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What is the significance of the following statement:
"There are no Canadian short sellers shorting ERHC shares"
So there are 4 potential groups that I can come up with to fit every scenario in our Venn diagram. These are illustrative groups only to demonstrate the logic and do not in any way suggest that I have thought of all possible groups or whether any one of these groups is actual outside of this thought process.
Group 1 - those who have no idea whether there are shorts or not.
This group cannot make the statement.
People in this group can't make any statement because they simply don't know.
Group 2 - actual short sellers
This group cannot make this statement. If they are Canadian short sellers, and they make that statement, then they are misleading others in a conflict of interest which benefits their self interest. In other words, it's fraud.
It benefits their self interest because otherwise, if people, who are not short sellers, know that short sellers exist and that ERHE is heavily shorted, then longs can gang up on the short sellers by concentrating share ownership and refusing to sell. They might also buy other stocks they believe erhc shorts have short positions in, all for the purpose of adding margin call pressure on shorts.
Longs do not have such pressure, if they are not using leverage, and so have an extra advantage. A long can hold a long position indefinitely. A short cannot hold the position if he can't satisfy a margin call.
We saw this happen with Game Stop.
Group 3 - those who are not short sellers but who know that short sellers don't exist.
This group can definitely make that statement.
Group 4 - those who are not short sellers but know they exist. They cannot make the statement either.
Hence, if someone cannot make the desired statement then they are either Group 1, 2, or 4.
But Group 1 will not also try to convince anyone that shorts do or don't exist. Group 4 would try to convince people that they do exist.
The only Group which will both try to convince people shorts do NOT exist (because it's in their self interest) but avoid the statement (because it's fraud) is Group 2. So if such a person exists then they can only be in Group 2.
But if Group 2 people exist, then we must conclude that short sellers exist... because that's who short sellers are... they're group 2 by definition.
Krombacher
Today is my last day to post here. Good luck to all longs.
Nigeria: 'FG, Multinationals Committed to Local Content'
Goerge Okojie
29 August 2011
The Minister of Petroleum Resources, Mrs. Diezani Allison Madueke has reiterated federal government's commitment towards the building of local content and capacity in Nigeria's oil and gas industry.
She gave the assurance at a conference organised by the National Association of Energy Correspondents (NEAC) held at the Eko Hotels and Suits in Lagos .
In her address with the theme: "The Impact of Petroleum Industry Bill on Nigerian Content Development," the minister said it was part of efforts to create an enabling environment for indigenes to thrive in the sector, adding that the country recently pressed for the signing of the Nigerian Content Act which came into effect in April 2010.
Madueke who was represented at the ceremony by the executive secretary of Nigeria Content Development and Monitoring Board (NADMB), Earnest Nwapa, lamented that after many years of transactions in the country which amounted to huge sums of money, contractors and multinational did not have solid footprint in the country.
"Instead the trend has been to look to foreign countries for procurement of equipment, spare parts and technology in support of their operations in Nigeria and the Gulf of Guinea region. The major operators have not helped matters by reliance on the importation of goods and services from abroad without making provisions to develop sustainable capabilities within Nigeria that would support life cycle operations in the country.
" The cumulative effects of operating this model for so long is that in an industry that currently spends an average sum of $20 billion per annum, less than $2 billion is retained in the national economy and over $300 billion has been lost to capital flight in this way," the minister said.
She explained that the persistent of the practice has resulted in the export of millions of employment opportunities, opportunities for training , knowledge and technology transfer opportunities for investment in facilities and infrastructure to support industry operations within the country.
She said that the ministry has set some targets for specific work items to be executed in the country , adding that a monitoring system has been put in place to ensure compliance.
"This denies indigenes of Nigeria the opportunity to participate in the most critical aspect of their national development activity . The challenge therefore is for government to create an enabling environment that allows capital to flow inwards and get retained for economic growth and development," she added.
When signed the she hinted that the Nigerian Content Act has provision of guarantees for indigenous participation and integration of oil producing communities into mainstreams industry activity, adding that development of and utilization of local capacity through promotion of education and training would be accorded priority.
The minister emphasized that the Nigerian Content Act is not intended to indigenize the industry assets of investors in the country's economy, pointing out that it sets out provision that guarantees that investment made in the facilities within the country are utilized , while ensuring the rights of the investors are protected under the law.
Also speaking the General Management Policy , Government and Public Affairs , Chevron Nigeria Limited Engineer Femi Odumabo said the company was totally committed to the growth of local entrepreneur in line with its determination to encourage local content in the industry,
" Indeed , Chevron's investment in people is very significant . We currently provide thousands of jobs in Nigeria, with a reasonable number of employees being direct Chevron employees. More so greater percentage of these employees were Nigerians.
" We have deep interest in promoting this subject and have recorded significant landmark and accomplishment in Nigeria. Our various major capital projects represents the industry's largest support of Nigeria content with thousands of major components for the projects fabricated by local firms in Nigeria," he said.
He said the company's commitment in this regard earned it the covetous NOG award of excellence in the country in the year 2007.
Odumagbo said a massive amount of invest is currently needed to meet this growing demand for energy to sustain economy growth in the country , saying the company is contributing its bit by investing massively in alternative energy .
http://allafrica.com/stories/201108300675.html
Sinopec to Strengthen Investments in Upstream Assets
by Yvonne Lee
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Dow Jones Newswires
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Monday, August 29, 2011
HONG KONG (Dow Jones Newswires), Aug. 29, 2011
China Petroleum & Chemical Corp., or Sinopec, said Monday that it plans to strengthen investments in upstream oil and gas assets and unconventional resources over the next 5-10 years to further diversify its operations.
Chairman Fu Chengyu also said the company will accelerate the development of unconventional gas production, including shale gas and tight gas, in China and will disclose details of the development plan next year.
"We have 20 unconventional gas wells in China at the experimental stage. The output results are encouraging and better than expected," Fu said.
Shares of Sinopec ended up 6.7% at HK$7.49 Monday after Asia's largest refiner by capacity Sunday reported a better-than-expected 12% increase in first-half net profit to CNY41.17 billion from CNY36.80 billion a year earlier due to a stronger contribution from its oil production business, although its refining business recorded an operating loss due to rising fuel costs.
Fu said he is optimistic on the company's refining business prospects in the second half as crude prices will stay in a US $90-US $110 range.
However, he expects the global economy will be gloomy in the next 3-5 years if the U.S government launches a full-fledged third bond-buying program, commonly known as quantitative easing, or QE3.
"We hope to increase our cash level through the issuance of bonds to prepare any arising challenging," he said.
Sinopec said Sunday that it plans to raise up to CNY50 billion through the sale of domestic corporate bonds and the issuance of the convertible bonds in China.
Analysts expect Sinopec's refining margins to improve in the July-December period as crude prices eased recently, although the government price controls will still weigh.
"While the refining division is likely to continue to post a significant loss in the third quarter, we believe the second quarter was likely the peak for refining losses and the division could be close to break even in the fourth if Brent is around $107 or lower," Citigroup analyst Graham Cunningham said.
Copyright (c) 2011 Dow Jones & Company, Inc.
Latest Petroleum News
IHS: more mergers for small E&Ps
8/29/2011
Current market conditions could lead to a new round of consolidation among smaller E&P companies in the UK and the US, according to an IHS report released 29 August 2011.
Uncertainty surrounding future oil prices and falling share prices have made nearly 100 small E&P companies in the UK and two dozen large US producers 'prime targets' for consolidation, IHS said in its weekly IHS Herold Oil and Gas Perspectives report.
Many of the smaller E&P companies listed on London's AIM index have interest in promising oil & gas fields around the world but lack the revenue to develop them, said report author and IHS director of energy company research Robert Gillon.
'Without revenue, they are dependent on future funding to continue operations. That funding can be accomplished either through additional share sales or a farm-out of an interest in their exploration licenses,' Gillon said.
