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Umbra, elaborate on your calculations then.
What is the one and only correct comprehensive calculation?
No, indeed a few months old.
But the information one can deduct from those quotes can still be helpful imo, to determine the situation at present.
Troy,
"The source said Chevron and Exxon would meet on Tuesday to plan their next moves. He said Chevron, the operator of the field, had not yet decided when it would drill more wells to prove the exact size of the recovery (I think the article means discovery?)."
"...that the block is economical and viable for exploration".
Of course one could say that in order to see if the find is economical and viable for exploration more holes are needed, the first part does sound more like "how big IS the economical find".
I also think that the results of the block 1 find do have a profound impact on ERHE's shareprice.
"It took four wells before the full extent of the Akpo field had been proven." That means if they go for three well, we know what time it is in block 1.
"A source who has seen the results told The Business that the Obo-1 well, completed on 15 March, had found oil and gas in significant qualities (I think the article means quantities)."
Significant quantities are always economical viable, right? Otherwhise they would not have been significant enough.
Troy, this map also shows how deep the waters are.
Block 2,3 and 4 (mostly) up to 2000 meters.
http://www.nigeriasaotomejda.com/PDFs/multi%20client%20data%20flyer.pdf#search=%22jdz%203d%20seismic...
http://www.pgs.com/Custom/templates/Page____26103.aspx
http://www.offshore-mag.com/Articles/Article_Display.cfm?Section=ARCHI&ARTICLE_ID=159770&VER....
General info from 1995 (they thought the price of oil would go down gradually).
http://www.slb.com/media/services/resources/mewr/wer17/rel_pub_mewer17_2.pdf
http://www.slb.com/media/services/resources/oilfieldreview/ors95/jan95/01952337.pdf
Condor1, do you remember this post?
http://www.investorshub.com/boards/read_msg.asp?message_id=12623600
Seems you brought the same thing up again. Follow the posts back. Any comments?
I thought I read somewhere that 3d isn't off the mark that often. 80% correct from my memory. But I will look it up for you.
Troy, Troy, Troooy!
Wake up, you were shouting in your sleep. :D
Just stick with what the several pdf presentations and websites say. He, wait, they almost say the same. Haha. Almost. . .
http://www.rigzone.com/news/article.asp?a_id=9435
Your closer to the sweet smell of oil of Olay more than ever now.
Has this pdf been posted already?
http://www.addaxpetroleum.com./_media/03_contingent_prospective_resources.pdf
Or this one?
http://www.pgs.com/upload/31159/data.pdf
Is it (still) correct that a proven barrel light crude gives $9,- per barrel?
"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."
http://www.rigzone.com/news/article.asp?a_id=9435
Regarding block 2
"Top four prospects each have Prospective Resources (unrisked) ranging from 200 to 600 million barrels"
What would those 800 million barrels minimum proven (presently four prospects) give erhe sp-wise?
Details of the various surveys are included on the JDA’s Internet Web Site, and on the web sites provided by the seismic contractors, contact details for whom are provided below:
PGS Exploration UK
Attention: Tom Ziegler/Kjell Mangeroy
Tel: +44 1932 266477
Fax: +44 1932 266484
Email: tom.ziegler@pgs.com or kjell.mangeroy@pgs.com
Website: www.pgs.com
WesternGeco
Attention: Sandra Lane
Tel: +44 1293 556533
Fax: +44 1293 556300
Email: sandra.lane@westerngeco.com
Website: www.indigopool.com/search/assetsearch/200
Veritas DGC Ltd.
Attention: Ian Edwards
Tel: +44 1293 443000
Fax: +44 1293 443010
Email: ian_edwards@veritasdgc.com
Website: www.veritasdgc.com
The JDA gratefully acknowledges the assistance of the seismic contractors for the provision of information used in this brochure.
Dadd, I asume you ment it should be on ERHE's website also. . . ?
I found a more elaborate picture of block 2 prospects, but how do I copy it out of a pdf doc and into this post?
Chevron recently announced that the Obo 1 Well, in adjacent Block 1, has encountered Oil and Gas in excellent sands,
Independent report by PGS on Block 2 estimates:
-Risked Prospective Resources of 900 million barrels;
-Top four prospects each have Prospective Resources (unrisked) ranging from 200 to 600 million barrels;
3D seismic has been purchased;
Partners aggressively seeking rig;
Anticipate drilling in 2007/08.
Source: EQUATOR EXPLORATION LIMITED EQUATOR EXPLORATION LIMITED Exploring West African Waters Exploring West African Waters Corporate Presentation June 2006
Approximately 30 leads and prospects, essentially structural in nature have currently been identified in the in the JDZ. Seismic sections show excellent reflection amplitudes with several prospects presenting stacked objectives. Flat spots indicative of fluid contacts have been identified on several of the prospects.
in the same document it says: "PGS acquired and processed some 3,000 km2 of multi-client 3D seismic data in 2002 over much of the northern area of the JDZ covering the southern compressional fold belt of the Niger Delta (providing near total coverage of Blocks 1, 2, 3 and 4 and part coverage of Blocks 5 and 6)."
Is there any info on how many leads and prospects are located in block 1 in total? I.E. how many remain for the other blocks? That elaborate picture of block one shows there are a quite a few of them in block 1.
BB, the "Guide to the 2004 JDZ licensing round" page 7 it shows the 'Frontal Toe-Thrust Zone'. Do you know if that zone could hold oil or gas, same goes for the 'Frontal Deformation zone' and in front of that zone? It looks like a border, but is it?
