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Sino is carring ERHC for Huge $$$
2 Rigs [$600k + $400k /day] = $1,000,000
x 15-20% Ave. Carried Interest
basically $150,000 to $200,000 / per day
they be silly NOT to take us out
+ IMO many Africian / US power brokers with big stakes in the game want a pay day from Addax / ERHE
+ the price to play goes up with proven
Rapp good summation
our hands are basically tied
we have strict confidentialty and NDA agreements and have an ongoing battle with the JDA being in Arbitration
We cannot afford to lose our Free Carries
we have to play ball and shut the F up
Addax and Sino still wrapping up their deal
we have been forwarned about Tight Wells
so limited official news going forward
lets hope for birdies / leaks & tipsters & Mark
NITE especially gobbling up stock on the BID
SALI was a retail seller
BTCH still not sure
it's a slight shame on 1.6 MM Shares traded we couldn't move higher but IMO we are 1 Press Release away from testing multi year highs and all time highs and soon to make NEW highs
our last PR / [Shareholder Update] took us from the low $0.50s to low $0.70s -
so another $0.20 up per PR is just fine
so bring on the PRs already
the issue is, it's NOT a material event if Sinopec, a $100 Billion company stats spudding an exploration well.
Our best hope for news is the JDA updating all the Stakeholders
yeah call Sinopec in China - good luck
the Birdies are all we got
MM BNCH gone after at $0.70 with 70k
and about 50k at $0.705
- lets see what he's got left at $0.71
good to see he is moving back - up
Addax Petroleum announces receipt of letter from Kurdistan Regional Government of Iraq
Press Release
Source: Addax Petroleum Corporation
On Wednesday July 22, 2009, 5:24 am EDT
CALGARY, July 22 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC and LSE: AXC), today announced that it has received a letter (the "KRG Letter") from the Minister of Natural Resources of the Kurdistan Regional Government (the "KRG") and has confirmation from Sinopec International Petroleum Exploration and Production Corporation ("SIPC") that receipt of this letter satisfies the condition to the offer for Addax Petroleum dated July 9, 2009 (the "Offer") made by Mirror Lake Oil and Gas Company Limited, an indirect wholly-owned subsidiary of SIPC, that Addax Petroleum obtain the KRG Letter.
The Offer is subject to a number of conditions including valid acceptances by holders of not less than 66 2/3 per cent of Addax Petroleum shares on a fully diluted basis and receipt of certain regulatory approvals, including the government of The People's Republic of China. The Offer is expected to close in the third quarter of 2009.
About Addax Petroleum Corporation
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
For further information
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Mr. Chad O'Hare, Investor Relations, Tel.: +41 (0) 22 702 94 10, chad.o'hare@addaxpetroleum.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
Mr. Nick Cowling, Press Relations, Tel.: (416) 934-8011, nick.cowling@cossette.com
Mr. Mark Antelme, Press Relations, Tel.: +44 (0) 20 7337 1500, mark.antelme@pelhampr.com
DG > N Wilson wasn't associated with ERHC in late 2001. 10K dated 9/21/01
(http://www.sec.gov/Archives/edgar/data/799235/000091205701533108/a2059755z1
0ksb.txt) and the company was being operated by Offor and his team.
This filing from January 2000 shows that an audit found that as CFO she failed to maintain books:
http://www.sec.gov/Archives/edgar/data/799235/0000906280-00-000015.txt.
The board asked for her resignation in January 2000:
http://www.sec.gov/Archives/edgar/data/799235/0000906280-00-000025.txt.
And in late 2001 this filing
http://www.sec.gov/Archives/edgar/data/799235/000091205701533108/a2059755z10
ksb.txt shows that Offor and his team had already taken over and she had been out for almost two years.
there'e the proof NO CONNECTION TO ERHC
<Ultimately, Jefferson was unsuccessful in negotiating a solution, and Sao Tome and Principe canceled the deal..
also probably explains the SEALED WARRANT
both Rep. Jefferson's and our offices were investigated
- and NaDa
- just a witch hunt
http://davisjonesresearch.com/reports/ERHEreport2.php
<Therefore, the returns on microcap investments such as
ERHC Energy can be staggering>
5 THINGS YOU NEED TO KNOW ABOUT
ERHC ENERGY
http://davisjonesresearch.com/reports/ERHE_Davis_Jones_Research.pdf
1) The management team running ERHC Energy
is experienced and capable of growing the company
Taking a company public doesn’t guarantee success.
