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Stick to the subject of this board please -- 'JDZ Nigeria-Sao Tome e Principe'. The motives of other posters are not only impossible to know but, more importantly, irrelevant to that subject.
LC
You seem to hate it when I'm right. It's all right, you can't win em' all.......
Hope you get the price your trying so hard for.
Ps I'm getting plenty of sleep. Cheers
Technically, we are forming a bottom. However, it has been known when you expect ERHE to do the expected, it usually does not!
So... maybe it is good that many are pretty convince that the drilling campaign turn up empty(no oil)... perhaps they might surprise us in the near future. Wishful thinking!
back to technical... we have a GIANT gap in the .40s, any side bets that it will be retrace within a year? :O)
Don't understand your comment at all. If the purpose of us riff raff, especially the new ones showing up, is to depress the stock price then we have a long way to go and a bottom will NOT soon form since we just showed up.
S0 if a bottom is about to form then it can't be the riff raff and your solid signal is only in your mind.
Too bad you didn't really pick up the solid signals as ssc stated and saved yourself a bunch of money and hurt. Can't believe we are the riff raff when someone posts (manipulates) in your face that everything is great and confirmed and they are the heroes.
You need to check your anger at the door.
Actually there was a much more solid signal - just before the drilling began someone repeatedly posted that there were "overwhelming odds" of finding commercial oil during phase I drilling. That one should have told everyone to sell. Any one with a basic understanding of the process understood that no major finds would be announced as a result of the exploratory phase I drilling.
Ya! We always need new sheeple to shear. LOL
Everybody is welcomed to add to the board their thoughts, buys, sells, and outlook for anything in the JDZ, especially the old timers shown in the info box above... of course we also welcome the newcomers and later arrivals who have been jumping on the board as the ship pulls away.
BCNU
Instructmba
Guess the bottom is about to form with the riff raff that are showing up. That's about as solid a signal as you'll ever get from these boards.
So predictable it hurts!
Oily was also right one time with his .75 cent prediction. We all know what a joke his posts are.
Given all the BS in the gulf, West Africa is looking pretty good right now. Were still a VERY attractive commodity right now, don't let short term sentiment shake you out of the big picture DD here. This will reverse quickly IMO. As soon as we get a sniff of Phase 2 or the Total deal... lots of money on the sidelines right now awaiting the next run up.
Long and strong....
Bashing??? Don't you recognize a backdoor pump when you see it? LOL
BCNU
Instructmba
If it "leaves the station", let's pray it's not headed for the yard...lol
Great, even the mods are bashing. eom
At the huge salary I pull down a couple of minor two thousand bucks is peanuts and probably better spent here with ERHE than the Lotto. LOL
BCNU
Instructmba
I doubt JDZ is the best place to gamble with the hard earned money.
A glutton for punishment... just added 4,274 more at .28 and got to try to stop buying high and selling low. Maybe things will turn around as I think ERHE is ready to leave the station sometime this year, yet.
BCNU
Instructmba
I made a lot of money on his updates. But that's because I saw his game for what it was early on. Whenever he showed up after a long absence, he would always say he was working on some news and would have an update soon. That was the time to buy. He ususally gave a few days notice (but sometimes only a few hours), and the stock was always at a strong support level. Then just sell the run up. Easy money unless you bought into his story and all the hyping about erhe and believed the stock was really going to the moon. In that case, sorry, you missed several trips to .70, .80 and .90 and are now holding at .30 and going down, imo.
But at least Mark was right 1 time, unlike all the other dot connectors, elephant field hypers, overwhelming odds of finding commercial oil fabricators, yanke fans and oilphantizers. They have been wrong everytime. Yet the gullible, get rich quick novices still cling to their every word. That's the norm in penny stock land. Where else could someone post "ERHE has proven" many times a day and still be taken seriously, well, at least by someone I guess.
/Nick, get in touch
redinvest@yahoo.com
Red
Still showing a profit about his first predictions about the ROO, Deepwater Pathfinder. Bought in low 20s. Thanks again Mark!