"The region can be broadly separated into four domains. These extend from the zone of shale diapirism on the present-day upper slope, basinward to a zone of relatively minor structuration, a frontal toe-thrust zone, and a zone of
frontal deformation on the present-day lower slope and continental rise."
The AKPO field is in the blue area, would that imply that blue areas on that map are the most prospective, the socalled 'zone of minor thrusting and shale swelling'?
Man, I sound like an expert.
That's why they call me Doctor.
I was looking at the Afren presentation that was posted here earlier. Page 17 shows the prospectivity map. is there such a elaborate map available for (one of) the blocks, with all of them fine color prospects (green, yellow, purple & blue)?
This map is based on seismic, has there been equally extensive seismic performed in the other (our) blocks?
Let me rephrase it,
Has block 1 been the most promising block from the start?
Or isn't (wasn't) that at all the case, even now?
http://i50.photobucket.com/albums/f346/CobraJet1/B1-FIELDS.jpg
Is this map still up to date, and is this based on 2d or 3d info?
"In June 2005, ERHC accepted the awards by the JDA for Blocks 2, 3, 4, 5 and 6, subject to the execution of a mutually acceptable production sharing contract and joint operating agreement for each Block."
Was it ERHE themselves that did not want block 1?
If so, is it correct that ehre thought the other blocks were more promisingly? I mean, ehre could have chosen what they wanted, right?
Quote:
"Several mid-tier US companies were sidelined in the JDZ bidding process that saw China's Sinopec and Nigeria-based Addax of Switzerland gain highly prospective properties in tandem with US- headquartered, but Nigerian controlled, start-up ERHC Energy."
That's new to me. I thought those companies ran away themselves?
The Doctor is a bit confused here.
"No charges have been brought against the company, which gained hefty rights in the JDZ in the mid-1990s in exchange for helping Sao Tome set up its first oil-related institutions and carrying out seismic studies."
Always nice to know how these rights were obtained, hahaha.
Between the lines of course, derbernet!
Get with it please. :)
Common sense wise, I should say, Offor himself is at the rig.
AA, working as in. . . generating?
Or creating?
Peanuts.
10 million or billion?
"showed 多 contains over 10 million barrels of oil and gas."
How can one hole generate show a number of 10 million?
And what does "In the sea of oil wells Obo1 found" mean?
If it is a shitty translation what should it have said?
Troy, there are no sellers because
nobody wants to buy.
Mwhaa. ;)
Oilman,
terrorism is ERHC's last worry. You know that.
if Oil is present the share price will react.
So don't get ahead of things.
By the way, are you TAtrader, or one of several other alias?
Troy
Block 2: 22%
Block 3: 10%
Block 4: 17.7%
Further, ERHC has the potential for an additional three blocks in the JDZ and two blocks in the exclusive territorial waters of Sao Tome (the Exclusive Economic Zone – EEZ).
According to Addax studies have revealed the presence of between 6 billion and 12 billion barrels of oil in the WHOLE JDZ.
Umbra, question:
Is it "standard talk" to say that it has to be examined if the quantities are "commercially viable"?
Do they really don't know? Addax talks about 14 to 14 billion barrels, then why talk about wether it is "commercially viable"?
The doctor doesn't get that. . .
It has to go through the senate.
And that will not happen very likely.
Not enough time anyway, and some senators blocked a fast route for this bill.
DBernet, elaborate please:
Why so positive on WG's departure?
If you add significantly you have a vision. . . of beautiful virgins?
Has that something to do with you backpacking?
Which Gap AA? I'm on 15 minutes delay.
Fill me in please. :p
No change in sp?
Then we've been had by the nose.
No, Troy, WB has been put in the iggy by Offor for sure.
Mark, he must be Oilphant's brother (in law).
Lol.
Ireland HAS euro's.
Been there on vacation, ring of kerry, cliffs of moher etc.
If he has confidence in oil being present, why would he sell some of his shares right now?
If he is already rich he will not need to sell right now. He can gamble on "lots of oil".
If so, the 'oilman' would have been known and mentioned in the same PR.
Just a general question.
Why did this "company" go to the market when it did?
That was long before my time.
Alsoer said:
any good reason why crome should not buy erhe? then all offors problems will be solved, no more american shareholders , no SEC. no FBI. Just hes old nigerian palls and 200% control of what goes on. he could buy this company at a few cents and no one could do a thing about it. offor is a smart man , thinking only at money and power, so its the most logic path to go.even I would do it.
Is there anybody that knows if this is possible and if it really is to the benefit of Offer? I mean, he wants his money also, and these rights are probably worth a LOT. A LOT! Probably!
Mark: Peter Pan
http://www.hauntedmansion.info/Peter%20Pan/pan_wendy_plank.jpg
This Oilphanty is fantastic!
Why did I crucify this person?
LOL.
Umbra, you seemed to be right on the money. As was Meridian with his remarks on management.
Why do you think WB left before an Oilman took over?
Maestro, what do you mean by:
"The Chinese have a reputation for overpaying so I doubt we would recognize full value for our shares if EO sold out his shares to the Chinese."
You say they often overpay, so what is your 'problem' then?
contradictio in termino?
EO give up control? Dream on.
If he does well with this company, we do. . .? Right?
Or can you think of a way that EO will only profit from this company?
this:
"But the whole straddle issue I believe has made things even more dicey."