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you won't be able to come up with a complete list because most stock is held in "street name" by your brokerage. Not all shareholders will be registered with the transfer agent or even hold the stock for any period of time, a day trader could be in and out of the stock every day or once in a blue moon. Stock in market maker hands can be sold again before the transfer is final.
The best you will be able to do is count shareholders the transfer agent knows about and how many street name accounts & estimate a average number of shares per stockholders. The company will have the list of proxies filled & know how many shares that represents.
A ompany already loosing money with net operating losses has no use for another 5,000,000 in theift losses.
Interestingly enough, Total has two drill ships at Akpo finishing the development. Is the delay ask for in the JDZ to give Total time to finish Akpo development and shift their Drill ships to the JDZ for additional test wells, just a thought.
The last news item I saw on Akpo said they were producing 170,000 of planed 225,000 bl per day or about 75% & that was supose to be by 12/31/2009, the article was several months before year end.
Bomu-1 was anounced as a billion barrel find, just my guess, Chevron only has this block in the JDZ, the first block awarded & they did not get anything in block 2, 3 or 4 & they see this as too isolated from any other chevron developments - too much overhead to run, while Total has a FPSO with 200+ staff abord just to the northwest. Already working on three developments in that block.
I think the first exploratory well was drilled in 2000 and development started sometime in 2005, I have not seen an update recently but late in 2009 they were still drilling on the 42 wells that will make up the development. They may have completed by now, think 42 wells with 30-45 days drilling each + completion and hooking into complex system involving big FPSO that powers all wells manifolds etc.
There are forty two wells in the last Akpo plan I saw on line, down two from the previous plan. twenty water injection wells, two gas injection wells and 20 wells bringing gas and condensate to the FPSO. I don't know how many are finished, the last news item I saw said they were producing 170,000 barrels per day of a planned 220,000 barrel per day at full production.
There are two drill ships leased to Total doing the wells one drilling them and the other completing and hooking them into the system.
Krom, one of my stocks on the NY exchange anounced earnings yesterday $.42 per share $.24 more than the street estimate of $.18, best quarter in the companies history. Today the stock is down $.05 or .25%. The markets never seem to make any sence, Why when they anounce, not just better results but more than twice extimates would it go down?
Troy, I belive that the nature of the find is causing some, if not all the delay. We are next to Akpo and I believe we have a simular find, with high pressure and tempature and the related problems they cause for development (per the Total-Akpo development article, not my meger experiance). Someone posted before that when the gas cap on Bomu-1 was pearced it lifted the whole drilship in the water. This is why I think we will see Total in the JDZ, just how I don't know yet.
This pressure is being increased by not releasing the results JIMHO. Without publication of results the smaller players will have trouble getting any financing based on JDZ assets.
Ponzi because his .60 shares cost him something like .025 each, why pay a dept with dollars when you can pay it with pennies.
This is one of the things I see as most important in what is happening with the JDZ. Addax has another block in the same area they have to drill by this summer, if they wern't finding what they wanted to in the JDZ they could have used the forth well slot to drill OPL 291 instead of the optional well in block 4. They chose to drill Oka East and still have to drill in OPL 291.
I also think Totals interest in the area may have to do with our release of drilling results. If Total is now reviewing all of Addax and Sinopec's drilling information while working a deal to buy in I don't think Addax is going to want to release any information that Total might not agree with. Oil companies have been known to give prospective buyers info that the public, including their shareholders haven't seen. Why not get a second opinion from the people who developed very simular real estate.
Stass, Addax has a block near the Jdz that they have a well requirement by June of 2010 (check me on this Yankee Mike) that they could have drilled instead. they now have to "find" a drill ship to complete that lease requirement.
Freom what I have seen all drill ships are on african time. Our contract was for four wells and a minimum of 120 days. the next contract was made for the day after we had our 120 days in we were schedukleded to get the pathfinder in late July, it was august 25 or 26 before it reached the JDZ, so it started out a month late, by the calendar, it should have left, according to schedule in november, instead it was janury.
The sinopec profit margin is down because they don't control the sales price, the chinese government does. The price of oil they pay is based upon the international market price, the sales price is controled and the government was very reluctant to allow any price increases. Sinopec profit margins are compressed between the fluciation of the world oil prices and arbitrary sales prices set by the chinese government
the article posted earlier this week said there were two drill ships at Akpo, one drilling wells and one completong them
JDZ being significantly larger means significantly more oil - NSAI numbers were doubled during development and Total stated they may still be 30% under actual.
