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thanks Clay - looks good ...
Link to video - http://investorshub.advfn.com/boards/playvideo.aspx?v_id=554
Tamtam the iBox is awesomme in fact, there is too much info -we are in need of a slight overhaul IMO
too many maps EEZ - choose 1
too many EEZ links - choose a few
too many recent PRs posted choose 1 [07/29 is a good one]
too many industry links - some are not working - many spaces between links
scrap the smaller JDZ Prospect map
JDZ View from the south is old now too
scrap the meandering channel chart
scrap the milestones section
scrap the stock holidays
a little housekeeping does the mind/body good, Mom used to say
TT thanks for all you do ....
IMO Gap up on Mon. - everyone's PILE'n in
L&S
Dan K updated ERHC Group site
http://www.facebook.com/search/?q=erhc&init=quick#/group.php?gid=13968724060&ref=search&sid=1274785063.56014174..1
with the newest Addax photos
ERHC Group on Facebook
or a Retail seller - who is just a PIG
no manippulation -
new MM BIDDER = JSUP = GiddyUp
Miami <<I cannot speak for other stockholders, but my opinion is that we will not stand for "tight hole" drilling operations and less than transparency on the results of quantity and quality of oil >>>
keep in mind we have NOT YET perfected our rights in 7 other blocks and while yes its great to get info out there it's also best that ERHC Management be prudent, leverage our blocks being drilled, and protect our remaining rights and do what they set out to do - Maximize Share Holder Value - [and yes hopefully sooner than later]
Recall we are just along for the ride, the Operators control the news and we cannot afford to lose our free carry by speaking out of turn.
Which with 2 rigs at $600k+$400k / day our 20%
= $200,000k / day, a heck of a deal for us, if not the deal of a lifetime.
Now we all need to pray to Oil Gods
and
our lives may just be changed for the better $$$
That after 10 years ERHC WILL have completed a Historic Journey and have officially entered a new phase of operations ...
as an Oil Company WITH PROVEN RESERVES
Deep water wells can take 3-6 weeks on average to drill
considering ADDAX has stated they plan 4 wells in Min. 120 days
= 1 Well / month
Related - China imports record crude, iron ore in July
China imports record crude, iron ore as economy expands
By Moming Zhou, MarketWatch
Last Update: 8/11/2009 11:20:00 AM
NEW YORK (MarketWatch) -- China's imports of crude oil and iron ore hit a record
high in July, customs data showed Tuesday, as the nation's $586 billion stimulus
plan continued to push up demand for commodities.
Crude oil imports jumped 18% from a month ago to 19.63 million metric tons last
month, or about 4.8 million barrels a day, according to monthly data released by
China's General Administration of Customs. Iron ore imports rose 5% to 58.08
million metric tons.
China, the world's second biggest oil consumer and the No. 1 user of iron ore,
spent $13.8 billion in the imports of the two commodities. China's strong demand
for commodities came also as the country continued to build its strategic reserve
for crude, copper, and other commodities.
Total oil imports in the first seven months rose to 110.4 million metric tons, up
5.5% from a month ago. Iron ore imports rose to 355.25 million metric tons, up
31.8% from a year ago.
"This rapid and broad-based growth in commodity imports in July reflects both the
strong real demand in China and China's deep pockets," said Ting Lu, an economist
at Bank of America Merrill Lynch, in a note.
Merrill Lynch recently raised its forecast for the world's third-largest economy
to grow 8.7%, from 8.0% previously. China last month reported its economy
increased by a higher-than-expected 7.9% in the second quarter. See full story on
China's economic growth data.
Click for Detail
Official data released on Tuesday showed China's industrial production and
investments in urban fixed assets increased at a rapid rate in July, keeping
alive expectations government policies will continue to support an economic
recovery. See related story.
Click for Detail
thanks for posting Dan !
