Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
There is nothing definitive about ERHE'S current debt and it's assets related to the taxes owed the IRS and the money owed to Cespa.
One has to go to court to Foreclosure and That has not taken place as of Today.
For All your Huffing and Puffing about ERHE'S management Team, Ownership, Tax liens, Oil well development debt to Cespa and the On Going Concern statement has done little to Topple one of SEO'S Companies!
Just More Facts!!
Could a deal be in the Works? Please do not rely on me, conduct your own research as I could be Wrong!
Giant Gas Field to be Developed!!
Please continue on!
Sneak
Thanks Tam for revealing the Truth!
Oil to be near $60.00 a barrel by years end.
The Starcrest - ERHE MOU looking better as oil prices head North.
JDZ block 2 PSC could conclude in several weeks.
Just Food For Thought!
I could be wrong, so please conduct your own research.
Sneak
Exxon controls 25% of JDZ block 2 and needs another 25% to be the operator of the block.
The JDZ is one Giant Gas Field and Exxon wants in.
There is no guarantee that Exxon buys part or all of ERHE'S share of block 2 or some of Oranto or Foby's share.
There is no denying the fact that ERHE has a stake in this game.
Just more Facts as I see them.
I could be wrong.
Sneak
No need to weep as this is All just Ancient History.
ERHE is about to make the most Historic Recovery or Comebacks in Penny Stock History!
Any talk of an ERHE demise is Purely Premature and without merit.
With Exxon's entry into the JDZ block 2, the River of Oil legend Lives On!!! Despite what itty, bitty middy claims! LOL!
Just more Food for Thought!!!
Sneak
Believe as you wish. Choosing your own course of action is based on your opinion and your opinion alone.
Just remember, it does not always Rain Gloom and Doom Forever!
The continuation of a negative viewpoint only solidifies a view of a horse with blinders on mentally image in one's own mind.
I am sure you Agree!
Just the Facts an No Fake News Spin Here, Just the Honest Opinion of this Investor.
Sneak
Why is ERHE negotiating to gain access to both of Starcrest deepwater blocks? Fact or Fiction?
Even though President Trump canceled the U.S. ties into the Paris accord, carbon emissions reduction will not go away as it only got delayed.
Exxon looks to gain entry into some of the World's largest offshore natural gas fields.
Could a deal be in the works? Nobody knows for sure but it looks like some very interesting times are just around the corner.
Just My Opinion.
Sneak
Even a Blind Squirrel can find a Nut. So do not let ERHE past history be the only indicator of ERHE future Endeavours.
Just Food for Thought!!
JMO
Sneak
Exxon must be looking for that elusive "River of Oil" by wanting to get back into Block 2 of the JDZ!
Remember, ERHE got it's offices raided by the FBI for International Bribery and Corruption along with being investigated by the Office of Homeland Security when all along the charges were phony and without merit (Fake News).
Remember, ERHE investors were told that only Bio-Methane or Fart-Gas was found and the JDZ
was a bust!
So the question beckons, is Exxon looking for the Mother Load of Fart-Gas or the Elusive "River of Oil"?
In any event, Something does not Smell Right!
Just Food for Thought!
Sneak
Your words Middy.
"Maybe it's just the latest ploy to suck the rest of the cash and assets out of ERHC and leave existing shareholders with nothing".
The Latest Poly by Who? Exxon, not likely! The Poly is All Yours for Sure!!
Just More HARD FACTS!!!
Sneak
I told You so, Well, It looks like JDZ block 2 may be getting a new operator!!! EXXON? Say it is not So!!!!
Thanks King. I was not going to post it, but since you have, All i can say is Giddy Up!! XOM!!
https://www.africaintelligence.com/AEM/oil/2017/06/27/american-major-exxonmobil-wants-a-finger-in-every-pie,108251643-EVE
Have a Great Day!!
Sneak
The only think missing are as follows:
1) No IRS Lien can be found recorded on ERHE assets or Bank accounts.
2) No foreclosure on the Kenya Property to date and any foreclosure coming is not likely.
3) JDZ block 2 getting ready for new operator.
4) MOU with Starcrest where asset & revenue swap is in the works!
Just the Facts as of today 7:13PM.
Sneak
Seek, the two offshore assets were owned by Addax and Starcrest of which Starcrest holds about 25% in each block. However, Addax lost the blocks and now Starcrest is in control and the percentage of ownership is anyones guess.
