Another article re: EO and Starcrest:

N12bn Oil Deal Causes Ripples in Aso Rock
By Lucky Fiakpa and Crusoe Osagie, 11.17.2006

The multi-billion naira oil romance between Addax Petroleum and relatively unknown Starcrest Energy Limited over the controversial award of Oil Prospecting License (OPL) 291 to the latter, which almost immediately farmed it out to the former may soon start to count its casualties. Unconfirmed sources at the Department of Petroleum Resources (DPR) told THISDAY yesterday that the embattled Director of the Department, Tony Chukwueke, may have been moved to the Ministry of Petroleum Resources while a female assistant director elevated to take over in an acting capacity.
The Nigerian government had granted a lucrative oil bloc to Starcrest, a hitherto unknown company behind close doors and in flagrant breach of the Extractive Industry Transparency Initiative (EITI) to which Nigeria subscribed in 2003 and the government’s own policy of transparency. Starcrest in turn sold 72.5 percent of its equity in the oil bloc to Addax Petroleum for a princely sum of $35m (about N5billion).
Addax, a Swiss based Canadian Oil Exploration Company recently announced that it has entered into a $90m (about N12billion) oil deal with Starcrest Nigeria Energy to explore oil in Nigeria’s oil rich Niger Delta region.
Announcing the deal, President and Chief Executive of Addax said “the addition of OPL 291 to our deepwater exploration portfolio is truly exciting. The highly prospective nature of the bloc is underlined by its proximity to the nearly world-class Agbami Oli Field, which is under development. We believe that OPL 291 offers significant potential to our company and its shareholders.”
The allocation of the highly prospective bloc to Starcrest Energy is raising eyebrows because the company is not known in the industry. Indeed, it is suspected that the company was hurriedly put together to take possession of the oil rich field covering 1,287 square kilometers.
The oil field did not receive any offer in the May 2006 oil bidding round. Starcrest Energy is believed to have been hurriedly registered to take advantage of the procedure is for oil blocs that receive no offers in open auction to be reserved for future bidding. In the present instance, the lucrative oil bloc was offered to Starcrest Energy immediately after the registration of the company and behind close doors.
A company search at the Corporate Affairs Commission (CAC), Abuja, revealed that the directors of Starcrest Nigeria Energy are Sir Emeka Ofor, Shorebeach Nig. Ltd represented by Ikechukwu Okpala and Starcrest Energy Ltd, represented by Tochukwu Odukwe. The company was registered on May 19th, 2006 and has its head office on No. 22 Lobito Crescent, Wuse II, Abuja.
It has equity of 1,000,000,000 shares. Emeka Offor holds 50 per cent while the other two directors hold 25 per cent each.
Explaining the details of the controversial award of the oil bloc to Starcrest yesterday, an industry source said as soon as the deal was made public by the press, President Olusegun Obasanjo put together a panel of enquiry to look into it and issued a verbal suspension of the DPR Director.
He said the panel of enquiry, which was constituted on Monday November 13, sent jitters through the entire oil and gas industry and top executives of the Nigerian National Petroleum Corporation NNPC, DPR and the Ministry of Petroleum as they were not sure of the scope of the panel's mandate.
"By Monday night the President decided that a panel of enquiry should be set up and that Chukwueke should be suspended while the panel carries out its mandate.
"It is expected that before the end of today the result of the panel will be released and the true position will be known. But at the moment the situation is still very fluid," he added.
The deal blew open when Addax Petroleum announced last month that it had agreed to pay $90 million to take control of Oil Prospecting License (OPL) 291, an oil bloc that was not put on offer in the open auction of May.
In line with the expectations of the production sharing contract, PSC, Addax Petroleum and Starcrest paid the mandatory signature bonus of $55 million to NNPC and was to undertake an initial investment of $75 million covering an initial work commitment which comprises the acquisition of 3D seismic and drilling one well. They were also expected to sign a Memorandum of Understanding with NNPC to undertake an investment in an Independent Power Project (IPP) which would be developed with gas from a commercial development in OPL291 and agreement with NNPC on the technical and commercial arrangements should the IPP proceed.
In line with the farm-out agreement, Addax Petroleum was expected to pay to the Nigerian government, 100 per cent of the OPL291 PSC signature bonus of $55 million; to pay to Starcrest, a farm-in fee of US$35 million; and to pay Starcrest's share of OPL291 exploration and development costs which will be reimbursed to Addax Petroleum from Starcrest's share of production revenues from OPL291.
OPL291 is located approximately 130 kilometres off the Nigerian coast, where the water depth ranges from approximately 1,000 to 2,300 meters and covers a gross area of 1,287 square kilometers (318,000 acres).
OPL291 is immediately adjacent to OML127 (to the east), which contains the Agbami and Ikija fields, operated by Chevron and OPL242 (to the west) operated by Devon Energy.