A successful public company must have a management
team with the experience and expertise to create value for
shareholders. They must know how to establish and execute
an economically viable business plan, build the brand and
company image, organize and motivate employees, and do it
in as timely and cost-efficient a manner as possible.
The management team running ERHC Energy is capable
of this. They are solid and have a history of success. Not only
is the team experienced, but they are driven to grow the company
and create shareholder value.
2) ERHC Energy has a relatively low number of shares outstanding
Companies with a low number of shares outstanding are
advantageous because shareholder value has not been diluted.
Also, companies with low outstanding shares are often
more explosive relative to companies with a large number of
shares in the marketplace.
A low number of shares outstanding means a tighter float
and, consequently, a smaller marketplace for a stock. Since
share prices are determined by supply and demand, a sudden
increase in buying will likely overwhelm the number of sellers
and result in an upward price surge.
3) ERHC Energy has the right promotion
Being the world’s greatest company means nothing if no
one knows about it. A company needs to actively undertake
investor relations and publicity campaigns to spread the word
about their product or service.
Doing this not only brings exposure to the company, but it
will inevitably bring in new investors and add liquidity to the
stock – a very good thing.
An illiquid is stock makes it difficult for investors to
enter/exit positions quickly and invariably results in larger
bid/ask spreads. Large bid/ask spreads translates into money
out of your pocket because you aren’t receiving optimal pricing.
Many microcap stocks suffer from a lack of liquidity. However,
with investor relations and publicity programs in-place,
ERHC Energy is actively working to ensure a liquid environment
for its stock.
4) ERHC Energy has a relatively small market capitalization
If you multiply the price of the stock by the total number of
shares outstanding, you get the company’s market capitalization.
ERHC Energy currently has a market capitalization under
$250 million which falls into category of microcap stocks.
Microcap stocks can be volatile. However, the potential
upside is far greater than that of a larger company. That’s because
it is statistically easier for a small company to double or
triple in size compared to a stock with a large market capitalization.
Therefore, the returns on microcap investments such as
ERHC Energy can be staggering.
5) ERHC Energy is still “under the radar” of Wall Street
A sound strategy for making money in the markets is to
buy a rock-solid company while it is still ‘under the radar” of
Wall Street. By getting in before anyone else knows about the
stock, you position yourself to ride any price appreciation as
other investors discover the company’s potential.
Because ERHC Energy trades on the OTCBB, the stock is
not yet known to the vast majority of Wall Street’s big money
players. As ERHC Energy develops its business and increases
marketing efforts, it could attract a larger following
from Wall Street. And that could send the share price soaring.
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Davis Jones Research
Customer Service Department
www.davisjonesresearch.com
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wrong - ck the tape
NEW MM on the ASK - BNCH [call him the Bitch, clearing out all the Bids]
BNCH The Benchmark Company, LLC OTCBB 212-312-6700
UPDATE: Addax Declares Force Majeure On Nigerian Antan Crude
Last Update: 7/20/2009 12:37:59 PM
(Adds background, trader comment.)
LONDON (Dow Jones)--Addax Petroleum (AXC.T) said Monday it declared force majeure
on Nigerian Antan crude oil liftings last Tuesday as a result of technical
problems linked to poor weather.
The delay of a tie-in of three wells in Addax's OML123 license area, due the
adverse weather conditions, led to a shortage of crude available for planned
liftings from the floating production, storage and offloading vessel at Antan, a
spokeswoman said in an e-mail to Dow Jones Newswires.
"The liftings will be rescheduled and there has been no impact to Addax
Petroleum's operations or production from OML123," she said.
OML 123 is Addax Petroleum's largest license area as measured by reserves and
production, according to information on the company's Web site, with average
production at 58,420 barrels a day in 2008. There are nine producing oil fields,
two undeveloped oil fields and three unappraised oil discoveries within the area.
The FPSO vessel is the key production facility, gathering oil from production or
wellhead platforms on each field, and has a nameplate crude oil processing
capacity of 60 million barrels a day.
A crude oil trader in London said the price impact from a delay to Antan liftings
would likely be limited.
