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Smell the coffee! its apparent very good news is forthcoming from the official EEZ block 11 news, people wake up! This is big bigger than Kenyan IMO> EEZ seeps oil from ocean floor and the islands.... old news.
What the heck? Did all the investors head to the beach and liquor store?
Question, Would the execution of options affect share volume?
Happy 4th to all longs.
People, its implied, we have a partner for block 11 EEZ, finally!
SAO TOME (Reuters) - Houston-based ERHC Energy Inc will invest around $100 million on exploration and development of one of its blocks offshore Sao Tome and Principe, the company's president said on Thursday.
ERHC signed a 28-year production sharing agreement with the National Petroleum Agency (ANP) on Wednesday for block 11, which lies in the central African island nation's exclusive economic zone (EEZ).
"The company will spend about $100 million on seismic studies and drilling on the block," Peter Ntephe said.
ERHC also has a 100 percent working interest in block 4, also located in the EEZ.
HUGE NEWS!!!
http://af.reuters.com/article/investingNews/idAFKBN0F813Z20140703
You guys know oil seeps from ocean floor and on the island next to block 11 if you've read anyting about Sao Tome.
Bmu, My thinking is since the CEPSA sees good seismic in Kenya and are planning to drill based on promising preliminary results, that they also want to participate with ERHC in EEZ. At least its a strong possibility IMO. On the other hand, it could be anyone. You can be sure Peter has several options on EEZ partners or financing.
This is very timely good news, we have very exciting times ahead, EEZ (4 blocks) JDZ next year ( blk 1), Chad getting hotter, Kenya Blazing hot.
Block 1 JDZ - 100 million barrels . Extracting next year, fast track.
http://www.macauhub.com.mo/en/2014/07/02/nigeriasao-tome-and-principe-joint-exploration-area-contains-oil/
Anyone notice the 25 year term started way back in 1997. Only 8 years remain within Sao Tome EEZ?
I'll say it again the drilling depth's in JDZ were way to shallow.
Block 11 looks Jed Clampits backyard but bigger and better, hope CEPSA drills it fast!
I doubt anything involving ERHC would be a real surprise to anyone here, as the trail is well worn. Almost every scenario has been presented.
Two weeks of steady up trend say 3 or 4 cents a week will indicate good reports coming IMO. Just hope it goes up much more when official news surfaces, not down. "Buy on the rumor- sell on the news"?
Keep the faith and keep slappin that ask! please
Cowboy, always love your optimistic attitude. If we see up days with 900,000 plus volume for the majority of 10 trading days, to me that would indicate news ie.. good seismic or good partners in EEZ.
Wow, hope this has teeth. Fun either way, although with this sudden flurry its hard to imagine its all emotional or irrational exuberance.
"Unsustainable investor enthusiasm that drives asset prices up to levels that aren't supported by fundamentals. The term "irrational exuberance" is believed to have been coined by Alan Greenspan in a 1996 speech, "The Challenge of Central Banking in a Democratic Society." He said that low inflation reduces investor uncertainty, lowers risk premiums and implies higher stock market returns."
Keep "slapping the ask"! Please
Hit me again and again....lol
http://oilnewskenya.com/2014/06/05/kenyas-block-12b-seismic-due-in-mid-june/
Results on the 350km of 2D seismic acquisition carried out by BGP International on Block 12B located on the Nyanza Rift are expected in the coming days according to a shareholder presentation by Swala Energy earlier this week.
Who is selling what exactly? http://nationaloil.co.ke/site/3.php?flag=products&id=6
http://oilnewskenya.com/2014/06/19/swala-energy-requests-share-trading-halt-ahead-of-kenyas-farmout-announcement/
Nice chart & picture, putting us with the right crowd.
http://somalitalk.com/2014/06/22/wasiirka-batroolka-iyo-law-no-37/
The Swala Energy prospectus gives insights on Kenya oil deals that are rarely public and which are used as a basis for valuation of these shares and for comparison as they are all in the East Africa Rift System E.g. Recent Kenya transactions (EARS ) include Marathon Oil bought aBlock 12A license from Africa Oil for $78.5M and a Block 9 license, Africa Oil bought a Block 12A license from Tullow for $3.86M ($1,265 per sq. KM and Adamantine sold a Block 11B license to Bowleven for $10M ($1,429 per sq. KM).
http://www.bankelele.co.ke/
Good looking map!!
see post 279993 and 280015
No, you said that, I said its new investors time. I also previously said dont expect too much from Kenya, surprises are better. Most of the "boats" here are fully loaded IMO. Also said you will know (within 60 days) how the seismic data looks, before official news, volume will increase and maybe s/p or not.