Strategy, I might be wrong but I think the % you are referring to is in Safiya Global Investment Limited. I'm pretty sure the majority of the article is discussing this company who is "linked" to Starcrest.

Thanks, it's great to know the facts.

Yep, and they ended their October "Operational Update" with this...geesh!

The company expects to report its Third Quarter financial results by November 15th.

I know someone posted that Memon lives in Nigeria but this is strange. I have no idea if this is the same Memon but wouldn't it be odd for there to be 2 Ali Memon's working in the oil industry?

Dolphin Offshore

333 N Sam Houston Parkway E
Suite 400
Houston, TX 77060
United States
www.dolphinoffshore.com Contact: Ali Memon
713 589 6407 (Ph.)
713 893 6410 (Fax)

Impart Media Group Files Extension for Third Quarter Report
Wednesday November 15, 5:54 pm ET
Conference Call for Investors to Be Conducted After Filing

SEATTLE, Nov. 15 /PRNewswire-FirstCall/ -- Impart(TM) Media Group, Inc. (OTC Bulletin Board: IMMG - News), a unique full service provider of hardware, content, and advertising for digital media networks announced today that the company has submitted a filing extension for the Quarterly Report on the fiscal quarter ended September 30, 2006.

The reasons cited for the delay involve the required restatement of the financial statements included in our Second Quarter Report for the fiscal quarter ended June 30, 2006, which has had an effect on the preparation of our financial statements to be included in our Quarterly Report for the fiscal quarter ended September 30, 2006.

According to Impart's Chairman and CEO, Joe F. Martinez, "Our entire finance and accounting department has devoted a substantial amount of time to become fully compliant in all matters of our financial reporting. We strive to take a disciplined approach and comply with Generally Accepted Accounting Principles (GAAP) in all our filings. This restatement was necessary in order to further that commitment. As a result, we were delayed in preparing and providing our independent registered public accountants with the financial statements required for our Quarterly Report on Form 10-QSB for the three and nine-month periods ended September 30, 2006."

Well, I think if he filed the 144 then he would have to file the Form 4. (P.S. Happy birthday!)

Form 144:

A form that must be filed with the SEC when an executive officer, director, or affiliate of a company places an order to sell that company's stock. Also known as Rule 144.

There are five basic requirements fill in order to sell under 144:

1. The form must be filed properly.
2. Adequate current public information must be available. For example, required reports such as the 10K and 10Q forms must have been filed with the SEC.
3. Volume limitations have to be met. One limitation is the sale must not be greater than 1% of outstanding shares.
4. The transaction must be made by a stockbroker in accordance with certain procedures and rules.
5. If the securities are restricted, then they cannot be sold until one year after the date the affiliate paid the entire purchase price.
http://www.investopedia.com/terms/f/form144.asp

I got the answer from a very knowledgeable poster on another board. We don't know if they have been sold yet or not until the Form 4 is filed.

Form 4:
document that must be filed with the Securities and Exchange Commission (SEC) whenever there is a material change in the holdings of company insiders (including shareholders owning 10% or more of the company's outstanding stock).

SEC regulations require insiders to report any material changes in their holdings of their affiliated company, via the submission of a Form 4, before the tenth day of the month following the material transactions. This covers buy and sell orders on the open market as well as the exercise of company stock options.
http://www.investopedia.com/terms/f/form4.asp

So, when it says "Transaction Date" that means the date it was filed? I'm confused and appreciate any help.

I'm guessing the "Transaction Date" means it was completed?

Form 144: Filing to Sell 1272727 Shares of ERHC Energy Inc (ERHE)

ERHE
$0.38
+0.00 +0.5%

Released : Wednesday, November 08, 2006 6:29 PM

Document Processing Date: November 07, 2006

Filer: MEMON, ALI
Relation:

Stock Name: ERHC Energy Inc
Stock CUSIP: 26884J104

Stock Symbol: ERHE
Exchange: OTC

Transaction date: November 06, 2006
Shares for sale: 1272727
Value held: $445454

http://www.wealth.mworld.com/m/m.w?lp=GetStory&NewsID=227175281

World oil supply still plentiful, study shows
Influential think tank dismisses 'peak oil' theory, sees production rising
Reuters
Updated: 4:21 p.m. ET Nov 14, 2006
HOUSTON - World oil production will not begin to fall for at least another 24 years, contrary to doomsday theories that supply is already in terminal decline, a prominent energy consulting group said Tuesday.

Cambridge Energy Research Associates said in a report that the world has some 3.74 trillion barrels of oil left -- enough to last 122 years at current consumption rates and triple the amount estimated by “peak oil” theorists.

The world consumes nearly 85 million barrels of oil per day, with the United States using about a quarter of that, according to the Department of Energy.