Did you profit or lose on Mark's JDA UPDATES?
U betchA... All the smart people R... LOL
Nick.. still in MMR-? tia Ken
Nick, re: your pm, it will happen at some point, just not sure when.
Magic
I said nothing about him.
OrangeDad never posted anythink that I know of U could dispute... IMO
I am going to write a letter to Nigerian president asking to abandon all the offshore drilling.
SP is down again.... maybe Peter deserves a raise now. What a fkin joke. Is there anything this company can't do without tanking the sp....lol. If we do have suitors, they must be killing themselves laughing because were making this too easy for them.
Truly a sad excuse for a public run company.
SP tanks... Peter get appointed CEO...??? Hmmmm. More mystery in ERHE land. Maybe he was our buyer last week? Lets hope he's got a plan to justify his permanent status.
BP drills oil discovery in the Gulf of Mexico
Published: Sep 2, 2009
Offshore staff
HOUSTON -- BP says it has drilled a “giant” oil discovery on the Tiber prospect in Keathley Canyon block 102 in the deepwater Gulf of Mexico Transocean’s using semisub Deepwater Horizon. The well, in 4,132 ft (1,259 m) of water, struck oil in multiple lower tertiary reservoirs, BP reports. It was drilled to a total depth of approximately 35,055 ft (10,685 m), making it the deepest well ever drilled by the oil and gas industry, the company says.
BP says it is too early to estimate the discovery’s resource potential, but the company believes it is in the same class as its other major discoveries in the GoM, including Kaskida, which is estimated to have 3 Bboe in place.
“Tiber represents BP's second material discovery in the emerging Lower Tertiary play in the Gulf of Mexico, following our earlier Kaskida discovery in Keathley Canyon block 102,” says Andy Inglis, BP’s chief executive of exploration and production. “These material discoveries together with our industry leading acreage position support the continuing growth of our deepwater Gulf of Mexico business into the second half of the next decade.”
BP plans drill an appraisal well on Tiber to determine the size and commerciality of the discovery.
BP operates Tiber with a 62% working interest. Co-owners are Petrobras (20%) and ConocoPhillips (18%).
09/02/2009
http://www.offshore-mag.com/index/article-display/7488119241/articles/offshore/drilling-completion/us-gulf-of-mexico/2009/08/bp-drills__giant_.html
Deepwater Horizon
Does anyone know how large the oil reservoir is there?
It drilled 10Km down, the maximum range.
Probably the record depth.
It could be that over hundred million barrels of oil will be bursting out to the surface.
Fishdog said they encountered high pressure in JDZ that they couldn't handle.
If I were them, I would pack the bag and come back home.
I would not touch JDZ again.
Hey Balance, great posts this weekend. One thing to add to your post is the way this traded after the crash. I said earlier that given the amount of shares sold after, we should have touched the teens and probably settled in the twenties... without question. Who was standing in front of the free fall absorbing millions of shares??? Sure as shittake nobody on this board has that much capital and balls. It was someone in the know, with the funds to buy up everything the market gave to them. Also I noticed that they never bought up enough to move it the other way, just enough to absorb. Even later on this week this trend continued. Large buys all over the place. For a stock that can be moved by a few hundred thousand either way, this trading was not normal and very obvious to this investor anyway. A huge reason why I didn't bail FWIW.
IMO Peter, after having his name and reputation trashed here for ever and a day, probably doesn't have one iota of love for the shareholders here. He most likely welcomed a good old fleecing of the ankle biters and bid them a bon voyage. What does he care?? He has one boss, and one boss only. He just has to stay within the legal limits..... which he barely did at the meeting.
As always, there's more to this than meets the eye. IMO you're probably closer to the reality of the situation with your posts this weekend. Offor just hasn't come to a deal yet, plain and simple.
Good luck to your yours.