AUG. 10 - Form 10-Q for ERHC ENERGY INC
http://biz.yahoo.com/e/090810/erhe.ob10-q.html
Quarterly Report
http://yahoo.brand.edgar-online.com/DisplayFiling.aspx?dcn=0001140361-09-018492
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the Company's unaudited consolidated financial statements (including the notes thereto) and Item 1A of Part II, "Risk Factors," included elsewhere in this report and the Company's audited consolidated financial statements and the notes thereto, Item 7, "Management's Discussion and Analysis of Financial Condition and Plan of Operations" and Item 1A, "Risk Factors" included in the Company's Annual Report on Form 10-K/A for the fiscal year ended September 30, 2008. The Company's historical results are not necessarily an indication of trends in operating results for any future period. References to "ERHC" or the "Company" mean ERHC Energy Inc., a Colorado corporation, and, unless expressly stated or the context otherwise requires, its wholly owned subsidiary.
Overview
ERHC reports as a development stage enterprise as there are currently no significant operations and no revenue has been generated from business activities. The Company was formed in 1986, as a Colorado corporation, and was engaged in a variety of businesses until 1996, when it began its current operations as an independent oil and gas company. The Company's goal is to maximize its value through exploration and exploitation of oil and gas reserves in the Gulf of Guinea offshore of central West Africa. The Company's current focus is to exploit its assets, which are rights to working interests in exploration acreage in the Joint Development Zone ("JDZ") between the Democratic Republic of Sao Tome and Principe ("DRSTP or "Tome") and the Federal Republic of Nigeria ("FRN or "Nigeria") and in the exclusive territorial waters of Sao Tome (the "Exclusive Economic Zone" or "EEZ"). ERHC will not directly carry out the exploration and production operations in the Joint Development Zone, but will rely on reputable technical operators, with whom the Company has entered into partnership relationships, such as Addax Petroleum Inc. and Sinopec Corporation to carry out those operations. The Company has formed relationships with these upstream oil and gas companies to assist the Company in exploiting its assets in the JDZ.
Current Business Operations
ERHC's operations are currently concentrated in the Gulf of Guinea, off the coast of central West Africa. ERHC believes this region has the possibility of significant oil and gas reserves and has worked to realize the value of the assets it has acquired in this region. The Company's current operations include those below, details of which can be found at the link http://www.erhc.com/en/cms/?169.
JDZ - ERHC has working interests in six of the nine Blocks in the JDZ, a 34,548 square kilometer area approximately 200 kilometers off the coastline of Nigeria and S?o Tom� & Principe that is adjacent to several large petroleum discovery areas. With regard to drilling in the JDZ, the Joint Development Authority (JDA), which was set up by the governments of Nigeria and S?o Tom� & Principe to administer the JDZ, has approved the budgets for drilling in JDZ Blocks 2, 3, and 4 in which ERHC has interests. The JDA also has approved well locations in the three Blocks. Development of ERHC's assets in the Joint Development Zone remains the principal focus of this company and management continues to concentrate time, energies and resources on accomplishing that objective.
During the quarter, significant progress occurred on the drilling timeline for the JDZ. Addax Petroleum, the operator (and ERHC's consortium partner) in Block 4, advised that deepwater Pathfinder drillship should arrive in August 2009 to enable Addax Petroleum to start exploration in the Deepwater Gulf of Guinea. ERHC holds a 19.5 percent working interest in Block 4. Also, Sinopec JDZ Block 2 Limited notified the Joint Development Authority of its intention to commence drilling in August 2009 in JDZ Block 2 where ERHC holds a 22 percent working interest. Substantial and positive developments towards exploration have also occurred in JDZ Block 3 in which ERHC holds 10 percent interest. ERHC expects significant announcements from the Operator of the block in due course.
