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I agree with you. I meant if you can share with us where you heard
"Also, the money they say they spent on the aim listing that will never happen has really been spent with Duane Morris out of Houston, specialty, mergers and acquisitions. "
Cheers
Brez
Wow amj23! Can you share how you came about this valuable info?
Best to you (and us!)
Brez
kingpin had this back in September.
It alludes to Elan teaming up with ERHC for some of Shells fields.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=54415783
Shell in Quick Sell-Off
The Anglo-Dutch major is continuing to dispose of its onshore concessions. Some deals are about to be announced...(missing piece)...Other would-be buyer for Shell's assets include the trader and E&P concern Elan Oil, which employs a former executive of Addax Nigeria, Les Blair. Elan has joined forces for its bid with Emeka Offor's ERHC company which is present in the Joint Development Zone between Nigeria and Sao Tome...(maybe more missing)...
Cheers
Brez
Istn't Les Blair working for ERHE? Leslie Blair?
Cheers
brez
Sorry wrong guy. My buddy lives in Ottawa. Hence the "Deadeye ca" had me going!
Cheers
Brez
Deadeye,
Where do you currently live? Because I do know a deadeye and it would be very funny if it was you!
Cheers
Brez
Very good post, I agree. This was a great stroking of the targeted audience.
A company does not go far by slapping potential Chinese investors faces, but the opposite is true!
Cheers
Brez
Thanks
Brez
Krom,
In the US, is there a number of days that a trade must occur prior to the last trading day in December for a loss to be registered in 2010?
or simply
When is the last day that people can sell their stock to still count as a loss for 2010?
Thanks
Brez
Sorry Tryoty, I missed what you were saying...... I had you on ignore!!!
Just kidding :0)
Cheers
Brez
Thanks Krom,
I've got to admit I almost wished it was the other way around and we were sellin'!!
Thanks
Brez
Carrizo,
Perhaps, but they did identify the names of the 43 companies in August and again in Dec (40). So obviously the names of their clients are not a secret. I believe all the emails were requesting if ERHE is a client. A simple Y or N would suffice. Although they could expand with "they were" or " sorry it was a typo" etc.
Cheers
Brez
Agree.
Cheers
Brez
amj23,
Strand is also a M&A specialists. Therefore, it is my opinion, that they didn't say "you don't qualify for AIM" they said "yes we will be happy to help you in properly evaluating your company".
Again stocks2rise's previous post lined up nicely the events that tells me that this is not a bust. While Tryoty and Strass lined up properly the events that tells me that this management is here for a short time not a long time.
Therefore it's always been about flipping the assets and nothing more. So let's hope that the two parties agree on a number ASAP.
Cheers
Brez
OK I got that I just misunderstood your post.
Sorry
Thanks
Brez
Tex,
Help me out please, where? Would you have a link?
Tia
Brez
I wonder if they got paid in November with, oh I don't know, let's say 10 millions shares at a very cheap price!
Cheers
Brez
WTF! WTF! WTF!
Is their job done? Or did they tell good old erhe to take a hike! I sure hope that it was their M&A section that did all the work!
Thanks for bringing this to our attention!
Brez
Krom
For what it's worth. This is what I believe.
The NSAI report is nothing more than a method to set a valuation for the buyer or the seller of ERHE. Just like Addax did prior to selling to SNP. Now the whole AIM listing is nothing more than a ruse to accelerate the sale AND a convenient way to disguise the need for an NSAI report.
So they have the NSAI, they have all the SEC stuff straighten out. All we need is SEO and SNP to agree on a price. That's it.
IMO
Brez
ERHC Energy Inc. Issues Update on Progress
HOUSTON, TX--(Marketwire - December 2, 2010) - ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today issued the following update on Company activities from Peter Ntephe, chief executive officer.
To ERHC Shareholders:
I am pleased to update the ERHC Energy family on the company's recent progress.
São Tomé and Príncipe Exclusive Economic Zone (EEZ)
I have recently returned to the office after being part of the ERHC management delegation that traveled to São Tomé & Príncipe. The Company participated as a Gold Sponsor in the 14th UNCTAD Africa Oil, Gas and Minerals Conference, which was held between November 21st and 24th on the island of São Tomé. While there, we had numerous meetings with government officials as well as with representatives of oil and gas exploration companies.
