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Everyone hold tight, with any luck and news starting to get out we should all be very happy with ERHC soon. I am hoping for this week. Best of luck to all of us.
Reuters UPDATE - ChevTex, Exxonmobil win Nigeria-Sao Tome oil block
Saturday April 24, 10:03 am ET
ABUJA, April 24 (Reuters) - U.S. oil giants ChevronTexaco (NYSE:CVX - News) and ExxonMobil (NYSE:XOM - News) have won rights to drill for oil in the highly sought after block one of Nigeria and Sao Tome's Joint Development Zone in the Gulf of Guinea, the licensing authority said on Saturday.
The Joint Ministerial Council which takes political responsibility for the JDZ said Chevron which won a 51 percent stake, will operate the block. Exxonmobil has 40 percent, while Norway's Equity Energy Resources has nine percent.
The council said it will announce winners of the seven other blocks in the zone at a future date.
"The JMC will deliberate further on the results of the other blocks and the decisions will be communicated in due course," the council said in a statement after a meeting in the Nigerian capital, Abuja.
The award of the priced block is the highpoint of a six-month licensing process of nine offshore blocks which marks the first steps of the tiny island nation of Sao Tome and Principe into the world of big oil.
ExxonMobil and little-known Environmental Remediation Holdings Corp (OTC BB:ERHC.OB - News) had exercised pre-emptive rights to minority stakes in seven of the nine blocks, which the companies earned by doing preliminary exploration work for Sao Tome prior to the establishment of the joint authority in 2000.
Exxonmobil took 40 percent in block one, while Texas-based ERHC, a subsidiary of Nigeria's privately-owned Chrome Energy, claimed a 30 percent option in block two, the second most sought-after acreage.
The Gulf of Guinea, shared by Nigeria, Cameroon, Equatorial Guinea, Gabon and Sao Tome, has seen a swathe of huge oil discoveries in deep ocean depths over the past decade.
The United States sees the area as a strategic supplement to its oil supplies from the war-torn Middle East.
The nine JDZ blocks are thought to hold some 10 billion barrels of hydrocarbon.
Each bid comprised signature bonuses to be paid up front, production bonuses to be paid after a certain volume of oil has been produced, and community projects planned in Nigeria and Sao Tome.
Revenue from any oil produced from the area will be split 60/40 in favour of Nigeria, according to terms of the bilateral accord.
In October's bidding round, the highest bid was $123 million offered by ChevronTexaco for block one, the second highest was for block two, where Nigerian dredging company Foby Engineering bid $113 million. Foby was also top bidder for block nine.
Sahara Energy was the top bidder for blocks three and five, ECL International lead the pack for block four, Maurel et Prom was top bidder for block six, and Fusion (London:FOG.L - News) was sole bidder for block seven. Block eight attracted no interest.
The two governments had said they would consider technical criteria such as experience in deepwater exploration and production, local content and financial capability of the bidders in selecting winners.
Supermajor hints at exiting round for oil acreage in Gulf of Guinea
ExxonMobil goes to brink on JDA
23:04 GMT
US supermajor ExxonMobil is again hinting at pulling out of the licensing round organised by the Sao Tome & Principe-Nigeria Joint Development Authority for the disputed maritime zone in prospective Gulf of Guinea.
Block-1 is still tipped for ChevronTexaco, but ExxonMobil insists it should have operatorship.
ExxonMobil did not bid in the round but, along with US-Nigerian minnow Environmental Remediation Holdings Corporation (ERHC), enjoyed priority rights to specified equity in blocks of its preference.
ExxonMobil did pick 40% of block-1 but declined to go further, leaving ERHC with twice the equity it had originally hoped for in a raft of six picks in the nine blocks on offer.
ERHC chose bonus free picks of a 15% working interest in block-6, 20% in block-3, 30% in block-2, 25% in block-4, while exercising its option to pay a capped signature bonus for a working interest of 15% in block-5 and 20% in block-9. It was not permitted to choose block-1 since ExxonMobil had exercised its own priority rights there, but still bid for it in the formal round.
It is understood only four blocks will be awarded and the remainder with ERHC's prior choices attached left for a second JDZ licensing round later this year.
However, ExxonMobil is unlikely to formally walk away from block-1 unless it can first secure a reversion to the original deal struck for Sao Tome's Exclusive Economic Zone (EEZ).
Under the old Technicial Assistance Agreement, later superseded by the bilateral treaty setting up the JDZ round, ExxonMobil would have secured the bulk of Sao Tome's offshore with the proviso it fast-tracked exploration and production within an 18-month period.
It would nonetheless have to contend with ERHC's own preferential rights to the Sao Tome EEZ, both in terms of acreage and signature bonus waivers. Awards are due at the end of next week following a meeting of the JDA's Joint Ministerial Council. Abuja is thick with intrigue as oil officials, bidders and their fringe suitors get caught up in a deal-making frenzy.
ExxonMobil, meanwhile, would enjoy greater control by dealing directly with the government of Sao Tome over the EEZ.
For now though, players have been keeping their powder dry on EEZ pronouncements.
If a second JDZ round were to emerge later this year, it could dilute the interest in Sao Tome's own EEZ.
For its part, Sao Tome would want to move swiftly on licensing its own patch since it desperately needs the revenue.
Meanwhile, ERHC is sitting pretty and wants to protect what it is lined up for. In a letter to the JDA board chairman Tajudeen Umar, ERHC's president Chude Mba alluded to a transparency issue which might affect results.
ERHC was supposed to be the last to decide. In the event, Mba was invited to exercise his rights before time and without the information legally required from the JDA, such as the names of all the parties to each PSC along with evidence of finally agreed commercial terms.
Consequently, Mba insisted that in accordance with Clause 4.2 of the JDA Agreement, "neither the percentage nor the value of any working interest which ERHC has elected to receive will be diminished or reduced in any way, (whatever) arrangement the JDA may have or subsequently conclude with any other party".
HOUSTON (April 21, 2004 ) –
Source: Environmental Remediation Holding Corporation
ERHC Exercises its Preferential Rights in the JDZ between Nigeria and Sao Tome and Principe
On April 14, 2004 and April 20, 2004, Environmental Remediation Holding Corporation (“ERHC”, “the Company”) (OTCBB: ERHC) submitted 8-K reports to the Securities and Exchange Commission (“SEC”) concerning the Company’s exercise of rights in the Joint Development Zone between Nigeria and Sao Tome (“JDZ”) under the April 7, 2003 Administration Agreement with the Nigeria-Sao Tome & Principe Joint Development Authority (“JDA”).
