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seek, ERHC was granted rights in the JDZ in 2005. They negotiated deals with the operators to sell part of those rights for $45M+ dollars and full carry through production.
Those carries are as much an asset as the rights themselves. To claim they aren't transferable isn't logical. JMO.
Sneak...Thanks for helping me answer krom.
Would someone please post this reply to krom on the other board for me.
Krom .... I understand everything in your post to me. You are not understanding the fact that PN has said the carrys are very valuable, and i am agreeing with him. I would bet Addax and SNP have in their contracts with ERHC that at the very least Addax and SNP have the right to not allow the transfer of those carry rights to another party. Also you can bet that if SNP gets the chance to ditch the expense of the carrys they will certainly take that opportunity.
Also, Ondo does not have a carry on their block 2 JDZ assets or on their EEZ assets. They have had to pay their share of the costs in the block 2 well. Look it up. It was several million dollars.
Ondo does not own all of EEL. They have 78% of it and therefore they have only 78% of EEZ 2 blocks, and only 7% of Jdz Block 2. Of course they may be able to buy the remaining 22% of EEL by the time of the deal with EXILE.
Diversifying can best be done by obtaining assets in other known oil producing areas of Africa, just as they are now doing.
You have said you have experience in M and A, so why don't you realize what the term carry means in the oil patch?
More on IMO state oil and gas industry.
http://allafrica.com/stories/201104140479.html
In this article, i find this interesting:
A] The project which he said was conceptualised in 2008 to leverage on the abundant oil and gas resources in the state to meet the energy requirements of the South-East zone, has an estimated capacity of 100,000 barrels per day, with allowances for future expansion to up to 250,000 bpd.
B] The current oil and gas reserves estimates in Imo State, Chukwueke continued, stands at 21 million barrels proven oil reserves and 12 tcf proven gas reserves with ultimate potential of some ten times more, adding that the total production by the various companies' operation in the state presently was about 26,000 bpd of crude oil and 250 million scf of natural gas per day.
Also link to IMO info.
http://www.nigeriagalleria.com/Nigeria/States_Nigeria/Imo_State.html
Investment opportunities in IMO.
http://www.imostate.gov.ng/info/InvestmentOilAndGas?PHPSESSID=80c253d0c774fedcde96d82b99934432
And finallythis:
Nigeria's Largest Onshore Oil Well Discovered In Imo State
« on: February 03, 2009, 01:07 AM »
Local firm, Addax, strikes oil in Imo
Nigeria's oil and gas industry has recorded another landmark, with Addax Petroleum announcing an onshore oil discovery from the Njaba 2 well (formally Okaka) currently drilling in the eastern part of the OML124 license area of Imo State. Addax Petroleum has a 100 per cent working interest under a Production Sharing Contract (PSC) covering the Oil Mining License 124 (OML124) area, whereby the Nigeria National Petroleum Corporation (NNPC) is the concessionaire. The new discovery may likely become one its largest fields in Nigeria. Addax currently produces approximately 6000 barrels per day from the Ossu and Izombe fields in OML124, which is located within Imo State. President and Chief Executive Officer of Addax, Mr. Jean Claude Gandur said, "I am extremely proud to report an excellent start in 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."http://www.scandoil.com/moxie-bm2/news/addax-petroleum-hits-new-discovery-in-nigeria.shtml
sneak and others take a look at this.
Oando Begins Gas Distribution in PHPosted by
link:
http://www.ppiguideonline.com/oil-gas/oando-begins-gas-distribution-in-ph/
Then:
http://www.motherlandnigeria.com/geography.html
Rivers state and IMO state adjoin each other. HMMMMMMM!!!!
US Energy Firm Signs MoU With Imo Govt
http://www.leadership.ng/nga/articles/3091/2011/08/02/us_energy_firm_signs_mou_imo_govt.html
sneak... My bad. I see how now.
sneak...Read your post on the other board. How do you get to the 31 million barrels on the Aekpo well? I believe the total interest in this block for both Oando and Exile is 40%.
I think Oando might have to put all of the EEL assets plus Akepo to get to your figure. If they do this it will certainly be a nice package and Oando would more than double their investment at $300 Million.
What do you think?