Eland does not have to pay nay hydrocarbon taxes on the Oil from OML40 until the cost of revitalizing OML40 are recovered.
Starcrest holds 55% of the 45% of OML40.
The Nigerian Government holds 55% of OML40 with the balance of the 45% are as such 24.75% or 25% for Starcrest and 20.25% or 20% for Eland Oil.
Let's see what transpires going forward.
Just My opinion
Sneak
There you go yet again posting false financial information about Eland Oil.
Although there is no pending news of a 3 way deal for hydrocarbon assets at this time.
You heard it first Here on the Aaddax I-HUB board.
Just how I See It! I could be wrong but, me no think Soooooooooooo!
Sneak
Seek, nice find! So, Eland Oil is signing drilling rig contracts!! How is that possible? Middy claims that they are as broke as ERHE and SEO's Starcrest. LOL
Middy's statements about ERHE and it's Management Team are entirely his opinion(s) and thus must be viewed in the same manner as any other post that may appear on this hub.
What ever happened to the darling of middy HYDN? No sales, No Income, Loss from operations Year After Year, Reverse Split, Devaluing Shareholders While still Collecting a Paycheck!!
I am looking for a Star-crest, ERHE & Eland Oil Deal.
ERHE will be pumping oil and receiving hydrocarbon revenue before HYDN?
Just my opinion
Sneak
Peter Ntephe and the management team get treated like "Julius Caesar" in the Shakespeare's in the Park 2017 play.
Just more Facts!
Eland Oil has a market cap of $187 million in U.S. currency. And they have only 20% of OML-40 block which has about 192 mbps of proven reserves and another 386 mbl is possible reserves. Hmmmmm!!
Just more Facts.
SEO is looking to bring value to All of his hydrocarbon Assets.
Sneak
oldoil, thanks for the post, the family and I had a great time in Key West and we managed to catch 19 dolphin or aka Mahi Mahi fish while fishing in and around all the thunder storms. Very bad weather.
One of the most interesting part of the sport fishing trip was that the first mate who baits the hooks and sets up all the fishing gears and keeps it operational all day long was Jarret from the reality hit show "Wicked Tuna" and he works on the boat "Hot Tuna".
This guy is at the top of the trade.
As for Seeks find, it will be interesting to see how this deal shakes out (details).
I do not believe it has anything to do with ERHE, but the details could be a blue print of things to come.
I believe Deloitte is behind any deal ERHE may be working on.
I could be wrong.
I am restricted to one post a day.
In any event, tight lines land fish so let's keep the lines tight on the ERHE fish and get her in the boat for all longs!!
Sneak
Seek, sorry as I have been Sport Fishing in Key West on the High Stakes Charters for most of this week with the family and have not been following much as when I post, well you know what happens.
Thanks for the Heads Up! Great find!
Sneak
I have never read Any post now and in the past on IHUB about ERHE that was intended to be called "Investment Advise"!
Any and All post here are in their Absolute Truth are just the Opinions of the Poster and how They would View the past, current and future direction of ERHE'S Management Team and Company Advisors going forward as to weather they would, Buy, Hold or Sell this company's shares now or in the future.
One can not look at ERHE and believe for one minute that the business opportunities in their Hydrocarbon properties in Africa are handled and administered in the same way as if they were located in the United States.
As the slogan goes, "When is Roman do as the Romans". ERHE'S properties are mostly located in Africa and Business will be conducted for the most part on how the Political Proposition of the African Elite. Just like in the Arab World.
It is All Good and Deals are worked out on their Watch and not the Watch of U.S. based investors.
Just more Hard Facts and My Sincere Opinion!
I could be wrong!
Sneak
ERHE has not lost Block 11A in Kenya!! Anyone that believe so is just confused and mis-remembering the true facts.
If no one asked for past due payments and does not foreclose on the debt, then you may still owe the debt, but that debt has not been Detrimental to ERHE at this time and ERHE will continue to move forward.
Just stop and think about all the Hydrocarbons assets that ERHE still has and how they can Monetize those assets with the help of a revenue stream from Starcrest and how Elan Oil can help after a deal is announced.
Food For Thought.
Better Days are on the Horizon!
I could be Wrong, But I do not Think SOOOOOOOOOOOOOOOOOOOOOOOOO!