Obviously, a generous buy-out offer is always a welcome option to have.
ERHC needs a true heaven sent miracle "find", a truly shocking hydrocarbon discovery to jolt this small company into the news, ... something they can take to the bank!
Feel free to "slap the ask" all you want. lol We've been doing it for 14 years, its fresh moneys turn. Don't get too excited, its a well worn path. Now that being said, as always there is always a chance of a buy out if all the dots align.
"ERHC shoot should be done around the end of September. " I was thinking it would be sooner than that, gee thanks for the research King as usual, good work. As stated before, Im sure if the data looks good youll see volume increase along with the share price, before we get official word. GLTAL.
Hope this leads to something positive. http://www.taipeitimes.com/News/taiwan/archives/2014/06/08/2003592266
The Ministry of Foreign Affairs (MOFA) yesterday remained confident that a visit by Sao Tomean President Manuel Pinto da Costa to China “would not be of a political nature,” according to an official who wished to remain anonymous.
Pinto da Costa left on Friday for a week-long visit to Shanghai and Beijing, according to various reports in Sao Tome and Principe, which said that the trip was based on a resolution of the Sao Tome and Principe National Assembly unanimously adopted on May 29.
The reports said the National Assembly gave assent to Pinto da Costa to leave the country on a private visit to China.
Pinto da Costa is the first president of Sao Tome and Principe to set foot in China since 1997 when it switched diplomatic recognition from China to Taiwan.
The ministry was told by the Sao Tomean government that Shanghai is the only destination of Pinto da Costa’s trip to China, ministry officials said.
The ministry was told that there would be no political or diplomatic official among Pinto da Costa’s entourage since the purpose of the trip was only to attract investment for his country, while no meeting of a political nature has been scheduled, the official said.
He said that Pinto da Costa had sought consent from the National Assembly to embark on the trip to find Chinese investment for the country’s deep-water port project estimated at US$500 million.
Last year, Sao Tomean Minister of Foreign Affairs, Cooperation and Communication Natalia Pedro da Costa Umbelina Neto paid a visit to Beijing, accompanied by the president’s diplomatic advisor, Paulo Jorge do Espirito Santo Pajo.
A few days after the visit, China set up a trade representative office in Sao Tome and Principe.
Pinto da Costa has never visited Taiwan since he was re-elected as president in 2011.
Taiwan’s Ambassador to Sao Tome and Principe Jack Cheng (???) said yesterday that Pinto da Costa is scheduled to visit Taiwan after its parliamentary election at the end of the year.
http://www.taipeitimes.com/News/taiwan/archives/2014/06/08/2003592266
Little late for that to surface wouldnt you say! Gee they're rich so they know what they're doing? Nigeria concern over Sinopec's technical ability as a deepwater operator. Really?? This changes what? Can anyone over there make decisions in a timely manner? What exact type of technical abilities are they referring too? Did ERHC not have a say in who would be overseeing exploration? We had one of the best drill ships Deepwater pathminder wasnt it.
Im really worried. Its remote and mostly mining to north. Also camac dumped it before we took it. Its a big gamble. Dont kid yourself. Also the technical papers :what little we've seen aren't exactly great. Vast mountainous desert thats never seen modern day equipment. Its completely unknown at this point. Just wait on 2d and pray there's something to drill.
C.e.p.s.a. has international activities and is very capable but, it will take any operator time to set up equipment and infrastructure in this vast wilderness, remember where the block is...very remote area. Still waiting on the market to tell us how the 2d seismic looks, should be a slow steady increase in sp and volume from here if data looks good. If not we still have EEZ and Chad and maybe JDZ hopes.
My sign is old and rusted, kind of like all of us long time gamblers.
Fully loaded in the high .44's lol
It will not go up significantly until oil is produced and cash flows, it will go up some if the seismic looks promising, some more IF drilling is planned, etc..
The market will tell you before the official news or seismic reports and/or a new partner or new agreemnt in EEZ / asset buyout etc... is released.