Cheers.
must be like the news, he has been holding out on us "o)
AA
Yall John he has a tree house with Feather pillows, silk sheets, Egyptian Wood washclothes and towels... And Gray Poupon mustard in the ice-box... LOL
John, watch them come, after the deal is complete and the " new" BOD approves the deal, and not to far away? Headed to S:Pore Sat, you and Nick otta run to TB, got plenty room.
AA
OT: ha, ha, I knew you would pipe up on that one! You know as well as I do that you don't actually have to have them to demonstrate the qualities! I tend to believe that you probably demonstrated that once or twice in your life!
Cheers
Brez
AA, Total would be the best thing that ever happened to the JDZ, IMHO. Been there-done that, as they say.
Thought you went across the pond??
John
John, question, volcanic structures,HP and HT, gas caps, short TDs, rethink next drilling approach for underlaying oil. Totals experiance ???
I am not a drilling guy sooo ??
Gee the other board is getting like RB, and my iggy button is worn out.
gone fishin "o)
AA
I'm not so sure about that DB. I've seen this thing trade for a long time and have never seen a support level be bought up like that. 7 000 000 worth.... that was a deep pocket buyer laughing all the way to the bank. I'm sure the board picked up a few million or so, but truthfully though we should have been in the 20's. IMO this has the makings of the shakeout of the century...lol. Maybe this was Peters way of getting back at the ankle biters for trashing his name for months on end. I wouldn't doubt it in the least. What the F does he care anyway. He's got one boss, that's it. Time will tell but at the slightest bit of news there's millions of shares to re enter this time. Sure would be a bitch if some big Total news came out...lol. IMO that's most likely what will happen.
We'll see.
U, there would have been nothing in them or nothing but salt water. They can tell this from the samples/cuttings from the well and on their open hole logs.
John
Perhaps an ignorant question...in Block 3 (Lemba-1) one well was drilled. 8 sands had been identified as prospective and of these, 2 were dfound to contain biogenci methane gas. What about the other 6 prospects...zero?
Someone kindly advise.
Many thanks,
E
Don't think so, just people like me, that think this is a good bet and are willing to put some dollars down.
db
SLIDE 1
With the official business of the Annual Shareholder’s Meeting concluded, it is now time for the ERHC Management Presentation.
SLIDE 2
Statements during this meeting may concern ERHC Energy Inc.’s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future shareholders’ meetings and related proceedings, as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company’s overall business and financial performance can be found in the Company’s reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company’s ability to exploit its commercial interests in the JDZ and the exclusive territorial waters of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company’s control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.
ERHC’s Chief Operating Officer, the Acting Chief Executive Officer of the Company, will provide the 2010 Management Presentation.
SLIDE 3
Thank you, and again I want to thank all of you who have chosen to spend your valuable time this afternoon participating in this meeting of ERHC shareholders. We appreciate that you are taking your responsibilities as owners of this Company seriously and we look forward to updating you on the status of a number of important initiatives underway and will open the floor to questions following this presentation.
The Management Presentation will discuss
* ERHC’s financial highlights;
* Our assets in the Nigeria-Sao Tome & Principe Joint Development Zone;
* Our assets in the Sao Tome & Principe Exclusive Economic Zone;
* Our acquisition and growth strategy and will update you on what’s happening;
* The plan of action for listing on the AIM of the London Stock Exchange.
SLIDE 4
First, let’s talk briefly about ERHC’s financial highlights for 2009.
SLIDE 5
This chart shows the positive trend in ERHC’s general and administrative expenses in recent years as we continue to operate in an efficient and streamlined fashion. General and administrative expenses last year totaled $4.2 million, which was the lowest since fiscal year 2004.
As we have discussed in past conference calls, a financial institution in which ERHC Energy invested in certificates of deposit was placed into receivership in February 2009. During the fiscal year, we established a provision for loss of approximately $4.2 million to account for a potential loss if those funds are not recoverable.
SLIDE 6
With cash and cash equivalents at the end of 2009 totaling approximately $22.4 million and with virtually no debt on our books, ERHC continues to be on solid ground financially. We are confident that we have adequate resources to continue to operate for the foreseeable future. That said, understanding that we have diminishing cash resources and a fairly long time horizon before our existing oil and gas assets can produce revenues, is essential for grasping the importance of the other business strategies we will discuss later in the presentation.