The following represents the choices made by ERHC and the status of any Signature Bonus payable by the Company for each relevant block:
Choice 1 15% Signature Bonus Free Block 6
Choice 2 15% Signature Bonus Payable Block 5
Choice 3 20% Signature Bonus Free Block 3
Choice 4 30% Signature Bonus Free Block 2
Choice 5 25% Signature Bonus Free Block 4
Choice 6 15% Signature Bonus Payable Block 9
This exercise of ERHC's rights was subject to the following condition: if no license is awarded or a license is awarded and subsequently withdrawn by the JDA prior to the commencement of operations, for any reason (for example, a failure by the licensee(s) to meet the signature bonus conditions), ERHC will be entitled to receive its nominated percentage working interest in that block in any future licensing of that block.
At the time of this press release, the Company has not been informed of the timing of any Joint Ministerial Council meeting or other actions that may be taken by the JDA in order to formally award working interests in any of the JDZ blocks.
This press release contains certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this release, these forward looking statements are subject to risks and uncertainties, including government regulation, competition, capital resources, general economic conditions, and other risks detailed in ERHC’s SEC reports. These forward-looking statements can be identified by the use of terminology such as “intends,” “may,” “will,” “should,” “could”, “expects,” and “plans”. Forward-looking statements in this release include the ability of ERHC to exploit its oil and gas exploration concession in Sao Tome and its ability to locate, acquire and develop high potential oil and gas prospects.
For further information, contact:
John Coleman at ERHC, (713) 626-4700
or Mickey Gentry at Ward Creative Communications, (713) 869-0707
ENVRNMTL REMDATN (OTC BB:ERHC.OB) Quote data by Reuters
Last Trade: 0.945
Trade Time: 4:00PM ET
Change: 0.04 (4.42%)
Prev Close: 0.905
Open: 0.905
Bid: 0.945 x 2500
Ask: 0.95 x 2500
1y Target Est: N/A
Day's Range: 0.875 - 0.95
52wk Range: 0.11 - 0.935
Volume: 4,690,436
Avg Vol (3m): 1,692,318
Market Cap: 561.65M
P/E (ttm): N/A
EPS (ttm): -0.005
Div & Yield: N/A (N/A)
Form 8-K for ENVIRONMENTAL REMEDIATION HOLDING CORP
-----------------------------------------------------------------
20-Apr-2004
Other Events and Financial Statements & Exhibits
ITEM 5. OTHER EVENTS
On April 16, 2004 Environmental Remediation Holding Corporation ("ERHC") received a letter from the Nigeria-Sao Tome and Principe Joint Development Authority ("JDA") responding to ERHC's submission of exercising its preferential rights in the Nigeria-Sao Tome and Principe Joint Development Zone as filed as Exhibit 99.1 in the Company's 8K filing of April 16, 2004. A copy of the letter is attached hereto as Exhibit 99.1 and is incorporated herein in its entirety by reference into this Item 5. On April 19, 2004, ERHC responded to the April 16, 2004 letter and resubmitted its letter exercising its preferential rights. On April 20, 2004 the JDA replied to ERHC accepting the contents of ERHC's resubmission letter. The April 19, 2004 response by ERHC including the JDA acceptance thereon is attached hereto as Exhibit 99.2 and is incorporated herein in its entirety by reference into this Item 5. The information furnished in this Item 5 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
Exhibit Number Exhibit Description
-------------- -------------------
Exhibit 99.1 Letter Dated 16 April 2004 From
Nigeria-Sao Tome and Principe Joint
Development Authority
Exhibit 99.2 Letter dated 19 April 2004 To
Nigeria-Sao Tome and Principe Joint
Development Authority evidencing
acceptance of the letter by the JDA
04/20/2004 Dow Jones News Services
ABUJA (Dow Jones)--The long-delayed awards of nine offshore oil blocks shared between Nigeria and Sao Tome and Principe will be announced soon, possibly this week, the head of the joint development authority overseeing the tenders said Tuesday.
"We look to having results out towards the end of this week," Tajudeen Umar, chairman of the of the authority said in a speech at an oil and gas conference here.
The Joint Development Authority, made up of government
representatives of Nigeria and Sao Tome has delayed for nine months announcing who will get the licenses for the blocks estimated to hold as much as 14.4 billion barrels of oil.
The blocks will be distributed after ExxonMobil Corp. (XOM) and Nigerian company Environmental Remediation Holding Corp. exercise their preemptive rights on the blocks.
ChevronTexaco Corp. (CVX) and Statoil ASA (STO) were the only majors to bid.
The authority will try to distribute licenses evenly with
international and local companies sharing blocks, Umar said. About a third of the bids went to block 1, thought to be the richest in oil deposits.
Umar said production sharing agreements and operating agreements
could completed by the end of June.
Umar said oil is expected to be produced from the zone in last
quarter of 2007.
-By Vincent Nwanma, Dow Jones Newswires; +234 1 585 0849;
vinwanma@b...
(Shai Oster in London contributed to this article.)
(END) Dow Jones Newswires
Nigeria/Sao Tome oil licenses may hold surprises
Tue Apr 20, 2004 07:50 AM ET
ABUJA, April 20 (Reuters) - The list of winners for a landmark oil exploration licensing in Nigeria and Sao Tome's joint development zone may hold some surprises, authorities said on Tuesday. The two countries began the licensing process for nine offshore blocks in the Gulf of Guinea last October, marking Sao Tome and Principe's first steps into the world of big oil.
While the list of signature bonuses from October's bidding round has already been published, other elements of the bids such as technical and financial capability, production bonuses and community projects could still change the shape of the list of winners, organisers said. One of the nine blocks attracted a $123 million signature bonus from ChevronTexaco (CVX.N: Quote, Profile, Research) , which Tajudeen Umar, chairman of the joint development authority, said set a new global record in terms of dollars per square km. But the signature bonus alone does not guarantee the company's success. "Chevron had the highest signature bonus, but it was not the highest commercial offer," Umar told reporters at an industry conference in the Nigerian capital. The authority is set to announce the final winners within two weeks, he added.