Today could be a start, it also could be any one person buying 500,000 shares at 6 cents. Only $30,000, not a big deal.
OUr neighbors posted this ftg image ...
11b to the east >> Significant acreage ~14,200km2 in highly prospective East
African Rift system.
• Intersection of Tertiary and Cretaceous rift systems.
• Existing data suggests basins similar form to Lokichar Basin.
• Block-wide high density airborne gravity gradient survey
(FTG) now complete.
• Multiple basins identified from FTG survey.
• Tendering for 500km 2D seismic at advanced stage. Seismic
acquisition envisaged H2 2014.
page 19 http://www.bowleven.com/system/files/uploads/financialdocs/BMO%20Conf%2007.05.14.pdf
Can anyone really understand and/or get anything out of these reports?
http://www.searchanddiscovery.com/documents/2009/10188tiercelin/
http://www.epgeology.com/articles/kenya-rift-basin.html
Did CEPSA pick 11a or did ERHC sell the play to CEPSA?
redinvest, might have bought 500,000?
Was today the highest volume in 5 months? The start of something?
Just make reservations for Aug 20 2015 and dont speak in past tense your still young, lots of us making to 90's now and feeling well. Yes, to ginger ale & wheatgrass shots...
Good summary erhc at end of article
Sunday, April 27, 2014 - 00:00 -- BY JAMES WAITHAKA
Weatherford engineers at the Tullow oil Ngamia 1 ring in Turkana April 5 Photo/File
Weatherford engineers at the Tullow oil Ngamia 1 ring in Turkana April 5 Photo/File
At least five upstream oil and gas companies are ramping up activity in Kenya, as the country becomes a focal exploration point in a dash for the commodities.
Camac Energy, Simba Energy, Swala Energy, FAR Ltd and ERHC released operational updates on Tuesday and Wednesday for onshore and offshore blocks countrywide in which they have interests.
Kenya has four principal exploration basins – Lamu, Anza, Mandera and Tertiary Rift – where the oil and gas blocks are located. Increased exploration comes on the back of discoveries of hydrocarbon deposits in the country.
Africa Oil and Tullow Oil Plc have recently made significant discoveries in South Lokichar Basin, while in Mandera basin, the Tarbaj-1 well and nearby oil seeps in the south of Block 1 have already confirmed presence of hydrocarbons.
Camac, which has interest on Blocks L1B and L16 onshore and L27 and L28 offshore in the Lamu Basin, said it has submitted tender requests for the blocks to drilling companies active in the region and expects final bids early May.
“Work is focused on drilling two exploration wells in 2015/2016: one in Block L1B, and one in Block L16. Current activities onshore Block L1B are targeting net unrisked prospective resources of 900 MMBO (million barrels of oil) from five leads,” it said on Tuesday.
For its offshore blocks, “evaluations are being directed towards drilling one exploration well in either Block L27 or Block L28 in 2016/2017.”
Australian explorer, FAR Ltd, which has a 24 per cent interest in the onshore part of Block L6 in Lamu Basin and 60 per cent interest in the offshore part of the same block, said it is currently progressing a farm-out initiative for drilling an offshore well.
“The recent Sunbird-1 discovery well drilled by the BG Group in the nearby Kenya Block 10A targeted a Miocene reef structure. The Miocene reef play extends along the coast of Kenya and through both of FAR’s offshore blocks, L6 and L9,” it said.
It expects that success on the Sunbird-1 well “will change the exploration landscape offshore Kenya”.
Swala Energy, another Australian explorer which is in a joint venture with Tullow, Wednesday announced that a 2D seismic acquisition programme on Block 12B in Nyanza Basin has commenced.
It said the basin is an off-shoot of the East African Rift System where large quantities of oil have been proven in recent years by Tullow in Uganda and Kenya.
Reprocessing low quality seismic data recorded in 1989, it said, has revealed a possible Tertiary basin fill of over 3,000m, supported by Passive Seismic work the joint venture carried out last year.
“Our technical re-evaluation of the legacy seismic data is encouraging and we look forward to seeing the results of the seismic survey that has now commenced,” Swala’s CEO David Mestres Ridge said in a statement.