SLIDE 7
Now let’s talk about those existing oil and gas assets in more detail, starting with the Nigeria-Sao Tome & Principe Joint Development Zone.
SLIDE 8
Briefly, the Nigeria-Sao Tome & Principe JDZ is in the deepwater Gulf of Guinea approximately 200 kilometers off the coast of West Africa. It is between Nigeria and the island nation of Sao Tome & Principe. To date, the JDZ has been delineated into nine Blocks for oil and gas exploration and ERHC has interests in six of the nine. Specifically, we have
* A 22% interest in JDZ Block 2
* A 10% interest in JDZ Block 3
* A 19.5% interest in JDZ Block 4
* A 15% interest in JDZ Block 5
* A 15% interest in JDZ Block 6
* And a 20% interest in JDZ Block 9
The Blocks are in various stages of exploration. JDZ Blocks 2, 3 and 4 were the focus of an aggressive exploration campaign that concluded in January. To date, no Production Sharing Contracts have been signed in either JDZ Block 5 or 6, and no operatorship has been awarded yet in JDZ Block 9.
This time last year, many people were wondering if drilling would ever happen. The waiting seemed to be unending. And then BOOM, a series of events occurred that made a coordinated and comprehensive drilling campaign possible.
* Addax Petroleum contracted for the Deepwater Pathfinder deepwater drill ship.
* Sinopec arranged for a semi submersible drilling rig for Block 2.
* Addax Petroleum acquired the operatorship of JDZ Block 3, setting the stage for a coordinated campaign across all three Blocks.
* Finally, Sinopec acquired Addax Petroleum, which ensured all the knowledge and expertise across all three Blocks would be shared and seamless and that the campaign would well financed.
By the time the last well was completed in January 2010, five wells had been drilled.
SLIDE 9
Of course, everyone is excited to learn what was found during the drilling and we will share with you what we can today. However, please understand that the analysis of the information gathered during drilling is not complete. Both operators were granted an extension until mid-September to indicate their plans for Exploration Phase II, contingent upon approval by the Joint Ministerial Council.
Here you see the to-do list during this extension period. The operators are continuing to analyze the data and that may continue for some time. We get lots of questions asking about why it is taking so long. The reason is simple – the next step of exploration will require considerable resources and all parties involved want to be absolutely sure they make the right decisions – regardless of how long it takes.
SLIDE 10
Here are the drilling locations.
* The Kina-1 well in JDZ Block 4
* Followed closely by the Bomu-1 well in JDZ Block 2
* Then over to the Lemba-1 well in JDZ Block 3
* And back to Block 4 for the Malanza-1 well and Oki East-1 well.
Let’s discuss what we know about each of the Blocks in which drilling has occurred.
SLIDE 11
This is a closer view of JDZ Block 2 where you see the Bomu-1 well. Sinopec Corp. is the operator of this Block and is carrying ERHC’s interests.
SLIDE 12
Sinopec has authorized ERHC to release the following information about drilling in Block 2. The well was drilled on time and budget. Before drilling began, the team identified 13 individual sands. The Bomu-1 well was drilled to a total depth of 3,580 meters. After drilling, eight sands were found to contain natural gas. Currently, there is not enough hydrocarbon resource for a stand-alone development, but no final determination has been made by the operator regarding commerciality.
SLIDE 13
Moving on to JDZ Block 3 where the Lemba-1 well was drilled in October and November 2009. Worth noting also is that Addax Petroleum acquired the operatorship in this Block from Anadarko. Addax is carrying ERHC’s interests in this Block.
SLIDE 14
Addax Petroleum has authorized ERHC to release the following information about drilling in Block 3. The Lemba-1 well was drilled on time and below budget. The well was drilled to a total depth of 3,758 meters. Before drilling, eight individual sands were identified as prospective – two were found to contain biogenic methane gas. While no determination has yet been made regarding commerciality, an additional prospect is being evaluated for potential Phase II drilling.