EEZ - The government of S?o Tom� & Principe has awarded ERHC rights to participate in exploration and production activities in the EEZ, which encompasses an area of approximately 160,000 square kilometers. These rights were granted in a May 21, 2001 Memorandum of Agreement made between the DRSTP and the Company. The Company's rights in the EEZ expire on October 1, 2024 provided that if the company has a producing working interest in any of the EEZ Block(s) at October 1, 2024, the Company's rights extend in such Block(s), as long as the Block(s) remains in production.
[[Image Removed: picture]]
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Operations in the JDZ
ERHC has interests in six of the nine Blocks in the JDZ, as follows:
� JDZ Block 2: 22.0% Working interest percentage
� JDZ Block 3: 10.0% Working interest percentage
� JDZ Block 4: 19.5% Working interest percentage
� JDZ Block 5: 15.0% Working interest percentage
� JDZ Block 6: 15.0% Working interest percentage
� JDZ Block 9: 20.0% Working interest percentage
The working interest represents ERHC's share of all the hydrocarbons production from the blocks and obligates ERHC to pay a corresponding percentage of the costs of drilling, production and operating the blocks. These costs in blocks 2, 3 and 4 are currently being carried by the operators, up to the production point, whereupon the operators will recover their costs from the production revenues.
In early 2008, Addax Petroleum, an experienced exploration and production company that has participation agreements with ERHC in JDZ Blocks 2, 3 and 4, and is the operator of JDZ Block 4 publicly disclosed seismic images and maps showcasing the prospectivity of its JDZ interests. This seismic was compiled by Geco-Prakla (now WesternGeco) in 1999 when WesternGeco shot a 2D seismic survey of approximately 5,900km covering the major part of the JDZ. Interpretation carried out by WesternGeco has led to the identification of 56 prospective structures within Blocks 1 to 9 in the JDZ, of which 17 were defined as prospects and 39 as leads. WesternGeco used reservoir parameters similar to those known from nearby fields in Nigeria and Equatorial Guinea. Combined recoverable reserves potential of the 17 prospects was estimated by WesternGeco. The scope of the WesternGeco report was to interpret and map seismic data, highlight prospectivity, and calculate volumetrics. . However whatever the interpretation given, seismic data and visualization techniques are not conclusive in determining if hydrocarbons are present in economically producible amounts.
In February 2009, an independent engineering firm Netherland Sewell and Associates, Inc. ("NSA") completed an independent assessment of the Company's unrisked and risked prospective resources in three of the six Joint Development Zone (JDZ) Blocks in which the Company has interests. The NSA report examines oil prospects in JDZ Blocks 2, 3 and 4 and the findings are presented in "Analysis of Risked and Unrisked Resources " on page 20 of this Quarterly Report.
The estimate of "recoverable reserves potential" based on WesternGeco's report, which interpreted and mapped seismic data, highlighted prospectivity and calculated volumetrics, was not based on any attempt to comply with the SEC definition of reserves and, accordingly the estimate of recoverable reserves potential is not presented. ERHC Energy has access to the data compiled by WesternGeco under the terms of a data use license with WesternGeco. .
Operations in JDZ Block 4
ERHC's consortium partner Addax Petroleum is the operator of JDZ Block 4. WesternGeco's interpretation of seismic data indicates significant recoverable reserves in JDZ Block 4. However whatever the interpretation, seismic data and visualization techniques are not conclusive in determining if hydrocarbons are present in economically producible amounts. Addax Petroleum has secured JDA approval to explore the Kina Prospect. Addax Petroleum previously announced that it signed an agreement with a subsidiary of Transocean Ltd. for the provision and operation of the Deepwater Pathfinder drillship to commence its exploration drilling campaign in the Deepwater Gulf of Guinea. As of July 27, 2009, Addax Petroleum had announced that it expects to take delivery of the Deepwater Pathfinder in August 2009 and intends to commence the consecutive drilling of four wells, the first of which is the Kina prospect in Block 4 of the JDZ. ERHC holds a 19.5 percent working interest in JDZ Block 4.
