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He/she counters facts with more bullshit and lies to confuse people from actually reading what's true and what's not truth. It's a ploy that the clown squad uses over and over again.
Again, there is nothing in the original agreement between STP and ERHC that provides for the extension of ERHC's rights on the block in the case that ERHC were to sign an agreement to transfer interest in the block to another party. The only provision in the original agreement that addresses extension is the following:
6.3 On the expiration of the term of this Agreement, if ERHC have Working Interest in all or part of any Block in production, ERHC's corresponding rights in the said Blocks shall continue as long as those Blocks are in production.
So what is debatable is, does the signing of a PSC effectively place a block "in production"? I am now of the opinion that it does and so that would be ERHC's only hope of extending their rights on Block 4. Assuming they do still have those rights as of now, which is also debatable, IMO.
.
You really are challenged when it comes to facts. Let me lay it out in a way even an eggplant could understand:
On 1/31/2016, right after the reverse split, there were about 25 million outstanding shares.
On 7/30/2016, AFTER my post from 7/9/2016, 44 million o/s. The toxic debt had not been cranked up yet.
But by 12/31/2016, o/s jumped to 952 million. Toxic debt machine throttle wide open.
And on 1/31/2017 o/s exploded to 2.5 billion. The toxic debt machine cranked all the way up as I predicted.
Those are the sorry facts. All the squirming and twisting by dickran can't change them.
Regarding providing links to support the absolutely false claim that I posted that erhc would go bankrupt "over and over for years", I understand how owning 400 million shares of erhe all these years could be a financial strain, and coming up with the $12 for a month subscription might be out of reach. But ihub Happy Hour is every Friday and people can search all they want for free. Of course you already knew that. And everyone else already knows the reason you and your mindless minion are unable to provide even 5 links to support your claim is that they simply don't exist. It's just another embarrassing issue your out of control, demented, delusional, deceitful stories has gotten you into. Happy twisting and squirming.
I agree that we will see, everything is simply speculation. I tend to believe that people continue in paths they are comfortable with and everyone involved in this company has proven they are comfortable with using shareholders and not feeling any urge to allow shareholders to get anything in return barring what they may make buying low and selling high. That without anything from officers of the company to shed any light whatsoever that would make this anything but sheer speculation and manipulation of unknown "facts". At this point, there is nothing that can be considered a fact, excepting that a R/S hasn't happened again, yet.
Reread what I said about what happens at maturity. If the convertible note isn't converted into shares, because no more shares can be issued if the shares outstanding reaches the share authorized limit and the company refuses to do a reverse split so more shares can be printed, then the debt must either be paid off at maturity or the company simply defaults on the debt.
The convertible debt is not secured by collateral so there's nothing to repossess.
Upon default, the creditor can try to chase the debt in court or simply write off the debt as bad debt.
It's been so many years now since maturity that the issue has been resolved and the debt has been vaporized.
As for the expiration of ERHC's rights on the blocks, they're supposed to be expiring at the end of Sept for both the EEZ and the JDZ UNLESS the rights have been extended by the signing of the Total assignment agreement found redacted in the 400 page document. Whether you also need a PSC to extend the license is debatable.
So for all we know, the licenses have already been extended. This makes sense to me because Sao Tome wouldn't have started a bidding process on block 4 and risk confrontation by an international carat emptor. Instead, they would've waited until the end of Sept to pick up the expired licenses and start the bidding process at that time. I think they didn't do that because the license was already previously extended by Total.
In any event, we should know at the end of September if all of ERHC's assets have expired or not.
But it also makes sense that now that Shell has shown interest in Block 4, by being invited to a PSC on the block and with source oil believed to be in that block, that we'll likely have some sort of deal with Shell preceding an expiration, if there even is an expiration.
Krombacher
I don't see the reason a "maturity date" necessarily means that the debt cannot still be exercised, just that it now CAN be exercised whenever the one who owns the debt decides to exercise it. Meaning that the conditions are such that they can make some money by doing so. A maturity date is not necessarily an expiration date, such as the rights expiration date soon upcoming for ERHE having any rights whatsoever to play with. IMO
You just made my point.
If the reverse split was in January 2016, then your past came after that in July 2016.