It has to be within the states corporation act and the corporation choose to have it in its bylaws. The various states have different requirements and thats why someone like ERHC would be domiciled in Houston TX and incorporated in Colorado, when I first started in accounting Delaware was the state of choice, I think a lot of states have changed their laws over the years because I am not aware of there being a state of preference right now. I am in Illinois and we have a lot of companies incorporate here, 20 years ago no one was setting up an Illinois corporation. Had to do with number of directors, even a single stockholder company had to have three directors who got to run their board of directors, you had to give up control of your wholly owned corp.
It's called cumulative voting and it's depends on which state you are incorporated in weather it is in effect for you. I don't know if Colorado has a cumulative voting law of not.
You might be having trouble reaching him because his info did not come through or because it is getting ready to and he doesn't want to jump the gun, we can always hope. March 31 would be a good day for a PR
No, I spent my available cash before the run up in the .50s, thats what lowered one blocks ave price to .62x, if it got down to .50 I might try and squeeze some more blood out of the turnip.
It seems to be in my buying range I have two blocks of stock one with ave price of .62x and the other with ave price of .67x so .58 would lower either average but seems to be in the range I have usually bought at.
Your double counting shares, the shares of the two Chrome entities are also shown as Offors since he owns the Chrome entities. Look for the footnote.
Remember Offor has political connections. The marginal fields initative and the delta peace program have opened up new avenues. Both progams, the reclaming of known oil leases that have not been developed to new owners and the need to develope 15,000 jobs for former rebels, good jobs to keep the peace, offer new revenue sources, that someone with political connections can capitalize on.
These opertunities didn't existthree years ago, the jobs bills have been delayed by the presidents illness, everything has just sat and waited.
Julius, the first well in Akpo was drilled in 2000, it was suppose to come into full production in 2009 or early 2010. However you count it that is at least 8 years from the first well drilling to start of production. We have money for five.
Unless we get Totals expertise involved and can cut development lead time we need the marginal field income. The FPSO was started in 2007 and delivered in 2009. I didn't see any drill ships setting around waiting for contract the last time I visited rigzone, in fact I was surprised at the number of long term (at least five year) contracts listed on the listed drill ships. Akpo was 42 wells at 30 days average each we are talking almost four years, with running casing, over four years of drill ship time. I am unsure if five years cash is enough. We need to add a safty margin through our EEZ blocks the marginal fields or maybe revenue from a oil servicing company, maybe from all three, to insure we make it till money starts to flow in from the JDZ.
Ponzi, ERHC is not close to the requirements to be listed on NASDAQ. One of the requirements is a minimum share price of $5. Their are also requirements for net income, which ERHC has none.
SEO may not be on the forbes list, I don't know the rules & procedures to be listed there. SEO has admitted to the press he is worth 3,000,000,000 - most news sources I have seen have said 6 billion - One question I have always had is whose money is it. Seacrest at least is partially someone elses money.
What makes you think he has no results. SEO could know everything there is to know about the drilling results. Officially, unoficially or under the table. Just because we have to wait dosen't mean there aren't people in the know. Peter knows a lot more than he is in position to tell us. Bovell knows, only we don't.
I believe that when Mark tried to contact his source in September of 2009 that person was on the Deepwater Pathfinder with other JDZ personnel. Mark expected to hear some news the next week when they were back at the JDZ offices, but only got generalities, drilling going well, geoligists happy with what they are seeing, etc.
ssc, the chinese had to ground their public transit bus fleets last winter because of their natural gas shortage. They had the choice of heat or public transit and chose heat. I don't think they are going to want to sit on a large natural gas source when there is shortages at home. Not good politics.
Tap, thats about what I was looking for only it started with Royal Dutch Shell, if memory serves
Tapco, thanks, but this list is showing total right behind Chevron also. I was trying to find the list I had that showed it ahead, without any luck. Anyway it shows Total as a major player in the oil industry. Number 5 in size to Chevrons #4.
night, sorry but I have tried several serches and was unable to find the list I had before, I did not save it and can't remember what I serched for before. The ones I have found show Total to be a little smaller than Chevron, both are still smaller than Exxon, but none of the list I found are what I had before. All show that there are bigger companies than Exxon, the list I had showed Exxon as number one.
Total being smaller than Chevron is still one of the top 10 companies on the list I found and not going to be investing in second rate leads, the are going to be competing with Chevron for the top finds, which id=s what I was trying to point out to our current spreader of doubt and gloom. Total is not going to be wasting their resources on marginal finds cast off by other major oil companies as not worth their time and money.