The report also found about two dozen S&P index-listed US companies with a market capitalization of $500 million to $3 billion that could be ripe for consolidation.
'Some of these US companies are also reliant on external financing to fund their capital budgets, but all of them have developed reserves that could be sold in the very liquid transaction market,' Gillon said.
Both the AIM and S&P indexes have shed several percentage points in recent weeks. In late August, the AIM index was down 40% from its recent peak, 'which means the average (E&P) company would need to sell almost 70% more new shares to raise the same amount of money as it did a few months ago. Meanwhile, optimism about future oil prices is more subdued, and the potential farm-in partners recognize that. As a result, they will demand more favorable terms on the deal,' the report said.
By: Russell McCulley,
http://oilonline.com/
Sinopec posts RMB 40.24-bln net profit for H1
Aug. 29, 2011 (China Knowledge) - Sinopec<600028><0386>, the largest refiner in Asia by capacity, announced yesterday that its net profit in the first half of this year grew 9.4% year on year to RMB 40.24 billion under Chinese accounting rules.
Earnings per share were RMB 0.46, up 9.4% year on year, and an interim dividend of RMB 0.10 per share was declared, according to the company's interim report.
The company's revenue surged 31.5% year on year to RMB 1.23 trillion in the first six months, due to higher contributions from upstream exploration and production segment, whose revenue jumped 24.4% year on year to RMB 112.6 billion.
Refining sector generated revenue of RMB 595.7 billion in the first six months, 28.4% more than in the same period of last year. The chemical segment saw its revenue soar 36.8% year on year to RMB 209.4 billion.
Sinopec also said that it plans to raise up to RMB 30 billion by issuing convertible bonds with a coupon rate of not higher than 3%. Proceeds from the deal will be used to fund oil and natural gas projects.
Sylvan on the video said he is excited and ready to make things happen. I think i detect from others this is true and good things are going to happen. Some are acting to me as if they are really wishing they could talk about what they know, but cannot yet. Maybe we will hear something very soon. Have a good weekend!!!
Can we expect news about ERHC acquiring assets in Angola and Gabon?
PN mentioned those countries in the IMO news and in March when he was at the Oil and Gas conference. So bacically he has been talking about assets in those two countries for 6 months and mentioned them several times. Also the block in Mali is interesting because TOTAL should have results soon of their well in the same basin across the border in Mauritania.
Bring on the news?
International Outlook is a trademark of Globe Reports Ltd., Hong Kong
Specialized China media agent focused on promoting foreign companies and countries in China.
EHRC: São Tomé & Príncipe and ERHC, at the heart of opportunity in West Africa’s Gulf of Guinea
A remarkable gem comprised of two tropical islands, the small nation of São Tomé and Príncipe lies off the coasts of Nigeria to its North, Equatorial Guinea to its East, and Angola to its Southeast. Though situated offshore from some of the most prolific oil and gas regions in the world, São Tomé and Príncipe remained relatively unnoticed until recently.
ERHC, a Houston, Texas based American company and listed on the OTC Bulletin Board, was one of the first to recognize the potential in the country’s waters. ERHC now works closely with Sinopec Corp. (????????????) for offshore drilling exploration in three concessions in the area and is open to working with more Chinese partners. ERHC president and chief executive officer, Mr. Peter Ntephe, notes, “ERHC was the first international Exploration & Production (E&P) company that went to São Tomé and Príncipe in the mid-1990s to examine the possibility of the country having oil and gas reserves. At that time, there was only potential. There was very little that had been done in terms of any kind of technical studies or exploration.”
He continues, “If you look at São Tomé’s location in the Gulf of Guinea, the islands are right in the middle of some serious oil exploration and production activities, not least of which is Nigeria, just north of São Tomé, which has some of the most prolific hydrocarbon waters ever known to man. And then on the eastern side of São Tomé and Príncipe you have Gabon, Equatorial Guinea and Angola. It is already a prolific region. We were the first there because we understand the region and its business environment better than other companies. Also, the waters around São Tomé are deep, and the technology for drilling at these depths has become widely available only in the last decade.”
Indeed, ERHC’s position as the ’first-movers’ to appreciate and work on the country’s potential has given them a strong advantage. Mr. Ntephe states, “At the time when we first entered São Tomé in 1997 we had an exclusive agreement for all the oil rights that might pertain to São Tomé and Principe. Indeed, part of the agreement was for us to help set up the São Tomé and Príncipe National Petroleum Company and to become joint venture partners with the Company to do all the technical and advisory work; and we contributed technical people who assisted the government. At this time the industry was virgin in São Tomé, so it was understood that ERHC would help grow and train local capacity and know-how. However, since then the country has taken a natural look at their sovereign rights and has renegotiated ERHC’s rights etc., but we still remain as the first and major explorer in their zones.”
Being among the first companies has given them the best options. ERHC has interests in six of the nine Joint Development Zone (JDZ) blocks in which rights have been awarded. The JDZ is administered jointly by the governments of Nigeria and São Tomé and Príncipe. In São Tomé and Principe’s own Exclusive Economic Zone (EEZ) they have been awarded 100 percent working interests in two highly prospective blocks for E&P activities without having to pay signature bonuses, a potential savings for partners of an estimated $50-$100 million. Also in the EEZ they retain the options to acquire up to 15% paid working interest in another two blocks of their choice.
From this base, ERHC began to work with operating partners Sinopec Corp. and Addax Petroleum in the JDZ over four years ago. In 2009, Sinopec bought the company Addax Petroleum, which retains its structure but is wholly owned by Sinopec, making Sinopec ERHC’s significant operating partner in their blocks. Mr. Ntephe speaks enthusiastically about working with the Chinese company and his desire to work with more Chinese in the future “With Sinopec it has been an excellent working relationship. First of all, where it matters the most, they have conducted the drilling operations in a very efficient and effective manner. They have done everything within time and in budget, and they are very transparent with information sharing at a level which is more than we could have asked for. They have been incredibly transparent, cooperative and very technically competent. It has been an excellent working relationship and they are wonderful partners to work with because they believe in this cooperation.”
He continues, “We would like to work with more Chinese companies who are interested in investing in the area. I must say that Sinopec has raised the quality standards very high regarding partners to work with and has been an excellent example of working with Chinese companies. And I say this as a representative of an American company; our experience and relationship with them has been excellent.”
Regarding why Chinese companies should choose to work with ERHC, Mr. Ntephe says it is simple: “The uniqueness ERHC brings to the table is the fact that we are an American company with African know-how. As an American company, we are subject to all the regulations and corporate governance demands, and we maintain very high standards here. As a company we bring a unique knowledge of Africa as well. We know how to operate there and how to do business.”
“We have worked very well with Sinopec, and we have a great deal of experience working with Chinese. Right now is an exciting time for us, we are at a critical stage in our growth; we are in the process of pursuing a listing on the AIM of the London stock exchange. So apart from being open to partners on our projects we are open to institutional investors as well.”
For more information: www.erhc.com
International Outlook is a trademark of Globe Reports Ltd., Hong Kong
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I don't recall seeing this before. may have been posted in March???
http://www.epmag.com/Magazine/2011/3/item78370.php
Mar 1, 2011
Survival Of The Fittest
After years of hearing, "Who are these guys?" tiny ERHC is poised for growth in the Gulf of Guinea.
Rhonda Duey, Senior Editor
?There is an old saying that implies that the best surprises often come in small packages.
Take, for instance, ERHC Energy Inc., a very small company that once had a very large concession in São Tomé and Príncipe. The company originally approached the tiny nation to discuss environmental remediation. But the location of São Tomé and Príncipe – nestled in waters adjacent to huge oil fields offshore Nigeria and Gabon – quickly caused the company to reassess its interest.
“There seemed to be an opportunity offshore,” said Peter Ntephe, president and CEO of ERHC. “On the western side, the waters abut Nigeria, and on the eastern side, the waters abut Equatorial Guinea and Gabon. Here is this country bang in the middle of these oil-producing territories.”
