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DG,
The contract indicates that Addax & Sinopec take control of the Aban on May 15, 2008 (which would be 2Q). That info has not changed since the original announcement.
GLTY,
-ach
Just close your eyes and listen really carefully. That gives you the basic bullet points.
-ach
I like that dashed line starting in 4Q 2007 and going through 2Q 2008 for JDZ Block 1.
-ach
They've hit their mark. Now they can let it run.
-ach
news must be coming. LOL
-ach
that's our motto here. "nobody really knows."
-ach
I'll give you that one Lug. And a very important one to boot. I was referring more to the technical capability end of it.
-ach
And what is Starcrest that ERHC isn't?
-ach
Umbra,
If there is no further dilution, how would ERHC benefit from SEO selling his shares? This would simply go into Chrome's pocket. So where does the venture capital come from? Please explain IYHO.
Thanks for your time, we haven't heard from you in a while.
-ach
Why not? Starcrest is pre-qualified. I guess we are not as advanced. Maybe Ledbetter is splitting time between the two? (this is sarcastic)
-ach
How did Starcrest get pre-qualified? I guess from all of their experience in the patch and their past work in Nigeria. LOL
-ach
"Among the pre-qualified companies are CNPC, BG Sahara, ONGC Mital, Global Steel Holding, and INC Natural Resources Exploration, Clean Waters Consortium, NAOC/Lotus, ONGC Videsh, CPC Star Crest Energy, Transnational Corp., and Ni-Delta United Oil Company."
Welcome Aboard,
Manipulation becomes a non-factor with substantial volume. Drilling and results will bring the new investors we need to take this to the next level.
sleep tight,
-ach
I didn't think I would get a response from EEL's CFO. But here it is. It is in response to my question of where did their 0.25% in Block 2 go? Still a pretty foggy picture.
-ach
Dear Mr. xxxxxx,
I'm sorry that you did not get an earlier answer. As you will know I have just taken over as CFO and I will try to answer questions whenever possible.
Although I cannot divulge complete details, the reason behind the difference is that when we were bidding for JDZ Block 2 we had an arrangement with an independent local company as noted in the stock exchange announcement.
Part of the agreement provided certain benefits to that local company in the event that equator was awarded an interest in the block. The reduction in our interest reflects this agreement.
I'm sorry I cannot be more specific.
Kind regards
Philip Rand
Chief Financial Officer
Equator Exploration Limited
Correspondence Address
c/o 192 Sloane Street
London SW1X 9QX
Tel: +44(0)207 235 2555
Dir: +44(0)207 245 4168
Fax: +44(0)207 235 2224
Mob: +44(0)7795 396489
Mob Nigeria: +234(0)803 9606055
And we still don't know what Equator gave up 0.25% of their interest for. Could it be for the BD?
-ach
Under the settlement, Equator has also:
provided to a partner an economic interest equivalent to 0.25% of JDZ Block 2, and agreed to fund all cash calls and invoices payable in respect of that 0.25% interest up to a maximum of US$375,000.
After taking account of these arrangements Equator has a net economic interest, after recovery of costs of 8.75% in JDZ Block 2.
Under the arrangements relating to the settlement with its partners in JDZ Block 2, deferred consideration payments may become due upon approval of commercial field development programmes. The amount of any deferred consideration payable would depend upon the level of proved reserves in the field area and would be capped at a maximum amount of US$ 6 million.
I believe 3 of the first 5 wells are going to be in Block 4. So I would guess that Block 4 will be the first to be spudded. Just a guess.
-ach
wake up tryoty and get with the program. LOL. Have you read the last 15 messages?
-ach
Guys. Relax. Dan is on top of things.
-ach
Hi Dan,
Do you plan on PR the securing of the rig by AXC and
SNP for blocks 2 & 4? I know that the block operators
control the information but I notice that Equator has
put out a PR since they are part of Block 2.
Thanks,
xxxxxxxxx(ach)
Yes. Keep an eye out.
Dan Keeney, APR
DPK Public Relations
214-432-7556 (DFW Area)
832-467-2904 (Houston)
www.keeneypr.com
-----Original Message-----
Sent: Thursday, March 08, 2007 3:14 PM
To: dan@keeneypr.com
Subject: RE: erhe
Spec,
Any news on the APC front?