"It's only usually two or three cargoes," the trader said. "It's a niche grade
rather than a benchmark."
-By Nick Heath, Dow Jones Newswires; (4420) 7842 9405;
nicholas.heath@dowjones.com
(END) Dow Jones Newswires
July 20, 2009 12:37 ET (16:37 GMT)
**it is pretty pathetic our iHub board knew and has reported about the Sedco Rig WEEKS AGO
- and its been reported by Countless Media sources
and yet to date WE DO NOT HAVE AN OFFICIAL PR FROM OUR COMPANY OR the JDA
total BS
Sinopec are a bunch of F**kers
ERHC has their hands tied as we are in arbitration with the JDA on 5 and 6
just a shame we cannot report more
STP - New law-chart of the oil-producing operations permits to the government create consortium for exploitation of the oil in the zone económica exclusive of Saint Tomé and Prince
They been Saints-tomense already had manifested interest in create a consortium with oil-producing companies of lusophone countries for joint exploitation of the oil. But to old law 4/2000 that was in force sealed that possibility. Second Luís of you Will Please , executive Director of the National Agency of Oil to new law that should be promulgated by the President of the Republica, facilitates the direct intervention of the government in the business, as well as of national citizens.
The direction of the institution that regular the oil-producing sector, guaranteed to the Téla Nón that already has the work of home made, and that awaits green light of the government for carry out the first oil blocks auction in the zone económica exclusive are-tomense.
In interview to the Téla Nón, the Executive Director of the National Agency of Oil, announced that the seismic studies of two dimensions, carried out by the Norwegian company PGS in 10750 quilómetros lineal of the zone económica exclusive are-tomense, permitted the identification of 14 blocks of oil.
The facts that accuse existence of oil are prosecuted, the National Agency of Oil, considers that already concluded more from 80% of the work with an aim to sale of the blocks. To recent approval by the Assembleia National of the new law chart of the oil-producing operations and of the law of the taxation of the oil, healthy two more elements that contribute for the trial. "It is alone a question of the government take the decision", affirmed Luís of him you Will Please.
If still in this month of July the two diplomas will go promulgated by the President of the Republic, "can be that the auction happen still in this year, otherwise alone in the beginning of the near year. But, that do not want to say that necessarily the government is going to put in the market the 14 blocks. Occasionally it can put 4 or 6 blocks, since to our zone is a youth", explained the executive director of the National Agency of Oil.
The National Agency of Oil says that to new law is modern, and that separates very well the waters. The paper of the agency as regulating organ is well defined, as well as the responsibilities of the commercial organ, that the national company of oil it to be constituted. To new second law Luís of you Will Please extinguishes the company STP-Petro, created by the law now cancelled. The state are-tomense should create a company of oil for be able to participate directly in the business in the exclusive zone, or then constitute a consortium.
To new law, gives like this answer to one of the intentions manifested especially by the President of the Republic there are some years behind, of create a partnership with oil-producing companies of some lusophone countries, namely to Sonangol of Angola, to Petrobrás of Brazil, and to GALP of Portugal for exploitation of the black gold in the territorial waters of the archipelago.
"That new law indicates the form as the government can participate in this oil-producing trial. It can be through the national company of oil, or through a consortium. This is predicted in the law. We say that having the government made the adjudication of a block, the advice of ministers, can decide that the government have 10 or 15% of the block. The previous law does not foresee this hypothesis", scored Luís of him you Will Please.
The national citizens, also can create companies for explore oil, or for installment of service. Obstacles and difficulties arisen during the 6 years of studies and launching of auction of the blocks of the zone of joint exploitation with the Nigeria, conferred to the state are-tomense some experience that contributed for the elaboration of the new law chart of the oil-producing operations.
By example in the second auction of the joint zone with the Nigeria, two blocks put in the market did not deserve attention of the oil-producing companies, Stayed by auction. The alone previous law admitted business by road of international public contest. The previous government of Tomé See Cross, tried to alter the law for permit the intervention of the state in the direct adjudication of the blocks that were not auctioned, but the trial was locked.
This time, the coalition divided into three in the power, advanced with the new law that permits to the state adjudicate directly the blocks of oil that in an auction has not deserved any proposal of the companies, or that the proposals presented, be not attractions. "In the twentieth article of the new law, is clear that all blocks auction trial in Saint Tomé and Prince is deed by international public contest.
