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Dan told me that the NSAI report is in the final stages of completion. To the degree that it examines some of the same JDZ Blocks as NSAI examined for Addax, it would seem reasonable to expect the estimates for those Blocks to be the same or similar.
The WesternGeco report ERHC released in June was from a 2003 report that was intended to help the company make Block selections in advance of the bid rounds. It’s in the second paragraph of the news release (http://www.erhc.com/en/rel/?116).
This NSAI report is based on 3-D seismic shot in 2007 that was intended to help pinpoint drilling locations. Expectation is that the newer data – along with the updated methods of analyzing the data –will give a more accurate assessment of ERHC's assets. . .
Also, the two reports are not aligned in the terms used. Risked and unrisked reserves aren’t the same as “recoverable reserves potential.” News release from June says; ”The estimate of recoverable reserves potential…did not include any attempt to comply with any SEC definition of reserves.”
The NSAI report complies with SEC requirements.
Gandur,
september presentation he said Kina expected 300mb doubling their reserves.
For what it's worth, hopefully he is lowballing.
How much oil do we need to find in order to get to $10,- again?
And what about SEO's $10,- ?
:(
In the september ADDAX presentation Q & A Gandur said Kina is 300 Mmbbls.
He said it at around 55 minutes into the meeting.
All guessing to a certain degree I think.
He said Kina alone could double their reserves. That's what he said.
Bring it on. : )
I just listened to the september (!) Addax presentation again, and Gandur said that between $50,- and $70,- it is 'neutral' and below $50,- critical.
I think that's why he waited for / is waiting for a better price.
With these prices of oil, why hurry, and also pay too much for a rig?
Right Strass?
Pennystock World Gaming/Starnet went from $0.13 to $29,-
Let's see if ERHC can match that.
DG,
You've talked about bottoms on more than one occasion, remember. : )
I'm afraid that a bottom will be formed, only after first drilling results.
So far history proves me right.
A break even point for you at 50 cents? That means with a little bit more luck you could have had 2.5 million shares?
Don't tell the wife. ;p
Ha, no man, just a site name.
That would be something huh, Doctor J full court press on ERHE.
The Doc is an high executive at Coca Cola if I'm not mistaking.
In Igaming he knew his way around.
And now he is knee deep in oil, and for him it must feel like quicksand. :)
Krombacker is afraid of this:
http://www.fcpaenforcement.com/explained/explained.asp
Read (CTRL + F) "alternative fines act" near the bottom of the link.
But. . . despite that, he is still here.
1 + 1 = ?
Have a good day.
It's ERVING not Irving
http://en.wikipedia.org/wiki/Julius_Erving
http://nl.wikipedia.org/wiki/John_Irving
Krombacher was just afraid to get deleted.
He really thinks the investigations are risky because of the 'trustworthy' government the USA had these years ("they will take you hard if they can" way of thinking).
Proper translation is this:
"That estimate could change as the trial progresses, but if the ERHC matter
remains severed from Rep. Jefferson's woes, it may well indicate a loss of
interest in ERHC on the part of the U.S. Dept. of Justice. The department
has gone out on a limb in trying to establish answers to questions raised in
a report paid for by Pioneer Natural Resiources investor and billionaire
George Soros.
Soros funded the study by the Senior Lawyer Project that formed the basis of
a report by the Sao Tome Attorney General's office that suggested but did
not offer evidence for claims that the company had bribed officials of Sao
Tome & Principe in its 13-year pursuit of rights to offshore oil concessions
in what is now the Nigeria-Sao Tome and Principe Joint Development Zone, an
oil-rich region of the Gulf of Guinea.
Both the Nigerian and Sao Tomean governments have formally rejected the
report, claiming its allegations were false. The indictment of another study
paid for by Soros only reinforces the conclusion that it was spurred more by
competitive forces - Pioneer became a disaffected partner of ERHC Energy in
2005 - than by actual wrongdoing.
Soros' credibility has been brought into sharp focus in recent days by a
study he funded of Iraq War casualties that suggested more than 600,000
deaths had been caused by the war. A careful follow-up study revealed the
number was closer to 100,000, and Soros'es veracity took a major hit."