Sneak
As most here may already know, according to early press reports, the Kenya 11A well was to cost $20.5 million and the final cost was reported to be $25 million. I have been searching the source of this increase in cost.
ERHE has reported that the well has cost them $9,623,089.00 which if correct then tells a different story as ERHE was responsible for Only 35% of the wells cost, so if ERHE’s cost is correct, then the well’s cost should be $27,465,540.00 which is an entirely different number. So again, what is the source of the increased in the well’s cost?
I have enclosed a link to the Cespa and ERHE agreement for your review and you will not have to rely on unfounded opinions.
when you open the link, scroll down to the (3) separate links that concern Cespa, ERHE and the Government of Kenya.
http://extractives-baraza.com/resources/legal-corner/publicly-available-east-african-oil,-gas-and-mining-agreements
Just Food For Thought!
Sneak
King, I am sorry for not responding sooner, but I am restricted to one post a day.
The well's final cost was $25 million and ERHE'S share is limited to 35% of that cost so that cost should be $8,750,000.00
The cost ERHE reported was $873,089.00 more than they were obligated to pay.
What is the source of this over charge?
Did ERHE pay for and appraisal of this well or an analytical review of the results or was the cost related to prepaid interest on the Well's cost while ERHE looks to farm out some of their remaining interest?
This well may not be a "Commercial Well" for a company the size of CESPA, but for Eland Oil, Starcrest and ERHE, it could be a Bonanza or Welcomed Opportunity.
As most know, reworking and producing oil from a shut-in well is not as difficult as Finding New Hydrocarbons to replace what you are depleting from your proven reserved is very difficult.
Just My Opinion, I could be Wrong!
Just food for thought.
Sneak
ERHE looks to farm out 15 to 20 percent of the Kenya block 11A.
What was the cause or reason for spending $4.5 million on the Tarach-1 well by ERHE?
The cost to drill the Tarach-1 well was pegged at $20.5 million and was spot on.
ERHE had the right to conduct an appraisal on this well at it's own expense!
So, if the well in fact cost $25 million, then ERHE would only owe 25% of that cost or $6.25 million.
If the well did cost $20.5 ad proposed, then ERHE would owe $5.125 million.
Did ERHE conduct an appraisal on the Tarach-1 for $4.5 million?
I believe the just concluded oil conference was a way to shop the Well's findings to get a fair value of what suitors may offer to participate in any farm out deal with ERHE.
Could ERHE use this information in their MOU with Starcrest to help formulate any type of financial structure that would benefit ERHE and its shareholders and creditors.
Let's Go Pete, Let's Go SEO, Let's Go ERHE!
Just My Humble Opinion.
I could be wrong, but I do not Think Sooooo!
Sneak
That is your opinion! Believe what you wish!
ERHE and Starcrest work a deal!!!
ERHE headed to new market and off the Pink Sheets.
Whatever will you do with your time when ERHE is no longer on the Pink Sheets?
What will you tell everybody when all who seen and heard your exploration of what might happen to erhe are proven wrong!
I could be wrong, but I do not Think Soooooooo!
Sneak
Hardy so as this was the first article in November followed by the Oil news article from January 7th 2017 followed by the Starcrest - Erhe news about the possibility of a Deal maybe in the works, then followed by the Confirmation of a 180 day MOU on a Deal between Starcrest and ERHE.
Just more Facts!!
Sneak
Second article about Significant Hydrocarbon found in the Tarach-1 well!
http://www.egyptoil-gas.com/news/tarach-1-showed-strong-hydrocarbon-presence/
Be sides, who need Cespa when Eland Oil can do the Job just Fine.
In any event I look for ERHE to Farm-out a % of block 11A to Starcrest.
I could be wrong.
Sneak
The first report of a "Dry Hole" was "FAKE NEWS" in an effort to force Cespa to release the findings, but they were not falling for the Fake News! like some here have.
In January Cespa tells Oil New Kenya that "Significant Hydrocarbons were discovered".
Shortly after the Oil News Kenya printed the "Truth", SEO and Pete were already working on a Deal to lend a helping hand to ERHE in the form of a Revenue Stream from a producing Well. HMMMM.
Lets see, ERHE gets revenue stream and or maybe a % of "Proven hydrocarbon reserves" in exchange for shares in ERHE and or a % of ERHE Hydrocarbon Assets?