ERHC has proven.... See my post on ERHC mb. Repeat of the one here and a liite more.
I believe good times are coming to ERHC soon. And i agree with your post. PN signaled with the last shareholder update letter that management of ERHC was ready for the share price to move up. And he and the others are not as dumb as some folks think. If it is time, they will do the things necessary to cause a dramatic price increase. All jmo.
I was just funnin' with you on the spelling... no worries. I am not going to speculate on what they are up to beyond saying this...
For the last decade, no matter how many theories were floated and no matter how many people tried, what has been delivered by ERHC has always surprised. Sometimes positively, sometimes negatively, but always a surprise.
From what I see, this isn't your daddy's ERHC anymore. After being in a coma for years, Ntephe is wide awake and drinking Red Bull.
Peter mentioned a couple of deals that fell through during the chat, and while it is disappointing that they fell through, shareholders learned that there is activity within management. Now we have several reports of bids for properties in multiple Africa countries. We have won 3 blocks in Chad. We also have new, highly qualified personnel on the payroll. There certainly is a reason for that.
On top of it all we have this mysterious Oando deal involving a flea that is wholly insignificant to them, and it's ERHC's flea!
Is there a link? Will ERHC Benefit? Or did Ntephe get outfoxed? And why isn't Dan Keeney answering email like he historically has? Quiet period?
Nobody knows. That said, SOMETHING is up. This isn't your daddy's ERHC anymore. Let's hope we don't take it in the @ss if there is a deal. I'm not sure Exile shareholders are too happy, and Oando screwed the hell out of EEL shareholders. Better to have Oando a friend rather than a foe. Let's hope Offor has connections with Oando.
ERHChas proven.....Thanks. I don't know why i doubled the O, as someone else also had pointed out my errow the day before. i will try to get it right from this point on anyway typing and spelling have bever been my strong point.
This Oando-Exile deal really has me confused as to what Oando may place into Exile for their 100 million shares. It could be an effort to consolidate the EEZ and JDZ assets into one company as sneak suggests. If that is the plan i believe it could be a reverse merger like 2IRAS suggest, but between ERHC and the new company. And it would be because of the needs of the behind the scenes buyer.
If Oando rolled all of their EEL assets plus Akepo i suppose it could approach the value sneak speaks about. The obvious implications are the assets are valued by the two parties at $3/share which could be around $400 million market cap for the new company.
In any case we eill have to wait a month or so to find out any details of this deal, imo. I do not believe we will have to wait that long to hear about the Chad blocks. I do believe they are valuable and when the partner is revealed [expect soon] our stock price will rise to reflect that value. I would expect a price of 50 cents or better soon.
It's Oando, as in O-and-O. It comes from Ocean and Oil Services back in 1994. Also, oops has two o's and one p!
Just messin with ya seek!
Don't forget ERHC's plans to list on the AIM/Johannesburg exchanges, first mentioned in March 2010. Oando is dual listed in Nigeria and Johannesburg.
So Oando takes out Exile and gains a Toronto listing... is ERHC a vehicle for Oando to gain a London listing while ERHC gains its stated Johannesburg listing?
If we're gonna make sheet up... go deep!
LOL!
sneak.... Thanks for your thoughts on the Ooando-Exile proposed deal. I am a little confused on your numbers. But one cannot know for sure about what is the value of the new company until they announce what assets Ooando puts into it. I assume you think you have a good idea of which assets are involved. And you believe it is the former EEL assets. I wonder what Ooando paid for it's stake in EEL?
Is it not astounding, the continued hammering by a limited number of ERHC MB posters with their phony habitual attitude of skepticism or resistance to the suggestions, opinions, or articles posted by others?
Oando and Exile Resources have entered into an agreement that has Exile acquiring certain assets of Oando in Nigeria. While it was not reported what OMLs and OPLs are to be included in the deal, it was reported that Oando will receive 100,000,000 post-consolidation common shares in the capital of Exile in exchange for the assets.
“We are very excited about this proposed transaction with Oando to build the leading indigenous upstream oil and gas company in Africa and believe this will produce great value for our Exile shareholders” Stan Bharti, Exile’s chairman said.