Operations in JDZ Block 3
Anadarko Petroleum is the operator of JDZ Block 3. WesternGeco's interpretation of seismic data indicates significant recoverable reserves in JDZ Block 3.
However whatever the interpretation, seismic data and visualization techniques are not conclusive in determining if hydrocarbons are present in economically producible amounts. On August 8, 2007, Anadarko presented the initial proposals for exploration well locations for the Block. The Joint Development Authority has approved drilling at the Lemba Prospect. ERHC holds a 10 percent working interest in JDZ Block 3
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Table of Contents
Operations in JDZ Block 2
ERHC's consortium partner Sinopec is the operator in JDZ Block 2 in which ERHC holds a 22 percent working interest. WesternGeco's interpretation of seismic data indicates significant recoverable reserves in JDZ Block 2. However whatever the interpretation, seismic data and visualization techniques are not conclusive in determining if hydrocarbons are present in economically producible amounts. The JDA has approved drilling at the Tome Prospect in Block 2. In 2007, Addax and Sinopec jointly entered into an agreement with a subsidiary of Aban Offshore Limited for the provision of the deepwater drillship, the Aban Abraham, which had recently been refurbished and upgraded in Singapore. Continuing delays with the Aban Abraham caused Addax and Sinopec to seek �other deepwater drill ships. Sinopec intends to use the drillship Sedco 702 for drilling in JDZ Block
2. Sinopec JDZ Block 2 Limited has notified the JDA of its intent to commence drilling in August 2009 in JDZ Block 2. Sinopec believes that drillship Sedco 702 might be available for drilling in JDZ Block 2 around August 20, 2009.
Background of the JDZ
In the spring of 2001, the governments of S?o Tom� & Principe and Nigeria reached an agreement over a long-standing maritime border dispute. Under the terms of the agreement, the two established the Joint Development Zone to govern commercial activities within the disputed boundaries. The JDZ is administered by a Joint Development Authority (JDA) which oversees all future exploration and development activities in the JDZ. The remaining claimed waters of S?o Tom� & Principe are known as the Exclusive Economic Zone (EEZ). Revenues derived from the JDZ will be shared 60/40 between the governments of Nigeria and S?o Tom� & Principe, respectively.
Background of the EEZ
The S?o Tom� & Principe Exclusive Economic Zone ("EEZ") describes waters of S?o Tom� that encompasses an area of approximately 160,000 square km. It is measured from claimed archipelagic baselines - territorial sea: 12 nautical miles, exclusive economic zone: 200 nautical miles. It is the largest in the Gulf of Guinea. Ocean water depths around the two islands exceed 5,000 feet, depths that have only become feasible for oil production over the past few years; however, oil and gas are produced in the neighboring countries of Nigeria, Equatorial Guinea, Gabon and Congo. The African coast is less than 400 nautical miles offshore, which means the exclusive economic zones of the concerned countries overlap.
The government of S?o Tom� & Principe has awarded ERHC rights to participate in exploration and production activities in EEZ). ERHC's rights include the following:
� The right to receive up to two blocks of ERHC's choice; and
� The option to acquire up to a 15% paid working interest in another two blocks of ERHC's choice.
ERHC would be responsible for its proportionate share of exploration and exploitation costs in the EEZ blocks.
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Table of Contents
Results of Operations
Three Months Ended June 30, 2009 Compared with Three Months Ended June 30, 2008
General and administrative expenses increased from $820,462 in the three months ended June 30, 2008 to $1,261,847 in the three months ended June 30, 2009. This increase came despite an ongoing effort to reduce operating expenses and was due primarily to an increase in legal expenses as the Company pressed its legal options in protecting its interests in JDZ Blocks 5 and 6. See "Legal Proceedings" in Item 1 of Part II of this report.