Good translation site.
Anybody?
see post I'm replying to.
tia.
Very good post, Stratgy
I'm sure this is the reason Gandur is in no hurry for an expensive roo.
Price of oil is most important of course.
"With a success rate estimated at a very high 40 % (more than twice the norm in deepwater drilling), these two blocks are for him “ probably the two best undrilled blocks in the world….[hence] the reason “all the big oil companies in the world, Exxon, Chevron, Shell, Petrobras and others are interested in them” {direct quote}."
Best in the world? What about our 78% ?
How could you miss it?
Lot's of news, every day again...
http://www.cnn.com/
You just have to connect the letters E-R-H-C from several places within the news bulletins.
:)
The provider has not been reliable in its estimates of a delivery date. They were expecting it earlier They can’t say with confidence when it will be delivered and therefor they don't want to set expectations again with investors that may not be satisfied and can’t be influenced.
You mean hoping for $10,- ?
just like SEO.
haha.
Jake1279,
"My response to "try" was that ERHE was not a quick flip but a downward drip and that the statistics of penny stocks over the last 50 years will tell you that ERHE has a 99% probability of failure of ever making a profit."
Are you familiar with the % chance of success in the JDZ?
78% or what was it?
The Company:
"Dan the Man" of course.
Regarding the seismic report:
"The provider has not been reliable in its estimates of a delivery date. We were expecting it earlier and we do not have it. We can’t say with confidence when it will be delivered and we do not want to set expectations with investors that may not be satisfied and we can’t influence."
I thought those expectations were already set. . .
King Ping DG,
Sfreed said that it could be.
One thing is for sure, a screw is loose in that elephant.
Must be a bitter person, so it could be her.
Her name is Jan Hartman. After the STP Attorney General's report was widely discredited, and the embarrasment Menezes suffered as a result, she was unceremoniously escorted off the island and told never to return. She had been living there advising Menezes after her retirement from the US State Dept. I understood that her health had deteriorated since.
By: Sfreed.
Bad health, 7 cents makes her feel better.
By the way: Richkan still present over here, reading?
Maybe Oilyphanty is SEO.
:p
Company quote:
These are the comments to which I was referring. To be clear, these statements were made by Sir Emeka and ERHC had no involvement in them.
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=27408143
Emeka May Increase ERHC Stake Contrary To Market Belief
08/29/2007
Sir Emeka Offor, the former Nigerian chairman of Houston-based ERHC Energy has said that he has no plans to divest his interest in ERHC. Indeed, he is currently consulting on enhancement of that holding. In a statement released to the press in Abuja, Nigeria, by the Group Chief Communications Officer, Mr. Val Oji confirmed that the holding of the billionaire businessman who voluntarily resigned as chairman and director of ERHC recently to concentrate on growth plans for Chrome Group, remains intact. "ERHC remains a healthy and viable business; our commitment to the company is total; therefore the issue of divesting does not in any way arise", the statement concluded.
http://petroengineers.com/news/article.asp?a_id=49570
No Plans to Divest Interest in ERHC - Sir Emeka Offor
Wednesday, August 29, 2007
Sir Emeka Offor, the former Nigerian chairman of Houston-based ERHC Energy has said that he has no plans to divest his interest in ERHC. Indeed, he is currently consulting on enhancement of that holding. In a statement released to the press in Abuja, Nigeria, by the Group Chief Communications Officer, Mr. Val Oji confirmed that the holding of the billionaire businessman who voluntarily resigned as chairman and director of ERHC recently to concentrate on growth plans for Chrome Group, remains intact. "ERHC remains a healthy and viable business; our commitment to the company is total; therefore the issue of divesting does not in any way arise", the statement concluded.
In another development, the group informed journalists that it has repositioned its operations to meet the ever-changing challenges of doing business in a developing economy. Under the new arrangement, the oil and gas giant has rolled out a robust Corporate Social Responsibility (CSR) program aimed at affecting the lives of Nigerians positively, and other host communities where it operates. To be fully integrated into its corporate strategy in line with emerging best-in-class global practices, the main thrust of the CSR program is uplifting the well being and living standards of the host communities where it operates and Nigerians in general.