So you predicted bankruptcy OR another round of toxic debt, which your prediction came after the first debt issued, after the reverse split and after the second debt issuance... and your prediction never came true
But it doesn't matter because you've predicted a second reverse split many times and you were wrong, but I have no desire to hunt for those posts of yours.. it'll cost me another monthly subscription to do that search. You're also dodging the fact that you said Offor is not a billionaire.
I haven't seen the gag order so it may or may not preclude an annual meeting. But if it does, then that's the reason we haven't had one.
Krombacher
Unlike you, I'll gladly provide links to back up what I say. But based on your indisputable and well deserved reputation for being a liar, once you see the link you will respond with just another twisted squirming, deceitful, doomed to fail narrative. But here's the link just in case anyone might still question what I post:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=123771901
Before you lie again and say my post was before the reverse split, everyone knows the 1:100 r/s that wiped out everyone including Offor and erhc insiders was effective in January 2016. Here's a preemptive link to save the time of debunking any new false claims you may spew out about that:
https://www.erhc.com/news/erhc-energy-inc-reverse-stock-split-becomes-effective/
So sad that dickran's urges to lie have become uncontrollable. Here's yet another recent example:
Without a link, your quote could have come after the first issuance of convertible debt.... and knowing you, that's the reason you didn't provide one.
But so far, you attack only the character and don't have much of a logical argument on anything.
I've rebutted and debunked all the nonsense regarding the issuance of more convertible debt or convertible debt still on the balance sheet. Maturity dates and the lack of a subsequent reverse split debunks it.
Shorts really want a reverse split, dilution, and a dumping of shares in the market so they can exit and escape their fate, but that's wishful thinking on the part of the shorts.
Shorts are simply screwed. That's all it is.
Krombacher
No greater truth has been spoken on this board.
CRYSTAL clear. 👏👏👏👏👏
The difference between you and me is crystal clear. For example, I said I thought there would be another reverse split years ago. I was wrong about that and I freely admit it. I don't continue to claim I was right, I don't draw a sketch representing a reverse split and claim it really happened, I don't say it hasn't happened yet because erhc operates on "African time", I don't claim a gag order is preventing erhc from disclosing a reverse split took place, I don't say someone at a women's oil conference told me the reverse split actually happened.
You on the other hand make one lie after another and then lie about having made those lies. Cease and desist order, libel suit, fake SPV, signed contracts not to sell, African Queen buyer, Offor owning all the erhe shares, more than a billion erhe shares held in short positions, etc., etc. On top of that, you have been saying erhe would be worth dollars/share for a decade and you simply don't have the character and courage to admit you were wrong.
By the way, I am still waiting for you or your mindless minion to provide some links to the posts where I "lied about erhc going bankrupt over and over for years". Of course you can't because this is just another thing you lied about. Here's one example from a post I made after the reverse split where I mentioned erhc going bankrupt. Is this what you consider lying:
I didn't say the convertible debt had expiration dates, I said they had maturity dates, although I can see why you might be confused.
The maturity dates are known from the financials and have long since matured for several years now. There is no new convertible debt since the last financials because they would have to do a reverse split first in order to issue new debt and they haven't done that.
You're also wrong about the "annual" shareholders meeting. A careful reading of the bylaws and articles stated that an "annual" Shareholders meeting is only held if it is called, but there's no obligatory language requiring the company to call one. So the "annual" Shareholders meeting is not really annual but only initiated if called.
So all is in order. Besides, you can't call a shareholders meeting under a gag order anyway.
Krombacher
I never said the covid PPP was an ongoing revenue stream, but they had to demonstrate revenue for two years running in order to get PPP funds two years in a row. To get the amount they got, I estimate that they had to prove they had annual revenues of $1.6 million for each of the two years. I also speculate that if they made $1.6 m in each of the two years to qualify for the PPP covid funds, then it's very likely they've been making this revenue in non covid years as well.
You don't seem to know how to read your own quote.
The quote doesn't say "if ERHC actually finds a partner, working capital will be needed"
It says, "Erhc's ability to exploit existing and prospective opportunities will depend on its ability to raise the requisite financing to meet its working capital needs" which it can only do by finding a partner.
I don't lie, you just don't understand what constitutes a lie because you yourself lie so much. For example, you claimed Offor is not a billionaire and you claimed there would be a second reverse split. None of this was true.