“Oil is too critical to the global economy to allow fear to replace careful analysis about the very real challenges with delivering liquid fuels to meet the needs of growing economies,” said Peter Jackson, director of oil industry activity for Cambridge, a Massachusetts-based consultant to the oil, natural gas and electric power industries.

The said the peak in global daily oil production will not come before 2030 and will be followed not by a steep decline, but rather by an “undulating plateau” of ups and downs in output before a gradual dropoff, according to the report.

Jackson said the main flaw in “peak oil” theory is that it fails to account for exploration, technology, rising estimates of the size of existing fields and geopolitical shifts.

The “peak oil” idea was first proposed by the late geologist M. King Hubbert in 1956, who correctly predicted a 1970 peak in U.S. production in the lower 48 states. Hubbert followers have carried forward the theory, applying it to global supplies.

Matthew Simmons, chairman of Houston-based investment banking firm Simmons & Co. International, said last month that world production of crude oil may have peaked this year, setting the stage for energy shortages.

“The peak’s been called on many occasions, and dates come and go without any scientific explanation," Jackson said in a teleconference to discuss the report, “Why the 'Peak Oil' Theory Falls Down: Myths, Legends, and the Future of Oil Resources.”

Actual production has exceeded “peak oil” predictions by 15 billion barrels in the United States alone, and such contrary data has caused advocates of the idea to keep shifting the predicted peak year into the future, Jackson said.

“In doing this, they’re proving the opposite of what they’re suggesting,” Jackson said.

The sheer size and variety of the oil-producing world, 35,000 fields in more than 70 countries, makes it difficult to apply “peak oil” analysis everywhere,” Jackson said. Hubbert initially looked at only part of the United States.

“Peak oil” theorists fail to note that the industry has replaced more oil reserves through field reserve upgrades than from exploration, which has tended to keep production levels steady, Jackson said.

Technological development and geopolitical shifts, more than realities underground, will govern how production unfolds before it begins to decline permanently in the second half of the 21st century, the Cambridge report said.

The plateau could last for decades, Jackson said.

“The 'peak oil’ theory causes confusion and can lead to inappropriate actions and turn attention away from real issues,” Jackson said.

Copyright 2006 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters.
URL: http://www.msnbc.msn.com/id/15715744/

Anadarko considers sale of Algeria business-sources
Tue Nov 14, 2006 12:03 PM ET

By Caroline Humer

NEW YORK, Nov 14 (Reuters) - Anadarko Petroleum Corp. <APC.N> may sell its Algerian exploration and production business, which could fetch $7 billion to $9 billion, as it sheds assets to reduce debt after buying Kerr-McGee and Western Gas, according to sources familiar with the situation.

Anadarko, an independent oil and gas producer, has not made a final decision, the sources said.

Some factors that could influence its decision include agreeing on a price and the impact of a possible increase in Algerian taxes, the sources said.

The company, based in Houston, said that everything in its global portfolio is being considered for sale.

"We're looking at all of our assets, the value that they might bring on the market and how that might help us bring down the debt that we've taken on with these acquisitions," said Anadarko spokeswoman Susan Richardson.

The company wants to make sure it receives the best price possible for its assets and would sell accordingly, she said.

The sale would be above the $10 billion in asset sales it identified in August. It has since raised that figure to $12 billion. Andarko bought Kerr-McGee and Western Gas for more than $21 billion in August.

The company initially planned to raise money by selling up to $7.5 billion in equity, but last week said it would likely sell fewer shares as an Algerian sale would be used to reduce the amount of funds needed, sources said.

The asset sale, which has been discussed by the company's board, has become less pressing as the company has been approached for other assets and completed some deals ahead of schedule, one source familiar with the situation said.

But strategically, it would fit with the company's focus on operations closer to home and on natural gas, others said.

Any deal would have to take into account the potential for new tax laws in Algeria.

Algeria's parliament has endorsed a new energy law that has yet to be finalized, which would impose a tax of up to 50 percent on profits every time Brent crude averages over $30 a barrel. The law also may give state-owned oil and gas company Sonatrach, Anadarko's partner in Algeria, at least a 51 percent share in every oil and gas exploration contract awarded to foreign companies.

Specific details of the law are expected to be published sometime next year.

Anadarko has already announced asset sales and swaps in Canada and the Gulf of Mexico and has further sales planned, according to sources. These include the sale of some onshore North American assets and operations in China and Brazil.

Anadarko is the largest foreign operator in Algeria, where it signed a production sharing deal with Algerian state oil company Sonatrach in the 1980s and has discovered more than 2 billion barrels of oil, according to its web site.

Anadarko shares have fallen about 2 percent since June 22, the day before it announced plans to buy Kerr-McGee and Western Gas. The broader Standard and Poor's Oil, Gas and Consumable fuels index <.GSPOIG> has risen 17 percent during that period.