During the three months ended June 30, 2009, the Company had a net loss of $3,379,743 compared with a net loss of $604,173 for the three months ended June 30, 2008. The increase in loss was attributable to the increase in legal fees described above and the Company's decision to make a $2,117,158 provision for loss against deposits, totaling $5,292,897, in a financial institution that has been placed in receivership. Additionally, interest income decreased from $225,079 in the three months ended June 30, 2008 to $8,339 in the three months ended June 30, 2009, due to a decline in cash balance maintained by the Company, a general decline in interest rates and loss of interest income as the Company switched from an interest bearing but not guaranty deposits to non interest bearing but guaranty deposits accounts.
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Table of Contents
Nine Months Ended June 30, 2009 Compared with Nine Months Ended June 30, 2008
General and administrative expenses decreased from $2,994,433 in the nine months ended June 30, 2008 to $2,889,509 in the nine months ended June 30, 2009. During the nine months ended June 30, 2009, the Company had a net loss of $4,613,383 compared with a net loss of $2,038,029 for the nine months ended June 30, 2008. The increase in loss was attributable to the Company's decision to make a $2,117,158 provision for loss against deposits, totaling $5,292,897, in a financial institution that has been placed in receivership. Additionally, interest income decreased from $979,904 in the nine months ended June 30, 2008 to $420,514 in the nine months ended June 30, 2009, due to a decline in cash balance maintained by the Company, a general decline in interest rates and loss of interest income as the Company switched from an interest bearing but not guaranty deposits to non interest bearing but guaranty deposits accounts.
Liquidity and Capital Resources
As of June 30, 2009, the Company had $23,597,089 in cash and cash equivalents and short-term investments and positive working capital of $20,407,317. Management believes that this cash position should be sufficient to support the Company's working capital requirements for more than 12 months.
Off-Balance Sheet Arrangements
At June 30, 2009, the Company had no off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on its financial condition or results of operations.
Debt Financing Arrangements
At June 30, 2009, the Company had short-term debt of $33,513 bearing interest at 5.5% per year payable to an individual. The Company had other current liabilities of $5,750,376 including related party liabilities as follows:
$195,175 in compensation due to certain officers and key employees, and $49,063 owed to the Company's board of directors for directors' fees. Included in current liabilities is also a $4,803,750 liability to Feltang International Inc. that will be satisfied upon issuance of 5,250,000 shares of common stock.
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Table of Contents
Analysis of Risked and Unrisked Resources
In February 2009, an independent engineering firm Netherland Sewell and Associates, Inc. completed an independent assessment of the Company's unrisked and risked prospective resources in three of the six Joint Development Zone (JDZ) Blocks in which we have interests. The report examines oil prospects in JDZ Blocks 2, 3 and 4 as of December 31, 2008. Following is a summary of the findings.
UNRISKED PROSPECTIVE RESOURCES
Low Estimate (P90) Best Estimate (P50) High Estimate (P10)
Oil Gas Oil Gas Oil Gas
Prospect (MBBL) (MMCF) (MBBL) (MMCF) (MBBL) (MMCF)
JDZ 2 40,577 45,742 77,007 93,948 119,476 150,706
JDZ 3 18,045 21,092 27,343 32,953 37,877 46,378
JDZ 4 150,990 157,133 231,667 245,308 319,434 342,658
Total(1) 209,612 223,967 336,017 372,209 476,787 539,742
RISKED PROSPECTIVE RESOURCES
Low Estimate (P90) Best Estimate (P50) High Estimate (P10)
Oil Gas Oil Gas Oil Gas
Prospect (MBBL) (MMCF) (MBBL) (MMCF) (MBBL) (MMCF)
JDZ 2 19,492 22,334 38,334 47,908 60,320 78,150
JDZ 3 5,807 6,817 8,751 10,543 12,094 14,771
JDZ 4 58,666 56,244 88,437 86,282 120,297 118,961
Total(1) 83,965 85,395 135,522 144,733 192,711 211,882
(1)Totals are the arithmetic sum of multiple probability distributions. Totals may not add because of rounding.