Krombacher
Nope you sure arent pretending. LOL
You keep referencing no existent shorts which renders the rest of your post moot---IOW its bullshit.
This a non starter. None of this is going on.
Instead of the twisting, squirming dickran double talk, I prefer facts. Like this one from a recent erhc 8-K:
What's the price again?
Monster trade for ERHE
1608 shares , price .0001
.1608 cents
stupid
jmho
And, for one who thinks that expiration dates matter, which we don't know what the dates are for the debt.....or if they exist. We know that an expiration date exists and is shortly upcoming for any rights ERHC may still have, despite not paying any amounts due for a very long time.
Everything they are NOT doing requires a change to their articles and bylaws, they haven't reported or had meetings anyway. Obviously, they are very concerned with scrupulosity, NOT.....
SSC,
you said, "erhc doesn't need funding because they can't find anyone"
How does that work? The opposite is true, if ERHC doesn't find anyone, then they would need funding because finding someone brings them funding.
You think I've been changing my story? Really? I think I've been fairly consistent and I've posted all the things you've been wrong about including Offor not being a billionaire, there being another reverse split, and the list is long.
Be that as it may, this is not a contest about who can be consistent or who can print shorted shares to keep the price down...
... this will ultimately be about the fundamental value of ERHC's blocks.
And when it ends, we will know who wins. But it hasn't ended just yet. I know you desperately want to call it, but you can't because it ain't over. But soon it will be. And most longs will wait for it. That's why shorts can't cover as much as they're desperate to do so. If the outcome is as I believe, shorts will suffer, as they deserve to. It is what it is.
Shorts had ample warnings since Day One. But instead of believing in what I had to say, they chose to call me a liar falsely.
They will pay dearly for that mistake.
Krombacher
Wake up einstein. erhc hasn't needed funding because they can't find anyone who wants to partner with them. So back you go to the same old bullshit about the gag order and Offor and management owning all the shares, of course still unable to offer any proof to support those asinine claims.
You and I have completely opposite views on almost all erhc issues. All I can say is mine are backed up with facts while yours are nothing more than an ever changing bullish narrative with baseless claims that change every few weeks. The list of all your crap has been cited numerous times and none of them have ever come true. The other glaring difference between us is that my bearish view of erhc has never changed all the way back to the dry holes in the JDZ when erhe was priced at split-adjusted $70/share. In 2016, after the reverse split I said the company would either go bankrupt or the share price would spiral back down to sub-penny where it was before the reverse split. All the while you have been spinning one dollars/share tale after another. I have always been right and you have always been wrong and erhe sits near zero for over 6 years. We are indeed as different as right (me) and wrong (you), and I don't have to lie about a thing while you...lmao.
I'm still waiting for my $8/share on 60,000 shares. It has been posted that this will happen soon....but no one can define 'soon'. So I guess I'll just keep waiting.
Problem is that there are also those that claim that climate change will end all life on earth 'soon'. I can't keep track of that either. Hopefully I will get rich with ERHC stock before it happens.
I think they predict climate change out further so that no one will remember that they were wrong. And I can't understand why those that promote the idea of climate change devastation still fly around in their private jets. Wouldn't that make the end come sooner? All because of these fossil fuels that we hope will make us rich. Oh well.
Too much to worry about. So does anyone know when 'soon' is? Trying to figure out if I will get rich first....or die first???
Badog
You said that if the need for additional capital arises, then a reverse split and convertible debt is back into play.
But we haven't had one in nearly a decade. So by inference, you must be saying that ERHC does not have a need for additional capital all these years... probably because their PPP application implies they had $1.6 million in revenue annually, since they got the PPP funds twice and to get them they must show revenue. I'm guessing the Starcrest merger went through and that's where the revenue comes from. Starcrest is also partly owned by Offor. And they had an MOA with starcrest just prior to the gag order going into effect.
If Offor owns the vast majority of voting shares then why would he bother taking the company private? To save on SEC filing fees? They already save that thanks to the gag order.
I guess I'm not following your logic as to why Offor would bother going private. What would be the advantage of that? And management likely owns significant shares. If Offor could buy shares behind a gag order, then so too can management.