After having hit a 52-week low of $39.51 on Oct. 4, Anadarko shares last traded at $47.31, up 1 percent, on the New York Stock Exchange compared with its year high of $56.98 on April 19. (Additional reporting by Michael Erman)

TopShelf, didn't realize that. Thanks for the reply.

TopShelf, you said previously that you only had 3 posts per day. Why is that? I thought when you signed up for a membership you got 15 per day.

Thanks.

What is argulis?

And, can't find any connection to Morey or Danzig in Accounting.

Hopefully, this is not the same Craig Danzig:

September, 2000

1. Craig Danzig ( CRD#2110533): In a Consent Order, Craig Danzig, agreed he will never apply to the Bureau for registration as an agent, broker-dealer, investment adviser or investment adviser representative.(order effective 9/25/00).

http://www.state.nj.us/lps/ca/disc/disact00.htm

Well, it looks like Bonadio is in Acct. Not sure about the others.

http://www.bizjournals.com/buffalo/stories/2004/08/30/daily31.html

http://www.wealth.mworld.com/m/m.w?lp=S&qv=276813&Type=News

Anadarko sells more deepwater Gulf assets
By UPI
Nov 13, 2006, 19:00 GMT

HOUSTON, TX, United States (UPI) -- Australia`s BHP Billiton Ltd. and its partners are paying $1.35 billion to buy an oil and gas development in the deep waters of the Gulf of Mexico.

The Genghis Khan development, which is owned by Houston`s Anadarko Petroleum Corp., is part of the same geologic structure as the recently sanctioned Shenzi project and includes estimated gross hydrocarbon reserves in the range of 65 million to 170 million barrels of oil equivalent. The field has two wells and development infrastructure in place. First oil is expected in mid-2007.

BHP Billiton will take a 44-percent stake in the assets and be named operator; Respol YPF, a Spanish energy company, and Hess Corp., which is based in New York, will each own 28 percent, the companies said Monday in a news release.

'Similar to the Statoil transaction announced Nov. 6, this divestiture further advances our efforts to reduce financial leverage following the acquisitions of Kerr-McGee and Western Gas Resources in August,' said Jim Hackett, Anadarko`s chief executive. 'Due to the size and quality of the portfolio we have established in the deepwater Gulf of Mexico, we have the opportunity to realize value from targeted divestitures.'

Copyright 2006 by United Press International

Addax Petroleum Announces Third Quarter 2006 Results

http://www.newswire.ca/en/releases/archive/November2006/13/c3518.html

Dana Gas PJSC announces agreement to acquire Centurion Energy International Inc. for C$1.15 billion

<<
Dana Gas PJSC (Abu Dhabi: Dana)
12 November 2006

Transaction highlights:

- All cash consideration of C$12.00 per share

- Transaction price represents a 36.4% premium over the closing price
of Centurion shares on 30 October 2006, the day prior to the
Company's announcement of an unsolicited approach from a third party
and a 55.9% premium over its volume weighted average price for the 20
trading days up to 30 October 2006

- Unanimous approval by the Boards of Directors of Centurion and Dana
Gas

- Transaction to be effected by way of plan of arrangement

- Provides a well-established exploration and production platform to
support Dana Gas's regional growth strategy
>>