Below is a brief glossary of what the terms mean:
Oil volumes are expressed in thousands of barrels (MBBL).
Gas volumes are expressed in millions of cubic feet (MMCF).
Prospective resources are those quantities of petroleum estimated as of a given date, to be potentially recoverable from undiscovered accumulations. This report examines ERHC's prospective resources as of December 31, 2008.
Unrisked prospective resources are the volumes estimated to be recoverable in the case of a successful petroleum discovery being made.
Risked prospective resources are calculated by multiplying the unrisked resources by the geological chance of success to account for the risk of drilling an unsuccessful exploration well.
P90 - The quantity for which there is a 90 percent probability that the quantities actually recovered will equal or exceed the low estimate.
P50 - The quantity for which there is a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.
P10 - The quantity for which there is a 10 percent probability that the quantities actually recovered will equal or exceed the high estimate.
DEALWATCH: China Continues Foreign Asset Grab
Last Update: 8/10/2009 3:12:14 PM
By Kevin M. Nichols and Jamie Miyazaki
A DOW JONES NEWSWIRES COLUMN
NEW YORK/HONG KONG (Dow Jones)--China's seemingly insatiable appetite for global
energy assets has fueled the energy sector's mergers and acquisitions lately. The
latest deal in the space demonstrates China's ability to pay top dollar and
perhaps even its willingness to overpay at points.
China National Petroleum Corp. and Cnooc Ltd. (CEO) reportedly have bid $17
billion for all of Repsol YPF SA's (REP) stake in its Argentine oil and gas unit
YPF SA.
The deal would mark the largest overseas investment by a Chinese company,
trouncing the record broke just over a month ago when China Petrochemical &
Chemical Corp., or Sinopec, acquired Addax Petroleum Corp. for $7.2 billion in
cash.
It remains to be seen whether Chinese companies, hoping to thwart political
opposition that has killed past Chinese-led deals, such as Cnooc's attempted
purchase of Unocal in 2005 and a deal by Aluminum Corp. of China (ACH), or
Chinalco, to provide capital to Rio Tinto PLC (RTP) earlier this year, are now
going to pay top-of-the-range premium to win over shareholder and political
support.
In this case, China is vastly overpaying. Argentina's Grupo Petersen bought a
14.9% stake in YPF in February 2008 that included an option to add up to 10% more
in YPF by 2012 if it so chose. Grupo Petersen's investment implied a $15 billion
valuation for the whole of YPF back then.
The latest bid implies a $22.7 billion valuation for the entire company if Repsol
is selling a 75% ownership stake. It is unclear how the involved parties will
treat the 10% option held by Grupo Petersen and if the selling stake is actually
as high as 85%, which would imply a valuation of $20 billion for YPF. Neither
Repsol nor Cnooc have publicly commented on the deal.
Grupo Petersen, controlled by the Eskenazi family, ultimately bid for the entire
float, not owned by Repsol, of YPF in May 2008 for $49.45 per share; its current
ownership is 15.46%.
But oil and gas fundamentals have since changed. The price of crude oil is down
28% since the Grupo Petersen/YPF deal closed, the price of natural gas has
declined 55% over the same time period, and from a state of excess demand there's
now excess supply of oil and gas.
But it's not as if China is blindly overpaying for any energy asset - YPF SA does
have attractive assets and fundamentals. The unit has contributed more than 19%
of last-12 months' revenue and more than 30% of last-12 months' operating profit
for parent Repsol YPF SA.
As of year end, it had $16.7 billion in assets, which include pipelines, port
terminal facilities and power stations among its crude oil and natural gas
production portfolio. On an assets basis, CNPC and Cnooc's reported bid is a
slight premium to fair value for assets.
While extremely volatile like any energy stock, YPF SA shares have remained
basically unchanged over the last year.