Krombacher
You just can't manage to crawl out of your self-created cesspool of falsehoods about short sellers, Offor share ownership, gag orders, done deals and dividends. You are unable to provide any proof to support any of it. If Offor owns all the voting shares as you so ridiculously contend, why not take the company private? The shares are virtually untradeable, the price is near zero, and there are no more shares available for capital raising.
erhc will never pay a dividend because management and insiders own very few shares as documented by SEC records. This is why if the need for additional capital arises, a reverse split and subsequent debt offerings and/or dilution will be back in play. Likewise, erhc has no interest in doing anything to add to the value of its common shares as evidenced by management's actions and the stock's performance over the last 6 years.
The entire dickran demented, delusional, deceitful nonsense about $8/share and dividends is built on the structurally condemned foundation of billions of erhe shares held in short positions for years and years as the price has hovered near zero. It is totally flawed and insults the intelligence of anyone who understands even a little about the stock market. Without that sketched headed, made up short selling bullshit, the facts show that dickran and his mindless minions have accumulated 2/3 or more of erhe shares while management and insiders have very little skin in the common stock game. Don't take my word for it, just look at the teal facts - the SEC records and the erhe price chart.
Let's say I hypothetically agree with you for the sake of argument (although I don't agree about raising the shares authorized because that requires a change in the articles and bylaws, and a change there is rare. Usually they would just do a reverse split to lower the shares outstanding and keep it below the shares authorized so they can then print shares if they wanted to dilute shares with convertible debt)...
... but let's say Offor could easily issue preferred shares and the like. Why would he do that when he could just issue a simple dividend. If he owns the vast majority of voting shares, then he's not really sharing the total dividend payout much.... the vast majority of the dividend payout by ERHC would go to him anyway.
Add to this fact that a dividend payout is more TAX EFFICIENT than any other form of payout, why wouldn't Offor choose the most logical path of least resistance and just give himself a dividend rather than embark on all manner of nonsense, even if that nonsense was legal?
What you're failing to grasp is that neither Erhc nor Offor has to make any dividend payment to shareholders of shorted shares. Why would Offor care? That's not his problem.
The shorts have to deliver the dividend payment to the owners of the non voting shorted shares not Offor and not ERHC. That's the short seller's problem not Offor's.
If Offor is getting nearly all of the dividend issued because he owns nearly all of the voting shares, then that's going to be far more TAX EFFICIENT than trying to pay himself a bonus or preferred dividend, etc.
He or his financial advisors would be idiots to ignore that.
And to those who think there's still convertible debt on the balance sheet, you are forgetting that convertible debt, if not converted into shares, has a maturity date. Once the debt is mature it must either be paid or it is defaulted on. After a default, the parties would have to try to collect via courts, and that hasn't happened either. After a while, the debt is simply written off by the debt collector, if it's deemed uncollectible. By now, that convertible debt has long been removed from the books and no new convertible debt can be issued without a reverse split, and no reverse split has occurred, so no new convertible debt has been issued. The debt has been vaporized.
Krombacher
If your a real billionaire they know.
Whats pathetic is people who make uninformed claims and lies and push it off as fact. Any comments on short sellers in an issue thats been in triple zeros for over 5 years is just plain ignorant.
Offor didnt make the list. If he was such a big deal he would have. Quit drinking the koolaid.
doesn't prove anything...He may have not given permission to list him
Also he may have a lot tied up in different entities ie Chrome ,and other companies, including trusts tax shelters where his wealth is known but not proven.
we KNOW he has chrome with 800 employees .Not hurting for dollars where he would steal from shareholders in ERHC as I presume you are alleging/
You Boys and maybe girls ought to go on the Shorting tour.You certainly are entertaining.But it is pathetic when I see 6 -10 posts all from shorters (maybe there are only 2-3 shorters with many monikers). still Pathetic...and telling.
Forbes doesn’t know how much money every person on the planet has…. Geeeez
Another lie from you. After the R/S he never said there was going to be another one. Thats just you making up more bullshit.
link please
So I'll take that as a yes, you believe Offor controls enough shares to do any of the things I listed and more WITHOUT even informing outside shareholders like you and your mindless minions about it until it was done, and certainly not giving any outsiders the right to vote on them. So increase in authorized shares to allow for more convertible debt, issuance of preferred shares, a reverse split to allow for fund raising, granting of options and/or preferred shares to himself and other insiders to allow recovery from any reverse split that might occur while wiping out existing shareholders again (as in you and your minions), payment of a dividend to only preferred shareholders, and any number of perfectly legal other actions that would enrich Offor and insiders while leaving current shareholders with what they have now - nothing.