The Gulf of Guinea, shared by Nigeria, Cameroon, Equatorial Guinea, Gabon and Sao Tome, has seen a swathe of huge oil discoveries in deep ocean depths over the past decade. The United States sees the area as a strategic supplement to its oil supplies from the war-torn Middle East. Umar said there would probably be multiple partners on the nine blocks as the authority "normalised" the bids prior to announcing a winner.
Each bid comprised signature bonuses to be paid up front, production bonuses to be paid after a certain volume of oil has been produced, and community projects planned in Nigeria and Sao Tome.
There are also technical criteria such as experience in deepwater exploration and production, local content and financial capability to be considered in the final decision by the two governments. "Very probably there will be multiple partners on all the blocks because very often the best commercial offer was not the best technical offer and vice versa," he said. U.S oil giant ExxonMobil (XOM.N: Quote, Profile, Research) and little-known ERHC have both exercised pre-emptive rights to minority stakes in seven of the nine blocks, which the companies earned by doing preliminary exploration work for Sao Tome prior to the establishment of the joint authority in 2000.
Revenue from any oil produced from the area will be split 60/40 in favour of Nigeria, according to terms of the bilateral accord.
In October's bidding round, the highest bid was $123 million offered by ChevronTexaco for block one, the second highest was for block two, where Nigerian dredging company Foby Engineering bid $113 million. Foby was also top bidder for block nine.
Sahara Energy was the top bidder for blocks three and five, ECL International lead the pack for block four, Maurel et Prom was top bidder for block six, and Fusion (FOG.L: Quote, Profile, Research) was sole bidder for block seven. Block eight attracted no interest.
Gigwoof, I argee 1000%! Please keep up the DD. Great posting don't stop. Looking forward to more.
Hi Gigwoof, I agree Barry Morgan may not be ERHC's best friend but looking at the big picture ERHC may being walking away with a bigger slice of the pie with this news. I am hoping for all of us long's that this is the case. As we all know more news is due out very soon from the JDZ and we can only hope that ERHC will we the operator of one of their bids. If that is the case then more news should be out on a JV partner. Which I now the price will only go up. That is great news for all of us longs. Keeping my fingers crossed for all of us.
Authority is still weighing up bids as decision day for blocks looms
Players wait for JDZ award news
23:05 GMT
International explorers and local independents were on tenterhooks this week as the Joint Development Authority (JDA) evaluating licensing round bids in the Gulf of Guinea moved into its final week of deliberation.
Officials from Nigeria and Sao Tome & Principe will convene a Joint Ministerial Council to announce awards "shortly after 15 April, but a firm date has not yet been set," a spokesman said.
ExxonMobil has exercised its option to take a 40% stake in block-1 in the Joint Development Zone (JDZ), and is still considering similar options to acquire 20% and 25% in two further blocks of its choice under a priority rights protocol included in a bilateral treaty signed between the two countries.
Officials confirmed ExxonMobil had not yet fully exercised its options but dismissed reports that the supermajor declined because of price worries.
Environmental Remediation Holdings Corporation (ERHC), which has secondary preferential rights, has already submitted its options and the JDA may have difficulty unravelling the process to permit ExxonMobil's late entry. ERHC has also started preparing to offload a small portion of shares ahead of what it hopes will be a steep recovery in its stock price.
Bids were put in for most of the nine blocks on offer, with several attracting putative signature bonuses of over $100 million dollars while others barely attracted interest.
It emerged this week that JDAofficials were considering going ahead with only four block awards under the round, saving the remaining five for a subsequent rebid, possibly this year. One source suggested the second round may wait until the JDZ flows first oil, entrenching confidence in the acreage and raising bids.
Meanwhile, industry sources said the JDA had already made key decisions on operatorship.
ChevronTexaco remains frontrunner for operatorship of JDZ block-1 which abuts Total's OPL-246. The border area is already known to be prospective through 3D seismic shot by Petroleum Geoservices, most notably hosting the large structure that is thought to straddle the boundary.
Following an abortive attempt two years ago to wrest control of the southern part of OPL-246 from the JDZ, Total has accepted that the structure can no longer be deemed as falling within its production sharing contract for OPL-246 since only a fraction remains north of the border.
barry.morgan@upstreamonline.com
ENVRNMTL REMDATN (OTC BB:ERHC.OB) Quote data by Reuters
Last Trade: 0.75
Trade Time: 3:51PM ET
Change: 0.14 (22.95%)
Prev Close: 0.61
Open: 0.61
Bid: 0.74 x 2500
Ask: 0.7499 x 2500
1y Target Est: N/A
Day's Range: 0.585 - 0.80
52wk Range: 0.11 - 0.65
Volume: 5,240,537
Avg Vol (3m): 1,339,090
Market Cap: 445.75M
P/E (ttm): N/A
EPS (ttm): -0.005
Div & Yield: N/A (N/A)
Only a quess! But from past history I am hoping for the .90+ range... Best of luck to all of us.
ERHC MAKES THEIR PICKS to the JDA - NEWS OUT
Summary of Exercise Notices attached to Letter Dated 13 April 2004
Attached to Letter Dated 13 April 2004 to Nigeria-Sao Tome and
Principe Joint Development Authority were six (6) "Exercise Notices" as required by the Administration Agreement dated April 7, 2003 and filed as Exhibit 10.2 in the Company's 8K filing of April 16, 2003.
The Option Agreement dated April 2, 2003, by and between
Environmental Remediation Holding Corporation and the Democratic
Republic of Sao Tome and Principe and filed as Exhibit 10.1 in the Company's 8K filing of April 16, 2003 set forth the status of any Signature Bonus that may be payable by the Company
The following is the relevant information contained in each Exercise Notice and the respective status of Signature Bonus for each block.
Choice Working Interest Chosen Status of Signature Bonus
Payable by the Company
Choice 1 Interest 15% working interest in Block 6 Signature Bonus
Free
Choice 2 Interest 15% working interest in Block 5 Signature Bonus
Payable
Choice 3 Interest 20% working interest in Block 3 Signature Bonus
Free
Choice 4 Interest 30% working interest in Block 2 Signature Bonus
Free
Choice 5 Interest 25% working interest in Block 4 Signature Bonus
Free
Choice 6 Interest 20% working interest in Block 9 Signature Bonus
Payable
peterpiper, I like the way you think, ERHC should go up and up as news gets out. The slow part is waiting on the news. Best of luck to all.