ERHC established an exclusivity agreement with the government stating that the company would help the country set up an oil industry in exchange for a large percentage of the revenues accruing from any eventual production. Then things started to go very badly.
Piquing interest
As a public US company, ERHC was bound to report this agreement. Bigger players who formerly had shown no interest in the region suddenly sat up and took notice.
“Off the top of my head I can think of three or four countries where the same thing has happened,” Ntephe said. Already ERHC had helped the country set up a national petroleum agency, but with other players interested, São Tomé and Príncipe decided to renegotiate the deal, even going into arbitration at one point. The company was in trouble.
“Funds had been raised to do this in the expectation that returns would start at a particular time,” he said. “Once the problems started, those returns didn’t come when expected, and the progress needed to continue to have financing lines open wasn’t happening.” Company officials also had decided to abandon their other businesses to make São Tomé and Príncipe the company’s sole focus, meaning the company had no way to diversify its portfolio. According to Ntephe, the owner of the business began looking for buyers with “sufficient faith in the prospect and sufficient financial power” to turn the company around.
A West African businessman who runs the Chrome Group took an interest, and that firm became a significant shareholder in 2001. It immediately began working with the São Tomé and Príncipe government to renegotiate the terms of the original deal.
“That necessarily involved giving up some of the rights that the company already had,” Ntephe said.
ERHC has acreage positions in São Tomé and Príncipe’s EEZ as well as the JDZ that the country shares with Nigeria. (Map courtesy of ERHC; source ANP-STP)
The JDZ
ERHC went from having exclusive rights to the entire region to getting preferential rights in certain blocks. But by then Nigeria had decided that some of the waters in question actually belonged to it. “Again, this is a story you’ll find in many countries,” he said. “Where the two waters meet, there’s always a dispute, especially when there’s oil believed to be involved.”
Eventually the two countries agreed to establish a joint development zone (JDZ). Companies that already had secured rights in the JDZ retained those rights under the new agreement, including ERHC. Additionally, São Tomé and Príncipe declared its remaining waters an exclusive economic zone (EEZ), and ERHC had preferential rights in some of these blocks as well.
Licensing rounds
The Joint Development Authority for the JDZ held two licensing rounds in 2003 and 2004, and ERHC exercised its rights in the second round. However, its percentage in each block was no more than 25% of the total. Company officials determined that they could not grow the company quickly enough to make bids on their own, so they sought partners with whom they could bid for extra percentages, hoping for operatorship.
“The chairman of the company at the time led a team that virtually crisscrossed the globe looking for partners,” Ntephe said. “It was difficult because we were selling something that wasn’t certain, and we were selling it on behalf of a very small company that little was known about.”
Eventually the company found partners for three of the blocks in the JDZ, resulting in the partnerships bidding for and receiving additional rights and therefore operatorship on those blocks. And again the questions began – the JDZ has had a licensing round, and this little company is the operator – how did that happen?
“We were saying, ‘Where were all of you when we were receiving rejections, when doors were closing in our faces on several continents?’” he said. “‘Where were all of you when we brought in world-class partners and together with them put in bids for the additional rights that made us operator?’”
Despite the success of the strategy, the first three partners subsequently pulled out. Eventually ERHC brought in two new partners, Sinopec and Addax. “There were dark days when we were in trouble,” Ntephe said. “Our business was cooked if we didn’t get replacement operators. So it was more phone calls, cold calling, and working all of our networks.”
Under investigation
More bad news was to come. Barely a month after signing production-sharing contracts with the two partners, ERHC came under investigation due to its acreage holdings. No charges were filed, but Ntephe said that fraud was investigated. Having always been a public company, ERHC had a significant number of documents that it had to turn over to the investigators, eventually filling 106 boxes.
The investigators turned up nothing, but the pressure affected the company severely. “This was at the point where we had secured the rights, secured significant positions in West Africa, and were ready to build on it,” he said. “That was what was expected. And then the investigations hit.”
The company took a strategy of arresting any retrogression that might have happened and maintaining its position. A lack of rigs made drilling difficult in 2008, but by 2009, ERHC and its partners began drilling, spudding five wells between August 2009 and January 2010. Despite the significant initial setbacks, it still was the first partnership to drill in any of the blocks of the JDZ awarded in the 2004 licensing round. Natural gas shows were found in three of the wells, and they continue to be evaluated.
The exploration phase of the contract has been extended to March 2011 to take into account the fact that rigs were obtained later than initially expected. Ntephe said he hopes by then the partners will have enough information from the first five wells to determine how to proceed. “There is still a lot of acreage, a lot of interpretation, and a lot of possibility,” he said.
Meanwhile, in the EEZ, ERHC has 100% rights with no signature bonus in two blocks and 15% rights with signature bonus in two more. It has exercised its 100% rights in blocks 4 and 11. Once the bids are reviewed, the company again will seek partners to help develop that acreage. It is not likely to be as hard a sell this time.
“We now have a track record because we’ve done this successfully in the JDZ,” he said.
The company also now has a more diversified portfolio with acreage in two separate areas, and it will continue to explore West African waters. With several West Africans in positions of power at the company, Ntephe believes ERHC has a bit of “home-field advantage” over other companies that might not be as familiar with local customs.
“When people ask how we’ve done it, it’s because we know the terrain; we know the lay of the land,” he said. “Even though we are an American company, when we walk into the room, the people we’re visiting think, ‘Those guys sure look familiar.’”
But he also sees a uniquely American aspect to ERHC. “Where other people see constraints, we see opportunity,” he said. “These are the fundamental facets of the American dream.”
What are the countries we look at when we are diversifying? We look at Nigeria, Gabon, Angola; these are the first country we look. We don't just come to Nigerian Oil and Gas (NOG), we attended similar conference in Sao Tome recently, and we will be in South Africa at the end of the year.
We are working in Angola. Examining our reasons for attending this conference is the fact that Nigeria as the biggest producer in West Africa, there is no way we can't appear here. Indeed, a lot of ERHC staff have Nigerian root, either they work here or they are born here or they have an affiliate in Nigeria.
Diversification in terms of going into other sectors
The second one, we have plans but not a major focus to diversify into other sectors but our concentration so far has been upstream, so what we are trying to do is to diversify into other countries, move beyond the Sao Tome area and diversify our holdings so that we can have holdings in Gabon, Angola, Nigeria and Sierra Leone.
http://www.businessdayonline.com/NG/index.php/gas/19431-we-give-the-technical-expertise-to-local-content-erhc-boss
Thursday, 24 March 2011 00:00 Olusola Bello
Peter Ntephe, chief executive officer of ERHC Inc (a publicly traded American company with valuable oil and gas assets in the Gulf of Guinea, off the coast of central West Africa), in this interview with Olusola Bello during the recent Nigerian Oil and Gas Conference in Abuja, spoke on local content issues and commitment to acquisition of more assets in the upstream sub-sector in the Gulf of Guinea.
Yesterday was my birthday. I feel older than 1 year.
"determining the nature and extent of the hydrocarbons discovered," said Peter Ntephe,
"ERHC's technical partners, Addax Petroleum and Sinopec, have done a remarkable job. We have drilled five deep offshore wells in the JDZ in just four months. After more than a decade of planning and work to make drilling a reality, the focus now shifts from exploration to the highly technical process of determining the nature and extent of the hydrocarbons discovered," said Peter Ntephe, chief operating officer with ERHC.
http://www.rigzone.com/news/article.asp?a_id=85223
Al4343....Thanks for the kind words.
Those are two respected opinions Seek...Thanks.
Al
sneak....Look at this...Hmmmmm!!!!!
From the story: Mali seeks to develop oil reserves
Where is that block ERHC is bidding for in Mali?