SLIDE 15
And now let’s examine JDZ Block 4 where three wells– Kina, Malanza and Oki East – were drilled between August 2009 and January 2010. Addax Petroleum is the operator in this Block and is carrying ERHC’s interests.
SLIDE 16
Addax Petroleum has authorized ERHC to release the following information about drilling in Block 4. All wells were drilled on time, budget and to planned depth. In both the Kina well and the Oki East well, gas was discovered in multiple sands. It is important to understand that this information is preliminary and work is ongoing to integrate a potential area-wide development.
SLIDE 17
In recent months we have also seen considerable progress toward realizing the value of our interests in the Sao Tome & Principe Exclusive Economic Zone.
SLIDE 18
In 2009, the National Petroleum Agency of São Tomé & Príncipe delineated the EEZ into 19 Blocks and earlier this year ERHC exercised its preferential rights arising from prior agreements between ERHC and São Tomé & Príncipe. In February, the National Petroleum Agency of São Tomé & Príncipe confirmed the award to ERHC of 100 percent working interests in Blocks 4 and 11 – signature bonus free. The ANP-STP has indicated that it expects to invite ERHC to negotiate Production Sharing Contracts on the two Blocks in due course.
SLIDE 19
Here is a better look at the EEZ, which is situated southeast of the JDZ. ERHC has been active in this area since 1997 and was among the first companies to identify the possibility of significant oil and gas reserves offshore of São Tomé & Príncipe. You’ll notice that both Blocks we selected sit directly to the east of the islands of Sao Tome and Principe. Let’s take a closer look.
SLIDE 20
EEZ Block 4 is directly to the east of the island of Principe. What you don’t see is that Principe is the very top of a very steep volcanic structure and the water depths get very deep very fast. Water depths in the Block 4 may reach up to 10,000 feet. The lines you see indicate seismic imaging that has been conducted in this area.
SLIDE 21
EEZ Block 11 is directly to the east of the island of Sao Tome. This, too, is a volcanic structure that juts up from the floor of the Gulf of Guinea. There has been less seismic imaging conducted in this area. As we have experienced with the JDZ, oil and gas exploration is a long process. The next step will be to open discussions with potential technical partners that will farm into the Block and assume the operatorship. We look to work with such operator in negotiating Production Sharing Contracts on the two Blocks.
In addition to the two Blocks already awarded, ERHC has rights to acquire up to a 15 percent paid working interest in two additional blocks of its choice in the EEZ. The ANP-STP has informed the Company that selection of these other blocks will take place at a later date following the licensing round that is currently underway.
SLIDE 22
So we ARE making CONSIDERABLE progress toward realizing the value of our oil and gas assets in the Gulf of Guinea. That said, it is clear that we are still a long way -- perhaps as many as five to 10 years or more – from the point at which any of these oil and gas assets could produce revenues. Therefore, it is essential that we identify and acquire assets with a shorter time horizon of producing revenues.
SLIDE 23
After examining dozens of potential acquisition prospects, we have identified and are holding discussions a number of potential exploration and production opportunities in West Africa. Ultimately, what we seek is a portfolio of assets and companies in which we believe ERHC can derive significant strategic value. The success of potential acquisitions depends on the availability of adequate financing. In a moment we will discuss our plan for raising funds to complete these acquisitions.
Before moving on, I want to emphasize that ERHC’s principal assets remain the JDZ and the EEZ interests and it is our intention to protect them and advance the Company’s overall standing.
SLIDE 24
Finally, we have important information to relate regarding management’s efforts to seek a listing on the AIM of the London Stock Exchange.
SLIDE 25
We originally announced our intention of seeking a listing on the AIM about two years ago but we had to put those plans on hold due to the global economic crisis that virtually froze financial markets around the world. In recent months, the business environment has improved enough to forge ahead. We have engaged Strand Hanson, an independent London based specialized corporate finance advisory and investment firm, as our principal adviser and sponsor on the AIM listing process.