Hi flow, What a nice day for ERHC high .525 great Vol. Looking forward to your postings.
Red, you found us over here. Great to see aboard IHUB. You are a well informed ERHC fan and investor from EF & RB. Please stick around IHUB we would enjoy your input.
chcr
ERHC Receives Notification on Exercise of Preferential Rights in the JDZ
Wednesday March 31, 10:08 am ET
Press Release Source: Environmental Remediation Holding Corporation
HOUSTON--(BUSINESS WIRE)--March 31, 2004--On March 29, 2004, Environmental Remediation Holding Corporation ("ERHC", "the Company") (OTCBB:ERHC - News) received a "Notification On Exercise of Preferential Rights in the JDZ" from the Nigeria-Sao Tome & Principe Joint Development Authority ("JDA") inviting the Company to exercise its preferential rights in the Joint Development Zone between Nigeria and Sao Tome ("JDZ").
The Company will respond in accordance with the terms and conditions of the "Administration Agreement" of April 7, 2003 between the JDA and ERHC.
This press release contains certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this release, these forward looking statements are subject to risks and uncertainties, including government regulation, competition, capital resources, general economic conditions, and other risks detailed in ERHC's SEC reports. These forward-looking statements can be identified by the use of terminology such "intends," "may," "will," "should," "could," "expects," and "plans." Forward-looking statements in this release include the ability of ERHC to exploit its oil and gas exploration concession in Sao Tome and its ability to locate, acquire and develop high potential oil and gas prospects.
--------------------------------------------------------------------------------
Contact:
Environmental Remediation Holding Corporation, Houston
John Coleman, 713-626-4700
or
Ward Creative Communications
Mickey Gentry, 713-869-0707
Upstream...News...
Licence launch in Gulf of Guinea
Sao Tome and Nigeria licences in joint acreage due 'within days'
ACREAGE awards under the licensing round jointly administered in the Gulf of Guinea by Nigeria and Sao Tome and Principe may emerge in days, according to insiders. Although Sao Tome is understood to prefer to wait for a summit between leaders before making announcements, the Abuja-based Joint Development Authority is looking to press ahead without delay.
Frustration was building this week within the JDA at what is
perceived as the brinkmanship of supermajor ExxonMobil, which has
exercised its option under a preferential rights package to take 40% of choice block-1 of the Joint Development Zone.
It has yet to indicate in which additional two blocks it wants to
exercise a 25% option but may get documentation this week despite
having already over-stretched the deadline if the JDA makes it clear the round will simply go ahead without them.
Last week it emerged that ExxonMobil had even considered deferring its right to exercise additional preferential rights in the JDZ until the next round, or even rejigging its agreement for preferential application to Sao Tome's Exclusive Economic Zone.
According to some, Exxon-Mobil remains unhappy with having to work with Environmental Remediation Holdings Corporation (ERHC), which enjoys secondary preferential rights to JDZ acreage and priority access to Sao Tome's EEZ.
However, it is seen as likely the supermajor will play ball and
relinquish demands for an operatorship as further delays could
scupper confidence in the round, which has already been beset by a persistently unstable administration in Sao Tome itself.
ExxonMobil is likely to win some 25% in block-2, at least while
ERHC, a Nigerian-led US outfit, is understood to have rovisionally secured a 10% stake in the most highly prized block-1, which lies south of Total's billion-barrel Akpo field on Nigeria's OPL-246.
ERHC is likely to enjoy a presence in blocks-2, 3 and 4, but even
seasoned observers concede the situation remains fluid.
Meanwhile, the authority is putting the finishing touches to its
awards. "It knows what it's doing and is now determined to proceed rapidly," a source said.
The Nigerian companies that bid will also get a fair crack of the
whip since Abuja is keen to grow local content and develop upstream expertise and increase exposure overseas. Local independents have in recent years taken up positions in the Ivory Coast, Sierra Leone and Equatorial Guinea.
Operatorship of block-1 is still tipped to go to ChevronTexaco,
which offered $123 million for the privilege, although Nigerian
indie Conoil's bid at just $3 million less is argued in some
quarters to offer greater net present value.
The JDA's strategy will be to spread the equity around so that the majority of players demonstrating firm interest will each get
something.
Setting course: the waters off Sao Tome are home to many
shipwrecks. However, the joint licensing round looks set to start
travelling ahead soon at a steady rate of knots Photo:BARRYMORGAN
peterpiper, I think you are right. The waiting is hard but if we just sit tight I think the news will be out soon and I think the news will be in our favor. Go ERHC Go!!!!!
Press Release Source: Life Energy & Technology Holdings, Inc.
Life Energy & Technology Holdings, Inc. and Diamond Ridge Announce Credit Line of $250 Million
Tuesday March 16, 8:01 am ET
FALLS CHURCH, Va.--(BUSINESS WIRE)--March 16, 2004--Life Energy & Technology Holdings, Inc. (OTCBB:LETH - News; Deutsche Borse DE:LFT) and Diamond Ridge announced today they have closed on a credit line and taken joint control of $250,000,000 to fund the manufacture of Biosphere Process Systems(a) in the United States and overseas based on the same terms and conditions as earlier funding completed with Diamond Ridge. Diamond Ridge is a 20% owner of Life Energy & Technology Holdings, Inc and has filed a Schedule 13D (Rule 13d-101) with the SEC.
Kent W. Trumble, spokesman for Diamond Ridge, said, "We are pleased to expand our association with Life Energy in the waste-to-energy industry, successfully utilizing Life Energy's Biosphere Technology. Diamond Ridge knows that this credit line will allow Life Energy to move forward and implement its world wide business plan. We are delighted to be a part of this innovative company."