"The results of drilling carried out by the Total company in Mauritania will be important and decisive for the future of oil exploration in the Taoudeni basin, which is larger than half the size of Mauritania, where other oil exploration companies in the same basin – the Spanish Repsol, for example – are anxiously awaiting its results to know whether to continue exploration in sections in Lemira in northern Tagant state,"
Mali seeks to develop oil reserves
2011-08-12
Experts say an al-Qaeda presence is standing in the way of economic development in Mali.
By Jemal Oumar for Magharebia in Nouakchott – 12/08/11
The Malian government announced last week that it was moving forward with plans to exploit oil resources in the mineral rich Taoudeni basin, despite concerns over an al-Qaeda presence in the area.
In a statement released August 3rd, Malian authorities said they signed a contract for "oil exploration and extraction, refining and transport" with Petroplus Angola worth 46 billion West African francs (nearly 70 million euros). The company will also contribute to training Malian personnel in the field.
Observers said the biggest challenge the Malian government will face in extracting oil from the Taoudeni basin is the danger of al-Qaeda in the Islamic Maghreb (AQIM), which has military camps near the area.
"There have been several reasons preventing the basin countries from exploiting it for decades," said Mohameden Ould Brahim, a mining expert. "Today, there is the emerging danger of al-Qaeda in the Islamic Maghreb, which has come to threaten African countries and the interests of Western countries as well."
He added, "But perhaps Mali felt it necessary to exploit this basin, which is the largest sedimentary basin in West Africa, spanning an area estimated at 1,500,000 km between Mauritania, Mali and Algeria, and extending to the borders of Burkina Faso. It is proceeding along the lines of what was done by Mauritania, which depended on the exploration of the French company Total, which drilled 100km east of the city of Ouadane, northeast of Nouakchott."
"The results of drilling carried out by the Total company in Mauritania will be important and decisive for the future of oil exploration in the Taoudeni basin, which is larger than half the size of Mauritania, where other oil exploration companies in the same basin – the Spanish Repsol, for example – are anxiously awaiting its results to know whether to continue exploration in sections in Lemira in northern Tagant state," Ould Brahim said.
Analyst Mohamed Ould Toulba said that the Malian move was "a positive sign indicating that pockets of al-Qaeda have been affected by the strike against them by the Mauritanian army".
"Thus, the danger of terrorism in the region is no longer feared," Ould Toulba said. "Added to that, capital is a coward, which means that the giant corporations operating in the exploration field will not venture drilling in unsafe territory."
Mohamed Naji, an expert in Salafist ideology, expressed his concern that the Malian government might cut deals with al-Qaeda, saying that it could obtain guarantees from "al-Qaeda that it will not target its interests and the interests of the companies working with it".
This content was commissioned for Magharebia.com.
Can someone please post on the other board.
Of course they found biogenic gas, probally in the first 7-8 hundred feet, but it was not part of the petroleum system. The problem was the missing element not discovered, but Bovill says they know it is " down there."
In the email from DK, the is most important point ,in my opinion, is part c, " c) Estimate resources of undrilled traps and evaluate drillable trap(s). And is also contained in the definition of "petroleum system", ie " trap and seal."
I think what was not found was the expected accumulation of oil because in Kina, Lemba, and Malanza they did not drill in the correct place to find traps and faults. They found traces of oil in unconsolidated sands just as Total found in Akpo. They also found in Kina and Lemba high pressure gas and not much in malanza.
I have believed for some time if oil was not there in these wells they will have to drill deeper or in different locations and to the south . I was very glad to see knownski comment yesterday that they have to drill "low."
It seems to me that the three sites drilled in the JDZ that have the highest elevations from the common ground base ie. Kina,Lemba, and Malanza, and two of these apparently has high pressure gas and maybe condensate. OBO1 and Bomu both have substantially less elevation from the base and apparently have oil or oil shows. Interestingly Oaki East has by far the less elevation of any of the drill sites, and is to the south. It is also has the most closely guarded drilling information. Basically no word on it, except back channel rumors of discovery.
My point with all of this is that the drill sites that were drilled deeper into the base below those under the sea mountains have better results. In other words they were drilled deeper, just as knownski suggested. Conversely the highest of those under the sea mountains may not have traps or faults at all but were simply pushed up far above the petroleum system by the high pressure gas over a very extended period of time.
All of the above is my considered opinion.
Doc.....Based on krom's history he will never get it. Let's move on to important stuff.
Of course they found biogenic gas, probally in the first 7-8 hundred feet, but it was not part of the petroleum system. The problem was the missing element not discovered, but Bovill says they know it is " down there."
In the email from DK, the is most important point ,in my opinion, is part c, " c) Estimate resources of undrilled traps and evaluate drillable trap(s). And is also contained in the definition of "petroleum system", ie " trap and seal."
I think what was not found was the expected accumulation of oil because in Kina, Lemba, and Malanza they did not drill in the correct place to find traps and faults. They found traces of oil in unconsolidated sands just as Total found in Akpo. They also found in Kina and Lemba high pressure gas and not much in malanza.
I have believed for some time if oil was not there in these wells they will have to drill deeper or in different locations and to the south . I was very glad to see knownski comment yesterday that they have to drill "low."
It seems to me that the three sites drilled in the JDZ that have the highest elevations from the common ground base ie. Kina,Lemba, and Malanza, and two of these apparently has high pressure gas and maybe condensate. OBO1 and Bomu both have substantially less elevation from the base and apparently have oil or oil shows. Interestingly Oaki East has by far the less elevation of any of the drill sites, and is to the south. It is also has the most closely guarded drilling information. Basically no word on it, except back channel rumors of discovery.
My point with all of this is that the drill sites that were drilled deeper into the base below those under the sea mountains have better results. In other words they were drilled deeper, just as knownski suggested. Conversely the highest of those under the sea mountains may not have traps or faults at all but were simply pushed up far above the petroleum system by the high pressure gas over a very extended period of time.
All of the above is my considered opinion.
Well i posted the info on a petroleum system on the other board for krom and doc, and krom TOTALLY screwed up the proper interpretation of that information. Bovill did not indicate they found the petroleum system only that they knew it was "down there" somewhere ie knownski's drill low [or deeper] to find it.
They did not find the petroleum system yet. There were some of the pieces of a petroleum system missing in what they did find. Those missing pieces will be where the oil is.
I have a theory as to what was not found. Need input from oil people.
To all.
I agree with kownski,and have posted numerous times in the past the oil is either deeper or further south. Further south may be why Oki East was drilled as the tightest of tight holes. I wish knownski would take a good long hard look at the side view of Kina and the 3d view from the south of the jdz posted on the intro of ERHC board, and tell us what he sees there. I think i know what the problem is, but i am not qualified to analyse these images.
The following is part of a post on the other board:
"By the way, can you lay out a plan for buying production in Imo that does not involve either massive amounts of shares issued or massive dilution of our interest in the JDZ and EEZ or both? I have yet to hear how that might happen. You don't get something for nothing."
The answer is yes it can be done. The state of IMO desperately needs help from the Nigerian government with funds for roads, schools, job creation, etc. SEO can arrange a trade off between the local needs for help and ERHC's desire to tap into the vast oil and gas deposits in IMO state. He does have the influence to provide the means of solving this problem to the benefit of both parties. My opinion.
And the Chad assets prove that influence. And yes it makes sense ERHC could get a better deal than one of the big companies simply because ERHC is a small company and the Africans of other countries could not expect to get as much from them. Political influence is very important in these dealings.My Opinion.
Anyone feel free to post.
sneak...I posted it on the other board also. It did not last long. That makes me wonder also.
Why would anyone who claims positions in 15-16 different companies have a posting history [ mostly negative on ERHC] as follows? I cannot understand the rational of all the negative post on management. Why not just sell and spend time on the others? Why only one post on HDY, his example of a well managed company? Do the participants of the ERHC MB [ posters, lurkers, and readers ] think this record passes the "smell test"? Just Asking.