Exile and Oando are joint venture partners on Exile’sAkepo oil fieldlocated in Nigeria. On January 5, 2009, Exile announced that it had entered into an agreement with an affiliate of Oando whereby such affiliate was permitted to acquire a 75% working interest in Exile‘s 40% interest in the Akepo field in return for funding Exile‘s historical expenses, and financing the future development expenditure of the project.
Under the terms of the agreement that is structured in two stages, the affiliate of Oando is required to reimburse Exile‘s historical expenses on the Akepo field, and finance the further development of the project, in return for acquiring 75% of Exile’s current economic interest in the project.
http://www.petroleumafrica.com/en/newsarticle.php?NewsID=11886
In demand: Ernst & Young expects oil prices to rise during the third quarter along with demand
Related stories
No more barrels from IEA
IEA talks up global demand
Oil demand tipped to rise
Consultancy group Ernst & Young expects oil demand and prices to rise during the third quarter of the year despite concerns about the global economy.
Josh Lewis 04 August 2011 02:34 GMT
In its quarterly report Ernst & Young said while the International Energy Agency’s release of 60 million barrels from emergency oil supplies, to fill the void left by lost Libyan supply, brought down prices temporarily, it did not believe it would be enough to fill the gap as the market moves into the high-demand season.
In order for that to happen it said Opec would need to increase output at a time when its spare capacity is at the lowest it has been in more than 20 years.
It added pressure on Opec to lift output was expected to rise considerably over the next three to five years, despite the producer group recenlty stating it expected demand to slow next year.
“Oil prices are dictated by supply and demand, and all signs point to modest oil demand growth and uncertain supply,” said Ernst & Young’s Americas oil and gas leader, Marcela Donadio, said.
“Barring a strong economic shock, continued strong oil prices seem to be in order over the next three to five years.”
Ernst & Young said output from the Americas was ramping up with increasing activity in the Gulf of Mexico since the ban on deep-water drilling was lifted, which was put in place following last year’s Macondo oil spill, although added output still remained below pre-2010 levels.
It also said output was increasing notably in Brazil, the Canadian oil sands and the Bakken formation in the Upper Midwest.
It added the production of natural gas in the US was nearing an almost 40 year high driven by the growing shale gas industry which accounted for almost 30% of total output.
Ernst & Young said upstream spending was expected to increase between 15% and 20% this year, nearing peak 2008 levels, but warned cost increases and staff shortages were becoming apparent as the boom in unconventional resources put a strain on service capacity.
Published: 04 August 2011 02:34 GMT | Last updated: 04 August 2011 02:34 GMT
tamtam... Ooando site says they own 78% of EEL. Is this correct? Is there any talk on the EEL Mb about Ooando buying the rest of EEL? Thanks.
Edited because of the double post.
sneak.... Are you saying,you think the plan is for Ooando and Exile to complete their deal and then ERHC buys the renamed company in a stock swap after ERHC has announced the other asset deals [blocks] which cause ERHC stock to move sharply higer? And after this deal ERHC will sell to total?
http://oilonline.com/
Latest Petroleum News
Study: oil & gas spending up in '11
8/2/2011
Capital spending on exploration and production will reach $406 billion in 2011, a 12% increase from 2010, according to a study of 139 publicly traded oil & gas companies released 2 August 2011.
The sum marks a retreat from the 19% gains in capital spending in 2010, according to the IHS Herold Global E&P CAPEX Review.
'Although this modest increase is less than the 19% rise in 2010, oil and gas companies, many of which decreased spending considerably during the economic downturn of two years ago, are continuing to increase their investments in their upstream portfolios, particularly for oil-weighted projects,' said Aliza Fan Dutt, senior analyst at IHS and author of the report.
'Despite recent volatility and a wobbly economic recovery, oil prices remain relatively strong, which supports higher upstream spending. In addition, investments in oil and unconventionals continue at a rapid clip, while conventional gas outlays remain relatively depressed,' Fan Dutt said.
The report divided companies into several categories by size, region and main business lines, such as E&P and pipelines.
US E&P master limited partnerships will boost spending this year by 43%, on top of an 83% increase in 2010, IHS said. US pipelines, power and diversified firms will increase spending in 2011 by 49%, largely attributable to infrastructure investments to support increased gas production.