But on the other hand, the article 21 says that is possible have a direct negotiation. By example the state puts in the market 5 blocks of oil. Two did not they have good proposals and consequently were not adjudicated. Any company can write for the state it say that is interested in negotiate these blocks. But in name of the transparency, the state should publish this interest giving it know the intention of the company.
After that publication in a term of 15 days itself occasionally will have more companies interested us blocks, the state should open a restricted public contest. But itself in the end of 15 days do not appear company no, the state should initiate direct negotiation with the company that wrote manifesting interest", explained Luís of him you Will Please.
It questioned by the Téla Nón, about the possibility of be the contrary one, or be, of be the state are-tomense through his governmental representative it take the initiative of invite a company for explore the blocks of oil that were not auctioned, Luís of you Will Please, said that the law seals this hypothesis. The state barely should answer entreaty of the company interested.
For it defend the transparency in the business, the law obliges that the National Agency of Oil publicite in a term of 10 days through an organ of public information all the information related with the negotiation of blocks with the oil-producing companies. The citizen are-tomense should know all you count them of the business.
The facts about the existence of oil in the zone económica exclusive of Saint Tomé and Prince, already are it be publicitados to international level. "Naturally that the blocks that in the group of the blocks that are delimited, there are some that we be able to consider of good prospectividade, can have blocks of medium prospectividade and others still missing prospectividade. The studies that have indicate that to our zone is reasonable", detailed.
The Direction of the National Agency of Oil, announced for the Téla Nón that of 7 to 10 of June last, the institution participated in Denver in the United States, in one of the biggest conferences of the world of the oil and gas. "We did the promotion of the zone económica exclusive of Saint Tomé and Prince. Therefore in this moment we have more from 80% of the work made", emphasized Luís of him you Will Please.
Abel Veiga
Publicado por Téla NónFechar
Téla Nón
Email: abelveiga@voila.fr
Site: http://www.telanon.info/topico/economia/
July 2009
POPS Excellent we need a POP !!!
related - Marathon sells stake to Chinese for $1.3 billion
NEW YORK (MarketWatch) -- Marathon Oil on Friday said it's selling a 20% interest in the Angola Block 32 field off the coast of Africa to Chinese oil giants CNOOC International Ltd. and Sinpoec for $1.3 billion.
Marathon will continue to hold a 10% stake in Block 32, where the company has announced 11 successful exploration
wells.
he's up there at $0.75 asking
Mark Awesomme - Thanks !!!
leffus NO - they are drilling Bomo in JDZ BL 2
looks like they will be starting now anyday
http://www.rigzone.com/data/rig_detail.asp?rig_id=1009
Block 7 ??? Has yet to be auctioned. NO PSC [no contract signed yet]
IMO Speculators will drive the pps action on hype
IMO Investors will drive the pps action on news
IMO there will be plenty of BOTH
geez - have you not heard of STRICT NDAs and Highly Confidential Agreements
WE CANNOT SAY SQUAT till our partners or JDA does, simple
Shall we risk our free carry to update shareholders on a silly date that can change with the wind
We all here know RIGs are coming
read our last PR says "AS EARLY AS JULY"
what do you want a time stamp ?
CNBC 1:40 PM EST - Investing in Africa
RED OBO-1 was a Tight Hole and we had plenty of of news / rumor / hype and facts to boot [news was coming in from all over the place including from on the Rig]
the Excitement was Wild [and we were'nt even in BL 1]
now with 2 maybe 3 [of our own] wells drilled
we should have double/triple the fun
Homeport - Upstream Online
Sao Tome & Principe law move
Lawmakers in the micro-state of Sao Tome & Principe last weekend approved legislation enabling the country to hold its first offshore licensing exercise to allocate up to six exploration blocks in its exclusive economic zone.
The 55-member parliament unanimously approved laws governing the tender process for contracts and for the eventual taxation of oil and gas revenues.
Both bills will be sent to President Fradique de Menezes before the end of the week. He will then have 30 days to publicise the new legislation but will probably do so by the end of July.
Companies seeking production sharing licences will be allowed to bid transparently and publicly directly to the country's National Petroleum Agency (ANP).
Talks may begin with a bidding company only if no other party has formally expressed an interest within a specific period.