Looks like somebody is about to get Schooooooooooled in the "Art of the Deal".
Like I said, the Nigerian Powers that Be, will not let ERHE's Hydrocarbon Assets fall out of their Grasp!!
Just My Opinion!!
I could be wrong, but I do not Think Soooooooooooooooooooo!!
Sneak
Krom, you are not wrong in finding oil in Kenya. As you know the well was exploratory in it's nature.
They were looking for information that could be useful going forward in the block and that is what they found along with two oil shows.
The disappointing part was they were looking to find more oil shows than discovered. 66 million is hardly commercial for a company the size of Cespa. Who knows maybe, they believe they have discovered less than thought.
Assuming that they found what they believed to be 66 million and 50% of that went to taxes, that would leave 33 million barrels of which Cespa would get maybe 17 million barrels and have to carry ERHE'S share until paid. This would be hardly worth the effort for Cespa.
In any event it is my belief that Cespa will be drilling the 4-way roller target as proposed when the Starcrest rescue plan for EHRE is put in place.
The Nigerian are one of the most politically resourceful bunch in all of Africa and will not let theses hydrocarbon assets slip out of their control.
Let's Go SEO, Pete, The management team and ERHE.
Keeping the faith.
People should do their own reseach as I could be wrong, but I do not Think Soooooooo!!
Sneak
Claiming to be a shareholder and stating opinions about the Company you invested in and its management team that show this Company in a not so Positive Environment and also claiming to be looking out for fellow shareholders, just seems all a bit to Contrived don't you Think.
Just More Facts
Let's Go Pete, Let's go ERHE, Let's go Starcrest!!!
Sneak
The JDZ is not dead, just delayed at present as Nigerian Oil Major Oranto takes a position in the JDZ.
Contrary to most OPINIONS here, no one is advocating ERHE violate it's international agreements with other Nations or Oil Companies working on it's behalf to develop it's hydrocarbon assets.
If ERHE owes money for services rendered and is in the rears on payments, that issue is strictly between ERHE and it's Creditors plain and simple.
If a Deal has been worked out, that deal is being held close to the vest.
If the creditors feel froggy, let them jump!
What no foreclosure in the works! Wow, How is that possible? Oh ya, Secret Handshake Society.
Just face the music, this stock play has entered into the Political World now.
The outcome could be surprising should you be on the Right side of History!
Just my opinion.
Sneak
Nobody ever said they wanted ERHE'S management team to violate the Regulations and Laws of the SEC or any other governing body where they operate. Those are your words not mine or any other ERHE long term shareholder.
Outside of the Raid by the U.S. Government on ERHE'S headquarters that was based entirely on Fake News of a Violation of the Foreign Corruption and Bribery Act. Which turned out to be a Hoax.
Although you repeatedly proclaim that ERHE has all thoughts outstanding issues of money's owed. No one seems to care, especially those who are owed the money except you.
Any resolution to remedy these oustanding issues are closely held by management and those who are owed the money.
Once more, you fail to adjust your opinion and prognostication of ERHE'S future because your thought process holds tight and fast to your belief that Penny Stocks oversight get the same treatment as the vast majority of Big Board stocks.
I was once told in a post by Mica-7 that once this stock play enters the Political Realm, all rational thinking and the rule of governance goes out the window and the settlement of any outstanding issues and agreement fall by the waste side in order to satisfy all those concerned with a Political resolution that might not benefit All Interest involved.
Is that not what we are now all bearing witness to?
Just more Facts.
Sneak
This is a Penny Stock middy and the Normal run of the mill laws and regulations of the SEC seldom apply in this tiny little obscure market place.
You should know this middy after all as you have stated many times here yourself "I know and understand more than most here, for I worked in the industry for years"
However your knowledge as to how Penny Stocks operate is severely lacking as a Deal is in the workers no matter how much you rail against any deal that rescue Peter and his management team.
Let's Go ERHE!
Let's Go ERHE!
Just how Eye see it!!
Sneak
bankruptcy would be bad for SEO and Friends as they would lose control of the assets.
The ball is in SEO and Friends Court and by giving a sizable amount of revenue from OML40 in exchange for 45% of ERHE's assets and stock could make ERHE a takeover target for Eland Oil.