Chrome Group will in the immediate future give more back to society. The CSR-centric strategy as envisaged will in the next two years focus on two key areas of intervention namely: youth empowerment and promotion of a renewable, sustainable and more conducive environment.
Explaining the reason behind the new strategy, Mr. Oji said, "Chrome Group in line with the philosophy of its founding fathers has made considerable inroads in Nigeria and countries outside Nigeria and, in most of these places has left a positive mark on the business landscape and continues to do so till date. The time has come to re-strategize and reposition with a view to remembering all those that are contributing to the success story that the group has become today. Today is the beginning of a whole new chapter in the life of the group - an era of total alignment of the group's Corporate Social Responsibility (CSR) programs with its corporate strategy."
http://www.newswire.ca/en/releases/archive/August2007/29/c3265.html
No Plans to Divest Interest in ERHC - Sir Emeka Offor
ABUJA, Nigeria, Aug. 29 /CNW/ - Sir Emeka Offor, the former Nigerian chairman of Houston-based ERHC Energy has said that he has no plans to divest his interest in ERHC. Indeed, he is currently consulting on enhancement of that holding. In a statement released to the press in Abuja, Nigeria, by the Group Chief Communications Officer, Mr. Val Oji confirmed that the holding of the billionaire businessman who voluntarily resigned as chairman and director of ERHC recently to concentrate on growth plans for Chrome Group, remains intact. "ERHC remains a healthy and viable business; our commitment to the company is total; therefore the issue of divesting does not in any way arise", the statement concluded.
In another development, the group informed journalists that it has repositioned its operations to meet the ever-changing challenges of doing business in a developing economy. Under the new arrangement, the oil and gas giant has rolled out a robust Corporate Social Responsibility (CSR) programme aimed at affecting the lives of Nigerians positively, and other host communities where it operates. To be fully integrated into its corporate strategy in line with emerging best-in-class global practices, the main thrust of the CSR programme is uplifting the wellbeing and living standards of the host communities where it operates and Nigerians in general.
Chrome Group will in the immediate future give more back to society. The CSR-centric strategy as envisaged will in the next two years focus on two key areas of intervention namely: youth empowerment and promotion of a renewable, sustainable and more conducive environment.
Explaining the reason behind the new strategy, Mr. Oji said, "Chrome Group in line with the philosophy of its founding fathers has made considerable inroads in Nigeria and countries outside Nigeria and, in most of these places has left a positive mark on the business landscape and continues to do so till date. The time has come to re-strategize and reposition with a view to remembering all those that are contributing to the success story that the group has become today. Today is the beginning of a whole new chapter in the life of the group - an era of total alignment of the group's Corporate Social Responsibility (CSR) programmes with its corporate strategy."
Dan Keeney, APR
DPK Public Relations
214-432-7556 (DFW Area)
832-467-2904 (Houston)
www.dpkpr.com
Twitter: dpkpr
This was the only OFFICIAL info that Bovell could have gotten his $10,- statement from, according to the company.
Now, I welcome everybody to do the math.
That is a good post.
Only strange thing is, he wasn't like that on WG RB.
As far as I can remember at least.
He felt more comfortable with WG than with ERHC I think.
That could explain his behaviour here. . .?
Fwiw.
Krombacher, do you remember. . .
in the World Gaming Raging Bull days. . .
that you were called the 'bookworm'?
Do you actual believe what you write after googling a bit, every country is affected by the current crises.
So every country knows that. They will not harm themselves in the short term, by forgetting about the long term.
The only (ONLY!) thing YOU need to remember is, that oil will be in high demand again soon, hence Offor's $10,-
l-o-l (that's why your here, because of your good nose for gems)
p.s. Look at ADDAX short term, they are at 12. Oh, no, wait, not 12. Man, I shuffled the numbers.
He King,
"Until the investigations is over big money will stay away from this stock."
Big money doesn't invest in OTC BB.Except for our insiders, lol.
Regarding your investigations a repost for you:
Thank you for you note and your interest in ERHC Energy.