Blocks not bid for may subsequently be subject to direct talks with interested companies, theidentities of which will be made public.
ANP aims to formally launch the round in November. ANP chief executive Luis Prazeres said domestic independents would be encouraged, while“strong interest”had already been demonstrated by international exploration companies.
The government may also retain a stake of between 10% and 15% in awarded blocks.
--------------------------------------------------------------------------------
Thursday, 09 July, 2009, 23:01 GMT | last updated: Thursday, 09 July, 2009, 23:01 GMT
our pal DOMS and 299,000 just traded
MM SALI sold 1/4 Million shares earlier at $.55
now is Bid $0.60 last trade .$65
Great trading - lol
It's critical with so many O/S,
that big blocks of shares ARE secure AND remain in friendly hands
it appears they will be !!
RUBY1100
1.2BB Naira = $8 Milion USD
can these 100 Million ERHC Shares Hit the Market
if they do thats a problem
Why did he put on Lien on his ERHC Shares?
Is this a game changer ??
Chrome Group makes a good faith payment of N1,200,000,000.00 (One Billion, Two Hundred Million Naira) in twelve equal instalments effective June 1, 2009
And how much is this in USA Dollars ???
I believe the Currency is 0.1252
so is that $25 Million ????
$2 Million / a month ?
The letter stated further: “Security-Chrome Group’s Account with the defunct African Express Bank Plc were secured principally by a Lien on 100 (one hundred) million units of the common stock of Environmental Remediation Holding Company (ERHC) - an American registered company listed on NASDAQ. The originals of the share certificates of the above stocks are in the custody of the NDIC.
http://www.thisdayonline.com/nview.php?id=148262
“We wish to observe that despite our efforts towards the repayment to the outstanding depositors of the defunct AFEX Bank Plc, no effort is being made to recover the outstanding loans of about N4 billion from the other customers of the Bank.
“Our proposal has thus taken into consideration, our previous repayments vis-a-viz the receivables from the cherry picking exercise conducted by the regulatory authorities as well as the entire deposit liabilities of the defunct AFEX Bank Plc.
“In view of the foregoing representation, we humbly request that Chrome Group makes a good faith payment of N1,200,000,000.00 (One Billion, Two Hundred Million Naira) in twelve equal instalments effective June 1, 2009 in full and final settlement of its indebtedness as against the outstanding balance of N934,952,129.00 needed to pay the outstanding deposit liabilities of the defunct AFEX Bank Plc.
[ERHC] Failed Banks: Senate May Seek Prosecution of Debtors
•Summons CBN, NDIC •Chrome proposes payment plan of N934m owed
From Sufuyan Ojeifo in Abuja, 07.09.2009
http://www.thisdayonline.com/nview.php?id=148262
Senate yesterday took a step further to seek the prosecution of former directors of failed banks whose abuse of insider credit totalling N53.3 billion led to the failure of 13 banks.
The Nigerian Deposit Insurance Corporation (NDIC) has so far recovered only N4.722 billion of the debt which the former directors gave to companies in which they had interests.
Senator Bassey Ewa-Henshaw (Cross River South) had on Tuesday, after the list of insider-related credits was declassified on the floor of the Senate, sought to reopen debate on the matter.
He had come under order 53(6) of the Senate Standing Rules (2007 as Amended), but Senate President David Mark refused to approve the request. Mark said it was not properly tabled.
Ewa-Henshaw explained that senators were not privy to the identities of the directors involved in the insider credit abuse when debating the report and that the Upper House should now focus on prosecution of the personalities involved in the insider credit abuse.
The Senate President said he knew Ewa-Henshaw was heading in that direction and that he must necessarily come through a substantive motion which would be slated for another legislative day and that the leadership must be notified in writing.
Yesterday, there were indications that a motion is being planned by some senators, seeking the prosecution of those involved in the insider credit abuse that resulted in the failure of the banks and the agonies of their depositors.
But in a bid to escape prosecution, some of the people whose names were published in the list of debtors are now making quick payments, while some others are submitting repayment plans.
For example, Sir Emeka Offor, who said he was about defraying the outstanding balance of N934.9 million that his Chrome Group of Companies, owed failed African Express (AFEX) Bank, has sent a proposal to the Senate Committee on Banking, Insurance and other Financial Institutions on how to liquidate the debt.