US companies working outside North America are expected to increase spending by nearly 35%, mostly in emerging markets, the study said. Mid-sized US E&P companies will spend 25% more this year, while US integrated oil firms will spend an average 14% more in 2011, led by Marathon Oil, whose investments in US onshore plays will dominate an expected 37% boost in capex.
Companies in the 'largest North American E&Ps' division will increase capital spending by only 3%, IHS said, while global integrated oil companies will invest an additional 9% in 2011, down slightly from last year.
Spending among integrated oil companies based outside North America are expected to increase spending by about 13% a rate on par with 2010, IHS said.
By: Russell McCulley,
rmcculley@offshore-engineer.com
What is up with MT? He sure does not act like an owner trying to sell shares. HMMMMMM! I cannot believe i hub protecting him and letting him ruin the other board.
JDA and EEZ assets are the crown jewels and will be protected by management. Why in the world would the company consider placing the JDZ assets into the new company? Has posters even considered tha fact of the carrys?
After a while to think about it, here are my current thoughts about the Exile-Ooando proposed deal:
1] The most important consideration is what happens to the Akepo field. Is it part of the deal? Will the new company now once again have 40% of this field? We don't know the answer, but it may be key to how ERHC can be involved. PN's comments seemed to me to indicate ERHC's interest was mainly this Exile asset. If so, this proposed day may open avenues for ERHX to be involved.
2] Another point to consider is why would Ooando do this deal and why in a hurry? Boy, talk about interesting possibilities!
a} It makes sense in several ways for Ooando to want a public subsidiary they control to be able to participate in the explosion of interest in oil and gas E and P in Sub-Saharan Africa. Potential source of funds to quickly grow the company.
b} To enhance status and be able to do business in Nigeria.
c} With proposed management, the new company would have credibility with other and bigger companies doing business in Africa.
d} Maybe to do some business with ERHC. But i do not believe for a second that would involve ERHC placing some of their assets into the new company to be created. Maybe ERHC obtaining Akepo field or some other asset.
e} And others i have not thought of yet.
In any case, krom is wasting his time in trying to figure out what this means as to value of JDZ block 2 and the EEZ blocks. Not enough information to accurately do this or answer his question about market cap for the new company.
For krom......If they sale of shares is for $3, it follows that Ooando's 100 million shares are worth $ 300 million, and that is what they are getting for the assets they are selling to Exile, but we don't really know the identity of all of those assets. In other words, no one can tell you what the market cap is under this deal. It is too early to know.
Well, another opps.... The post reverse number of shares should be 6 million not 9 million. so here are the changes:
Well the much awaited Exile news is out, and it is a complicated transaction. So complicated, i predict krom will never understand it.
Anyway it looks like Exile will acquire certain assets from Oando including Oando's 9% of Jdz block 2 and 78% of block 5 and 12 of the EEZ zone, and some other upstream assets. Exile is issuing 100 million shares of their post reverse shares to Oando to accquire these assets.
At present, Exile has 122+ million fully diluted shares outstanding, so after the reverse about 6 million shares will be owned by present shareholders plus options for another 6 mill at $3 for one year and 9 mill at $4 for 2 years for a potential total of 18 million shares outstanding in 2+ years. Excile may sell 20 million shares in the short term at $3/ share which would put the fully diluted at 38 million shares. Who the buyer[s] of this 20 million is not revealed. Could be a public offering or private placement.
After closing, Oando will have 3 of 7 members of the board plus the Chairman of the board. The management of the newly named company will be granted options for 20 million shares for 5 years and Oando will be issued 100 million shares.
After closing, Oando will have 3 of 7 members of the board plus the Chairman of the board. The management of the newly named company will be granted options for 20 million shares for 5 years and Oando will be issued 100 million shares.
At the end of this process it seems:
1] There will be potentially on a fully diluted basis 158 million shares outstanding.
2] The shares actually outstanding will be 126 million shares.
3] Oando at this point owns 80% and the float is 26 million.
4] ERHC's will own 300,000+ shares plus 600,000 in options.