ERHE is worth more as part of Eland Oil or as stand alone on a different exchange (LSE).
JMO
Sneak
That is exactly how it is done in the Secret Handshake Society.
Your words are just your opinions as nothing you have stated about the Kenya PCS, the Cespa and IRS dilemma has transpired to date.
You keep confusing the S&P 500 standards with a the Pink sheet penny stock standards.
Just more Facts.
Sneak
It is True!! As of December 31 2016, ERHE did have only $258K left in the bank.
Yet, ERHE shareholders have endured an endless dribble of Obsessive Lamenting about ERHE and it's Management Team.
Could a Nefarious Agenda be a Foot?
Go Figure!!
Just More Facts!!
Sneak
Some have been stating that Starcrest will be taken over 75% of ERHE shares, which is yet another false opinion stated as Fact!
ERHE is part of an International Agreement between Nigeria and Sao Tome and I am quite sure that Nigeria and Sao Tome will have the final say in who takes over ERHE rights in the JDZ.
Another issue about this fictional statement about a 75% takeover of a U.S. based Company with valuable hydrocarbon assets by a Foreign Company will not happen unless the U.S. Congress approves of such a Takeover!
ERHE may exchange up to 45% of it's hydrocarbon assets for a per-
determinate amount of cash flow off of a producing oil well. (Hydrocarbon assets for cash swap)
ERHE Forced Bankruptcy is yet another falsehood. with revenue coming from OML40 and with Block 2 of the JDZ maybe starting up again. ERHE'S Share price should recover nicely should this deal and up compng events take place.
Just my Opinion
Just more Facts.
Sneak
Like the 143rd Kentucky Derby Winner, "Always Dreaming" ERHE is coming in First as well!!
ERHE to the LSE!! Coming soon with the help of Peter, Les, SEO and Friends.
Let's Go Pete!!
Just My Opinion!!
Sneak
Peter is working very hard to bring ERHE longs the best possible deal in the oil patch and the best return for investors long and short.
It is not fair to blame Peter for the Gross incompetence of large oil companies who drilled dry holes. It was the large oil companies who took ERHE and it's long shareholders for a ride!
The very over inflated Ego and Pompous Attitude towards Where to Drill, How to Drill and what Structures represent the Best Possible targets to prospect in.
Hey wait, that all sounds way to similar? Hmmm, oh ya, the same has been said about our little minnow by the elite general public on this board.
Just more Facts!!
Let's Go Pete! Let's Go Pete! Let's Go Pete!
Sneak
The Chad oil Minister is in a dilemma as ERHE gives back it's exploration block to the Chad Government.
Does the oil Minister renegotiate the PCS, Revise the condition and terms or seek another suitor for the block?
HMMMMMMM!
Pete is the Master! Navigating the financial mine field of unproven hydrocarbon leases, Oil majors who drill off target, do not drill deep enough and cost overruns in an all out effort to crush it's existence.
Let's Go Pete! Get us longs to the Promise Land.
JMO
Sneak
For those that think No one will pay $13 million for ERHE is not seeing the Big picture.
Eland Oil paid $110 million for just 20% of OML40 and $60 million of the $110 million was for paying Starcrest share of that fee plus the carry cost of upgrading OML40 FOR production after the long shut-in of this leases.
For Eland Oil to pay $13 million for:
JDZ blocks 2,3,4,5,6,& 9.
EEZ block 4, $2.5 million fee from block 11 if drilling warrants plus a 15% buy back in on two blocks.
Kenya: block 11A
Chad: may be dropped.
So for less than $1.5 million a block, Eland Oil and Starcrest thru Elcrest could be in the works.
Just my opinion
Sneak
Company "X" is $13 million in debt.
Company "Y" exchanges a percentage of their revenue from producing well to company "X" for 45% of the outstanding shares.
Company "Z" needs additional Hydrocarbon properties to gain access to new sources of hydrocarbons and make a play for 45% of company "X" shares in a stock swap.
Companies "Y & Z" already have a joint venture company where the hydrocarbon assets and expenses of company "X" are combined.
Companies "Y and Z" takeover company "X" $13 million debt and All the Hydrocarbon properties of company "X"
SEO gets his 45% of Company "X"
Eland Oil gets 45% of Company "X"
Private Investment Firm sell 9.9% to Eland.
Win for all.
IMO
Sneak