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Also MN China to Store more Oil ...
http://news.xinhuanet.com/english/2009-06/16/content_11549159.htm
China is expected to stockpile 70 million cu m of refined oil by 2015, up from 52 million cu m at the end of last year, said industry insiders.
above £6 or £7bn for Addax ...
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6506926.ece
Sinopec may not be the only Chinese bidder for Addax
Industry sources believe that if other companies enter the fray bidding rivalry could take the number above £6 or £7bn for AddaxLeo Lewis, Asia Business Correspondent
China’s hunger for energy and minerals is nothing new, and nor is wanting to lay its hands on the source.
Sinopec may at this stage be the most widely flagged potential Chinese bidder for Addax, the oil company active in West Africa and Kurdistan, but shares in its domestic rivals, China National Offshore Oil Corporation (CNOOC) and PetroChina, both slumped significantly.
Part of that may have been Monday’s slide in crude prices but traders said the selling was deal-related: the other two – either overtly or behind the scenes – could conceivably join the bidding for Addax. If they do, that virtually guarantees that whoever finally wins will overpay for the prized asset. Industry sources believe the £5 billion figure looks plump but can also imagine Chinese-on-Chinese bidding rivalry taking the number above £6 or £7 billion.
If the others enter the fray as expected, there will be plenty of novelty - not least the possibility that Beijing may soon abandon the practice of tidying up its lunges on foreign assets by limiting the number of bidders to one.
It has seen big deals for Unocal and Rio Tinto fail despite its backing for the single Chinese bidder and now, perhaps, is time for a change of strategy. Snubbing one Chinese buyer is easy; snubbing three competing ones, less so.
Competing Chinese bids would also allow the world a glimpse of what Chinese corporate ego looks like when it is not behaving itself for Beijing’s sake.
Look out for the personality of Su Shulin, the stellar young chairman of Sinopec but former director of PetroChina and one who has something to prove to the old shop. Look out too for the nervousness of CNOOC, worried that if it doesn’t secure a big deal like Addax it may be bought by Sinopec.
But perhaps the biggest feature of this deal, and the reason that Beijing may allow the trio to battle it out, is the nature of the prize. To China, Iraq is about much more than just a rich source of crude oil.
On one level it is about demonstrating that in a region ravaged by war and a world ravaged by financial crisis, it is China that has the cash and the vigour to make Iraq work. On another level, it is about parading a taste for the dangerous jobs where the brutal old rules of the energy business apply and China is prepared to play by them.
But, above all, this is about China’s growing confidence in its image as the neutral merchant of the world: an uncomplicated friend whose companies can operate stigma free and anywhere.
ERHC Group now has almost 100 members
http://www.facebook.com/group.php?gid=13968724060
Fingers Crossed for another great week
Scott72 See this link below................ http://www.addaxpetroleum.com/operations/jdz/license_areas_overview/detailed_overview
are Minnow is becoming an Adolescent
There was an older article a few years back on the past President of ERHC Chude MBA - in which the writer of the story opened the article by stating the ERHC's President's phone was "ringing off the hook"
They will line up out the door and round the corner to buy ERHC
Game On ....
Takeover bid values Addax at about $8bn
Sinopec and KNOC vying for Addax
NASSIR SHIRKHANI, Beirut
China's Sinopec and Korea National Oil Corporation (KNOC) are vying for Addax Petroleum in a heightened takeover battle valuing the Swiss-based company at more than $8 billion.
The winner would get access to attractive upstream assets in Nigeria, Gabon, Cameroon and northern Iraq.
Chasing Addax is part of a strategy by China and South Korea to secure long-term energy supplies for their economies.
KNOC, which is active in Iraqi Kurdistan, and Sinopec, which has interests in West Africa, are in talks with Addax, which has a market capitalisation of $6 billion.
“KNOC has put in a bid for Addax, for the whole company,”a source said.
Addax has emerged as an attractive target for state-owned companies in Asia after it began exporting oil from the high-profile Taq Taq oil field which lies in territory controlled by the Kurdistan Regional Government (KRG).
Exports from Taq Taq became possible after the KRG finally secured approval for oil sales from the central government following years of animosity.
Improving relations between the Iranian government and the KRG have led to renewed interest in the area, culminating in news last week of a proposed $6 billion merger between UK-based Heritage Oil and Turkey-based Genel Enerji, a partner in Taq Taq.
Credit Suisse is advising Sinopec and Bank of America-Merrill Lynch is advising KNOC, sources said.
However, a Seoul-based source said the Korean oil firm had doubts that its bid can compete with Sinopec's.
“KNOC said they don't have much chance with this one because the Chinese made a very attractive bid,”the source said.While Taq Taq is attractive - it aims to produce 180,000 barrels per day of oil 18 months - involvement in the field still carries political risk.