5] Bottom line, In the long run this will be a good deal for Exile shareholders, but i do not see how ERHC can be more involved unless ERHC is the buyer or among the buyers of the $3 shares to be sold.
Just my Opinion.
Better deals to be done elsewhere in Africa.
Opps.... Post on Exile should have referred to Oando not Orando. Sorry.
retep.....Re homeport posts. I put up 3 posts on i hub tout boards as a TEST to see if there was any responses. I did not expect any and i have received none. Those boards are a joke and no one is paying any attention to anthing others are posting there. Homeport has constantly been wrong about who i am, and what i am doing. I sure am glad i'm not as obsessed with he/she as she is with me.
Well the much awaited Exile news is out, and it is a complicated transaction. So complicated, i predict krom will never understand it.
Anyway it looks like Exile will acquire certain assets from Orando including Orando's 9% of Jdz block 2 and 78% of block 5 and 12 of the EEZ zone, and some other upstream assets. Exile is issuing 100 million shares of their post reverse shares to Orando to accquire these assets.
At present, Exile has 118+ million fully diluted shares outstanding, so after the reverse about 9 million shares will be owned by present shareholders plus options for another 9 mill at $3 for one year and 9 mill at $4 for 2 years for a potential total of 27 million shares outstanding in 2+ years. Excile may sell 20 million shares in the short term at $3/ share which would put the fully diluted at 47 million shares. Who the buyer[s] of this 20 million is not revealed. Could be a public offering or private placement.
After closing, Orando will have 3 of 7 members of the board plus the Chairman of the board. The management of the newly named company will be granted options for 20 million shares for 5 years and Orando will be issued 100 million shares.
At the end of this process it seems:
1] There will be potentially on a fully diluted basis 167 million shares outstanding.
2] The shares actually outstanding will be 129 million shares.
3] Orando at this point owns 77% and the float is 29 million.
4] ERHC's will own 300,000+ shares plus 600,000 in options.
5] Bottom line, In the long run this will be a good deal for Exile shareholders, but i do not see how ERHC can be more involved unless ERHC is the buyer or among the buyers of the $3 shares to be sold.
Just my Opinion.
Better deals to be done elsewhere in Africa.
The seller of ERHC must be listening to the negative one. He has NEVER understood what ERHC is all about. Bot to be sold. Not bot to become an E and P company. What is so hard to understand about that?
Anyway at this rate the stock will pop soon, maybe even today. TA is shaping up and the gap in the low .40s is the next to be filled. Chad assets worth .50 to 1.00 mo.
mali....20/07/2011 AFRICA ENERGY INTELLIGENCE n°656
OIL
Taoudeni suddenly back in favor
The U.S. firm ERHC and two other explorers are wooing Bamako in the hope of operating blocks in the Taoudeni basin that the government recently recovered. (...) [285 words] [4€]
Re kings IMO state news.
"I believe company is still working on details and other efforts NOW."
from post #244383 on ERHC MB.
And i believe them when they say the will not trade away JDZ rights. I don't think they have said the same about the EEZ rights, but i don't think they will be traded for Chad assets. I believe whoever helped us pick the EEZ blocks will be the operator of those blocks.
Btw, i am totally surprised that no one commented about my Sunday post on the other board. Wow, maybe i have lost all creditability, or people do not know what to say about my opinions, or maybe some of it surprised those who may know something.
Anyway, king, ERHClongtimer,retep, wato, and sneak seem to be on top of what is going on. Thanks to them for their posts. Also Farrell, and pepiseman. Even Troy is coming around.
Instructmba,
It would be nice if someone would post the reason for the change to a premium board on the board intro. I have noticed other premium boards use the intro to post their raison d'être.
I am not judging, I have often thought a more controlled board might reduce the more obvious agenda driven rants. Maybe improve the information to noise ratio.
Thanks,
db
Who decides whether or not this becomes a premium board? TIA
FROM A POST BY PETERMANTX ON THE ERHE BOARD:
of 244304
Has anyone else noticed that they made the JDZ board a premium board and not a free board just in the last day or so? I tried to post over there and as a premium board you can only read posts, not post messages.
seek -- You mentioned on the other board that you were aware of 3 buyout offers over the last few years. Did that info come to you from a trusted source or a friend of a friend of a friend type of source? Just trying to get a handle on how sure you are about the offers.