You have pointed to TWO cases out of literally thousands of companies that are investigated by the government. In one of the two cases you cite, the company has actually taken action to satisfy the government by changing its business practices. That’s not possible in our case as there has been no allegation of wrongdoing to correct. So you have ONE case that you have cited in which a company claims the government has closed its investigation.
Could we get such a notification? It is possible, but our legal counsel has told us not to expect it. In the vast majority of cases, no such notice is given and investigations go dormant. Mike Madigan told me he has only seen such an action once in more than 35 years.
(Read this again, King! A bit short on memory?)
We appreciate the energy and passion of our shareholders, but in legal matters we must follow the advice and guidance of our highly competent and experienced legal counsel. Shareholders are welcome to take whatever action they please, but the company does not intend to re-energize an investigation that appears to be dormant.
Sincerely,
Dan Keeney, APR
DPK Public Relations
Ask Krombacher for an explanation.
lol.
"they eat the money as they chase after anything they can"
Dan Keeney:
"I’ve explained the affidavit issue. The reason the lawyers aren’t attacking it is that it would not be in the company’s interests to do so. If the case is effectively dead, it would be suicide to seek to resurrect it. Unless you like paying lots of legal fees!"
Krombacher = talking nonsense.
My dear Krombacher,
"But for now it would appear that Erhc is dead in the water until then."
"I wonder if smart investors are selling this stock in exchange for really great stocks out there that are selling really cheap."
Why do you wonder about that, even YOU yourself, doesn't seem to be doing that, at least with ALL your money (because you're here).
Why don't you set an example for us all and lead us the way to a better deal. Maybe, JUST MAYBE (don't count on it) some will follow you far, far away from ERHC and this board.
Farewell.
"It looks like 2010 and 2011 will be good years for Erhc, because by then they will have the AA, AND be out of the statute of limitations on all those investigations by our government and justice department and IRS."
Please don't hesitate to come back in 2010, we all would welcome you buying yourself back into this little company, along with some "excruciating pain in the wallet" while doing so.
Oh, but wait, I have the feeling that you KNOW you will be way to late to the party, if this will be your gameplan.
Krombacher, we know from the WG days that you are not dumb. But why do you think others are when reading your posts?
Do you really think that somebody will be receptive for your overdone statements? That also says something about your . . .
Give it up my friend.
Wishfull thinker. . .
On the other hand it would be something to load up at 1 cent.
Strass, I have never ever been depressed.
Sounds unoriginal but when you were depressed, I added.
Fortunately I have the capital to do so.
The comments Gandur has made about the share price of Addax has also done not much good these days, but that is understandable with this 'crisis' going on.
I believe it to be something like the whiteboard. :p
Nobody needs it as something to hang on. I'm not and have never been 'depressed' about the share price. I think that was that other guy, strass or something. . . lol.
We all knew and know it's about proven oil.
So in that regard. . . But it's obvious that Bovell is not making up things.
There are a lot of parties who would like to have those kinds of rights, as we talked about for years. Those parties involved know for years what SEO wants for those rights.
Until now we, the small investors, did not know anything at all. Now we do know something at least.
How many here on this board 'begged' Offor not to sell early?
As has been done previously, the company stepped in a little bit, clarifying Offor is not an idiot.
remember the quote:
"We appreciate the energy and passion of our shareholders, but in legal matters we must follow the advice and guidance of our highly competent and experienced legal counsel. Shareholders are welcome to take whatever action they please, but the company does not intend to re-energize an investigation that appears to be dormant."
In other words the company said: . . . (it's pretty clear huh?)
King, two comments,
I don't hype at all. I said that our Vice President Corporate Development, who oversees planning and implementation of strategies for corporate growth, told investors that our largest share holder . . . etc etc. Irrelevant? I don't think so. Midtieroil called Bovell a second tier employee with his one off-the-cuff remark, that can bareyly talk coherently. I think that is not factual.
That's all. You say: "So it really doesnt matter". Well, it does matter, he could have said $1,- he could have said $5,- but I'm not using the $10,- as a reference, never did. By the way, it's old news already.