We also witnessed significant progress toward offshore exploration in the São Tomé & Príncipe Exclusive Economic Zone (EEZ). The National Petroleum Agency of São Tomé & Príncipe (ANP-STP) announced the names of the companies that submitted bids for the first licensing round of the EEZ and stated that it is currently reviewing the bids. ERHC already holds 100 percent working interests in Blocks 4 and 11 of the EEZ and rights to acquire up to a 15 percent working interest in two additional blocks of its choice in the EEZ.
We anticipate that the conclusion of the bid round will serve as a catalyst for advancing talks with potential operating partners in the EEZ.
The conclusion of the bid round also clears the way for progress toward commencement of negotiations on Production Sharing Contracts (PSCs). The relevant petroleum regulations of São Tomé & Príncipe require PSCs to be signed by companies registered in São Tomé & Príncipe or foreign companies through São Tomé & Príncipe incorporated subsidiaries. ERHC has recently secured an office on the island of Sao Tome in anticipation of PSC negotiations.
Joint Development Zone (JDZ)
Another major development that occurred during the UNCTAD Africa Oil, Gas and Minerals Conference was the Joint Development Authority's announcement of formal approval of a subsidiary of Total SA of France as the new operator in JDZ Block 1.
Although ERHC does not have interests in JDZ Block 1, the Block does border JDZ Blocks 2, 3 and 4 in which we do have interests. The entry of a highly experienced and technically capable operator such as Total, which is currently operating the highly successful AKPO development about 30 kilometers north of the JDZ, positively reflects on the JDZ as a whole.
Meanwhile we are in the midst of a six-month extension of Exploration Phase 1 in JDZ Blocks 2, 3 and 4. We continue to support the ongoing studies being conducted by our technical partners, Sinopec Corp., the operator of JDZ Block 2, and Addax Petroleum, the operator of JDZ Blocks 3 and 4. The extension period will end in March 2011.
AIM Listing Status Update
Work is still underway on reports being compiled by the Company's advisers and independent experts that are required for listing on the AIM market of the London Stock Exchange.
The analyses have proven to be more complicated and are requiring a longer time than that of the usual listing applicant. With a history stretching back to the 1980s, ERHC has a fairly more complicated background to sort out than those of many early-stage companies seeking a listing. For instance, the examination has required analysis of our long trading history and voluminous SEC filings over that span -- not only for ERHC but for predecessor companies and companies that were acquired along the way as well.
None of this activity will impact the Company's current trading on the OTC in the U.S. We will provide updates as the process advances into the New Year and thank you for your patience.
Value is Built on Growth
Since our last update, ERHC has begun raising funds to enable us to proceed with the Company's acquisition strategy. Our investment bankers and placement agents enabled the completion of a registered direct placement of approximately $2 million to institutional investor clients of theirs.
The placement was done under ERHC's effective shelf registration statement which permits us to raise up to $50 million. Holders of more than five percent of ERHC stock are statutorily obliged to be publicly disclosed. Where, therefore, any placement under the shelf registration statement results in an investor holding up to five percent of ERHC stock, such an investor's details will be included in ERHC's filings with the Securities and Exchange Commission. It is, however, within the rights of holders of less than five percent of the stock to choose not to be named.
With approximately $20 million in cash and cash equivalents at the end of the fiscal third quarter, ERHC has adequate funds to cover its operating (general and administrative) expenses for several years. To enhance shareholder value, we need to expand ERHC's portfolio beyond the current concentration in the JDZ and the EEZ. Value is built on growth and not stagnation. We also need to develop a portfolio of assets that is balanced between exploration, development and production stages. To carry out this expansion, ERHC needs to raise new money. It is as simple as that. Our current portfolio of exploration-stage assets will not begin producing revenues until much later in the decade.