SHARJAH, UNITED ARAB EMIRATES, Nov. 12 /CNW/ - Dana Gas PJSC announced
today that it has entered into an agreement with Centurion Energy
International Inc. of Calgary, Alberta to acquire all of Centurion's
outstanding common shares for C$12.00 per share.
Based in Sharjah, UAE, Dana Gas is a private-sector natural gas company
operating in the Arabian Gulf Region and listed on the Abu Dhabi Stock Market.
Centurion Energy is headquartered in Calgary and is engaged in oil and gas
exploration and production with properties in Egypt, Tunisia and offshore West
Africa. It is listed on the Toronto Stock Exchange and London AIM.
The agreement, signed by the Chairmen of both companies in Cairo, Egypt
today, has the unanimous support of the two Boards of Directors and the
Centurion Board will recommend that its shareholders accept the Dana Gas
offer. The acquisition will be completed by way of a statutory plan of
arrangement and requires the approval of no less than 66 2/3% of the
shareholders of Centurion voting at a special meeting of shareholders to be
held in early January 2007.
At C$12.00 per Centurion share, the equity value of the transaction is
approximately C$ 1.15 billion on a fully diluted basis. Dana Gas will also
assume Centurion's net debt of approximately C$99 million, giving the
transaction a total value of approximately C$ 1.25 billion, or US$ 1.10
billion.
The offer price represents a premium of 36.4% over the trading price of
Centurion shares on October 30, 2006, the last trading day before Centurion
announced it had received an unsolicited approach from a third party. It also
represents a 55.9% premium to Centurion's volume weighted average closing
price for the 20 trading days up to 30 October 2006. The offer price implies a
value of US$11.3/proven plus probable boe.
The transaction achieves Dana Gas's stated aim of accelerating its growth
strategy through the acquisition of exploration and production (E&P)
operations in the Middle East and North Africa region. Centurion's assets
complement Dana Gas's existing gas chain activities and expertise in
transportation, processing and marketing of natural gas and represent the
entry by Dana Gas into the upstream gas sector. The acquired portfolio
comprises an attractive combination of existing production and associated cash
flow from the producing fields in Egypt, complemented by growth opportunities
from exploration assets in Egypt and exploration properties in Tunisia and the
Sao Tome/Nigeria JDZ.
"We are pleased to have entered into this agreement with Centurion. We
value the relationship upon which this agreement is built and we share a
common vision for the importance of the regional gas sector. The complementary
operations, strategy and approach to business makes Centurion particularly
valuable to Dana Gas," said Hamid Dhiya Jafar, Executive Chairman of Dana Gas.
"Centurion is an excellent company with outstanding people who have a proven
track record in oil and gas activity in Egypt. We are pleased to offer
Centurion shareholders full value for a company that meets perfectly Dana Gas'
stated objective of acquiring E&P operations with production and clearly
identified exploration prospects for future growth".
Centurion Energy Chairman and Chief Executive Officer Said Arrata added:
"Our Board is pleased to support this transaction because of the value it
delivers to our shareholders and the opportunities it presents to our
employees. We look forward to this unique opportunity with Dana Gas, a pioneer
in the Middle East gas industry. Together, the two companies, will provide the
region with a strong indigenous private-sector player to develop the natural
gas resources of the wider Middle East."
The agreement was reviewed and recommended by a special committee of the
board of Centurion which received the opinion of its financial advisors that
the offer is fair, from a financial viewpoint, to the shareholders of
Centurion. The terms of the agreement include customary provisions prohibiting
Centurion from soliciting any other acquisition proposal but, should an
unsolicited offer be made, allowing the board of directors of Centurion to
accept and recommend a superior proposal if it is required to do so in
accordance with its fiduciary duties. In such event, Dana Gas will be entitled
to a termination fee of C$34.75 million payable by Centurion. Dana Gas has the
right to match any such superior proposal.

Well, I just checked Pacer and there are no new documents under ERHC. Again, not an expert at the Pacer service but that would lead me to believe they have not been unsealed. Bwdik?

Thank you very much.

Lbm, did SFreed ever post anything else about Block 4? And, thanks for keeping the rest of us up to speed on his postings.

Shift pleases stem cell researchers
Now that Democrats have control of Congress, scientists say they look forward to greater acceptance
By David Morrill
MEDIANEWS STAFF

Bay Area biotechnology companies involved in embryonic stem cell research couldn't be happier with the results of Tuesday's midterm elections.

But it's not necessarily prospects for future funding that has them giddy.

For pioneers such as Michael West, who founded Menlo Park-based Geron Corp. and is now the chief scientific officer and chairman for Alameda-based Advanced Cell Technology Inc., it's the idea that their research might finally be understood and accepted.

With Democratic control of Congress, West says he hopes that stem cell companies he has been involved with can now focus less on the politics of stem cell research and more on saving lives.

"My enthusiasm is that we finally might have the chance to push this science forward and advance a field that should be much further along now than it is," West said.

A majority of voters showed their support for stem cell research in various races and measures across the country.

The most prominent example was in Missouri, where voters passed a constitutional amendment to protect stem cell research. Also, Democrat challenger Claire McCaskill, who made stem cell research one of the central themes in her campaign, defeated incumbent Jim Talent.

Actor Michael J. Fox, who suffers from Parkinson's disease, campaigned in favor of McCaskill because of her support for the research.

"I believe that the stem cell issue was a big reason why many of these races were won," West said.

Shareholders seemed excited about prospects for federal funding of stem cell research as well. Shares of Geron climbed 28 cents, or 3 percent, to close at $8.66 Wednesday, and Advanced Cell Technology climbed 11 cents, or 13 percent, to close at 92 cents. Also, shares of Palo Alto-based StemCells Inc., which focuses on adult stem cell therapeutics, rose 32 cents, or 10 percent, to $3.39.

President Bush has been one of the biggest opponents of embryonic stem cell research, using his veto power to restrict funding that would have helped the budding field in 2001. He was against the idea that embryos would need to be destroyed in the research process.

Control of the House and increased support in the Senate, which overwhelmingly supported rescinding Bush's restrictions, might allow Congress to override a presidential veto.

