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Hidden agendas? Hmmm-one could argue that the whole Starcrest thing wasn't exactly above board. But I agree that Addax would be the most logical partner for us.
WJ is ancillary to the original investgation. This is and always has been a direct result of the STP AG's request to the DOJ/SEC. End of story. No big secret that Anadarko and maybe other big boys were pissed that they lost out to ERHC despite having bigger signature bonuses. The only alleged bribe discussed thus far is the $100K to Freddie.
From 12/06-but still interesting:
N° 430 13/12/2006
SAO TOME AND PRINCIPE
Emeka Offor’s Largess
Accused of acquiring a block that wasn’t put out to competitive bidding in Nigeria, businessman Emeka Offor has brought a well-connected Nigerian company into one of his licenses in Sao Tome.
In recent months several Western oil firms have been contacted by a little-known Nigerian company, Godsonic Oil & Gas, that wanted to sell a 14% holding on block 4 in Sao Tome operated by Addax and ERHC, a firm controlled by Nigerian businessman Emeka Offor.
Officially, Godsonic’s stake on block 4 amounts to 5% but the firm, which is controlled by Rivers state and its powerful governor, Peter Odili, stealthily succeeded in increasing its stake this spring when the block changed hands. Operated by Noble since May, 2005, it was acquired by Addax.
The first operator of block 4 was a consortium made up of Noble and the EHRC group headed by Offor. The two controlled 60% of the block; Noble had 35% and carried EHRC’s stake, which amounted to 25%.
The other stakeholders were the Nigerian firms Conoil (20%), Godsonic (5%) and Overt (5%) as well as Canada’s Hercules, an affiliate of the Centurion oil company.
When Addax replaced Noble alongside EHRC in March, the holding of the new EHRC/Addax consortium fell from 60 to 51% (EHRC 17.7% and Addax 33.3%: the latter then bought out the share of Nigeria’s Overt, boosting its holding to 38.3%).
It was at this point that a slight of hand took place which resulted in an increase in Godsonic’s stake on the permit from 5 to 14%. Offor, whose Chrome group is the leading shareholder in EHRC, is indeed very friendly with the Rivers state governor, Odili, who controls Godsonic.
When African Express, one of a string of banks controlled by Offor, was on the verge of declaring bankruptcy last year Odili threw his backing behind the businessman. The Rivers state governor intends to stand as a candidate in Nigeria’s presidential election next year. He has the support of the current head-of-state, Olusegun Obasanjo, to whom Offor is also very close.
Addax’s entry into another concession controlled by a firm linked to Offor, Starcrest, is the subject of several investigations in Nigeria (AEI 427).
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SAO TOME AND PRINCIPE
Second Wells to be Drilled in JDZ Next Year
Addax Petroleum and Sinopec are to drill their first wells on block 2 in the Joint Development Zone between Nigeria and Sao Tome early next year. The two groups which have teamed up on the license have reserved the drillship Abraham to drill five wells and have an option of five additional wells. For the moment only Chevron has drilled a well in the JDAZ. After taking a year to examine the results the American group finally announced at the end of January the well had identified reserves but not in commercial quantity. Like Addax and Sinopec, Chevron plans to drill a new well on its concession in 2008.
Lets start another rumor. EEL takes out CAMAC, followed by ERHC taking out EEL, followed by AXC taking out ERHC, followed by CVX taking out AXC. Yup, thats my story and I'm sticking with it.
Not really Rambus. December, "06 publication and said 2nd well to be drilled in '07. Actually, the best re-cap by an outside source of BLK 1 I've seen. Thanks for posting it.
eel. eom
It may not-it may be more relevant for a player buying in. I would think that the buyor would have to answer to their shareholders about spending big bucks on a penny stock.