If the reported price is right, CNPC and Cnooc have their work cut out. In the
last year, YFP's oil and natural gas output fell 4.6% and 4.4% respectively. Oil
reserves declined 4.1% and gas reserves fell 16.4% over the same time period. But
considering YFP has 768 million barrels of oil equivalent in proven reserves,
CNPC and Cnooc will certainly look to use this untapped resource to boost
production.
Argentina as a nation has faced declining production for the past decade,
producing 916,000 barrels of oil per day in 1998 to around 750,000 barrels of oil
per day today. Argentina is a net exporter of oil. YPF produces around 311,000
barrels of oil per day and 1.66 million cubic feet of natural gas per day.
Yet other companies willing to unload Latin American oil and gas assets should be
wary of using deals like these as a benchmark for pricing. China is a unique
buyer that can currently afford rich prices.
(Kevin M. Nichols is a columnist for Dow Jones Newswires on the energy,
industrial and auto sectors. He has more than seven years experience as an
analyst and trader on Wall Street and was formerly an executive in the
proprietary trading unit at an investment bank. He can be reached at +1 (212)
416-2104 or by email: kevin.nichols@dowjones.com. Jamie Miyazaki can be reached
at 852-2832-2320 or by email at jamie.miyazaki@dowjones.com. Dow Jones Newswires
is enhancing its news, commentary and analysis for the investment banking
community, and is providing it on this service temporarily. To ensure continued
access to the best of Dow Jones news and opinion on companies, sectors and deals
for bankers and research analysts, please contact investmentbanker@dowjones.com.)
(TALK BACK: We invite readers to send us comments on this or other financial news
topics. Please email us at TalkbackAmericas@dowjones.com. Readers should include
their full names, work or home addresses and telephone numbers for verification
purposes. We reserve the right to edit and publish your comments along with your
name; we reserve the right not to publish reader comments.)
(END) Dow Jones Newswires
August 10, 2009 15:12 ET (19:12 GMT)
Africa - why - they have already sold out
however it was comforting to see Key Addax executives agree to stay on after the Addax/Sino deal completed
*Nice....
review financials yes - but
Rig Update[s], BL 3 developments and further discussion on Addax/Sino ....
<<We are exploring possibilities for strategic alliances with our technical partners on future initiatives in the JDZ and elsewhere>>
and down to 2 Directors http://www.erhc.com/board/
quite a revision from this from ERHC...
http://www.erhc.com/en/rel/116/ 06/2008
always better to be conservative ...
Combined recoverable reserves potential of the 9 deepwater blocks in the JDZ was estimated by WesternGeco to be 14.4 billion barrels of oil.
JDZ BL 2, in which ERHC has a 22% interest,
estimated reserves potential of 2.63 billion barrels.
JDZ BL 3, in which ERHC has a 10% interest,
estimated reserves potential of 600 million barrels.
JDZ BL 4, in which ERHC has a 19.5% interest,
estimated reserves potential of 1.86 billion barrels.
***All Aboard ............
chill - NITE is just getting some AMMO to move us up
IMO
I predit next week will be very exciting
Upstream - Bomu all set
Transocean semi- submersible drilling rig Sedco 702 could spud the Bomu prospect on Sinopec-operated Block 2 in the Sao Tome and Nigeria joint development zone as early as 20 August, according to partner ERHC Energy.
--------------------------------------------------------------------------------
Thursday, 06 August, 2009, 23:01 GMT | last updated: Thursday, 06 August, 2009, 23:01 GMT
***YES that's whole story ...
Dadd, true no Direct Relation to ERHC - but in all fairness Rep. Jefferson's Congressional Offices were raided 1 week or so before our's was..
We may/will never know
as the Warrant is still Sealed
good thing $10k wasn't found in ERHC's freezers
OT - Ex-Rep. Jefferson convicted of corruption
ALEXANDRIA, Virginia (CNN) -- Former U.S. Rep. William Jefferson of Louisiana was convicted Wednesday on 11 of the 16 corruption charges against him.