Vancouver-based Simba Energy, which has 100 per cent interest in Block 2A in Mandera Basin, on Tuesday announced it has signed an agreement with Bell Geospace to conduct a comprehensive airborne Full-Tensor Gradiometry survey on the block. The survey is to start early May and be completed within 30 days.
“It is expected that the resulting data from this FTG survey will serve to provide for a more focused and cost effective 2D seismic well location targeting programme planned for later this year,” it said.
Africa Oil has already spud an exploration well at the Sala prospect in Block 9 to the northwest of Block 2A.
American company ERHC Energy on Tuesday announced the start of a 2D seismic programme covering at least 1,000 line kilometres on Block 11A in Lokichar Basin, which is being carried out by BGP Kenya.
Block 11A is located northwest of Lokichar Basin where the significant Ngamia-1, Twiga South-1, Ekales-1, Agete-1 and Etuka-1 oil discoveries were made.
ERHC holds a 35 per cent interest in the block after farming out a 55 per cent stake to CEPSA, which is now the operator.
- See more at: http://www.the-star.co.ke/news/article-164745/exploration-activity-kenya-dashes-oil-gas#sthash.jzcZOwSW.dpuf
West Africa vs. East Africa: The battle for oil and gas supremacy
May 7, 2014 | Filed under: Gas,Oil | Author: Frank Uzuegbunam
Over ten years ago, the buzz in the oil and gas sector was West Africa. Deals were being struck in Sao Tome and Principe, Chad, Equatorial Guinea, and Ghana. Nigeria retained its position as the Africa’s numero uno in hydrocarbon resource production. The projection then by analysts was that West Africa will receive over $120 billion in hydrocarbon revenues by 2013. As it turned out, it was an underestimation.
Now, the attention is shifting to East Africa. Recent discoveries in Mozambique, Kenya, Tanzania and Uganda have turned the focus on the region. Massive investments have followed the discoveries in the region too. In 2012, more than 50 exploration wells were completed in East Africa, which is more than half of conventional oil and gas resources found worldwide.
It’s now crunch time in the East African countries. Uganda has just signed memoranda of understanding with international oil companies like Total, CNOOC and Tullow covering oil field development, refinery and an export pipeline through Kenya. While Tanzania and Kenya are pushing through with hydrocarbon legislation, Tullow was forced to suspend exploration briefly in Kenya due to local protests. Amid corruption concerns, Mozambique is trudging on with its gas potential with some analysts estimating that government could receive nearly $400 billion in gas revenues over the next decade.
How is West Africa bracing up for the challenge?
West Africa Region accounts for a third of the world’s new oil discoveries, especially in the Nigeria’s Niger Delta basin and the Gulf of Guinea. According to the US Geological Survey, the West African Coastal Province has an estimated 3 200 million barrels of oil. Oil exploration off the coast of West Africa has surged since 2007 when Tullow Oil found the Jubilee field in Ghana, one of the continent’s biggest recent finds. New finds have been made in Liberia and Sierra Leone, while Mauritania’s discoveries over the last decade remain to be replicated. Niger has now become a producer and Mali awaits discovery of commercial hydrocarbons.
There has also been a burst of exploration activity in the neighbouring countries of Sierra Leone, Liberia and Gabon with the hope of finding Jubilee-type giants in the Cretaceous fan formations and pre-salt structures. In Guinea, Tullow is undertaking a seismic survey looking at a potential reserve of 10 billion barrels of oil, and Simba is exploring for oil in Guinea, Ghana, Mali, and Liberia. Cote d’Ivoire has been through a number of political changes and a civil war but Lukoil are on the verge of investing about $400-million in exploration activities in a prospect there.
In 2012, Anadarko and Eni both announced new oil finds. Anadarko’s new oil finds were off coasts of Liberia and Sierra Leone while Eni made the first oil discovery in the Offshore Cape Three Points (OCTP) block, located in the Tano Basin offshore Ghana, about 50 km off the coast of Ghana.