About Life Energy & Technology Holdings Inc. (http://www.le-th.com)
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity co-generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM)(b), generates electrical energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of Life Energy's EcoTechnology(TM), safely and efficiently processes traditional and non-traditional waste materials and/or traditional fuels into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural wastes, forestry wastes, agricultural and industrial effluents, medical wastes, industrial wastes, used tires, sewage sludge, shale oil, sour natural gas and many other traditional and non-traditional waste materials.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
(a) Biosphere Process(TM) & Biosphere(TM) are copyright trademarks of the Life Energy Partnership 1995 and the Company.
(b) EcoTechnology(TM) is a copyright trademark of the Life Energy Partnership 1995 and the Company.
-----------------------------------------------------------------
Contact:
Life Energy & Technology Holdings, Inc.
Dr. C.A. McCormack, 866-616-5433
drca@le-th.com
or
Murdock Capital Partners Corp.
Thomas M. Dean/Luis J. Mejia, 212-421-2545
212-421-4460 (fax)
tdean@murdockcapital.com
-----------------------------------------------------------------
Source: Life Energy & Technology Holdings, Inc.
typo...s/b Great reply on RB
Great rely on RB
By: njr45
15 Mar 2004, 09:08 AM EST
Msg. 1724 of 1739
Jump to msg. #
The Barron’s “Burning Questions” story in my opinion is that of the classic freedom of journalism approach to nothing more than character assassination at its finest.
Bill Alpert demonstrates his apparent disdain for John O’Carroll and in the process, by way of proximity to Ireland, paints the LETH guys as one in the same and in so doing, he justifies it all by saying “well, maybe it’s true”.
If this is objective reporting, I’ll eat my hat on main street. This writer should settle his beef with O’Carroll and get a life of his own. Here in Arkansas we would get out the tar and feathers and teach that fella a lesson.
I am long and plan to stay that way!
(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
LIFE ENER&TECH (OTC BB:LETH.OB) Quote data by Reuters
Last Trade: 1.81
Trade Time: 12:39PM ET
Change: 0.18 (11.04%)
Prev Close: 1.63
Open: 1.69
Bid: 1.78 x 500
Ask: 1.83 x 500
1y Target Est: N/A
Day's Range: 1.65 - 1.81
52wk Range: 0.78 - 1.97
Volume: 424,980
Avg Vol (3m): 107,647
Market Cap: 0
P/E (ttm): 0.00
EPS (ttm): N/A
Div & Yield: N/A (N/A)
Press Release Source: Life Energy & Technology Holdings, Inc.
Life Energy & Technology Holdings, Inc. Receives USD$3.5 Million Net Profit
Wednesday March 3, 9:00 am ET
Alia Holdings, pays USD$3.5M, the second payment in a four payment schedule totaling USD$14M
FALLS CHURCH, Va.--(BUSINESS WIRE)--March 3, 2004-- Life Energy & Technology Holdings, Inc. (OTCBB:LETH - News; Deutsche Borse DE:LFT) has received its second payment on schedule from Alia S.A. Alia Holdings S.A., as part of the agreement signed in May, 2003 to purchase 48 Biosphere Process(TM) Systems from LETH today announced that they have received delivery of the second 12 Biosphere Process(TM) for a total of 26 Biosphere Systems and have paid a net payment of USD$3.5 million dollars to LETH. LETH is scheduled to receive an additional USD$7M, the balance on the complete USD$14M contract in the next 6 months.
Dr. Albert Reynolds, Chairman of Life Energy & Technology Holdings Inc., stated, "I am delighted that we have received this second payment and shipped another 12 Biosphere Process(TM) Systems; this brings to 26 the number of Biosphere Process(TM) Systems now in operation. Some of these Biosphere Process(TM) Systems have now been in continual operation for in excess of 24 months, clearly demonstrating the successful implementation of our technology in the marketplace. LETH hopes that this is just one of many successful partnerships LETH will have over the coming year around the world."
About Life Energy & Technology Holdings Inc.
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity co-generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM)(a)(b), generates electrical energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of Life Energy's EcoTechnology(TM), safely and efficiently processes traditional and non-traditional waste materials and/or traditional fuels into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural wastes, forestry wastes, agricultural and industrial effluents, medical wastes, industrial wastes, used tires, sewage sludge, shale oil, sour natural gas and many other traditional and non-traditional waste materials.
Forward-Looking Statement
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
(a) Biosphere Process & Biosphere are copyright trademarks of the Life Energy Partnership 1995 and the Company.
(b) EcoTechnology is a copyright trademark of the Life Energy Partnership 1995 and the Company.
-----------------------------------------------------------------
Contact:
Life Energy & Technology Holdings, Inc.
Dr. C.A. McCormack, 866-616-5433
drca@le-th.com
-----------------------------------------------------------------
Source: Life Energy & Technology Holdings, Inc.
Press Release Source: Life Energy & Technology Holdings, Inc.
Life Energy & Technology Holdings, Inc. Enters into an Agreement with I.G. Titlin, in Russia's Third Largest City
Friday February 27, 11:22 am ET
Biospheres Intended for Russia
FALLS CHURCH, Va.--(BUSINESS WIRE)--Feb. 27, 2004--Life Energy & Technology Holdings, Inc. (OTCBB: LETH - News; Deutsche Borse DE: LFT) has signed a Letter of Intent to import the Biosphere Process(a) System into Russia. A Letter of Intent was signed with I.G. Titlin, who represents NeoVizark, LLP, a Russian Corporation, on a venture that would utilize the Biosphere Process units for solid waste recycling and energy production.
The Letter also addresses the possibility to create a joint venture (JV) in Russia with Life for shared funding and production of equipment for NeoVizark, LLP.
Biosphere units, manufactured in the U.S., will become part and parcel of the process that will be employed at a factory that is being built in Novgorod.
Minister G.K. Kuzmina, Ministry of Economy and Entrepreneurship Development of Novgorod has stated in correspondence to the parties, "The government of Nizhniy Novgorod Region, taking into consideration the intricate situation with the solid waste and its recycling, is very interested in locating in Nizhniy Novgorod Region several of the facilities of the American company Life Energy." The letter also promises tax incentives to the participants of the investment activities, investment tax credits, minimal leasing fees, guarantees to secure the investments and incentives for leases of government property in Nizhniy Novgorod Region.
Nizhniy Novgorod is Russia's third largest city and is a commercial hub of Russia, located at the strategic confluence of the Oka and Volga rivers (http://www.unn.runnet.ru/nn/).