I don't have the experience you and some others here have but it will take alot of convincing to get me to go with a R/S. And as for the argument that big money will buy into us if we are in the dollars, I really doubt they will if the reason we are in the dollars is a R/S. JMHO
Not in our situation. Shoe me the oil, and then maybe a R/S to go to a new exchange. Of course this is JMHO
Only reason for a R/S would be if someone is looking to buy in to ERHC big time, or actually buy us out. Short of that, no reason for a R/S.
Strategy-EEL has the 2 100% rights it inherited from the original PGS rights w/STP back in the day. (PGS to Aqua to EEL).
Oilphant-are you saying that ERHC will merge with EEL after EEL completes its merger w/CMAC (or whatever its called)?
Thanks
What is "NS&A"? eom
Tantam-thanks for that post. eom
Dadd-They were not removed. Probably an i-hub problem. eom
killjoy. eom
We have gone much longer in the past w/o any trades. BUT-I'm always game to start a rumor so, yes, I think we are halted.
No doubt Offer doesn't win the corporate citizen of the mo award, but the co, except maybe the "political contribution" to Menenzes, would appear to be in the clear--time will tell.
The Gerhardt Siebert thesis on the history of STP's oil is a must read. A large % of the article is about ERHC and really gets into the nitty gritty. I think its posted on some of the dd links somewhere-EF's for sure I think.
IMO, it is nothing more than confirmation that the DOJ/SEC investigation into ERHC had nothing to do w/Jefferson. It is directly related to the STP AG's request to the DOJ/SEC and nothing else. Jefferson has been a red herring from the start imo.
You are referring I think to Jan Hartman from Columbia University. Yup, she hates ERHC w/a passion but she;s not the one they are talking about. Its Noreen Wilson.
Condor-the irony is is that it was the STP AG's report that caused this entire mess (at the prodding of big oil).
FWIW, Pretty sure the S. African Co is Procura (co that sued erhc) and one of Noreen Wilsons projects back in the day.
YUP-no news+gravity=lower sp. eom
There are tons of people who lurk here. eom
Spikes-talking about Equator-Not ERHC Energy. eom
Thank you kindly. eom
Dest_golf-Knock it off please. Thank you. eom
Maybe they will-who knows. eom
That would be too logical. eom
we must be close to something happening, and I mean more than us getting into a producing well. For me, the lack of a CEO for this long means something big. But then again, my success rate for predicting things for the last 8 years has been pretty bad.
Nice going Tamtam!!!eom
Good job Marty. Now we can start speculating about an ERHC merger again. Excellent!!!!
Nigeria pushes back licensing by 8 days
Edmund Daukoru.
(5/3/2007 - OGI: Lagos) Nigeria's Ministry of Energy said today it is postponing the auction scheduled for today of 45 onshore and offshore blocks to 11 May.
The licensing round has been postponed several times since its first announcement last year.
Minister Edmund Daukoru said at today's Offshore Technology Conference in Houston that interested operators and investors still have until Saturday, 5 May to register to participate in the bidding for the concessions. He said that bidding including the electronic submission of bids, will be fair and transparent.
Previously Daukoru had said the offering of a range of blocks across Nigeria and in the shelf and deep offshore regions would be held prior to the installation of the country's newly elected president Umar Yar-adua, who was chosen to succeed his confederate Olusegun Obasango in an election that has been roundly challenged as unfair and manipulated. The change of government is set for 29 May, and the signing of production sharing contracts with the winning bidders in this round is set for 28 May.
I'm a cheap date. Diet cokes for me. eom
execo-I don't think E was referring really to you. In response to an inquiry earlier about erhc, someone stated, as if fact, that BK had cleared ERHC as respects the DOJ investigation. Thats my take anyway.
Elektic-Very fair post clarifying. Nothing solid at all saying BK cleared ERHC re DOJ/SEC. "Clean Kitchen"-if it has any meaning at all, can mean many things.
Agree Kobi. eom
Oh Oily...I'm whistleing the Jeopardy theme song. eom
Will do Oily. eom