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lol. i like maria as well. eom
You degenerate you. eom
What does that mean Umbra? eom
But when man? But when? eom
I don't know whether SEO was really "arrested"; but I will make a bet the the Nigerian legal definition of "arrested" is very different than what we think of here in the USA. JMHO
You are welcome Homeport. I think we are reaching critical mass here. eom
Africa Intelligence article:
SAO TOME AND PRINCIPE
Emeka Offor’s Largess
Accused of acquiring a block that wasn’t put out to competitive bidding in Nigeria, businessman Emeka Offor has brought a well-connected Nigerian company into one of his licenses in Sao Tome.
In recent months several Western oil firms have been contacted by a little-known Nigerian company, Godsonic Oil & Gas, that wanted to sell a 14% holding on block 4 in Sao Tome operated by Addax and ERHC, a firm controlled by Nigerian businessman Emeka Offor.
Officially, Godsonic’s stake on block 4 amounts to 5% but the firm, which is controlled by Rivers state and its powerful governor, Peter Odili, stealthily succeeded in increasing its stake this spring when the block changed hands. Operated by Noble since May, 2005, it was acquired by Addax.
The first operator of block 4 was a consortium made up of Noble and the EHRC group headed by Offor. The two controlled 60% of the block; Noble had 35% and carried EHRC’s stake, which amounted to 25%.
The other stakeholders were the Nigerian firms Conoil (20%), Godsonic (5%) and Overt (5%) as well as Canada’s Hercules, an affiliate of the Centurion oil company.
When Addax replaced Noble alongside EHRC in March, the holding of the new EHRC/Addax consortium fell from 60 to 51% (EHRC 17.7% and Addax 33.3%: the latter then bought out the share of Nigeria’s Overt, boosting its holding to 38.3%).
It was at this point that a slight of hand took place which resulted in an increase in Godsonic’s stake on the permit from 5 to 14%. Offor, whose Chrome group is the leading shareholder in EHRC, is indeed very friendly with the Rivers state governor, Odili, who controls Godsonic.
When African Express, one of a string of banks controlled by Offor, was on the verge of declaring bankruptcy last year Odili threw his backing behind the businessman. The Rivers state governor intends to stand as a candidate in Nigeria’s presidential election next year. He has the support of the current head-of-state, Olusegun Obasanjo, to whom Offor is also very close.
Addax’s entry into another concession controlled by a firm linked to Offor, Starcrest, is the subject of several investigations in Nigeria (AEI 427).
roger. over. huh?
Addax is the largest independant oil co in Nigeria. That be why. eom
ERHCLongtimer-anything is really possible. Someone with an agenda has had meridean placed on these boards. No other reason for someone w/o shares to spend so much time here. The "do gooder" argument just doesn't hold. I don't personally think Meridean is working for Matzke as Meridean was apparently at the PSC signing ceremonies. The timeline doesn't quite fit. I would think a more likely association would be with WB who apparently has been working on the MPE venture for a while, even wile at ERHC.
Or Toyota.eom
Centurion info re buy-out from Dana:
http://www.oil-barrel.com/pressreleases/centurion081206.txt
Lovemelongtime-I agree and disagree with your statements. Meridean may have known about the $2 offer from whoever, but that does not mean that that was what the co was worth. He was playing a game and had/has a definite agenda.
Anyone notice the name of one of the memebers on the MPE advisory committee? As Mr. Spock would say: "Fascinating captain. Fascinating"
TS-Boy and Girl. Traimal-don't have yr size-sorry (mine either) lol
TROTY-Thanks-But I also have 2 1/2 yr old twins!! LOL. They are all the joy of my life. I agree, I wish they would never get older. Its the best.
My daughter will be 4 on the 13th. Having a Princess Party-anyone want to come?
No BM today? Oh well. The sun will come out tomorrow,...eom
maybe the good stuff will be in the 12/06 annual report. Anyone know when that is due? Thanks
Well that was exciting. lol eom
Agree Spec, but the BEST thing that could happen right now would be a significant buy-in with new managerial control. Will put us in the spotlight, increase shareholders value, give us creibility to the rest of the investment community, and we still would have 100% of our rights including free carrys. We need this imo for lots of reasons.
Good analysis walldog. eom
buy-in!! Big difference. eom
you rang? eom
Gary-I would doubt that any purchase of shares would be on the Open market-in fact, how could it? Its a private purchase of Offor's shares. Can only hope the market recognizes the NEW vakue of our Co.
Great Find Nightdaytrader--Here is what we like to see:
As far as up and coming possibilities for new investment, U.S. companies are interested in new areas, including in frontier regions such as Madagascar, Benin, Sao Tome and Principe and Guinea-Bissau. Other frontier countries possibly on the horizon include Liberia and Sierra Leone.
People, If Hal is correct with his post, this is awesome news:
1. There should be a rise in the pps (not sure how long it takes-experts pls)to around $2.00;
2. We will have new management presumably composed of professional oil people who know how to create and run an oil co;
3. We still have ALL of our rights in tact!! THIS IS HUGE!!;
4. There is still the very real possibility that we could sell some more %'s to the big boys for some billions:
There is so much more. I think if this happens, we will in essence be ending chapter 1 of this novel. Don't know about the rest of you but I'm starting to feel all warm and fuzzy all over!!
si. eom
Lets just say his friends call him "The Oracle" and leave it at that. Just kidding-Nick is a loyal long and a friend.
Never said I believed him. Actually, except for Nick, I don't believe anything anyone says and won't until an official release is out.
Art-"NON_VOTING TRUST" keeps him out of the decision making process. Major issue for anyone who wants our goods.
great, now you are gonna get all logical.eom
sounds like cause they may lend him a gazillion dollars later on. Roll the dice cause we're in the cat birds seat and are also golden. lol
I didn't remove it!! eom
Nevermind-my mistake. eom
Little Help Please-How come when I go to www.upstreamonline.com I cannot find the article posted last night? Have we confirmed that this article was actually written by Upstream? It can be lonely behind the grassy knoll. Thanks all!!
Traimal-here is the link:
http://www1.investorvillage.com/
And look how the article is written. The ERHC section is an add-on. Seems as though the Starcrest article was already written when the ERHC was thrown on. There is no flow to the article joining the subjects. Methinks Mesmells a rat. Is it a good rat or a bad rat though? Stay tuned.
It might be just poor writing, but the article makes it sound like shares have already been issued. I don't know how this could have been done w/o a disclosure and the co has been pretty meticulous about its filings. Here is the relevant language:
At least 43% of ERHC equity is also owned by Offor, who has angled to acquire Starcrest by issuing additional ERHC shares a move that at one fell swoop would land him about 70% of ERHC stock in the most prospective frontier oil province in west Africa. Minnow ERHC enjoys a key position with Addax in JDZ blocks 2, 3 and 4.