ERHC Energy Inc. (ERHE)
08/22/2011 09:36:42 AM
4,044
HyperDynamics (HDY)
03/12/2011 12:05:49 AM
1
JDZ Nigeria-Sao Tome e Principe
01/14/2010 08:46:57 PM
165
SEC Charges Eleven in Stock Manipulation Ring
05/23/2009 10:29:33 AM
1
Addax discoveries in IMO.
Addax Petroleum Corp. Wednesday, January 28, 2009
Addax has announced a significant onshore oil discovery from the Njaba 2 well (formally Okaka) currently drilling in the eastern part of the OML124 license area in Nigeria. Addax Petroleum has a 100% working interest under a Production Sharing Contract covering the OML124 license area, whereby the Nigeria National Petroleum Corporation is the concessionaire. Addax Petroleum currently produces approximately six thousand barrels per day from the Ossu and Izombe fields in OML124, which is located within the stable and peaceful Imo State.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said, "I am extremely proud to report an excellent start to 2009 with this successful exploration result in Nigeria as it is a leading discovery that has the potential to be one of our largest fields in Nigeria. The Njaba discovery is the first exploration well to be drilled in OML124 since the mid-80’s and these results will increase the production potential of the license area considerably, as well as significantly upgrade the remaining undrilled prospects. This onshore discovery is a further example of Addax Petroleum's commitment to development in Nigeria. In addition, this recent success represents yet another highlight for our highly prolific Nigerian operations as it will strengthen our record of growth in Nigeria and it underpins our robust and consistent operational performance."
The Njaba discovery was consistent with pre-drill estimates having encountered four oil bearing reservoirs totaling 289 feet of gross oil column, including the two main individual gross columns of 149 feet and 115 feet of between 20-degree and 28-degree API at depths from 990 to 1,050 meters. Production from the Njaba discovery can be readily tied in as the Corporation has existing production facilities and infrastructure in the OML124 license area. Addax Petroleum continues to drill into secondary, lower sections relative to the newly discovered oil bearing intervals and plans to carry out a test of the main reservoirs. The Corporation also plans to drill an additional appraisal well down-dip of the discovery which may further enhance the recoverable reserves from Njaba.
Addax Petroleum discovers oil at Awo Omamma
Written by CHIDI NKWOPARA
Monday, 23 March 2009
Owerri—Oil has been discovered in substantially commercial quantity in Awo Omamma, Oru East local government area of Imo State, leaving an impression of a brighter economic fortune for the state and its people.
The Managing Director (MD) of Addax Petroleum Development (Nigeria) Limited (APDNL), Mr. Vance Querio, stated this when he paid a courtesy call on Governor Ikedi Ohakim at the Government House, Owerri.“The new discovery is fairly as big as the Izombe oil field. We can look forward to at least another 25 years of very successful operation in this new location”, Mr. Querio said.Noting that we are in “troubled times in the oil industry”, Querio however, expressed happiness that the new oil field promises to enhance the fortunes of the state, especially their host community.According to him, the large quantity of crude petroleum has remained untapped in the oil producing communities as a result of militancy and the associated crimes in the region.
It would be interesting to know that Abiaziem Community is located approximately 10 km south of Awo Omamma.
Sinopec Group Completed the Acquisition of Addax
Anyone who wants to post my reply to petermantx on the other board, feel free to do it.
petermantx....Re your post on the other board.
I am very positive on ERHC's future. I think there is truth in sneak's view that ERHC has had expert help from the potential buyer of the company in picking the assets added this year. I believe the NSAI update was done as a third party valuation report, and that news on a strategic partnership is forthcoming. I further believe if "we know that there is a petroleum system down there" is a true statement, [and may been said to send a message to ERHC shareholders] Total, Addax, SNP know there is a field there to be developed.
Your statement about how my views were developed is correct. These views are my opinion and i have a right to have these views and to post them without being attacked by others who have opposing viewpoints.
Very interesting article on the Nigerian amnesty program and the progress in the South part of the country.
Nigeria’s crude oil production rises to 2.6m bpd
Posted by adminHeadlines, Oil PoliticsFriday, July 1st, 2011
NIGERIA’S crude oil production has increased from 2.4 million barrels per day (bpd) to 2.6 million bpd.
The Ministry of Petroleum Resources had said early this year that Nigeria’s combined crude oil and condensate output was around 2.4 million bpd with capacity to reach three million bpd.
Both the Special Adviser to the President on Niger Delta, Kingsley Kuku and the former Special Adviser to the President on Petroleum Matters, Dr. Emmanuel Egbogah, attributed the feat to the success of the amnesty programme, which they said, encouraged more crude oil drilling in the Niger Delta.
Kuku said that with the improved level of peace in the Niger Delta, the country has the potential to increase oil production from the current 2.6 million barrels per day (bpd), to three million bpd, if the oil cartel’s quota should be raised.
And yesterday, industry sources confirmed that the nation’s oil production has actually risen to 2.6 bpd.
In an interview with journalists in Abuja, yesterday, after an orientation ceremony held for 176 former militants who were sent to South Africa for training in marine welding, he noted that the success of the amnesty programme had increased oil production from 700,000 bpd to 2.6 million bpd and that this figure can further be increased further if the Federal Government so wishes.
“The attitude level has improved tremendously. Every Niger Delta youth is beginning to see that he is going to have hope in participating in the processes that can empower and employ him one day. Peace level has increased. As it is today, if our quota is increased, Nigeria can produce 2.6 million bpd. Nigeria has done well, the government has done well”, he said.
He expressed satisfaction with the level of funding the Federal Government has provided for the programme. “Normally in massive programmes like these, people don’t get contented about the kind of funding they get from government, but it’s a different case here. I can also but appreciate what the President has done in terms of funding for this programme.
“I can aslo but appreciate the National Assembly for passing the amnesty budget. For me, this funding is okay for a year. Next year, whatever we have left, prudently we can go before the National Assembly and the President to make request. Whatever we get, we manage it. For me, I’m contented with what we have,” he said.
Kuku however, called on security operatives to check the spate of “illegal” disarmament programmes going on in the region, stressing that it would not stop until it is stopped, noting that the ‘illegal’ disarmament programmes going on was not in connection to the Federal Government programme on amnesty for the youths of the region.
“I am very much disturbed because if you go to Warri, Arogbo or Bayelsa today, so many forms of agitations are brewing and growing. It is very unfortunate. Now a new round of illegal disarmament is taking place in the Niger Delta. The disarmamnet purpotedly taking place in the Niger Delta today is not connected with the Presidential proclamation that we are handling today.
“When amnesty was proclaimed on June 25, 2009, only 20,192 persons complied with the instructions of the then President, who was supported by the then Vice-President. I do not understand why today, after a second and final set has been added, increasing the number to 26,358 persons from the Niger Delta who have accepted amnesty and benefiting from the programme.
“For me, amnesty has ended in the Niger Delta. I mean in Niger Delta, it has ended. 26, 358 persons accepted amnesty, the Federal Government sees these ones as its delegates,” he said.
According to him, “if at all anybody can give any form of amnesty, it must be focused on youth empowerment and employment; and must be initiated by the state governors.
“Governor Rotimi Amaechi of Rivers State initiated his own. He actually moved on with the one he met and so many people have passed through that programme. The programme marshalled by A. K Oxford, that beautiful programme is on.
“In Akwa Ibom, Governor Godswill Akpabio is doing the same thing. He has even gone ahead to put his own youths into transformational training, everybody should copy this.
“Every governor has the right to train his own people and this applies to everybody in this country. There are so many youths that are unemployed and unempowered. Governors and local government chairmen should initiate programmes that will ensure peace in their environment that will empower and employ youths either by government, private sector or by self. This will help”, he said.
As for the training of the ex-millitants, Kuku informed that over 6,000 of them are currently undergoing various vocational and educational training both locally and abroad.
Over 4,000 are in various training locations in Nigeria, some others have been sent to South Africa, Malaysia, the United States; while a lot more of them are still going to be placed in the best training centres around the world.