Jefferson, a 62-year-old Democrat, was indicted by a federal grand jury on June 4, 2007, on corruption charges, about two years after federal agents said they found $90,000 in his freezer. Authorities said the cash was part of a payment in marked bills from an FBI informant in a transaction captured on video.
Jefferson had pleaded not guilty.
A federal court jury convicted Jefferson on four bribery counts, three counts of money laundering, three counts of wire fraud and one count of racketeering. He was acquitted on five other counts including wire fraud and obstruction of justice.
Jefferson had faced a maximum sentence of 235 years in prison if convicted on all counts.
The verdict came on the fifth day of jury deliberations.
Jefferson was accused of using his congressional clout between 2001 and 2005 to solicit and receive hundreds of thousands of dollars in bribes for himself and his family in exchange for promoting products and services in Africa, especially Nigeria, and elsewhere.
The information on the cash discovered in Jefferson's Washington home in August 2005 was revealed in an affidavit used to obtain a warrant to search Jefferson's office in May 2006. Descriptions from the heavily redacted affidavit and pictures of the open freezer show bills wrapped in foil and tucked into frozen food containers, including a box for pie crusts and another for veggie burgers.
FBI agents told a judge the money was part of a $100,000 payment delivered by an informant in the bribery investigation, which led to guilty pleas by a Kentucky businessman and a former Jefferson aide.
Jefferson, who graduated from Harvard Law School, represented Louisiana's 2nd Congressional District, which includes most of the New Orleans area. He held office for 18 years, or nine terms, before he lost his House seat in the December 2008 election.
As a representative, he served on the House Ways and Means Committee's subcommittee on trade and on the Budget Committee, and he co-chaired the caucus on Africa Trade and Investment as well as the caucus on Nigeria.
In your opinion !!! 08/20/2009 still stands
only 17 Confirmed on the ERHC Conf. Call?
surely we can do better ...
http://www.facebook.com/home.php?#/event.php?eid=135874520478&ref=ts
only 16 Confirmed on the ERHC Conf. Call?
surely we can do better ...
http://www.facebook.com/home.php?#/event.php?eid=135874520478&ref=ts
Check your oil now $70.48
August .... tick tock
It's the final countdown ....
to first Oil ...
Guys what is the amendment ?? and is this normal to file this 2 years later ?
http://www.secinfo.com/d12Pk6.sH1n.htm
FD - these guys come and go
however our rights remain through it all
but agree good thing he did not present -
didn't sound like he was too thrilled to be talking to shareholders with I'M SURE STRONG WARNINGS TO KEEP QUIET
No Sir - no XOM
$0.75 open - New 52 Week High - IMO
Dadd, Anadarko is Out! say hello to our little friends
Addax and Sinopec !!
RSVP to the ERHC Investor Conf. Call ...
http://www.facebook.com/groups/edit.php?gid=13968724060#/event.php?eid=135874520478
on the ERHC Group on Facebook ...
thanks DAN !!!
it's the Sedco RIG in BL 2 - good stuff finally
if they could they would
August is our month
Rigs & News Please ...
Addax ... "Most Exciting Drilling program in Addax's History" is their deepwater program coming up
350 MM BBL Kina Prospect - August Spud date BL 4
Bomu Prospect - Sinopec August Spud date BL 2
no Q&A on the Addax Call due to the current Sino. Offer
Nigeria Oil and Gas 2010 - http://www.cwcnog.com/
Looks like ERHC is a sponsor again ...
http://www.cwcnog.com/index.php?page=sponsor
06/09/2009 - "As drilling gets closer, we are making plans to re-intensify delivery of the ERHC message to the wider investment community...
We are tying revamp of market outreach to the commencement of drilling in the JDZ so that the message we deliver has greater potency and the resources committed to the effort are optimized."
????????????????????????
Not trying very hard obviously - that a poster on iHub reports more than the company reports - sad
ERHC hasn't even PR'd the BL 2 Rig Name
and the guys behind the curtain