Would have asked this on the other board but cannot post. I know you are limited to # of posts here so just include this info with your next planned post over here. No real hurry.
TIA
wtao....Thanks for the info.
And you are correct, about the offer Offor turned down, but i do not believe for even 1/2 of a second the offer would have been that high if there is no oil in the JDZ.
Over the years, Offor has turned down at least three or four offers for his stock, and each offer has been higher than the one before. And during this time the price has declined dramatically. Of course, this has caused those who do not know or understand the real agenda of the ERHC control person is that only one price matters and that is the final price.
Company now adding assets to get to Offors price, and there are more assets to come.
All my opinion, based on research, common sense, and years of experience.
Simba energy smbzf This is all i will say if some people knew what seo turned down they would be sick period end of story. I have three people that have a lot more shares than me and they due a lot of dd. They told me they would never post on a message board.
petermantx....I have no idea how long i will be restricted.
Btw, can you find out what companies MT posted about in his post #244241? I have a reason for asking as i cannot get his posted link to work.
The answer to your other question is yes, it was well north of $1/share.
Peter.... MY opinion is the stock is very,very, undervalued now and the company has finally signaled management is ready for the share price to go up.
You remark about an offer to Offor last year. Any idea if the price was pennies or something over a dollar?
Did they give you any idea of how long you would be limited to 1 post per day? I wouldn't think it would be more than a couple of days or something is really off kilter.
Demand for oil in car-crazy China set to soar
http://moneyweb.co.za/mw/view/mw/en/page503823?oid=548627&sn=2009+Detail
wtao....I agree when SEO gets his price [ whatever that is ], he will sell. After drilling last year he had an offer for his share but turned it down. About a year ago he set a new plan into motion to add assets to raise the value to his price. We are just now beginning to see that plan come to fruition. I believe management is as we speak working on the next step of that plan, and there will be more good news shortly.
I also believe as does Sneak [ based on his posts ] ERHC is working with TOTAL.
My opinion based on research, common sense, and years of experience.
Edited to add. wtao do you know the names of the companies involved in the article posted by MT in his post #244241? Thanks.
No way, Say it is not So! Someone on the other board told me he complains to the Ihub Brass about the responses he get from fellow posters and what do you know, they get put in the Dog House. Maybe management feels it is better to ban a few posters than listen to his constant complaints. He reminds me of the West End of an East bound Mule. LOL
Sneak
Here you go Boys and Girls: Three years ago it started and now it is starting to take shape.
http://bp0.blogger.com/_-FMOIAuiCIU/R-TwODuKokI/AAAAAAAAAAk/HjI-hO4yKpg/s1600-h/whiteboarderhe4.jpg
Sneak
CPC is SNP any way you slice it. CPC gives up Chad blocks to ERHC and after sipping the sweet hydrocarbons in phase 2 of the JDZ, Look for the French to Sweep ERHC from all their Troubles. Management can not release any info as it could Scuttle any deal that is in the works. China has the Money and The French have the Technology. It look like they have started baking the Cake.
There I go again, Thinking Outloud.
Sneak
sneak.....Interesting scenario. There are clues all over the place that it is correct and is beginning to come together. I have never thought highly of the French, but i guess i can change. LOL!!!!!!!
Seek: The purchase value has to be achieved via the hand picked asset accumulation that is taken place by the suitor operating in the background before an offer to acquire takes place. These asset valuations along with hydrocarbon cash flow(Small operating company with hydrocarbon cash flow)will complete the dance to enter the AIM Market Listing. As this value approaches the selling price, the Suitor will sweeten the Pot, Some here may be Totally Surprised!
Have a Great Day!
Sneak
I have not. I had his e-mail address but can't seem to able to find it now.
thanks, I have him on my favorites list but couldn't remember why.
retep....Have you heard from him lately?
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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)
Got a public issue or questions such as rules, feature requests, TOU, etc., please go here : http://www.investorshub.com/boards/board.asp?board_id=504
"ERHC On The Move"is Joe Shea's Blog and favorite reporter on ERHE. You can find more at: http://erhc.blogspot.com/
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