Addax and Genel Enerji signed a production sharing contract with the KRG in which they get a percentage of revenues from oil produced at the field, but Baghdad still views the PSC as illegal and in need of modification.
While oil exports began in early June, Addax has yet to receive any money and neither Baghdad nor the KRG has agreed to foot the bill.
--------------------------------------------------------------------------------
Thursday, 18 June, 2009, 23:01 GMT | last updated: Thursday, 18 June, 2009, 23:01 GMT
Awesomme DeerRun !!! Classic
"Wait N Till That Deal Goes Down"
Addax - Keeping Upstream Merger Talk In Check
HEARD ON THE STREET: Keeping Upstream Merger Talk In Check
Last Update: 6/18/2009 9:15:42 AM
By Matthew Curtin
A DOW JONES COLUMN
Oil prices are rising. Risk appetite is returning. So should we prepare for a
surge of takeover activity in the exploration and production sector?
Even if western oil majors are currently absorbed with their own problems,
emerging market and state-owned oil companies are eager to secure new resources.
Rumors that China's Sinopec Group or Korean National Oil Co. are lining up a $7
billion bid for Toronto- and London-listed Addax Petroleum, the operator of the
Taq Taq oil field in Iraqi Kurdistan, have helped ignite the sector.
Still bankers and investors should keep their excitement in check. First, the
capital-markets thaw has eased pressure on the balance sheets of the many
independent upstream companies geared up in the boom. A wave of distressed
selling no longer looks so likely. The UK E&P sector, for example, has already
raised roughly $4 billion in new debt and equity this year.
Second, there's a mismatch between what buyers and sellers of upstream assets
think they're worth. Few buyers are convinced the recent oil price rally is
sustainable. Yet some owners of E&P assets still hope prices will return to last
year's giddy levels. In April, French oil group Total pulled a C$1.75 a share
offer Canadian oil sands developer UTS Energy Corp. after failing to win over two
thirds of shareholders. But today the stock is trading at C$1.58, below Total's
last offer.
Meanwhile, value is as notoriously hard to determine in the upstream sector as
ever. A rising tide lifts all boats, but higher oil prices have to be put in the
context of the quality of the individual E&P assets the companies own - proved
reserves, producing wells, projects in development, and exploration - and where
they are. A barrel of oil underground isn't worth the same in Nigeria, Iraq or
Kazakhstan because of different tax rates and political risk, among other
factors.
Of course, the national oil companies have deep pockets and their expansion plans
may be less commercially driven. But that does not mean they will pay well over
the odds. More likely, the current stand-off between buyers and sellers will
continue until either sellers lose their nerve or further evidence emerges that
oil prices are indeed heading skywards again.
(Matthew Curtin has been a financial journalist since 1990, and has written on
international finance and business - from South Africa, Singapore and France -
since 1994. He can be reached at +331 4017 1746 or by email:
matthew.curtin@dowjones.com)
TALK BACK: We invite readers to send us comments on this or other financial news
topics. Please email us at TalkbackEurope@dowjones.com. Readers should include
their full names, work or home addresses and telephone numbers for verification
purposes. We reserve the right to edit and publish your comments along with your
name; we reserve the right not to publish reader comments.
(END) Dow Jones Newswires
June 18, 2009 09:15 ET (13:15 GMT)
Dan posted it on the ERHC Group on Facebook
ERHC Energy Inc. (ERHC.OB) Readies for Oil Production off of West Africa
Posted on 6/17/2009 5:00:12 PM in #Stocks | 0 comments comments
Some say it’s better to be lucky than good. Yes, the leg work needs to be put in place to justify an expense, but in most respects timing of that work needs to fall into place to really take advantage. Sometimes the two just happen to fall together, and when they do, profit can be made.
ERHC Energy, a natural resources company, works to discover and exploit natural gas and oil reserves primarily off the West coast of Africa. The company works in the territorial waters of Sao Tome and the Federal Republic of Nigeria with other possibilities under consideration.
As the company has rights to work within the Joint Development Zone (JDZ), in the Gulf of Guinea, it appears that reserves are fairly well assured. This is never a certainty, but given current and historic production within the zone, it does appear fairly likely. The company is currently pursuing additional positions within the JDZ but has varied interests in blocks 2, 3, 4, 5, 6 and 9. At present, the company anticipates drilling to commence at several blocks in the third quarter 2009, but possibly by July 2009. Although exploration is just that, the company seems to indicate that they are fairly sure about where they are drilling and the prospects that await. Its interests in these block’s range from 10% to approximately 20% with its partners being experienced drillers in the region.
The current credit crunch as slowed the company’s growth through acquisition program, both in the JDZ and in North America. ERHC Energy does, however, indicate that this program is in no way stalled and will continue with existing free cash as conditions and opportunity present. The company further points out that it will pursue an acquisition program that protects the parent from exposure.