About Life Energy & Technology Holdings Inc.
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity co-generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM)(a)(b), generates electrical energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of Life Energy's EcoTechnology(TM), safely and efficiently processes traditional and non-traditional waste materials and/or traditional fuels into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural wastes, forestry wastes, agricultural and industrial effluents, medical wastes, industrial wastes, used tires, sewage sludge, shale oil, sour natural gas and many other traditional and non-traditional waste materials.
Forward-Looking Statement
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
(a) Biosphere Process & Biosphere are copyright trademarks of the Life Energy Partnership 1995 and the Company.
(b) EcoTechnology is a copyright trademark of the Life Energy Partnership 1995 and the Company.
-----------------------------------------------------------------
Contact:
Life Energy & Technology Holdings, Inc.
Dr. C.A. McCormack, 866-616-5433
drca@le-th.com
-----------------------------------------------------------------
Source: Life Energy & Technology Holdings, Inc.
LIFE ENER&TECH (OTC BB:LETH.OB) Quote data by Reuters
Last Trade: 1.63
Trade Time: 3:28PM ET
Change: 0.17 (11.64%)
Prev Close: 1.46
Open: 1.51
Bid: 1.59 x 500
Ask: 1.65 x 500
1y Target Est: N/A
Day's Range: 1.49 - 1.69
52wk Range: 0.78 - 1.97
Volume: 462,572
Avg Vol (3m): 97,713
Market Cap: 0
P/E (ttm): 0.00
EPS (ttm): N/A
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Great post John. Keep up the good work. LETH for the long.
LIFE ENER&TECH (OTC BB:LETH.OB) Quote data by Reuters
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1y Target Est: N/A
Day's Range: 1.22 - 1.43
52wk Range: 0.64 - 1.97
Volume: 627,465
Avg Vol (3m): 73,549
Market Cap: 0
P/E (ttm): 0.00
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Looking good!!!!!
tokelley, You are right. Just hold on big things are happening. With luck the ship will land soon.
ENVRNMTL REMDATN (OTC BB:ERHC.OB) Quote data by Reuters
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Day's Range: 0.31 - 0.39
52wk Range: 0.11 - 0.45
Volume: 3,263,583
Avg Vol (3m): 577,681
Market Cap: 205.13M
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LIFE ENER&TECH (OTC BB:LETH.OB) Quote data by Reuters
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Open: 0.86
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Volume: 313,262
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Press Release Source: Life Energy & Technology Holdings, Inc.
Life Energy & Technology Holdings Inc., Reports the Retirement of 2,829,333 Shares of Company Common Stock
Friday February 13, 9:40 am ET
Life Energy's Issued and Outstanding Common Stock Shares Reduced by 9%
FALLS CHURCH, Va.--(BUSINESS WIRE)--Feb. 13, 2004-- Life Energy & Technology Holdings, Inc. (OTCBB:LETH - News; Deutsche Borse DE:LFT) has, after a Board of Directors meeting, announced the retirement of 2,829,333 shares of Life Energy & Technology, Inc., common stock.
The 2,829,333 common stock retirement was pursuant to the November 2000 reverse merge (plan of reorganization section 5.16) between Life Energy & Technology Holdings Limited and Health Pak, which merger created Life Energy & Technology Holdings Inc. Further to advice of Health-Pak original counsel, the Company intends to retire an additional 1,316,609 shares, for a total of 4,145,942 shares to be retired.
The Board has also issued on February 10, 2004 a Form 8-K to the Securities and Exchange Commission explaining the stock retirement.
31,839,569 common shares were issued and outstanding as reported in an SEC filing of a FORM 10-QSB, which was the Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the Quarter Ended: November 30, 2003. With this initial 2,829,333 common stock retirement issued and outstanding should be approximately 29,102,236.
About Life Energy & Technology Holdings Inc.
Life Energy is rapidly becoming a leader in the environmental infrastructure and electricity co-generation markets. Life Energy's unique proprietary technology, EcoTechnology(TM)(a)(b), generates electrical energy through a profitable and environmentally safe process. The Biosphere Process(TM) System, a central part of Life Energy's EcoTechnology(TM), safely and efficiently processes traditional and non-traditional waste materials and/or traditional fuels into electricity and other beneficial by-products. The Biosphere Process(TM) assists in solving the global waste problem by converting into clean, green electricity such waste materials as: Municipal Solid Waste (MSW), agricultural wastes, forestry wastes, agricultural and industrial effluents, medical wastes, industrial wastes, used tires, sewage sludge, shale oil, sour natural gas and many other traditional and non-traditional waste materials.
Forward Looking Statement
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
(a) EcoTechnology is a copyright trademark of the Life Energy Partnership 1995 and the Company.
(b) Biosphere Process & Biosphere are copyright trademarks of the Life Energy Partnership 1995 and the Company.
-----------------------------------------------------------------
Contact:
Life Energy & Technology Holdings, Inc.
Dr. C.A. McCormack, 866-616-5433
drca@le-th.com
-----------------------------------------------------------------
Source: Life Energy & Technology Holdings, Inc.
HOUSTON (February 13, 2004 )
Source: Environmental Remediation Holding Corporation
ERHC statement on information releases
From time-to-time, articles appear in newspapers, magazines or industry journals purporting to give information relative to ERHC. It is the policy of ERHC not to comment, confirm or deny such information.
ERHC does state, however, that when any material event occurs, including any unconditional agreements regarding our assets, we fully comply with regulations regarding information dissemination so that all shareholders, potential investors and any other interested parties are kept informed.
Environmental Remediation Holding Corporation (“ERHC”) (OTCBB: ERHC), is an oil and gas exploration company focused on the Nigeria/Democratic Republic of Sao Tome and Principe Joint Development Zone (“JDZ”) in the Gulf of Guinea offshore West Africa.
For further information, contact:
John Coleman at ERHC, (713) 626-4700
or Mickey Gentry at Ward Creative Communications, (713) 869-0707
Friday February 13, 12:34 pm ET
LONDON, Feb 13 (Reuters) - U.S. oil supermajor ExxonMobil will take a 40 percent stake in a prime exploration block of Nigeria and Sao Tome and Principe's Joint Development Zone at a cost of some $49 million, the chairman of the authority managing the acreage distribution said on Friday.