Those for whom the orientation programme was held yesterday in Abuja, were 176 in number and they have departed to South Africa where they will reside for the next six months of their training in marine welding.
In the past one week, the amnesty office has also sent two other batches of 35 and 90 youths for training in Israel and South Africa respectively.
Speaking at a lecture organised by the Society of Petroleum Engineer (SPE) in Lagos yesterday, he stated that the country was producing less than one million barrels of oil per day in the heat of the Niger Delta crisis.
Egbogah frowned at the country’s inability to fully develop its marginal oil fields, which he puts at 250.
Marginal Fields development is an offshoot of Federal Government policy to kick start indigenous participation in the upstream sector of the petroleum industry. The government sought to achieve this objective by ensuring the farm out of marginal fields within the concessions of the major multinational oil operators to the indigenous operators.
Egbogah said that about 31 marginal oilfields have been awarded to marginal field operator, adding that government planned to increase the number in the next 24 months.
He assured that a new field bid round is expected within the next one year in order to increase the number of marginal oil field operating in the country.
He listed the challenges of under-development of marginal field to include lack of funding from local and international banks, high interest rate with double digit, stringent condition as prior approval of loan, lack of technical know-how and government’s fiscal policy.
Egbogah added: “He said that the Petroleum Industry Bill, which is expected to be passed into law as soon as possible, would introduce a modern acreage management system with strict guidelines, that would provide a platform for new investors in marginal field operations.”
Speaking on the expectation from government to increase the development of marginal fields in the country, he stated: “Government can set up a special energy bank to access funds at a fairly low interest rate. It should suspend royalty payment for a minimum of three years from start of production to ensure profitability. It should allow tax holiday of up to three years by suspending Value Added Tax (VAT) in order to make investment in marginal oil fields attractive to investors”.
A recent report by Business Monitor International (BMI) for the first quarter of 2011 released recently predicted an increase in Nigeria’s oil consumption to increase by 96.6 per cent, with growth slowing to an assumed 7.5 per cent per annum towards the end of the period and the country using 567,000bpd by 2020.
Gas production is expected to rise to 80bcm by the end of the period. With demand rising by 246 per cent between 2010 and 2020, export potential should increase to 35bcm, largely in the form of Liquefied Natural Gas (LNG).
-Guardian
dest golf....As usual homeport and mz are trying to pass themselves off as mind readers, but they have been foiled again.
People and shareholders need to believe the company management. They are working on strategic partnerships and seeking investments. I think they may already have a partner for the Chad assets that will surprise. My opinion.
I believe that soon the reasons for kicking Dk around will be a moot point. The results of the updated report on reserves has been known for over a year. The update showed more reserves than the orginal. Why would anyone doubt that? why else would any company go to the expense of an update if it was not expected to show an increase?
Probably the most significant thing that has happened SO FAR this year was the Bovill statement at the London Enercom conference.
1] He did NOT say "what we know is that there is a hydrocarbon kitchen down there."
hydrocarbon kitchen definition: source Schlumberger
An area of the subsurface where source rock has reached appropriate conditions of pressure and temperature to generate hydrocarbons; also known as source kitchen, oil kitchen or gas kitchen
2] He DID say "what we know is that there is a petroleum system down there."
petroleum system definition: source Schlumberger
petroleum system
Geologic components and processes necessary to generate and store hydrocarbons, including a mature source rock, migration pathway, reservoir rock, trap and seal. Appropriate relative timing of formation of these elements and the processes of generation, migration and accumulation are necessary for hydrocarbons to accumulate and be preserved. The components and critical timing relationships of a petroleum system can be displayed in a chart that shows geologic time along the horizontal axis and the petroleum system elements along the vertical axis. Exploration plays and prospects are typically developed in basins or regions in which a complete petroleum system has some likelihood of existing.
So sounds like they know there is a likelihood of the existence of a complete petroleum system worth exploring. It is probably at deeper depth or south of where the wells were drilled.
Maybe Bovill was trying to tell us something and we have not LISTENED.
TOTAL will figure all this out and make a big field out of the JDZ blocks,imo. umbra may just be surprised.
Still feel very positive news coming soon.
Anyone reading this please post for me on the other board. Thanks.
Edited.... Doc i read your post about hard earned money. DK a couple of years ago claimed to own 100,000 shares.
Thanks Colliod for your post to mz.
The two most interesting developments overnite:
1] DK revealing something changed last year between April and September.
Agree and posted
"What if the NSAI report was done for some reason other than the AIM listing? What if the AIM listing was a convenient excuse for having the updated report done to cover up the real reason? What if the real reason for having the update NSAI done was not achieved? What does that do to then to the whole fabric of the announced reason? Does it not then cause the very scrambling around, talking in circles, making up new stories, and etc. we have seen for the LAST YEAR?
2] Peter leaving Denver to meet with another company about ERHC.
What say ye, sneak?
Where Will the Next Big Oil Be Found In Africa?
http://www.energycorporateafrica.com/articles/focus-on-africa/76-where-will-the-next-big-oil-be-found-in-africa.html
Note several are former French colonies.
I believe this article about an IMO summit in 2010 was a US govt trade mission led by J.C. Watts. Very interesting.
OIL & GAS
Imo State has large quantities of Crude Oil and Gas deposits, which have not been fully exploited. Indeed investment opportunities abound in the areas of crude oil prospecting/exploration and production, establishment of oil refineries and petrochemical industries, establishment of mid-stream gas and fertilizer plants.
http://www.imostate.gov.ng/info/Investment
Imo Investment Summit – An Insight —Kanayo Esinulo
Posted by TheNEWS on July 12, 2010
Kanayo Esinulo.
The organisers seemed determined to make a huge success of it. Every department of the event was ordered and calculated. This was not surprising, for specifics were tidied up and the flow from one item to another, in the two-day Imo International Investment Summit, the first since the creation of the state. It suffered no visible hitches. The registration and accreditation exercises were smooth and well appointed. Foreign entrepreneurs and delegations came in their numbers, and with packaged messages that showed that they had fairly good knowledge about investment opportunities in the state of their destination. When the summit stabilised, after an hour or so of some pep talks by officials of Imo State Investment Promotion Agency, ISIPA, who were really the hosts, on the very first day of the summit, 8 June, entrepreneurs and delegations took to the podium, in a relay, to present papers on how “the government, the indigenous entrepreneurs and foreign investors can forge a symbiotic partnership that grows the economy of the state and maximise profit for the investors”. They all spoke, in my view, with authority and insight. The country representative of the United Nations Development Programme, UNDP, in Nigeria, Dauda Toure, was there, and so was the former Irish Prime Minister, Bertie Ahern. Government delegations from Zamfara, Ebonyi and Niger states, interestingly, showed strong presence at the summit which was declared open by the representative of Vice-President Namadi Sambo.
A top functionary of ISIPA told me, at the end of the talkshop, that the success of the Summit proves that “Imo State is no longer a product of small thinking.” That seemed to be the central theme that the leader of the American team, J.C. Watts, from Oklahoma, largely dwelt on, in the position paper he presented. Investors in his state in the United States, he said, were interested in investing in Imo State. “We are prepared to be part of the big dream of the present administration in Owerri because in Oklahoma where the large delegation I lead come from, we give no room whatsoever to small thinking. Small thinking produces small achievement and that is not why we are here. If the state government guarantees us safety of our investments, assures us of security of our personnel and delivers on steady power supply, the big corporation I represent in the United States surely will bring in capital and expertise that would transform Imo into a model modern state,” he said. Mr. Watts then pointed at a section of the conference hall where the delegation he led was seated and said with tantalising humour: “I couldn’t have been here with this number of men and women if our corporation did not consider this summit important and strategic to our investment portfolio.”