But analysts are issuing a caveat that government funding isn't likely to have a direct or immediate impact on biotech companies. Most of the funds, if granted, would likely go to research at universities such as Stanford University and UC Berkeley.

"What investors need to realize is that even though the Democrats have the House, and may soon have the Senate, the motions of getting the funding passed, and figuring out how to divide it up, still need to happen," said Ren Benjamin, an analyst with Rodman and Renshaw. "So financially, this is still years away from having a meaningful impact on a biotechnology company."

Indirectly, however, biotech companies would benefit if the government decides to fund stem cell research.

Support from Democrats could lead to "more resources available for stem cell therapeutics," Benjamin said. For example, more research done at the university level could lead to licensing of patents to companies producing marketable therapies. Also, it may influence aspiring scientists to focus on this field.

Stem cell proponents say that with proper support, stem cell research could help cure numerous diseases and disorders, including Parkinson's, paralysis and diabetes.

"The bottom line is if the field advances, then everyone does better," West said. "Even though it has been fun to be able to get to do all the work at tiny biotech companies like Geron and Advanced Cell Technology, I would much rather be able to see others be able to do research as well to help find ways to stop this needless human suffering."

One of the projects currently in the works at Advanced Cell Technology's headquarters is using stem cells to address skin issues such as repair of burns, lesions and scarring.

Recently, Advanced Cell made headlines when it published a study in which the company reported coming up with a technique that could safely extract embryonic stem cells without destroying the embryo.

West, who called himself a "lifelong Republican," changed parties several years ago because he felt his party was letting him down.

"It pains me to see the Republican Party go against this, so how could I support a party that didn't support this research?" he said. "Every day we delay support for stem cell research is costing more human lives and suffering."

David Morrill of the Tri-Valley Herald can be reached at dmorrill@angnewspapers.com.
http://www.contracostatimes.com/mld/cctimes/news/politics/15968366.htm

Stem Cell Stocks Rise as Democrat Wins Signal Support (Update1)

By John Lauerman

Nov. 8 (Bloomberg) -- Advanced Cell Technology Inc., Geron Corp. and other stem cell companies rallied as Democratic wins in the U.S. House of Representatives and Senate raised hope for increased government funding for research.

Geron, based in Menlo Park, California, rose as much as 5 percent, and Alameda, California-based Advanced Cell rose as much as 17 percent. Aastrom Biosciences Inc., based in Ann Arbor, Michigan based rose as much as 11 percent.

President George W. Bush restricted funding for research on human embryonic stem cells in 2001, saying he was against the destruction of human embryos. Missouri voters countered by passing a constitutional amendment yesterday to protect stem- cell research, and Democrats in other states campaigned against the restrictions, pointing to stem cells' promise in treatments for diabetes, Parkinson's disease, and other disorders.

``The key word is `cures,''' said William Caldwell, Advanced Cell's Chief Executive Officer, in an e-mailed statement yesterday. ``That is the exciting potential of this platform technology which heretofore has been a dream for millions of people suffering with life-threatening afflictions.''

Aastrom shares rose 6 cents, or 4 percent, to $1.55 as of 10:44 a.m. in Nasdaq Stock Market composite trading. Geron shares rose 20 cents, or 2.4 percent, to $8.58. Cytori Therapeutics Inc. shares gained 8 cents, or 1.9 percent, to $4.22. Advanced Cell's shares rose 7 cents, or 8.6 percent, to 88 cents in over the counter trading.

Bush's Stance

Bush's stance on stem cells has been controversial since his 2001 announcement of the restrictions. The Republican- controlled Senate voted 63 to 37 July 18 to overturn the Bush policy, which banned federal funding for research on embryonic stem cell lines created before 2001.

Bush used the first veto of his administration to reject the legislation within 24 hours.

In Missouri, voters passed the stem cell amendment by a margin of 51 percent to 49 percent, with 98 percent of precincts counted, according to the Associated Press. The legislation, also called the Missouri Stem Cell Research and Cures Initiative, guarantees that any stem cell treatment and research allowed by the U.S. government could occur in Missouri.

The amendment became an issue in the state's U.S. Senate race between Democrat Claire McCaskill and Republican incumbent Jim Talent. Actor Michael J. Fox, who suffers from Parkinson's Disease, appeared in a television commercial for McCaskill, asking voters to support her because she favors the stem-cell measure. McCaskill won.

To contact the reporter on this story: John Lauerman in Boston at jlauerman@bloomberg.net .

Last Updated: November 8, 2006 10:54 EST

http://www.bloomberg.com/apps/news?pid=20601087&sid=aA9NyPVYtntU&refer=home#

From Tryoty on IV:

Godsonic is not SEO
I ran out of posts on I-hub can someone repost for me?