Debt financing for acquisitions is usually difficult to obtain for exploration and production companies such as ERHC that currently lack revenues, despite having a portfolio of substantial and highly prospective assets. Where debt is available at all, it comes with terms that might be detrimental to the Company's long-term interests. An equity placement is more accessible and poses less potential problems for the Company. Equity placements, however, usually require a discount as an incentive for institutional and other investors to consider injecting significant amounts into an OTC BB company.
The terms of our initial placement and future placements, including the requisite discounts, are the subject of careful determination. In this recent case, we consulted with our bankers and other investment advisers and considered numerous factors, including market conditions and investor appetite and demand. The terms of our initial placement were determined to be competitive after such careful consideration before we proceeded with the placement.
We believe that the success of our initial placement effectively demonstrated an investor confidence in the Company's prospects. For many of the acquisition opportunities on which we compete in West Africa, evidence of progressive funding ability is required for pre-qualification and the success of our initial placement also enables us to demonstrate that ability to potential sellers of assets. Future placements will be driven primarily by the need to raise enough money to close on specific acquisitions. Our cash reserve enables us to provide investor comfort on our status as a going concern well into the future, despite our current assets not being revenue producing at the moment. New money gives us the ability to embark on the portfolio additions necessary to enhance shareholder value.
Annual Report Filing
As many of you are aware, the Company's annual form 10-K report, which encompasses the fourth quarter and annual financial report for the fiscal year ended September 30th, is scheduled to be issued later this month. It has been the focus of a great deal of attention during the past weeks and we look forward to sharing the annual report with you.
A Final Word
ERHC's Vice President, Technical, Daniel Gralla, has transitioned to a purely external consulting role with the Company, from December 1st. It has been a busy two years for Mr. Gralla. He successfully supervised ERHC's technical input in the five-well drilling campaign in the JDZ, guided the selection of the Company's Blocks in the EEZ and advised on numerous acquisition opportunities and initiatives.
Now, as the Company ramps up its activities in West Africa, the Company and Mr. Gralla have reviewed the Company's technical requirements and determined that a more involved role on the West African end of operations will be required of the Vice-President, Technical. We are currently reviewing candidates who are experienced in oil and gas exploration, development and production in West Africa. The person selected will serve on ERHC's management team and be responsible for technical and engineering matters.
Mr. Gralla will continue to consult for ERHC from time to time on new opportunities and existing assets and we look forward to his continued contributions in this new role.
Thank you all for your continued interest in ERHC and your trust. From all of us at ERHC Energy, have a happy and healthy holiday season.
If you have questions, please ask the Company directly through investor relations representative, Dan Keeney (214.432.7556 or dan@dpkpr.com).
Sincerely,
Peter Ntephe
Chief Executive Officer
I don't know but that ERHE page looks pretty small!!!! :0)
good find Krom
Brez
BB, take it easy. We got it here until you're ready to get back in!
Cheers
Brez
Wow.
You are pretty thick!
Which is it: Well, I take it as good news and we will know more later. I speculate it is good, you speculate it is bad.
no reasoning hint why it is good for Addax: Did you miss the whole AXC double listing on LSE followed by a buy out thing. Yes I made money on AXC, I expect the same for ERHE.
The factual evidence: You provide nothing of nothing with nothing. Do your own DD I am not here to educate or guide you, you have your own agenda.
deaf ears. Yeah you are right, because you were on ignore (and still are) except I accidentally read your reply, and felt a little combative, but I derive no pleasure in responding to you therefore I will no longer.
Regards
Brez
No news on results now is good news: We don't know enough to know.
AIM listing is really not dilution : This is just as good for us as it was for Addax.
The shelf listing for $50,000,000 and sales of shares and warrant at or near the low rangefrom multiple years is good news : I take that as a payoff so yes for the first batch, I call that good news. If it goes all the way to 50 Mil I say no.
Extensions for drilling results are good news : Yes, because I believe the extension is link to EEZ auctions.
Deferrals of EEZ autions is good news : Yes, because I believe it allows the late entry of Total.
Chevron selling out of Block 1 after drilling is great news. : Yes because a better company is in, Total.
Announcements of gas, but not oil is good news.: neutral because it's just chaff.