Total has the same range of foriegn investments available to it as the other big boys. They are going to be interested in block 1 because it makes sence, not chump change. The original announcement from the JDZ was Obo-1 was a billion barrel find on its own. It was also very high pressure, just like Akpo. The FSPO (or FPSO, depending on which site you look at) for Akpo cost $850,000,000, that doesn't count the cost of 42 wells numerous manifolds pipes etc. Total is not going to be interested in buying marginal production with complicated development and recovery costs. If there is not significant oil and gas Total will use their technical ability where there is. The expertise they have developed is not cheap and is not going to be wasted on marginal production
Sidewinder, Chromes shares are included in Offors because Offor owns all of Chrome. Offor owns 4,000,000 shares in his name and the rest of his interest is in Chrome. You are double counting Chrome, Offor holds, in his name and through Chrome a little over 42% of the outstanding shares.
Total in size is second to Exxon and larger than Chevron, why would anyone think they are not looking at their oil investments in the same way. We are not talking about some pissant also ran oil company, but one of the worlds largest and most sucessful. If they are looking to buy Chevron out it's because it works in their development strategy. Total has two major fields within a few miles of the JDZ, Chevron has nothing other than block 1. Total has the experiance of just developing the Akpo and Egina and Egina South fields, they have a staff in place ready to develop another field of the same type, chevron has no one in the jdz since their drill ship left in 2006. They have staff in Nigeria, but that is shallow water and on shore developers. How many staff does total have to add to move in another development, my guess is not many. Chevron would have to start from scratch, and maybe hire some of these same people from total, at higher salaries. The deal makes sence if there is a lot of oil and gas in the JDZ, but total is not interested in marginal fields in deep water, don't try to treat us like unknowing children. We are not going to give you our ugly green paper for your shinny dimes.
alwright, I think SEO knows exactly how much he will settle for per share, I also don't think selling is his only plan, but I think there is a number he will sell for. People like him always have multiple plans in tghe works and I am sure his number has changed over the years. With each milestone there is a change either up or down depending on what the milestone represents. He just hasn't shared them with us, I am sure EEZ block 4 & 11 made a difference, to him.
Hunter, I said I hadn't seen any backup for the number being real except for the comment at the Q & A, I didn't say I don't like the idea of $10.00, nice round number. My expectations are that to get SEO to sell the share price would have to be over $10, I just have no reason to believe he is wanting to sell or anyone is wanting to buy. For all I know SEO wants $6.37 per share, but I would rather he hold out for $10.00 or untill thew share price gets up to $10.00, I'll be happy either way
Thats where I saw it before, in one of the old posts. I thought it was Bovell but wasn't even sure of the spelling of his name. I think the $10.00 was representing a big share price increase. Do you happen to know what we were selling for then? I always seem to end up with a basis in the 60's. I have two blocks of stock one with a .62x average price and the other with a .67x basis. It seems I am never paying attention when something like the .11 per share occcurs. $10.00 my never have crossed SEO lips, but it is something to dream about, and now it may be $5 or, in our dreams $15. It may represent a figure SEO knows no one will offer because he wants the power the company can develop, I think at one time we were chrome something.
Thanks Mike, that is what I had seen before. I think that it was not indicating any firm number but that someone was going to have to cross the $10 threshold to even talk sale.
My opinion has always been that a sale is on the table because no outcome is ruled out. SEO thinks he will make more by holding through development he will, but there is the time value of money. Somewhere there is a price that would sell us off tomorrow, the question is wheather anyone is willing to pay it. I also believe that price is not static, these five wells have surely changed it. I hope up, but intill we get drilling results who, besides SEO can tell. I think $10.00 is a good round number that would REALLY effect my bottom line, but we won't know till someone hits it. Someone a few months ago said their guesstament was $27.75.
I never thought there would be a pre drill butout, too many uncertanties for what ever price SEO would accept. There are chinese in prision or dead for making deals like that. Even with five wells drilled there is the fate of block 5 & 6 and our two 15% EEZ blocks and there is no EEZ production agreement yet. Everything that falls into place helps define what that price is, my hope is that we find out some of the unknowns and they start being reflected in our stock price. My personal feeling is that the new oil law, the marginal field initative and the delta truce have all changed the playing field and SEO can see ways to profit from all of them.
When I decided to invest in ERHC is was because of this situation not in spite of it, I don't care if SEO makes himself another 6 billion, as long as he make me proportinately wealthy. I'll settle for three or four dollars a share, I'll happily settle for four to six per share, I'll be estatic at $10.00 and run out of ways to express my happiness at $27.75.
The wording of Obo-1 not being commercial on its own came from chevron's anouncment they were commiting to phase 2 drilling a year ago. Their manager in Nigeria was the one who first said this I believe in 2007.
There have been links posted on the board, but you have to be a paid member to serch for them. I am not & cannot spare the time to go through the archives again. I spent cosiderable time last spring going through old posts and only made a dent in them.