"One of the untouchables is Anthony Anenih, the Chairman ‘Board of Thieves’ of the PDP, this is the same man under whose charge several billions of Naira budgeted for the repair of roads disappeared into thin air, infact the only road he built was probably in heaven. Under his charge he had the record of the highest number of phoney contracts awarded. I recall a friend, who won one of such contracts, only to get to the road site, to discover there was absolutely nothing wrong with the road in question. I have a dossier of several more roads construction contracts awarded to Julius Berger and till date, these same roads are still death traps. The masquerade of his phoney oil companies established for the purpose of oil blocks Owel E and P, Godsonic Oil and Gas and many more. Forget all that rumours of the man having so-so numbers of houses; at the last count he had eighteen buil dings, mansions not inclusive, all with C of O’s in his name, the man get liver. Yet he is just too clean for Ribadu’s men."

Here is the Energy Intelliegence article (taken from blog) re: all this:

http://erhc.blogspot.com/2006/03/addax-erhc-transferring-9-of-block-4.html

Sao Tome: Nigeria stokes up the tension

Tensions with Nigeria over oil contracts in their Joint Development Zone (JDZ) are running high in Sao Tome and Principe (STP) where Energy Minister Deolindo Costa last week refused to sign a production sharing contract (PSC) for Block 4. The refusal, which embarrassed Abuja -- not to mention directors from Swiss company Addax flown in for the Feb. 24 signing ceremony -- turned into a diplomatic incident when Nigerian Energy Minister Edmund Daukoru let off steam at STP.

Daukoru's outburst, which Nigeria's press reported as "a call for a public apology," caused major offence in Sao Tome, where officials are weary of being bossed about by their big neighbor. Nigeria denied the reports, but stoked the fires further in a statement advising STP to explain the postponement and provide reassurances that there are no fundamental differences between the JDZ parties. It also challenged STP to prove its credibility with investors.

Costa's oil team refused to sign because it had not read the final draft of the PSC, well-placed officials tell Energy Compass in Sao Tome. When it did it found a notation to transfer a 9% equity stake from Addax and Nigerian-owned, US-listed ERHC to an obscure Nigerian company, Godsonic. The transfer had not been finalized, and the partners have still not produced a joint operating agreement (JOA), which is necessary before signing a PSC.

The first draft gave Addax and ERHC a joint 60% stake including ERHC's 25% option through a controversial agreement it negotiated with STP in 2003. But the draft that appeared on the signing day had 51% pencilled in against Addax's share, boosting Godsonic's to 14%. The block's other stakeholders include Nigeria's Conoil (20%), Canada-listed Centurion and Nigeria's Hercules, and Nigeria's Overt Ventures.

The amendment struck a raw nerve with STP officials, resentful at the large buildup of stakes in JDZ blocks by Nigerian companies. The most ubiquitous player is ERHC, controlled by Nigerian businessman Emeka Offor, whose agreement confers rights to stakes of 15%-25% in several JDZ bocks, with signature bonus exemptions on four. Others include A and Hatman, Momo, Foby Engineering, Equinox, Broadlink, Sahara, Denham and Wood Group, and Filtim Huzod.

The second licensing round was held in December but no PSCs have yet been signed because of extended wrangling over JOAs and cost sharing between companies. Three US independents -- Devon Energy, Noble Energy and Pioneer Natural Resources -- have exited Blocks 2, 3 and 4 after failing to reach agreement with the Nigerian stakeholders. The only big international independent left is Anadarko, which was awarded 51% of Block 3. The US company has agreed to carry most of the Nigerian partners and is ready to sign.

STP has been waiting patiently, hoping such stalemates would force the Joint Development Authority, which administers the JDZ, to convene a new licensing round and attract more interest from majors. A recent report by STP's attorney general calculates that the agreement with ERHC -- signed under an Nigerian ultimatum -- would force it to forgo $60 million in signature bonuses from ERHC, while deterring blue chip investors who don't want to work with ERHC. This partly explains why Exxon Mobil and Chevron have confined themselves to Block 1, where ERHC has no stake, and where Nigerian interests were kept to under 10%.

However, what ERHC lacks in cash, it makes up for in tenacity, having roped in Addax, a regional integrated independent with plenty of cash after a recent initial public offering and strong Nigerian connections. STP, which is keen to see European and US companies counterbalance the Nigerians, lacks enthusiasm for Addax because it did not bid for an operating stake in the original licensing round.

ERHC is also courting Chinese giant Sinopec for Block 2, and is hoping that any discovery on Block 1, where Exxon and Chevron are drilling, will give a boost to its share price.

The US duo is watching closely from the sidelines, anxious not to do anything that might strengthen ERHC and the Nigerian independents. Exxon and Chevron have declined to comment on reports of an oil discovery on Block 1, and might well take a long time to make any announcement that could enhance the attractions of neighboring blocks.