Why would Offor want another reverse split? Come on, even an eggplant would understand why. ERHC does not have the funds to hold up its end of any potential deal. They even said so in an 8-K (you know, those SEC filings that are miraculously allowed by your made up gag order even though everything else, according to you who has never seen the gag order, is off limits lmao). So to raise cash if a deal ever actually materialized, more shares would be needed. Offor, who according to you now has limitless power over all things erhc, would do a reverse spit (just like before), wipe out all current shareholders (just like before), raise funds as needed, and do whatever it would take to give himself new shares to replace the ones that were reverse splitted away (just like before). He did it once (according to you) so he could certainly do it again.
And why do you continue to act like the authorized shares is some sacred number? According to your view on Offor's all-controlling position, he could increase that count at any time without needing any votes from you and your minions, without even telling you it was going to happen. This is one of the reasons erhe trades near zero and you are stuck, stuck, stuck.
My recollection of the conversion was that it was a percentage of the market price of commons. How, or if, that would transfer to preferred, I guess would be up to whoever made the claim. I am not sure that preferred shares were saleable on the market, so they would have to be exchanged to common to make any money off of, and for that they would have to authorize more shares. I can only vaguely remember the exchange rate preferred to commons, and what is in my head may pertain to a different company
As I recall, as of the last filing many years ago there were a boatload of preferred shares authorized but not yet issued. Those have the potential be used for convertible debt if there’s anyone gullible enough to buy more wallpaper.
Still waiting for a single example of another company that could not make Federal SEC filings because I’d a State Court gag order.
From an accounting perspective, you have absolutely no idea the number of shares authorized or outstanding. They haven't reported to anyone. If you own shares the only thing you know is whether they were r/s again, or not. You may not even have to report your ownership since you have no idea what percentage of shares you own. According to the last filing, there were not enough shares authorized to cover the convertible debt already issued, so I assume there have been more authorized, or, there is still convertible debt on the books. Maybe even Offors. He may want to be the last to convert, thereby ending up with the largest share for the smallest amount of money.....
I'm not pretending to miss the point.
It's an idiotic point.
If Offor has controlling interest as I believe, of course, he could do lots of things.
But from an accounting perspective, my point was that ERHC could not issue any convertible debt when the shares outstanding almost equals the shares authorized UNLESS they do a reverse split.
In almost a decade since the last reverse split, the company has not done one, despite that YOU falsely predicted that they would.
Why would they? Especially if Offor already took advantage of the cheap prices after the last reverse split to buy shares behind a gag order? (Which is an assumption on my part) No need to do another one. And so long as he was following a judge's order in the form of a gag, then it's legal because the gag takes primacy over the SEC, as we know by the tenth amendment of the U.S. Constitution (but I am not a lawyer)
Or how about you answer THIS question: why on earth would Offor want another reverse split to buy convertible debt if he already owns the company?
Clearly, he wouldn't and that's a way to deduce that he already does own all the shares he wants to own.. the fact that they didn't do another reverse split tells you that Offor doesn't want one or need one.
More in line with what Offor would want as a shareholder is a dividend that pays him while short sellers pay a dividend to our shorted shares ownership.
And you can't hide a reverse split. Everyone would see their share count change if they attempted one. So don't give me some nonsense about them secretly doing one.
And they can't secretly issue convertible debt when the shares outstanding equals the shares authorized, either.
Krombacher
Pretending to miss the point won't make it go away. The question is:
Does Offor own controlling interest so he can do whatever he wants with things like board members, increase to authorized shares, reverse splits, issuance of preferred stock, executing material actions without releasing them to the public, etc., or doesn't he? You have made claims both ways whenever and however it fit your new narrative of the day.
We don't need any "dudes", African Queens, or sketched head short sellers nonsense. Just an answer to the simple question: Which is it, does Offor own controlling interest or doesn't he?