The country representative of the UNDP in Nigeria, Dauda Toure, was sure Imo could be one of the most “viable, vibrant and self-sufficient states in Nigeria if the dreams of its present leadership can translate to concrete results”. That noble wish came after state officials, in their presentations, had carefully itemised economic potentials and opportunities that abound in Imo, but which needed indigenous and foreign investments to help catapult the state from agrarian to an industrial community. A state that has one of the largest oil and gas reserves in the country cannot but be attractive to investments, he claimed. This was largely captured, I think, by the executive governor of the state himself, Ikedi Ohakim, when it came to his turn to present his paper at the summit. He said: “As part of the oil-rich Niger Delta with vast oil and gas reserves, Imo State has two added advantages. The topography is very user-friendly. Secondly, Imo is a peaceful state, politically generated heat notwithstanding.” Curiously, the governor’s paper, to me, was silent on the rumour making the round that large quantity of crude oil has, indeed, been found around Njaba River by an American multinational oil company and if Imo State truly has the largest gas reserve in Nigeria. The story has been circulating within the oil industry for quite some time. If such finds had been made, wouldn’t the summit have been the appropriate venue to announce the good news? Must it be the prerogative of the federal government or its agency to give out such information? These were the questions some participants were asking in subdued tones. Unfortunately, no official of the state government was ready to discuss the matter.
But anyone who listened well to the presentation of the former Irish Prime Minister, Bertie Ahern, may well have come to the conclusion that Imo State was already in the big league of Nigeria’s oil producing areas. The second point he made was that security lapses in a polity should not necessarily scare away or discourage investments, if those in authority demonstrate sufficient commitment to fight crime and check the excesses of overzealous young men, as he put it. Mr. Ahern said available statistics show that it was during the violence in Northern Ireland that it became one of the most industrialised IT hubs in the world. Governor Ohakim’s paper also harped on this point, even with more pungency: “We have a thing or two to learn from the Irish experience.” Iraq was another case study that came up for mention. The Arab country, the audience was told, continues to enjoy a steady flow of foreign investments in spite of the violence that has characterised Iraqi society for more than a decade. The ultimate message was simple and clear: oil-producing areas of Nigeria, of which Imo is a part, are and would remain heavy investment zones in spite of the rising political consciousness among the youths of the long-neglected Niger Delta region.
The presence of delegations from some state governments added flavour, if not more, to the two-day economic Summit. The deputy governor of Ebonyi and commissioners from Zamfara and Niger states were there. And it was good that they attended the Summit because what came out were revealing and fascinating. For instance, it is not public knowledge yet that Zamfara State has ‘more gold than South Africa’ plus other strategic solid minerals. The commissioner that represented Governor Mahmud Shinkafi made that claim at the summit, and insisted that it could be verified, when asked at the end of the day’s proceedings, by this reporter if what he said at the podium was just claptrap. “Oh no, it is very true and verifiable,” he said with so much confidence and authority. Similarly, the Deputy Governor of Ebonyi State, Professor Chigozie Ogbu, said with emphasis that “Abakiliki rice had bestowed on Ebonyi the title and reputation of Nigeria’s food basket long before Benue State, which now lays claim to being the food paradise of Nigeria, was even created.” If that was really true and meant to extract applause, the diminutive professor got a dose of it. Interestingly, the commissioner who represented “the chief servant of Niger State” said, in a preamble to his own submission, that Imo preempted his state by staging the summit ahead of their own schedule and time table. “We were packaging a similar summit when we reliably learnt that Owerri was ahead of us. Nevertheless, the chief servant of our state still approved that we should be here to represent him and the state.”
http://thenewsafrica.com/2010/07/12/imo-investment-summit-%E2%80%93-an-insight-%E2%80%94kanayo-esinulo/
petermantx.....I have not heard Michael Shafie talk about the Chad assets. I just know management was very upset and disappointed that technical problems on the CC prevented Mr. Shafie from talking about the value of those assets.
ERHC has proven....I agree. They are runing out of room to maneuver on this subject.
seek...
This leaves no doubt about what a CPR is and what is in it, regardless of what Ntephe tries to say. The CPR and updated reserves are inseperable.
http://www.londonstockexchange.com/companies-and-advisors/aim/publications/guidance-note.pdf
sneak.... What do you think? Will we get some good news out of the Denver conference tomorrow? Hope so, anyway good news very soon,IMO.
wato.... PN and Slyvan busy this week. In the good old USA. Traveling. Hope they come up with something good.
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The JDZ lies approximately 200 km. offshore Nigeria and is adjacent to areas offshore Nigeria where several large petroleum discoveries have been made. The JDZ was established in 2001 following ratification of a formal bilateral treaty between Nigeria and Sao Tome and Principe. The JDZ is administered by the Joint Development Authority.
This Board will be specifically limited to oil/gas companies that operate in the JDZ, Nigeria, and Sao Tome e Principe. Obo-1 has recently been drilled by Chevron with a 51 percent stake, along with partner ExxonMobil with a 40 percent equity holding, and Dangote Energy Equity Resources holding the remaining balance. ERHC Energy, Inc. has Production Sharing Contracts in JDZ Blocks, 2, 3, and 4. Some other companies include: Afren, Addax Petroleum, A & Hartman, Centurion Energy, Equator, Foby Engineering, Hercules, Hyperdynamics Corp., MoMo Petroleum, ONGC Videsh Ltd., Pioneer, SNP -- China Petroleum & Chemical Corp., and Oriental Energy. It is very likely the list will grow!
You may view this site and post on this message board, but we ask that information on this site should not be linked or copied. You may link this site to another site with the approval of only IHUB or the board Moderator. Send your PM to instructmba for any particular requests or questions.
The Black Dot marks the spot of OBO-1 as updated per Oilphant's co-ordinates of 6/01/06.
The Blue Dot marks the possible spot of OBO-2 per various rumors and feedback to this board.
The Green dot marks the possible spot of OBO-3 based on information it was on the far west part of Block 1 near 3 & 4.
GUESSING CONTEST FOR OBO-4?
kownski = just west of JDZ054 next to Blk 4
magicatlast = near JDZ078
instructmba = just sw of JDZ079 where A and A-1 intersect
BLOCK Participants:
Block 1 (704 sq kms): (51%)=ChevronTexaco, (40%)=ExxonMobil, (9%)=Dangote Energy (Afren holds a 4.41 percent indirect net working interest in the JDZ Block 1 through a 49 percent equity interest in DEER). The JDZ Block-1 is located approximately 190 miles (300 kilometers) north of the city of São Tomé and approximately 125 miles (200 kilometers) from the city of Port Harcourt in Nigeria.
Block 2 (692 sq kms): (28.67%)=Sinopec, (22%)=ERHC, (14.33%)=Addax, (13.5%)=ONGC Videsh, (9%)=Equator, (5%)=MoMo Deepwater JDZ Limited, (5%)=Foby Engineering, (2.5%)=A & Hartman
Block 3 (666 sq kms): (51%)=Anadarko, (15%)=Addax, (10%)=ERHC, (10%)=Amber Petroleum (owns both MoMo Deepwater JDZ Limited and Equinox Deepwater), plus several Nigerian firms
Block 4 (857 sq kms): (38.3%)=Addax, (26.7%)=ERHC, plus (9.5%) Dana Gas PJSC who is for $1.02B buying out Centurion's 9.5%, which bought out Hercules which envolved a (0.5%) to an unnamed third party, while Conoil may have 20% and Godsonic 5% which all total the full 100 percent of this block.
Block 5 (1091 sq kms): (15%)=ERHC, plus other unknowns
Block 6 (588 sq kms): (15%)=ERHC, plus other unknowns
Block 7 (1286 sq kms): withdrawn
Block 8 (822 sq kms): withdrawn
Block 9 (1723 sq kms): (20%)=ERHC, plus other unknowns
Total all Blocks: 8,429 sq kms
This is the TDI-Brooks' 06-27-03 JDZ Piston Core & Heatflow map. For more info look up 2003 Nigeria São Tomé & Príncipe JDZ Consortium Program at: http://www.tdi-bi.com/our_programs/west_africa/west-africa_main.htm
Deepwater Discovery per RIG update March 31, 2006 is under contract until Aug-06 at $165K USD Dayrate with client CVX who has recently reported successful drilling in 1,720 meters of water in Block 1 in the JDZ. The area is thought to hold billions of barrels of oil. Oilphant can been seen in the background trying to chase her down as she's underway to drill the next hole.