Thanks,
-ach
JackCB,
Could you post it over here? I am not a member of theelephantfields.
Thanks,
-ach
And why wouldn't APC act the same way in Block 3 after they've drilled? Just asking. I'm still not sold on a big jump after they begin their program.
-ach
I don't think this has been posted here yet. This was originally posted by Platina on IV. It looks like 5-15-08 is the day. 300 days for the first 5 wells with an option to extend to 600 days for an additional 5.
-ach
06/03/2007 - Aban Offshore Ltd’s subsidiary, Aban Abraham Pte Ltd has entered into a drilling contract with affiliates of Addax Petroleum Corporation of Canada and Sinopec for deployment of the Drillship Aban Abraham offshore West Africa. The contract will be performed in direct continuation of the contract announced earlier with Pioneer / Kosmos and is likely to commence after May 15, 2008.The contract is for 5 firm wells and 5 optional wells. The estimated duration of the contract is 300 days for the firm wells, which could go up to 600 days if the optional wells are declared. The revenue expected from the above contract would be USD 123 million which could increase to USD 246 million if all the optional wells are declared.
emdyal,
we are excited. According to Mark's JDA source (his most recent update) the JDA will put out a PR 30 to 45 days prior to APC beginning their program.
-ach
I suppose if they drill multiple wells. Do we know that this will happen? Or are they going to meet their commitment and go elsewhere in W. Africa? I can see them drilling one and then we have to wait until the a full appraisal of multiple wells has been completed to truly know what is there. I hope you are right though.
-ach
WD,
I have to say I agree with you. Waiting 1 more year on a story that has taken this long is easy. The only way SEO gives up shares is if he is offered a ridiculous amount up front. We shall see.
-ach
Mark,
I expect similar CVX games from APC with their drilling this year. One hole after another after another through 2008 is the real beginning. IMHO.
GLTY,
-ach
13 months? I can do that standing on my head. Thanks Ruby.
-ach
BB,
I tend to think that Oilly & Merdian do have some knowledge. I don't know exactly what their intentions are though. I will note that when Oily posted the "Fly Emirates" picture way before MPE was on our radar, Meridian was playing with us on IV because he knew about MPE. Look at this IV exchange from early November.
-ach
THREAD for msg #3143 by Meridian thru msg #3155 by Meridian.
11/8/2006 11:06:50 AM Msg #3143 by Meridian
Oily showed a sailing boat with Fly Emirates.
11/8/2006 11:11:48 AM Msg #3146 by ac hotfries
Emirates National Oil Company?
# 3147 by Meridian 0 11/8/2006 11:12:35 AM
11/8/2006 11:12:35 AM Msg #3147 by Meridian
no
# 3150 by ac hotfries 0 11/8/2006 11:24:02 AM
11/8/2006 11:24:02 AM Msg #3150 by ac hotfries
Merdian,
OK, you are a wonderful game show host. I lose. I have no idea what the hint means. SEO is going to buy a controling interest in a boat company?
Now on a real game show, after the contestant has lost the answer is revealed. I assume you heard something that would confirm what Oily has hinted?
Thanks,
-ach
# 3152 by Meridian 0 11/8/2006 11:25:55 AM
11/8/2006 11:25:55 AM Msg #3152 by Meridian
I guess the hint is that something from the emirates is involved. Oily is never sloppy in his hints.
BB,
If this scenario is truly taking place, wouldn't Oily be an important part of MPE's tactics in reducing shareholder confidence with predictions that get everyone up and then let everyone down? Yet, you still seem to be a supporter of Oily. Do you feel that he is not part of the MPE/MFC game?