Black and white, just like the question about one of your mindless minions claims that I posted lies about erhc going bankrupt 60 times, "over and over for years". Can he provide links or post numbers of just 5 examples to support his claim or was this just another lie?
Dude that's the most circular logic yet.
So let's get this straight.
Offor wants control so he
Step 1: owns a controlling interest in the company
So that step 2: he can force a reverse split so the company can issue convertible debt
So that step 3: he can use the convertible debt to own a controlling interest in the company?!?!?
Why would he do steps 2 and 3, if step 1 already gets him control of the company???
Wouldn't he be better off using his control to issue himself a dividend when the company is able?
Then, shorts would pay the same dividend on all the shorted shares as well.
Offor would kill two birds with one stone. The company would pay his dividend AND the shorts would pay our dividend.
Krombacher
Once again we see dickran tangled up in his/her own web of deceit. Not long ago he/she was claiming Offor was the new Chairman of the Board of erhc (totally without proof of course), and that somehow that meant he owned or controlled enough shares to get elected without having to contact other public shareholders or announce it. If that were true, then Offor could also get approval for a reverse split or increase to the number of authorized shares without votes from any other shareholders, particularly not from the small group of stuck investors and their supposed 2 billion erhe shares.
Now dickran says erhc can't do a reverse split or increase authorized shares to allow more convertible debt to be issued. So which is it? Offor can do anything he wants with erhc without informing other outside shareholders or he can't? As usual, dickran will try to use whatever set of made up, make believe nonsense fits his/her new narrative of the day.
The fact is no acquisition of erhe shares has been reported by Offor or erhc management since they were all wiped out by the reverse split. No gag order would order people not to follow SEC disclosure requirements designed to protect public investors. dickran/s delusional desperation again on full display as he continues to beat the dead horse gag order that somehow allows 8-K's from erhc but magically can be used as an excuse anytime facts show dickran bullish bullshit is false.
They can't issue more convertible notes because the shares outstanding is practically equal to the shares authorized.
They would have to do another reverse split. Since they never did, more shares can't be issued through convertible debt.
If Offor wanted control of ERHC, he would simply buy more shares, which I believe he did while gagged.
Krombacher
The simple answer for me about EO is that back in the day he was funding ERHC through notes, etc, then he STOPPED.
What's the old adage: Don't throw good money after bad???
Had he wanted control of ERHC he would have done it through convertible notes. He did not. End of story.
Dude, don't believe anything this guy says. Do you really think that a company in Nigeria wants you to think that you're going to make a shit ton of cash overnight? You can't verify anything they say or any of the revenue numbers they lie about on a consistent basis. Krom is more than likely working for the group of con-artists behind this thing. He always has been along with the rest of the clown squad. It's how they get people to buy up bags.
Forbes says that aint so.
Huge bullshit. There are no short sellers in a issue thats been in triple zeros for over 5 years. Shorts cover a very long time ago. Only an idiot who has never been in the market would think other wise.
The international caveat emptor tells us that block 4 is legally in ERHC's hands.
Stp tells us that Shell was invited to enter into a PSC.
Logic tells us that Shell must therefore remunerate Erhc for the block and bid more than Total.
The 400 page document says Total was assigned the block.
Lots of facts.
Krombacher
ERHC's common stock is traded on the OTC Grey Sheets (No Bid/Ask) under the symbol "ERHE."
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on exploration of its working interests in the Gulf of Guinea, off the coast of central West Africa. We are proud of our heritage of visionary leadership that was responsible for ERHC being among the first to identify the possibility of significant oil reserves in what was once an undeveloped oil region of the world. We continue to build upon that heritage by continuing to be willing to take chances and having the commitment to do the hard work necessary to realize the value of our assets.
Today, ERHC has interests in Blocks 2, 3, 4, 5, 6, and 9 in the offshore Joint Development Zone (JDZ) of Nigeria and the island nation of Sao Tome and Principe. The National Petroleum Agency of São Tomé & Príncipe (ANP-STP) on behalf of the Government of São Tomé and Principe has awarded ERHC Energy 100 percent working interests in Blocks 4 and 11 of the São Tomé & Príncipe Exclusive Economic Zone (EEZ). In addition to the two Blocks already awarded, ERHC has rights to acquire up to a 15 percent paid working interest in two additional blocks of its choice in the EEZ.