Second point, you are trying to weave the investigations into this conversation again. Therefore:
Dear Dr. J,
Thank you for you note and your interest in ERHC Energy.
You have pointed to TWO cases out of literally thousands of companies that are investigated by the government. In one of the two cases you cite, the company has actually taken action to satisfy the government by changing its business practices. That’s not possible in our case as there has been no allegation of wrongdoing to correct. So you have ONE case that you have cited in which a company claims the government has closed its investigation.
Could we get such a notification? It is possible, but our legal counsel has told us not to expect it. In the vast majority of cases, no such notice is given and investigations go dormant. Mike Madigan told me he has only seen such an action once in more than 35 years.
We appreciate the energy and passion of our shareholders, but in legal matters we must follow the advice and guidance of our highly competent and experienced legal counsel. Shareholders are welcome to take whatever action they please, but the company does not intend to re-energize an investigation that appears to be dormant.
Sincerely,
Dan Keeney, APR
DPK Public Relations
214-432-7556 (DFW Area)
832-467-2904 (Houston)
www.dpkpr.com
Also interesting by Sfreed:
1. Gregory Craig has been chosen as White House counsel by Obama. The
appointment has yet to be announced. See story at
http://www.politico.com/news/stories/1108/15663.html
2. Michael Madigan is likely to acheive a plumb post in the
administration as well. Madigan, a Republican, aggresively supported
Obama. Rumors are he'll end up near the top of the DoJ or a similar
position that would utilize his legal skills.
What do I think this means? Craig will have no time nor will he want
to risk his reputation in chasing ERHC. There are plenty of bigger
fish to fry and ERHC is no longer low hanging fruit. I would also
think that Madigan in a position of authority in DoJ or similar can
only be good for ERHC as well.
He is just a nervous guy, by nature.
What's your point?
You actually did say nothing in your post.
Common sense is: SEO has told the company that he is not selling under $10,-
I did not claim I was present when he said it, I claim it is sheer common sense.
So, what's you point exactly?
". . .what he does when the time comes to do it and money is on the table."
Which money? North of $10,-
How come I'm dead wrong?
"Did Offor tell the company or anybody else he wasn't selling below $10? Maybe and maybe not."
Of course he did. He IS the company. Do you really think he has no or very limited contact with company's management? Mwhaaa.
As far as I know Bovell is still with the company. Otherwise he would be flipping burgers by now.
Or do you think that Bovell went to a fortune teller, and that's where he heard it?
Deadwrong? I don't think so.
Watch the presentation again, he did not quite say "well, I also heard some rumours that our largest stakeholder is not selling until the share price will hit $10,-"
The power a 2% holder has:
"Dutch daily Financieele Dagblad reported Monday morning that British hedge fund TCI has threatened to take legal action against ABN AMRO, which is currently in merger talks with Barclays, unless the Dutch banking giant considers other offers for its business. TCI (The Children's Investment Fund Management) urged ABN AMRO in February to either break up or sell itself, triggering its talks with Barclays; the funds owns about 2% of ABN. TCI insists ABN should consider all options before agreeing to the Barclays deal; Barclays and ABN have reportedly agreed to exclusive talks for 30 days. The proposition calls for a combined bank that would be listed on the London Stock Exchange and headquartered in Amsterdam; the CEOs of both companies would co-head the new bank. The merger would create the world's #5 bank with a market value of over £80 billion.
http://seekingalpha.com/article/30686-hedge-fund-threatens-legal-action-unless-abn-amro-listens-to-all-offers
SEO owns 42%, not 2%, and if Bovell is claiming something (anything) in regards to the 42% holder, it is TRUE.
Nothing period Topshelf.
Plain common sense.
We know that for sure. As far as I know Bovell is still with the company.
Otherwise he would be flipping burgers by now.
By the way: it seems to upset you all. why?
Are you accusing me of pumping the share price?
Then I would suggest you go back two years and read how the board thought I was JOE BLOG bashing the stock.
PERIOD.
It's a FACT that SEO has told the company (and not his wife or his pet) that he was not selling below $10,-
Or do you think that Bovell went to a fortune teller, and that's where he heard it?