Deepwater Pathfinder is looking alot like Deepwater Discovery.
Aban Abraham is looking like the real deal to begin drilling up to 5 firm and 5 optional wells at a $410,000 max daily rate.
H E L P F U L L I N K S :
JDA Main Site: http://www.nigeriasaotomejda.com/
LEGAL ISSUES:
JDZ Treaty: http://www.juristep.com/stpfile/legis/
Business Aspects: http://www.miranda-lawyers.com/publications/presentations.asp
Analysis of JDA Model: http://www.juristep.com/artigos_/
GLOSSARY of selected oil and gas terms:
http://www.eandp.demon.nl/glossary/
GENERAL:
US Dept of State info: http://www.state.gov/r/pa/ei/bgn/5434.htm
CIA FactBook Nigeria:http://www.odci.gov/cia/publications/factbook/geos/ni.html
Sao Tome und Principe: http://www.sao-tome.com/englisch/index.htm
NEWS:
Oil news: http://www.africaintelligence.com/aem/default.asp
Oil news: http://www.eisnigeria.com/news.htm
Oil news: http://www.energyme.com/newsfeed.php
Oil news: http://www.oilonline.com/news/headlines/
Oil news: http://wn.com/s/oilprices/index.html instructmba's favorite
Oil news: http://www.oilvoice.com/m/regionhome.asp?region_ID=7
Oil news:http://www.ogj.com/index.cfm
Oil news: http://www.petroleumafrica.com/
Oil news: http://www.rigzone.com/
Oil news: http://www.topix.net/world/sao-tome-and-principe
Oil news: http://www.upstreamonline.com/
Oil news: http://news.yahoo.com/fc/Business/Oil_and_Gas
VANGUARD: get Nigerian news here: http://www.vanguardngr.com/index.html
African News: http://allafrica.com/whoweare.html
Oil articles:
http://www.worldoil.com/magazine/magazine_contents.asp?Issue_Type=CURRENT
PWC Oil & Gas in Africa 22 pages: http://www.pwc.com/za/ENG/pdf/pwc_OilandGasPublicationIIII.pdf
Peak Oil Primer: http://www.hilltoplancers.org/stories/hirsch0502.pdf
See Section 7 on STP: http://www.afrika.no/noop/file.php?id=10517
São Tomé e Príncipe: The difficult transition from aid-dependent cocoa producer to petrol state (find at bottom of page):http://www.ssn.flinders.edu.au/global/afsaap/conferences/2004proceedings/index.htm
Interesting NPV and estimated returns for Afren in OBO-1 http://www.afren.com/pdf/AfrenCPR-Block1b.pdf
Production Sharing Contracts:http://www.acas-law.com/multimedia/negotiating_drafting_production_sharing_agreements.pdf
Not really an article but some old Meridian posts:
http://www.investorshub.com/boards/read_msg.asp?message_id=10972094
Black Gold In The New Gulf:http://www.lewrockwell.com/wall/wall15.html
"Our New Best Friend":http://www.newyorker.com/printables/archive/030728fr_archive02
IMF JDZ report: http://www.imf.org/external/pubs/ft/wp/2006/wp06183.pdf
PUBLICATIONS:
http://www.barrowscompany.net/publication.htm
http://www.emerging-markets.com/
http://www.insurancebrokers.hsbc.com/hsbc/energy/publications
COMPANIES:
Afren: http://www.afren.com/home.asp
Anadarko Petroleum Corp. SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=APC
Addax:http://www.addaxpetroleum.com./home
Addax:http://www.addaxpetroleum.com/_media/Analysts_Day_Nov_Part3.pdf (great slides, maps and future plans for the JDZ)
CHEVRON SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=cvx
CHROME OIL: http://www.chromeoil.com/
ERHC: http://www.erhc.com
ERHC SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=ERHE
SINOPEC SEC Filings: http://www.pinksheets.com/quote/filings.jsp?symbol=snp
Drillship Info: Special thanks to rocky822 for digging up this info!
http://www.deepwater.com/index.cfm
http://www.deepwater.com/StatusandSpecs.cfm
http://www.deepwater.com/RigLocationMap.cfm
http://www.deepwater.com/fleetspecifications.cfm?ID=712
$3 Billion [USD] dollar man
Sir Emeka Offor: http://www.africananews.com/cover/200512/emeka_offor.htm
Sorta Off Topic:
China Business News: http://english.people.com.cn/business.html
RULES: Reasons to get deleted:
1. Duplicate – an accidental duplicate post by a member
2. Personal Attack – when someone attacks a person, with name calling, or relating to the messenger and not the message.
3. Spam – a message that is being posted promoting other sites, stock-related or not, that has no use in the discussion of JDZ oil/gas companies.
4. Vulgarity – cursing of any kind unacceptable on YOUR BOARD.
5. Violation of Privacy – posting of any personal identifiable information (email, real name, phone, address, etc)
6. Threat – someone threatening another member in some fashion
7. Thread Disruption - someone posting to disrupt the board, stir up trouble.
Special thanks to Silverbull for the idea showing board member location. If you want to be added see Message 553:
1=Silverbull5, 2=instructmba, 3=jdubs, 4=bayfisherii, 5=texasspeculator, 6=Troublemaker, 7=Phiegze, 8=AussiePup, 9=wtao, 10=mrogop, 11=blockman, 12=bructer, 13=jrsmoney, 14=Degenerate Gambler, 15=mrrhodes, 16=redinvest, 17=shawcc01, 18=doug c, 19=rambus, 20=Lone Clone, 21=loki, 22=salmonking, 23=lesswork, 24=350z, 25=Strassenheim, 26=david02835, 27=stonemoutain, 28=bazilfawlty, 29=dat_51or, 30=magicatlast, 31=nwtf, 32=kownski, 33=kcguru23, 34=Texascpa, 35=trade2much, 36=Art2004, 37=slacker42, 38=dreamweaver2000, 39= oliver spud, 40=Manti, 41=tamtam9042, 42=texsun2003, 43=Swampfx, 44=digforgold196, 45=stunjamie, 46=Tapco1, 47=ddragon41, 48=Stay the Course, 49=brez63, 50=Iceking, 51=convertedliberal, 52=Al4343, 53=FishToy, 54=investorbynight
Build up and don't tear down! Provide FACTS not ATTACKS. This is a FRIENDLY message board with an atmosphere that can make a difference!
FEATURED ITEM FOR TODAY:
Early history of JDZ and STP can be found here. http://www.investorshub.com/boards/read_msg.asp?message_id=10998520
B.P.O.W.: currently the JDZ board has 84 Boardmarks
Best Post Of Week:
(All decisions by the judges are final and are based on content, timeliness, format, creativity, and usefulness.)
Past Winners: mrrhodes, saleen(x2), rocky822, Tapco1(x3), walldog0, david02835, Silverbull5, bayfisherii, mrogop, xchip, Lone Clone, NobleSlave, mart50
JDZ stocks of interest: Addax=AXC.TO (Canada), Afren=AFR.L (UK), Anadarko=APC (US), Centurion=CUX.TO (Canada)bought out by Dana Gas for $1 billion), Chevron=CVX (US), CNOOC Ltd=CEO (China), Equator=EEL.L (UK), ERHC Energy=ERHE (US), Exxon=XOM (US), Hercules=HERO (US), Hyperdynamics=HDY (US), Oil & Natural Gas Corp=ONGC.NS (India), Sinopec=SNP (China), Syntroleum=SYNM (US)
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