The total loan Offor got for Chrome Group of Companies, as contained in the NDIC report that the Senate Committee Chairman, Senator Nkechi Nwaogu, read out on the floor of the Upper House on Tuesday, was N7.5 billion.
According to the report, Offor paid back only N3.8 billion. But he disputed the claim, saying N934.9 million was the outstanding balance of his company's indebtedness to AFEX Bank.
In a letter dated May 14, 2009, addressed to Nwaogu and signed by Company Secretary/Legal Adviser of Chrome owned by Offor, Anthony Achebe, Chrome said AFEX Bank's total deposit liability as at December 31, 2005 was N6.6 billion.
The letter stated that the deductions/payments to date included N3 billion deposit to Central Bank of Nigeria (CBN) by Chrome Group on January 12, 2006; N449,980,379.00 deposit to NDIC on June 28, 2006; N100 million deposit to NDIC on December 18, 2007; N100 million deposit to NDIC on March 20, 2008; interest on the N3 billion deposited at CBN at 10 per cent per annum up to May 31, 2009; and payment of N1 billion to NDIC by UBA Plc under the cherry picking arrangement.
According to the letter, “Outstanding balance viz-a-viz the defunct African Express Bank total deposit liability is N934, 925, 129.00.”
The letter stated further: “Security-Chrome Group’s Account with the defunct African Express Bank Plc were secured principally by a Lien on 100 (one hundred) million units of the common stock of Environmental Remediation Holding Company (ERHC) - an American registered company listed on NASDAQ. The originals of the share certificates of the above stocks are in the custody of the NDIC.
“We wish to observe that despite our efforts towards the repayment to the outstanding depositors of the defunct AFEX Bank Plc, no effort is being made to recover the outstanding loans of about N4 billion from the other customers of the Bank.
“Our proposal has thus taken into consideration, our previous repayments vis-a-viz the receivables from the cherry picking exercise conducted by the regulatory authorities as well as the entire deposit liabilities of the defunct AFEX Bank Plc.
“In view of the foregoing representation, we humbly request that Chrome Group makes a good faith payment of N1,200,000,000.00 (One Billion, Two Hundred Million Naira) in twelve equal instalments effective June 1, 2009 in full and final settlement of its indebtedness as against the outstanding balance of N934,952,129.00 needed to pay the outstanding deposit liabilities of the defunct AFEX Bank Plc.
“Our request to pay the above stated sum is borne out of our genuine desire to offset the indebtedness and taking into consideration that other debtor customers of the defunct Bank are yet to take steps towards liquidating their outstanding indebtedness.”
Also, a member of the Senate (2003 to 2007), Senator Chris Adighije, who was mentioned in the NDIC report to have collected N1.9 million loan from the defunct Metropolitan Bank in insider abuse, yesterday paid up the entire debt vide a Guaranty Trust Bank draft dated July 8, 2009.
In his letter to the Managing Director of the NDIC, entitled, “Indebtedness to Metropolitan Bank (In Liquidation), he said: “It has just come to our notice through newspaper publications that we are indebted to Metropolitan Bank now liquidated to the sum of N1.9 million only.
“This state of affairs was not known to us. We had no information about this. One Okolonji of NDIC called a month ago and promised to forward the details to us. He did not do that; he said he was ill.”
Also, an industrialist, Chief Samuel Adedoyin, yesterday denied any indebtedness totalling N5.584 billion to the defunct City Express Bank.
Reacting through his solicitors, Sanusi, Akinrimisi & Co, Adedoyin stated that he was not indebted to the defunct City Express Bank in the sum stated.
Text of the solicitors' statement reads: “Sequel to the takeover of the defunct City Express Bank by the Central Bank of Nigeria (CBN) in December 2005, an Interim Management Committee appointed by the Central Bank of Nigeria alleged that our client and his companies were indebted to the defunct City Express Bank in contradictory sums ranging from N585,000,000 (Five Hundred and Eighty-Five Million Naira) to N1.2 bn (One Billion, Two Hundred Thousand Naira). These contradictory figures our client has vehemently denied owing.
“Nigeria Deposit Insurance Corporation (NDIC) also forwarded a petition to the Economic and Financial Crimes Commission (EFCC) but was unable to substantiate the sum allegedly owed by our client and his companies. Series of suits have been filed and are pending at the Federal High Court, Lagos in relation to the sum allegedly owed by our client and his companies.