SLIDE 26
For those who are not familiar with the AIM, it offers a number of important advantages. Perhaps most important is that it has earned a reputation for fostering emerging oil and gas companies – their are approximately 100 small and mid cap O&G companies listed on AIM with operations around the world. Also, the analysts who cover the oil and gas sector truly understand the unique opportunities and risks of doing business in Africa. This is a significant factor, as we believe that our market valuation has at times been adversely affected by low appreciation of the type of assets we have in the market in which our shares currently trade.
SLIDE 27
Just to illustrate that point, we offer this comparison. As far as we know, there is just one other company listed on the OTC focused on Africa’s oil and gas industry. Out of all the OTC-listed companies – ERHC has just one peer company. On the AIM, there are 11 companies that are focused on Africa’s oil and gas industry.
SLIDE 28
Here are a few examples of the excitement generated on the AIM from recent oil and gas fund raisings. It illustrates the vitality of this additional pool of capital and the fact that this is a market that is enthusiastic about emerging oil and gas companies. To grow ERHC into a successful West Africa-focused energy investment company, we will need to tap the market just like these companies in order to fund future significant acquisitions, some of which are already in the pipeline.
SLIDE 29
Why pursue a listing on the AIM? The primary reason is that we believe it will help ERHC achieve true value for its shares by attracting institutional investors and trading in the epicenter of the international finance community. We also expect that a listing on the AIM would attract the attention of reputable brokers – many of whom steer their clients away from OTC listed companies. Why not list on a different U.S. exchange? We note again AIM’s comparative advantages over NASDAQ and AMEX in terms of appreciation of, and appetite for, companies like us and assets like ours.
SLIDE 30
As we announced earlier this year, the process of pursuing a listing on the AIM is underway. With the guidance of our sponsor and advisors, ERHC’s Board of Directors has approved a strategy and plan of action, which includes the implementation of a restructuring of the organization. We will describe what that entails in a moment.
SLIDE 31
ERHC is not embarking on this process alone, of course. We have engaged an experienced and highly capable team of advisors to guide us. Some of these names may be familiar to you – we previously announced that Strand Hanson is our Sponsor and we have had a previous relationship with Duane Morris. We have assembled a good team and are in capable hands.
SLIDE 32
We have agreed with our advisory team a strategy that has three primary elements.
* Step one, is to establish a new wholly-owned subsidiary – ERHC Energy plc. More on that in a moment.
* Step two is to seek shareholder approval of a proposed voluntary exchange of existing shares for shares in the wholly-owned subsidiary that will be listed on the AIM. This exchange would be offered to shareholders but without any obligation on their part to accept. Those who prefer to keep their shares in ERHC Energy Inc will be able to do so.
* Step three is to list ERHC Energy plc on AIM.
SLIDE 33
Let’s examine that plan of action in more detail. This is the corporate structure announced in April 2008 with which you are all familiar.
SLIDE 34
Here you see our new corporate structure. Firstly, we have established ERHC Energy (BVI) Limited, which is an intermediate holding company that will hold all our Sao Tome & Principe EEZ assets once PSCs have been negotiated and our ownership thereof has been formalized. Secondly, a new intermediate holding company – ERHC Energy PLC – registered the U.K., will be established. It is this new holding company that we intend to list on AIM. This company will initially be a wholly owned subsidiary of ERHC Energy Inc, which will -- as you can see from the group structure -- own all of the Group’s oil and gas assets.
SLIDE 35
When ERHC Energy plc has been established, we shall ask shareholders to approve a plan to offer an exchange of current shares for shares in the ERHC Energy plc that will be listed on the AIM. If the plan approved by a majority of shareholders voting at a Special Shareholder’s Meeting, we will offer shareholders the opportunity to exchange their current ERHC Energy Inc. shares on a one-for-one basis for shares in ERHC Energy plc.