TIA & GLTY
-ach
1st Mar 2007 : Web Edition No: 12808 Editor-in-Chief: Ahmed Jarallah
Energy fund has identified up to 5 potential investments; Dubai Islamic Bank $1 bln fund eyes oil assets
DUBAI (RTRS): Dubai Islamic Bank is in talks with companies including Australia’s Anzon Energy and Abu Dhabi’s Aabar Petroleum about investing in Middle East and African oil fields, an official said on Tuesday. Millennium Finance Corp, an investment bank controlled by Dubai Islamic, is setting up a $5 billion group of funds that comply with Islamic principles to invest in mainly unlisted companies in energy, telecommunications and other industries. The energy fund, to which investors such as Dubai Islamic and state-owned Dubai World will contribute as much as $1 billion next month, has identified four to five potential investments in the first year, said Laurent Lavigne du Cadet, managing director for oil, gas & energy for Millennium Finance.
They include oilfield projects in Syria, Sudan and West Africa, de Cadet told Reuters in Dubai. “One of our main strategic objectives is to co-invest in these fields with operating companies that have a lot of expertise to identify assets and to invest,” de Cadet said. The manager of the seven funds, Millennium Private Equity, is also talking to RAK Petroleum in the United Arab Emirates about joint investments, de Cadet said. Millennium Finance Corp. owns Millennium Private Equity. “We have entered into discussions in principle with these companies,” du Cadet said.
The energy fund, which aims to complete four to five transactions in the first year worth a total $600 million, will also consider investments in pipelines, shipping and industrial plants, he said. The first deal will completed by March, de Cadet said.
Dubai Islamic Bank and Dubai World, owner of port operator DP World, will provide 10 percent of the $5 billion to be raised from investors for all seven funds. The remaining 90 percent will be drawn from investors mainly in the Gulf Arab region, as well as Europe and North America, Izzet Guney, managing partner of Millennium Private Equity, said. Dubai World and Dubai Islamic said in April they would create seven funds to invest in closely held companies in industries including energy, telecommunications and financial services. The seven funds will comply with Islamic principles that ban investment in companies involved in alcohol, armaments and gambling or lending on interest.
All of the funds will be listed on the Dubai International Financial Exchange, said Keba Keinde, chief executive of the Millennium Finance Corp. Investors will also contribute up to $1 billion into the technology, media and telecommunications fund in December, with others rolling out in 2007. The fund has identified seven to eight companies in which it may invest, 75 percent of which will be based in the Gulf Arab region, Guney said. Up to seven of these projects will be concluded in 2007, accounting for up to half of the fund. The investments will include start-ups and two mobile telephone licences.
http://www.arabtimesonline.com/ARABTIMES/business/view.asp?msgID=7105
Thanks Mark,
Based on that timeframe we should be looking at a JDA announcement between late May at the earliest and the end of August at the latest. I look forward to it.
-ach
I've gotten responses on the same day, and other times I've had to send the same question a couple of times over a week or two to get a response. It depends. Craig Kelley is usually the guy you get a response from.
-ach
1.5 to 2 billion barrels with some of that potential coming from possible straddles with OPL 256 & 257.
-ach
Buy yourself a big bucket of peanuts.
-ach
Thank you Electick. I'll keep my fingers crossed.
-ach
Electick,
He was referring to ILUVERHE's post #90769 which stated "no deals".
GLTY,
-ach
Welcome back HP,
Nothing really significant has happened. Same old speculation/what ifs.
-ach
Does anybody find it interesting that this is all the information you can get from the mpe website now?
http://www.mpefunds.com/
Also,
the information that was previously available on the mpe website can now be found at:
http://www.mfcholding.com/cms/view.php?id=1
Interesting that Mr. Brandhuber is no longer mentioned on the site along with other tidbits we found interesting before. It has been updated in 2007. Why the changes with less info?
I will note that MPE has bought the necessary software to make a large purchase of a minnow. Note 1-26-07
http://www.davigold.com/
Now I'm sure that someone will post that the mpe site still has all of the old info and my whole message was pointless. I'll wait for that.
Thanks guys.
-ach
Spec,
Any news on whether we will see the BD or Homer?
-ach
Really? ETrade is stuck at 43,750. Everything else on my screen is moving along fine. Well I guess that ruins my jab at Hdot. Oh well. Maybe I need to reboot.
-ach
Today has got to be close to a record setting low volume day at 43k.
Do you have any comments on that Hdot? Oh wait, sorry. LOL
-ach