Joint Development Authority chairman Taju Umar told Reuters he expected the much-delayed final allocation of JDZ exploration blocks, thought to hold billions of barrels of oil, to be announced by mid-March.
Twenty oil companies bid last year for nine Gulf of Guinea blocks, to be managed jointly by the two countries and estimated to hold between six and 11 billion barrels of crude oil. The winners were expected to be unveiled in December or January.
But block allocation has been put on hold to allow Exxon, and Nigerian-owned Chrome Energy, to exercise preferential rights over the acreage granted to reflect agreements made before the establishment of the JDZ.
"(ExxonMobil) have decided to take 40 percent in Block One," Umar said.
ExxonMobil confirmed that it had exercised its right on the block on February 12, but did not comment on the dollar amount paid.
Block One was the top pick in the bidding round, with ChevronTexaco offering a $123 million signature bonus for a 100 percent of the licence.
Umar said Exxon would pay a pro-rata proportion of the $123 million, or some $49 million, for the 40 percent stake in Block One.
"They will match that, for 40 percent," he said.
Exxon still has an option to take up to 25 percent stakes in up to two more blocks. Then Chrome Energy, also known as Environmental Remediation Holdings Corp, has to say whether it will exercise options to buy stakes in up to six of the blocks.
The preferential rights deals have been renegotiated several times and have been criticised by rights groups, as well as by other potential investors, who could have to partner with Chrome even though the company has a limited track record in the industry.
The Gulf of Guinea, where energy companies have already made several huge deepwater oil discoveries, is set to become an increasingly important source of oil for the United States as it seeks to reduce dependence on the turbulent Middle East.
OPEC (News - Websites) member Nigeria is Africa's largest oil producer, while the tiny West African archipelago of Sao Tome and Principe will be the latest entrant into the sector.
Umar said he expected a council of Nigerian and Sao Tome ministers to meet to decide the block allocations in the first week of March, and added that he expected an announcement regarding the allocations to be made in mid-March.
JDZ battle heating up
00:02 GMT
The bidding war for prized acreage in the joint development zone administered by Nigeria and the microstate of Sao Tome & Principe is heating up.
Officials have publicly hinted that operating equity awards might be made shortly after 20 February, while insiders indicated the suggestion is meant by the Abuja-based Joint Development Authority to exert pressure on ExxonMobil to decide its preferences.
The supermajor negotiated priority rights to 40% in key blocks of its own choice, leaving secondary equity rights to Environmental Remediation Holdings Corporation (ERHC) a US vehicle controlled through a 51% shareholding by Nigerian independent Chrome Energy and its chairman Sir Emeka Offor. Yet, given its known desire to acquire an operatorship in either JDZ block 1 or block 2, ExxonMobil surprised industry and governments alike by not making additonal bids in the formal round.
ExxonMobil has been holding out for the operatorship and has been resisting blandishments to set out its preferences before the JDA makes preliminary awards. It had 45 days to decide after notification on 30 December, but the period is now running from 20 January "for companies to obtain further information on the blocks".
As highest bidder for block 1, ChevronTexaco is now tipped to take operatorship, and the final equity breakdown is unlikely to be known before the first week of March, insiders said.
ChevronTexaco is understood to have suggested desirable acreage in other parts of the world in exchange for handing ExxonMobil operating equity in block 1 but the deal failed to stick. Another possibility was to leave ChevronTexaco with block 2 but the major did not bid for that block and the politics of arranging such a switch seemed undoable.
There has been strong pressure within Nigeria focused on winning a JDZ operatorship for local producing indies like Conoil, but this is likely to be resisted by officials who insist deep-water experience and financial wherewithal must be a precondition for success in the round.
ERHC's own $60 million bid for block 2 where it already enjoys preferential equity rights under an earlier treaty arrangement was initially bettered by Fobil Engineering's $113 million but may now be the top number after an initial shakeout.
Amerada Hess has now formally committed to partner ERHC in its JDZ aspirations, making a powerful and well-financed combination for fresh exploration and production initiatives in the wider Gulf of Guinea. Other offers for block 2 came in from from Centurion Energy ($45 million), Anadarko Petroleum ($30 million) and Nigeria National Petroleum Corporation subsidiary, Nigerian Petroleum Development Corporation ($30 milion).
Also, ERHC definitely wants more too, having asserted blocks 1, 2 & 4 alone may hold some 4.5 billion barrels of recoverable crude.
ERHC president Chude Mba said: "Depending on ExxonMobil's decisions to participate in the JDZ, we will exercise options in at least two of the three blocks and we are hopeful we may be able to increase our percentage interests through the bidding process."
He said interpretation work by WesternGeco has identified 56 prospective structures among the nine blocks offered, of which 17 were defined as prospects and 39 as leads.
Combined recoverable reserves potential of the 17 prospects is now estimated by WesternGeco to be 14.4 billion barrels, said Mba.
Fresh tensions have emerged between Nigeria and Sao Tome with the latter lobbying its Nigerian counterparts at the Joint Development Authority hard for ExxonMobil to get more equity despite its no-show at the bidding table.
There is also disquiet in Sao Tome over fresh hints that Abuja will attempt to strong-arm the JDA into giving operating equity to Nigerian indies.
For its part, Abuja is threatening to cancel its interim crude supply contracts to Sao Tome if the micro-state proceeds to award the handling contract to Canadian-registered DiamondWorks, a South African-based security outfit. Nigerian wants its own preferred candidate, Arcadia, to handle Sao Tome's crude allocations.
barry.morgan@upstreamonline.com
Mr Sirotilc, ERHC news is slow coming. We can only hope it will filter are way before the New Year. With any luck we can start the year off right. Best of luck to all.
Hi TexasSam, I am not sure what COMTEX/ -- Petrosearch
Corporation (OTC: PSCP) has to do with ERHC? Can you please tell me the connection?