In 2013, Panoro announced that it had made its second oil discovery offshore Gabon with estimated resources at 28 million barrels of oil. Liberia granted rights to Exxon Mobil and its partner Canadian Overseas Petroleum Limited to develop an offshore oil block. Cairn Energy bought rights to search for crude in the waters off Senegal. China National Petroleum Company (CNPC), the only foreign producer in Niger, entered a joint exploration pact with Taiwan’s CPC to hunt for oil in Niger’s Agadem block
Nigeria remains Africa’s number one crude oil producer and holds the largest natural gas reserves on the continent, and was the world’s fourth leading exporter of liquefied natural gas (LNG) in 2012. Nigeria’s crude oil production could hit an all-time high of 2.75 million barrels per day if two major deepwater projects, Mobil’s Erha North and Total’s Egina, come online and add 350,000 barrels of oil per day to current output levels. However, the delay in passing the Petroleum Industry Bill (PIB) has resulted in less investment in new projects as there has not been a licensing round since 2007, mainly because of regulatory uncertainty. The regulatory uncertainty has also slowed the development of natural gas projects as the PIB is expected to introduce new fiscal terms to govern the natural gas sector.
Can East Africa overtake West Africa?
There are three countries that could drive East Africa to emerge as the world’s next oil and gas hotspot; Kenya, Mozambique and Tanzania.
The LNG project in Mozambique is arguably the most advanced and biggest of the projects currently underway and, with Asian gas markets being as they are, the most likely to reach its full potential.
Mozambique’s major gas discoveries have been making headlines for the best part of four years now. The two main exploration areas in the offshore Rovuma basin – Area 1 operated by Anadarko Petroleum and Area 4 operated by Eni – have yielded a combined total of nearly 200 trillion cubic feet in original-gas-in-place estimates since 2010.
The target market will clearly be Asia, where many countries have gas shortages, either right now or on the horizon, such as China, India, Japan and South Korea. The main obstacle that Mozambique LNG plans could face is the competition from the United States and Canada to feed exactly the same gas hungry markets. Many LNG terminals in these two countries are now making their way through the various approval processes, looking to also take advantage of the very high gas prices in these Asian countries as quickly as possible.
Recently, Kenya announced the country’s fourth consecutive discovery of oil by Tullow Oil and Africa Oil adding that drilling revealed oil in the Auwerwer and Upper Lokone sandstone reservoirs, bringing their total discoveries in Kenya to an estimated 300 million barrels. The companies had previously announced a major discovery in Turkana after beginning exploration in late 2012.
The Turkana discovery has led to major international interest in Kenya’s remaining oil exploration licences, including from France’s Total, China National Offshore Oil Corporation, ExxonMobil and Chevron, though no other companies have yet announced commercially viable discoveries. Kenya has 46 blocks, of which 44 are licensed to 23 exploration companies. The government plans to create and offer seven new blocks in the near future.
Tanzania produces small volumes of natural gas for domestic consumption, but the country has the potential to become a liquefied natural gas (LNG) exporter in the future. Tanzania does not produce crude oil, and there has not been a commercial oil discovery in the country recently. The BG Group, in partnership with Ophir Energy, and Statoil, in partnership with ExxonMobil, has made several offshore natural gas discoveries since 2010, totaling 25 to 30 trillion cubic feet of recoverable gas resources.
http://businessdayonline.com/2014/05/west-africa-vs-east-africa-the-battle-for-oil-and-gas-supremacy/#.U3xZoNKIDLk
Simply waiting of SP to move because 2d looks good or announcement of new partners to develop our vast assets, Id welcome both. 10 bagger by next spring.
Either I guess, its a general statement. I assumed Kenya will be first to advance. BTW I really doubt any of us will ever actually see the seismic data it all depends on how it all unfolds. Hopefully a nice rendering showing massive billions of barrels of oil right along with the underground aquifer recently discovered.
also, bond debt is not important, finding oil is. Dont worry about the notes, if we make descent discoveries it wont matter. debt will be a small fraction if we find a 400,000+ million boe.
Great article about Africa, ERHC has a knack for being in the hot spots. Hopefully we will be the taipan in this article next year!
Africa continues to experience heightened levels of exploration activity, with more than 27 high impact wells being drilled this year, targeting over 17 billion barrels of oil equivalent. This accounts for over half of the world’s high impact wells to be drilled in 2014 according to the “50ish wells to Watch” a recent research report published by Tudor Pickering Holt analyst Anish Kapadia.
Kenya will also continue to be at the forefront of onshore rift basin drilling as host to the largest number of high-impact wells to be drilled this year in Sub-Saharan Africa.
