage' Certainly not a significant market mover - management get a 'C-'

3. "Alvorado drilling targets agreed."
They have now released this acreage after saying two drills will be completed in 2011. Management get a 'D'. Please don't hype things up only to surrender them later on. Did something really show up on further investigation or are management refocusing or did they realise they don't have the cash to complete the two wells. Certainly not a significant market mover.

4. "Harpia field development program agreed."
They have subsequently annouced that they are still in dispute with partners. Again management get a 'D' - no significant market move here either by 2010.



Spozzie