The Company has signed participation agreements with subsidiaries of Addax Petroleum Inc. and Sinopec Corp. The operators of JDZ Blocks 2 (Sinopec), 3 (Anadarko) and 4 (Addax) have secured approval from the Joint Development Authority for drilling locations. Additionally, ERHC continues to pursue other potential oil and gas acquisitions, where feasible.
JDZ Block 2: 22.0%
JDZ Block 3: 10.0%
JDZ Block 4: 19.5%
JDZ Block 5: 15.0%
JDZ Block 6: 15.0%
JDZ Block 9: 20.0%
ERHC will be responsible for its proportionate share of exploration and exploitation costs in the EEZ blocks.
The São Tomé & Príncipe EEZ encompasses an area of approximately 160,000 square kilometers south and east of the Nigeria/São Tomé & Príncipe Joint Development Zone and surrounding the volcanic islands of Príncipe and São Tomé. Block 4 is situated directly east of the island of Principe. Block 11 is directly east of the island of Sao Tome.
Ocean water depths around the two islands exceed 5,000 feet, depths that have only become feasible for oil production over the past few years; however, oil and gas are produced in the neighboring countries of Nigeria, Equatorial Guinea, Gabon and Congo.
The African coast is less than 400 nautical miles offshore, which means the exclusive economic zones of the concerned countries overlap.
Operations in JDZ Block 2
ERHC's consortium partner Sinopec Corp. is the operator in JDZ Block 2. In August 2009, Sinopec commenced exploratory drilling of the Bomu-1 well, which was completed in early October 2009. The NSAI report estimated ERHC's unrisked prospective resources in JDZ Block 2 totaled 77 million barrels of oil and 93.9 billion cubic feet of natural gas (P50). The NSAI report estimated ERHC risked prospective resources in JDZ Block 2 totaled 38.3 million barrels of oil and 47.9 billion cubic feet of natural gas (P50).
Operations in JDZ Block 3
The NSAI report estimated ERHC's unrisked prospective resources in JDZ Block 3 totaled 27.3 million barrels of oil and 32.9 billion cubic feet of natural gas (P50). The NSAI report estimated ERHC risked prospective resources in JDZ Block 3 totaled 8.7 million barrels of oil and 10.5 billion cubic feet of natural gas (P50). The operator, Addax Petroleum, began drilling the Lemba-1 well in October 2009 and completed drilling in November 2009.
Operations in JDZ Block 4
ERHC's consortium partner Addax Petroleum is the operator of JDZ Block 4. In August 2009, Addax took possession of the Deepwater Pathfinder deepwater drill ship and started drilling the Kina prospect. The NSAI report estimated ERHC's unrisked prospective resources in JDZ Block 4 totaled 231.6 million barrels of oil and 245 billion cubic feet of natural gas (P50). The NSAI report estimated ERHC risked prospective resources in JDZ Block 4 totaled 88.4 million barrels of oil and 86.2 billion cubic feet of natural gas (P50). In 2009, Addax Petroleum drilled the Kina, Malanza-1 and Oki East wells.
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2012 (from 10Q)
Weighted average number of shares of common shares outstanding | 738,933,854 |
Authorized shares: 950,000,000
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ERHC Energy Milestones
In May 1997, ERHC entered into an exclusive joint venture with São Tomé & Príncipe. ERHC sought that agreement because it identified the possibility of significant reserves offshore of Sao Tome & Principe years before anyone else did and was willing to undertake the hard work necessary to realize the value of these assets.
All of the proceeds from these sales were received by the Company during the quarter ending March 31, 2006.
Block 11A encompasses 11,950.06 square kilometers or 2.95 million acres (click on map to enlarge). The Block is situated on Kenya's border with South Sudan to the north, Block 11B and Lake Turkana to the east and near Kenya's border with Uganda to the west.