Then there's Godsonic.

According to STP report, these are the directors:

Nigerian; Okoye Godson, Colin Egemuonye and Michael Kayode directors; ownership unknown

Can't get any google hits on the first 2. On the third one, this is link that says someone named Abimbola Michael Kayode Esq works in a law firm with:

Ejiofor Ifeanyi Chuks Esq.
Litigation and Business Law Department

Ifeanyi was born on the 24th of January 1975. He is an indigene of Oraifite in Ekwusigo Local Government, Anambra State.

His formal education includes:- secondary school at Oraifite Grammar School, Ekwusigo Local Government Area, Anambra State between the years of 1989-1994.

His post secondary school education was at Nnamdi Azikiwe University Awka, Anambra state where he bagged an L.L.B (Hons), and consequently, B.L at Nigerian Law School, Bwari, Abuja, Nigeria. He was on scholarship of Sir Emeka Offor throughout his post secondary education at Nnamdi Azikiwe University Awka and Nigerian Law School Bwari Abuja-Nigeria.

:: Chamber Duties:
Litigation, Legal Research, Legal Opinion/drafting preparation and filling of necessary incorporation papers, conducting searches, drafting resolutions and other corporate papers at Corporate Affairs Commission. Other duties include, drafting of agreements, letters to clients, court, personal letters for the principal and other special assignments by the principal.

:: Professional Experience:
Akukalia Chukwudi Nwankwo & Co (as chattered attachment) Feb. to April 2004
Nelson Uzuegbu & Co. (3 months internship)
Chrome Oil Services Ltd (as legal officer)
Kayoed (SAN) & Co. NYSC (2004-2005)
Kayode (SAN) & Co. Associate (2005-till date)

Chuks as fondly called by his friends still intends to develop further academically in the Legal Profession, by enrolling for a Masters Degree Programme in Law and thereafter Doctorate Degree. He also intends to have a brief shot at Politics at God’s appointed time. Above all, as a young man with strength of character, hardworking , dedicated, God fearing, and focused on set objectives, Chuks hopes to put in the best of his efforts to achieve his set objectives.

http://www.kayodelawchambers.com/counsel.htm

Well, I can't tell if he's back in the country or not (I think not) but it looks as if business is moving forward with Conoil.

http://www.vanguardngr.com/articles/2002/business/october06/31102006/b531102006.html

Good question. I'm going to check out Conoil - I'm pretty sure this is the one who's CEO fled the country.

According to JDZ board, Centurion (a Candian company) has 9.5% after they bought out Hercules. Don't know about the rest.

Is Conoil the same as Centurion? And, if so, isn't that the company (Conoil)where the CEO is on the run?

Again, I'm fairly new to the oil business so all the different companies, rig names, etc. keep me confused. Please be patient.

Alright, as I've proven many times, I'm an idiot when it comes to this stuff...Does your 9% in any way relate to Centurion's 9%?

What do you mean? Where do you come up with the extra 9%? The 8k says 17.7%?

Edit: Sorry, see Doug already provided info. Well, here's link for 8k:

On November 17, 2005, ERHC Energy Inc. ("Company") entered into a
participation agreement with Addax Petroleum (Nigeria Offshore 2) Limited
("Addax") as subsequently amended whereby the Company agreed to assign to Addax
a 33.3% participating interest in Block 4 of the Joint Development Zone between
Sao Tome & Principe and Nigeria ("JDZ"), leaving a 17.7% participating interest
in Block 4 to the Company.

http://sec.freeedgar.com/displayText.asp?ID=4281458

Art, while I agree that these articles often reference old news, they still speak to the journalist's opinions of Offor's reputation and current standing in Anambra.

And, that's why I preface the links with "semi-ot" and explain what the article is discussing. It allows those who have no interest in "local politics" to choose not to spend their time reading them.

Semi-ot: Another Anambra political article with Offor mentioned.

http://allafrica.com/stories/200611060772.html

Yep, presenting tomorrow, too.

Advanced Cell Technology to Present at the 2006 PIPES Conference on November 7th
Nov 6 2006, 7:43 AM EST
BIOWIRE

Advanced Cell Technology, Inc.'s (OTCBB: ACTC) William M. Caldwell, IV, Chief Executive Officer and Michael D. West, Ph.D., President and Chief Scientific Officer, will present at the 2006 PIPES Conference at the Waldorf Astoria Hotel, on Tuesday, November 7th, 2006. Mr. Caldwell will present at 1:30pm. Dr. West will be giving a scientific update at 2:00 and 2:30pm.

A live audio webcast can be accessed on the date of the presentations at www.advancedcell.com, and will be archived for 90 days. A downloadable copy of the presentation will also be available on the company's website at www.advancedcell.com/conference-presentations/.