“However, the sum of N5.584bn (Five Billion, Five Hundred and Eighty-Five Million Naira) forwarded to the Senate Committee on Banking, Insurance and Other Financial Institutions by the NDIC as the amount allegedly owed by our client was never at anytime owed by our client and his companies.
“Our client denies owing the defunct City Express Bank the sum of N5.584bn (Five Billion, Five Hundred and Eighty-Four Million Naira) and stated that the figures forwarded to the Senate Committee on Banking, Insurance and Other Financial Institutions by NDIC are fictitious and untrue.
“Our client shall forward a detailed and comprehensive petition to the Senate Committee on Banking, Insurance and Other Financial Institutions to refute the libellous and mendacious publication as presented to the Senate Committee on Banking, Insurance and Other Financial Institutions by NDIC,” the solicitors stated.
In the meantime, the Senate Committee has already invited the CBN, NDIC and debtor directors to a meeting on Monday, next week.
The meeting is coming on the heels of Tuesday’s adoption of the report and recommendations of the Committee on the Public/Investigative hearing on the agonies of depositors of failed banks and financial institutions.
The Upper House had directed the NDIC and the CBN to immediately convene a meeting of parties to all pending court cases.
They are to meet with the Senate Committee to facilitate its resolutions.
The NDIC, as resolved by the Senate, is to come up with a plan for immediate payment of all depositors irrespective of the pending court cases and to put a definite deadline for the completion of the process.
The CBN is to re-examine the practice under “Purchase and Assumption” whereby assuming banks were allowed to cherry pick the good assets of failed banks.
I forwarded the PMs comments to DK to forward to ER Management for review although I'm sure they know what's what, But ER Management should be made aware of the comments.
**Perhaps the PM's comments are more for "Political Gesturing" to his constituants as opposed to being "Real Policy"
The fact they say Addax + Sinopec are already talking to STP for early oil dealings probably means we are involved some how IMO.
ok thats good kownski - just being a nervous nelly
I really dont trust STP
Why dont they avoid the Press and give us our due already
Is anyone worried about this?
Seems STP may succeed in Mitigating our rights if the best blocks are allowed to go in a private tender
====
STP/EEZ News: Lawmakers pass new oil laws to open door for launch of EEZ licensing round
Sao Tome, July 3 (Lusa) – MPs in Sao Tome and Principe approved new oil legislation Friday that the islands’ government says is needed to auction oil exploration blocs in its exclusive economic zone (EEZ) later this year.
Sao Tome’s 55-seat Parliament, without debate, unanimously supported the new oil legislation, which governs the tender process for exploration contracts and taxation of hydrocarbons revenues. The bills will be sent within five working days to President Fradique de Menezes, who has 30 days to promulgate the new legislation.
The new legislation relating to oil contracts permits closed tenders in specially defined circumstances. Energy firms seeking oil exploration rights in Sao Tome’s EEZ will be allowed to bid directly to the archipelago’s oil authorities for these contracts.
Notification of such approaches, under the new law, must be made public by the government, which can only begin negotiations with the company concerned if no other party formally expresses its interest within two weeks.
Sao Tome’s National Petroleum Agency (ANP) said this week the EEZ licensing round would be launched in November, subject to approval of the new oil laws. ANP chief executive Luis Prazeres told Lusa there is already strong interest among international oil companies in bidding for EEZ production sharing contracts.
or is this STP's way of having the oil firms choose their primo blocks first without a formal round
then when the scraps are left and they have the round, then ERHC picks
maybe this is how they Mitigate our block selection
Me Thinks STP Are very Sneaky
Homeport "Energy firms seeking oil exploration rights in Sao Tome’s EEZ will be allowed to bid directly"
So Sinopec Bids Directly - gets the best 2 blocks and then gets ERHC to select those blocks so no Sig. Bonus
ERHC gets 60% and Free Carry
Sinopec gets 40%
Me thinks this is a good thing
JCanada - Sedco "BL 2 Spud Date Early August"
was my last update 2 weeks ago
from the Deepwater Drilling Superintendent at
Shell Nigeria E & P Nigeria | Oil & Energy
lets hope for July
Ohh so close