SLIDE 36
We want to stress that if approved by the shareholders, the Exchange Offer would be completely voluntary. Those who prefer to retain their current ERHC Energy Inc. shares can do so. The exchange offer is being structured in such a way as to avoid unfavorable tax consequences, although it is always a good idea to discuss matters such as this with an accountant.
SLIDE 37
We also want to make it clear that the total number of shares in ERHC’s listed companies will be the same before and after the exchange of shares. Today, ERHC Energy Inc. has approximately 723 million issued shares. In the example we’ve drawn up, if 600 million of our current shares are exchanged, there will be 600 million shares of the new AIM-listed company held by those shareholders participating in the Exchange. This would leave 123 million shares in ERHC Energy plc owned by ERHE.OB. Post the Exchange ERHC.OB will have 123 million issued shares. The Exchange will not result in any shareholder value dilution, whether you choose to participate in the Exchange Offer or not.
SLIDE 38
The exchange offer will be contingent on two things: approval by a majority of shares voted at a special shareholder’s meeting and admission of ERHC Energy plc to the AIM. If a majority of shareholders voting in the meeting approve offering shareholders the opportunity to exchange their current shares for shares in the AIM-listed company, we will open the exchange offer period and proceed with the process to gain admission to the AIM immediately following the end of the offer period.
SLIDE 39
As a result of these initiatives, ERHC Energy plc will emerge as ERHC’s central holding company. There will be two groups of shareholders:
* The direct shareholders – those who voluntarily participate in the Exchange Offer.
* And shareholders of ERHC Energy Inc. – those who do not choose to participate in the
Exchange Offer or take no action at all and retain their current shares. These shareholders will own ERHC Energy, Inc., and through that ownership, will share ownership of the AIM-listed ERHC Energy plc.
SLIDE 40
To summarize, the AIM listing process is underway and we have a number of important administrative steps to complete in the near term, including securing shareholder approval to offer an exchange of existing shares for shares in the holding company to be listed on the AIM. Whether or not they choose to exchange their shares, we expect that shareholders will benefit as the Company gains visibility in a market that is more accepting of emerging oil and gas companies and more likely to accurately reflect our true value. It also will help us to accelerate our acquisition efforts and diversify of energy investment portfolio.
SLIDE 41
In conclusion, ERHC has come a long way. We await the completion of data analysis of the information gathered during drilling in the JDZ. We prepare for the negotiations of PSCs in the EEZ. We continue negotiations for potential acquisitions. Overall, we are making progress toward realizing the value of our assets.
While we are proud of what we have accomplished, we have a long list of actions yet to be taken – including setting the course for diversifying our assets and speeding up the pace of producing revenues. We believe what we have described here is a win-win that maximizes the Company’s future opportunities.
Thank you for taking the time to participate today.
And now we would be happy to answer any questions you might have.
SLIDE 42
Someone's buying a lot of shares....... we'd be in the teens if there was not a large buyer out there. Could this have been planned?
They talked about changing exchanges... nothing about a growth plan.
Its all BS. I don't believe a funkin word anyone from this company says.
Can't believe I bought some ERHE and now hold 3000 shares at .315 and guess you just can't teach an old dog new tricks.
BCNU
Instructmba
Most wanted more Vol. Well we got it. Over 3.5 million shares traded in less than 1 hour and 15 min.
That is great for us traders over and over and over...hunter
are you reading the same thing i am? it appears they discussed the growth plan pretty extensively.
I don't think I've ever been convinced more about our eventual outcome with this investment. The fact that they didn't once mention the MOU's from a few months back are tell tale signs that it was nothing more than a bluff. Not one ounce of direction as per the "growth plan". IMO they'll force the smaller players to pay up or get out. Total will completer the purchase of block one then they go after the meat...IE - US. For a development this large they need the acreage and the bulk has to come through us, no question about it.
Must be a thorn in Peter's side that he can't do anything here but baby sit. All that education and still can't take a piss without Offors nod.
PS- Was Blair there at all?? Not one mention of his name.
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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!
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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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