-Link to the June 2009 Sao Tome and Principe AAPG (American Association of Petroleum Geologists) Conference slide presentation in Denver. It shows EEZ Block delineations and much more: http://www.internationalpavilion.com/ip_2005/Denver09_Talks/Presentation%20Sao%20Tome%20&%20Principe%20AAPGv3%20(2)_files/frame.htm
-The National Petroleum Agency of São Tomé & Príncipe (ANP-STP) on behalf of the Government of São Tomé and Principe has awarded ERHC Energy 100 percent working interests in Blocks 4 and 11 of the São Tomé & Príncipe Exclusive Economic Zone (EEZ). The ANP-STP has indicated that it expects to invite ERHC to negotiate Production Sharing Contracts (PSCs) on the two Blocks in due course. In addition to the two Blocks already awarded, ERHC has rights to acquire up to a 15 percent paid working interest in two additional blocks of its choice in the EEZ. The ANP-STP has informed the Company that selection of these other blocks will take place at a later date to be determined.
-Another great post on the EEZ can be found here: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36450859
-Possible pre-salt oil deposits in the EEZ: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36565661 http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36570193 http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36596746 http://investorshub.advfn.com/boards/read_msg.aspx?message_id=36450859 http://investorshub.advfn.com/boards/read_msg.aspx?message_id=43260765
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Operators/ partners for Blocks 2,3 and 4
http://www.addaxpetroleum.com/home (Block 4)
http://www.addaxpetroleum.com/home(Block 3)
http://english.sinopec.com/ (Block 2)
Deepwater rigs
http://www.pacificdrilling.com/
http://www.fredolsen-energy.no/?aid=9048927
http://www.seadrill.com/
http://www.deepwater.com/fw/main/default.asp
http://www.saipem.eni.it/index.asp
http://www.deepwater.com/fw/main/Sedco-702-92C77.html?LayoutID=17
http://www.marinetraffic.com/ais/nl/shipdetails.aspx?MMSI=636014746
Deepwater rigs video's and animations
http://www.youtube.com/watch?v=Ii2zOZh41eA
http://www.deepwater.com/fw/main/Discoverer-Clear-Leader-Begins-Operations-410C1.html?LayoutID=6
Presentations
Growth Company Investor Show 2008 in London
http://www.youtube.com/watch?v=sgXCHO-Ot4E part 1
http://www.youtube.com/watch?v=OQm6SwY5ceo part 2
http://www.youtube.com/watch?v=aaam9Tyh4DE Q&A part
ERHC Web TV presentation to RedChip Conference
http://www.modavox.com/events/redchip/0608/room1.html
CEO Peter Ntephe Interview - on RedChip TV
http://www.modavox.com/events/redchip/0608/ceo_interviews.html
DD web sites
Facts about ERHC/ERHE: http://www.erhc.com/en/cms/?60
FAQ about ERHC/ERHE: http://www.erhc.com/en/cms/?56
http://www.anp-stp.gov.st/eng/
http://www.enercominc.com/
Track drillships marinetraffic.com/ais/default.aspx
http://www.erhc.com
http://finance.yahoo.com/q?s=erhe.ob
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000799235
http://www.otcbb.com/asp/Info_Center.asp
http://www.nigeriasaotomejda.com/
http://www.investorshub.com/boards/read_msg.asp?message_id=5721853
http://www.equatorialoil.com/pages/TechReview.html
http://www.nigeria-oil-gas.com/
http://www.sao-tome.com/englisch/index.htm
http://www.eia.doe.gov/emeu/cabs/nigeria.html
www.ods-petrodata.com/odsp/day_rate_index.php
Industry News
http://www.rigzone.com/news/
http://www.oil.com/
http://www.platts.com/
Articles
The New Yorker, 10/07/2002, OUR NEW BEST FRIEND, by JON LEE ANDERSON,post #3510
http://investorshub.advfn.com/boards/read_msg.asp?message_id=6512250
DAILY INDEPENDANT, Tuesday May 24th, 2005, The long wait for JDZ deal POST #3035
http://investorshub.advfn.com/boards/read_msg.asp?message_id=6479732
Area News & Newspapers
http://www.allAfrica.com
http://www.nigeriamasterweb.com/paperfrmes.html
http://www.nigeriamasterweb.com/newsfrmes.html
http://www.independentng.com
http://www.ngrguardiannews.com/
http://www.newswatchngr.com/
http://www.punchng.com
http://www.thisdayonline.com/
http://www.vanguardngr.com/
http://www.jornal.st/index.php
http://www.tekoilandgas.com/technology/glossary-of-terms
AKPO information
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=48439213
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=48446472
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