Press Release Source: Environmental Remediation Holding Corporation
Environmental Remediation Holding Corporation Comments on JDZ Bid Round and Announces Results of Exclusive Analysis of Seismic Data
Thursday November 13, 9:15 am ET
HOUSTON--(BUSINESS WIRE)--Nov. 13, 2003--Environmental Remediation Holding Corporation ("ERHC") (OTCBB:ERHC - News), an oil and gas exploration company focused on the Nigeria/Democratic Republic of Sao Tome and Principe Joint Development Zone ("JDZ") in the Gulf of Guinea offshore West Africa, comments on the JDZ Bid Round that closed 18 October 2003 and announces results of a report prepared exclusively for ERHC by WesternGeco, a subsidiary of Schlumberger (NYSE:SLB - News), on seismic data acquired by WesternGeco in the JDZ.
The Bid Round attracted very high bids for the top blocks, namely, US$123 million for Block 1 (ChevronTexaco), US$113 million for Block 2 (Foby Engineering) and US$100 million for Block 4 (ECL International). ERHC submitted bids of US$60 million for each of Blocks 1 and 2. Mr. Chude Mba, president of ERHC, said: "The results of the opening of the bids present significant opportunities for shareholders. The top bid by ChevronTexaco is very reassuring indeed. Depending on ExxonMobil's decisions to participate in the JDZ, ERHC will exercise its options in at least two of these three blocks and we are hopeful that we may be able to increase our percentage interests through the bidding process."
Interpretation carried out by WesternGeco has enabled the identification of fifty-six prospective structures within Blocks 1 to 9, of which seventeen were defined as prospects and thirty-nine as leads. Of particular interest to ERHC, however, is the recoverable reserve potential of Blocks 1, 2 and 4. WesternGeco identified six High Confidence prospects in these three blocks alone with estimated cumulative recoverable reserves potential of 4.5 billion barrels of oil. WesternGeco used reservoir parameters similar to those known from nearby fields in Nigeria and Equatorial Guinea. Combined recoverable reserves potential of the seventeen prospects was estimated by WesternGeco to be 14.4 billion barrels of oil. WesternGeco partitioned these reserves on a block-by-block basis for ERHC's exclusive use in the bidding and option selection process relating to the JDZ licensing round.
Mr. Mba added, "The Bid Round and contents of the report provide a basis for continuing optimism about the future of the company. ERHC will continue its work in maximizing its rights in the region to the benefit of all shareholders. The report confirms what has been said by many; that the JDZ is one of the most exciting and prospective hydrocarbon regions available anywhere in the world today.
"The report also confirms that the energy expended over the years on the establishment and development of this region by both governments and our company has the potential to be very rewarding to both countries and all participants. ERHC is pleased to be such a significant participant in the JDZ by virtue of its option rights and will continue to position the company to benefit from the opportunities to be found there."
The scope of the WesternGeco report was to interpret and map seismic data, highlight prospectivity and calculate volumetrics. It did not include any attempt to comply with any SEC definition of reserves. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms in this press release relating to reserves that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K available from us at 5444 Westheimer, Suite 1570, Houston, Texas 77056 (Investor Relations). You can also obtain this form from the SEC by calling 1-800-SEC-0330.
This press release contains certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this release, these forward looking statements are subject to risks and uncertainties, including government regulation, competition, capital resources, general economic conditions, and other risks detailed in ERHC's SEC reports. These forward-looking statements can be identified by the use of terminology such as "intends," "may," "will," "should," "could," "expects," and "plans." Forward-looking statements in this release include the ability of ERHC to exploit its oil and gas exploration concession in Sao Tome and its ability to locate, acquire and develop high potential oil and gas prospects.
-----------------------------------------------------------------
Contact:
ERHC, Houston
John Coleman, 713-626-4700
or
Ward Creative Communications, Houston
Mickey Gentry, 713-869-0707
November 12, 2003 09:07 AM US Eastern Timezone
Massive Expansion of Seismic Acquisition Program Offshore Guinea, West Africa Planned by HyperDynamics' Subsidiary; Market Favors Foreign Concession Holders
HOUSTON--(BUSINESS WIRE)--Nov. 12, 2003--HyperDynamics Corporation (OTCBB:HYPD) has announced that SCS Corporation's management committee has implemented a plan to greatly expand the current acquisition program offshore in the Republic of Guinea, West Africa. SCS Corporation is HyperDynamics' energy subsidiary. The expansion is contemplated to grow from the current 4,000km to as much as an additional 20,000km of new 2D seismic data. The current 4,000-kilometer acquisition program commenced in late September and will be completed this month. The existing program targets a specific quadrant of the concession and was designed using the results of the seismic analysis work performed by SCS on the data acquired in 2002. Neil Moore, President of SCS stated, "The results to date have convinced us that we have a unique opportunity and the economics appear favorable to negotiate the acquisition of an additional 20,000km of new 2D seismic data. This will give us a grid over the entire offshore concession and will allow us to begin evaluating other areas of the concession while at the same time we continue to focus in on drilling prospects within the initial quadrant. As we move forward and are able to drill our first well, we expect that this additional coverage will help us support the characteristics of a working petroleum system or systems as the case may be."
Kent Watts, Chairman and CEO of HyperDynamics, said, "Our management committee has determined that the timing is right to expand our data acquisition. The oil and gas industry economics and market valuations are increasingly favorable for small E&P companies that hold foreign concessions, especially during these times of tight supply and growing demand. It is important to note that the capital markets have woken up to these facts as money is flowing into small aggressive companies that have the potential to supply the hydrocarbons our country desperately needs." Watts continued, "Environmental Remediation (OTCBB:ERHC) has minority working interest offshore West Africa and just announced that almost $500 million was bid on blocks where they have their interest. Ivanhoe Energy (Nasdaq:IVAN), which has a 900,000-acre block concession in China, has seen their stock soar on huge volumes while raising millions of dollars for capital expenditures. Far East Energy (OTCBB:FEEC), also with a concession in China, has seen a 200% rise in their stock while raising millions in new capital as well. We believe that as we are able to effect this expanded acquisition plan, we will be continually enhancing our shareholders' value. As the market place sees great value in our industry, we are moving aggressively to maximize this 16 million-acre asset as now is the time for us to be aggressive in taking the next step towards our goal of drilling our first well sooner rather than later."
About HyperDynamics
HyperDynamics is a provider of integrated information technology services. HyperDynamics' wholly owned subsidiary, SCS Corporation, develops geophysical data services for the oil and gas industry including its integrated SCS NuData(SM) services while its number one focused priority is exploring and developing new regions of Africa for energy production.