All of the major discoveries in the first quarter of 2014 were also in Africa, including the onshore rift basin Bitanda well in Chad drilled by Glencore (LON:GLNCY) and Caracal (LON:CRCL), the Notus well offshore Egypt drilled by partners BG (LON:BG) and BP (NYSE:BP), and the Orca-1 well offshore Angola drilled by partners Cobalt (NYSE:CIE) and BP.
The list of big wells being drilled this year is dominated by Supermajor oil companies like ExxonMobil (NYSE:XOM), Petrobras (NYSE:PBR), Royal Dutch Shell (LON:RDSA), and Total SA (NYSE:TOT) as well as Super Independents like Canadian Natural Resources (NYSE:CNQ), Murphy Oil (NYSE:MUR), Marathon (NYSE:MRO) and Tullow (LON:TLW). This is not surprising as most of the offshore wells being drilled cost $100 million or more and also tend to have greater geological risk than onshore prospects. For investors, however, these big wells don’t offer much upside, as discoveries made by companies this large are not likely to have a major impact on share prices.
There are a few exceptions of smaller companies drilling top exploration prospects this year with market caps below $5 billion. These include companies like Africa Oil Corp. (TSX:AOI), Afren (LON:AFR), Ophir Energy (LON:OPHR) and Premier Oil (LON:PMO).
The biggest prospect expected to be drilled onshore Africa this year is the Sala well, which is being drilled by Africa Oil Corp. and Marathon, with results expected during the second quarter. This well is currently drilling in the Anza Basin in Kenya and is targeting 402 million barrels of prospective resources. All of the previous wells drilled in the Anza basin have had either oil or gas shows, including the 1.88 trillion cubic feet (300 million barrels of oil equivalent) Bogal gas discovery.
Africa Oil is a great example of how lower onshore well costs provide smaller companies and investors an opportunity to participate in high impact wells. The market cap of Africa Oil Corp. increased from $250 million prior to drilling to $2.5 billion after making a major discovery onshore Kenya, at the Ngamia-1 well in 2012.
There are very few microcap companies drilling top exploration prospects this year. There is only one company with a market cap below $100 million that is drilling two of the largest onshore prospects in Africa later this year. Taipan Resources (TSX-V:TPN) is drilling the 251 million barrel Badada prospect onshore Kenya with partners Premier Oil (LON:PMO) and Tower Resources (LON:TRP) and the 390 million barrel Khorof prospect onshore Kenya with partner Afren.
Rift basin prospects like Badada, have delivered some of the most consistent exploration results in recent years. In Uganda, Heritage Oil drilled 6 exploration wells with 100% success in the Lake Albert Rift Basin, which is now estimated to have 1.7 billion barrels of recoverable oil resources. In Kenya, Tullow and Africa Oil have drilled wells with an 88% success rate in the Lokichar rift basin discovering over 368 million barrels of oil.
The next largest prospect to be drilled this year onshore Africa after Sala is the Khorof prospect on Block 1 in Kenya targeting 390 million barrels. This well is being drilled by Afren, with Taipan Resources holding a 20% interest. According to Afren, this prospect is “a large 4-way dip-closure down-dip of an oil seep.” Afren has also said that Block 1 contains many prospects with “successful analogues in the Ethiopian sector of the basin immediately north of Block 1.”
The latest Taipan Resources company presentation also states that on Block 1 the company “may drill an even larger prospect” than Khorof. If this is the case, then Taipan could be participating in the largest onshore well to be drilled in Africa this year.
Taipan is fully funded for the Badada and Khorof wells this year, with an unrisked NPV net to Taipan of $1 billion or $7 per share on a fully diluted basis. The risked (pre-drill) value of Taipan’s two wells this year is $1.80 on a fully diluted basis.
Significant pre-drill upside remains from Taipan’s current share price of $0.50 per share. Expect the market to take notice as the company continues to move closer to drilling.
If the seismic looks promising the "inside" word will spread fast. Then, you will see buying then more buying. This will be our "news" to look for. The market will tell us there is a high chance of a discovery or not. At least we have the opportunity for oil and not bankruptcy. We need EO to put the word out. He will imo when and if the DATA from seismic looks good. Eventually, we will find oil as long as their are investors. Thats what this old shell (ERHC) was brought to life to do. Dont forget we have the ARABS & ( Ipic & Cepsa), Chinese? and E Offor. Thats deep pockets my friends. 15 years Ive been here, its our turn.