It's all good news here. : Don't know, you're still here.
regards
Brez
Condor,
I believe you got it backwards.
If the results are good, the Operators of the JDZ can envoke the "must protect my results for commercial reasons" clause. There is no reasons why SNP or Total to give free commercial information to EEZ bidding companies! With the above clause invoked, STP would not be able to release mingfull results to their interested EEZ auction companies. So I read, not releasing results as a positive. If the Sinopecs and Totals bid for EEZ, it would further advance the notion that the results were indeed good enough to carry on with a region wide project spanning from AKPO all the way to the new port in STP and to its EEZ (with the JDZ being in the middle!).
If the results were bad and known by STP, which they would be, than companies which would win bids based on what STP presented (witholding the truth of bad results) would immediately seek reimbursement/sue/pull out. All of which would kill STP for any further auctions. If SNP did not release results because they were bad, then they probably would not bid for EEZ acreage, unless they came to an arrangement with EEL or ERHE for their percentage (which would be positive) and did not want more.
Therefore, no news on results now is good news in my opinion. More telling (and viewed as positives) will be if SNP, AXC, CNOOC or Total bid on the EEZ.
If Total/SNP come to an arrangement with EEL or ERHE for percentages is also a positive.
Cheers
Brez
cheers
Brez
I agree, it was implied but not explained. You did that in your post, thanks.
Cheers
Brez
My two cents worth.
I don't think that there will be a nice up tick today and here is why.
1. EEZ auction closed. It will take at least 1 to 2 months for STP to announce winners and details of the price that their blocks were sold at. This in turn will be used for valuation of ERHE's 100% blocks, for which ERHE will look for a "sponsor" like they did in the JDZ. ERHE will not suddenly announce that they got X millions for their blocks and with STP potentially getting less. Therefore I don't expect any uptick due to EEZ until Jan-Feb 2011.
2. AIM listing. I believe this is more of a ruse to pressure interested parties to make a bid for ERHE earlier than later. Therefore if an uptick is to be expected, it will be a mind blowing SP rise due to a sudden buy out rumor! This scenario is and always was in play, therefore today is no different.
3. JDZ results being positive and released. I don't think JDZ results will be released until at least the initial round of EEZ auctions are settled, so as to not infuence interested parties acquisition of acreage in EEZ. Therefore Jan-Feb 01 at best. Again no uptick today.
4. Contrarian postings. Today we got a post from Oilphant which probably indicates prices will stagnate and drop.
All in my opinion
Nothing personal, it's just business.
Brez
Wow, it has been a while? How've you been?
Brez
Tamtam great pictures!!!!
Cheers
Brez
OT: Tamtam
zig zagged: meaning enjoying the Swiss hospitality to Nth degree! And having to find my way home before daylight!!!! :0)
Cheers
Brez
Condor1
There probably going to say,
"Jee guys, hope you have better luck than we did, 'cause we have no oil!"
NOT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Fingers crossed!
Brez
Hey Claude! I think i've zig zagged late at night down that street! Beautiful city.
Cheers
Brez
Dig,
If you are in contact with BB, please let him know that we are wishing him the best and that we look forward to his healthy return!
thank you
Brez
HP,
It almost looks to me as if they wanted people to know! No one writes "will report to ERHE.." you write "will report to company CEO" or something like that.
Again, everyone in the oil industry monitors these job sites, therefore I believe ERHE wanted people to know that they are moving forward "with or without the intended reader".
Just my opinion
Cheers
Brez
I do, but they already own the data and are not willing to share!
Cheers
Brez
PS. ans: SNP
Thanks Tamtam,
I think we will need more than that to move out of our current quick sand!
Hope all is well
Brez
PS Thanks for the cards! Silk loves them
Thanks. When some well intentioned person posts that they found something you have got to wonder and you've got so many questions to ask. Since we will never get those answers, the simplest is probably the most likely; fabricated story to influence a stock.
I hope our current uptick continues because I could really use a few millions ! :0)
Cheers
Brez
Kingpindg,
The topic from the link has been removed. Can anyone fill the rest of us in???
Thanks
Brez
Good luck BB.
Cheers
Brez