In a general sense, it does appear that ERHC Energy is reaching the end of its initial development stage and is ready to begin producing solid returns. Timing also seems to be on the company’s side as oil prices reach a fairly favorable range. If there is an oil and gas company to take look at right now, this one may be it.
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EXCEO draw down your guns - the MMs are playing ball today ... so far
VERT Best Bid and Ask ?? !! ??
HELLO 79,260 SHARES AT $0.595 - WOW
VERT Back at $0.60 on ASK Urggggghh
assume the Tow from the Pic in the iBox
J Canada - How many days to tow the RIG to JDZ ?
When is Departure >>>
$0.60 / $.59-$0.60 !!!!!!!!!!!!!
stay away VERT
VERT just Backed off - lets see what happens now
Ahhh we are UP !!! - what a Surprise
an Addax Buyout from Sinopec would me Serious PR for all parties - followed by fresh PR and updates on JDZ BL 2,3 and 4
and a possible combination with ERHC/Sino/Addax
ERHC would be tagged to much of the PR and that is what we need
==================
Canada Hot Stocks To Watch: Addax,
Last Update: 6/17/2009 8:44:00 AM
TORONTO (Dow Jones)--Listed below are the stocks expected to move during Wednesday's trading session. They are listed with Tuesday's closing prices.
Executives from China's Sinopec Group are in London to meet with Addax Petroleum
Corp. (AXC.T, C$42.10, -C$2.11, -4.8%) to discuss a potential takeover bid,
people familiar with the matter told Dow Jones. Addax CEO Gandur is reported to
have said the company is open to a deal, but "they have to put a serious amount
of money on the table." On person said an offer in the $7 billion to $8 billion
range is likely. Several press reports have said Sinopec has offered about $7.8
billion.
ERHE - ASK Line up 8:06 AM - see what I mean !!
$0.55 - VERT
$0.58 - STXG
$0.60 - ABLE
$0.60 - LFCM
$0.60 - UBSS
Sinopec Group Execs In London For Addax Talks-Sources
UPDATE: Sinopec Grp Execs In London For Addax Talks-Sources
Last Update: 6/17/2009 7:19:16 AM
LONDON (Dow Jones)--Executives from Chinese oil company Sinopec Group are in
London to meet with Addax Petroleum Corp. (AXC.T) to discuss a potential takeover
bid, two people familiar with the matter told Dow Jones Newswires Wednesday.
Addax's Chief Executive Jean Claude Gandur is open to a deal, but "if (Sinopec)
wants to be successful, they have to put a serious amount of money on the table
to discourage other competitors," said the first person. An offer in the $7
billion to $8 billion range is likely, the person said.
Several press reports have said Sinopec has offered GBP4.8 billion ($7.8 billion)
for Addax.
Korean National Oil Co., or KNOC, has also made a bid approach to Addax, a person
familiar with the matter told the Wall Street Journal Sunday.
Addax has large stakes in several highly prospective oil exploration blocks
offshore West Africa and is operator of the large Taq Taq oil field in Iraqi
Kurdistan. Taq Taq produces 40,000 barrels a day, though peak production is
envisaged at 180,000 barrels a day. Since June 1, Addax has been able to truck
Taq Taq's oil to the Iraq-Turkey pipeline, which pumps it to the Mediterranean
port of Ceyhan.
Political sensitivities over the Chinese becoming operators of significant oil
fields in Iraq and Nigeria could prove an obstacle to completion of the deal,
said the first person. The key is whether, "the Chinese have ticked all the
political boxes...and can Addax lock in key people to make sure operations are
properly managed going forward," the person said.
If Sinopec doesn't close the deal several other companies are waiting in the
wings, the person said.
Sinopec Group is the parent company of China Petroleum & Chemical Corp. (SNP).
Company Web site: www.addaxpetroleum.com
-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317;
james.herron@dowjones.com (Amy Or in Shanghai contributed to this story)
(END) Dow Jones Newswires
June 17, 2009 07:19 ET (11:19 GMT)
MM VERT was on the ASK for a couple weeks prior to the last run, prior to VERT it was LFCM for several weeks on the ASK
my guess its a big seller with shares to unload - or stock accumulation - for whatever reason - we may never know
If it is a seller, why sell now is another question?
If if is accumulation why not sit on the BID as we move up?
Market Makers have wierd ways of showing their love.
Hope VERT has gotten his fill and moves off
if someone knows the folks at VERT a call into the trading desk could shed some light
IMO Once MM VERT leaves the ASK - We head back North in short order !!!!!!
OilJunior at 3:30 pm we crept back to $.60 and appeared to have a reversal - MM VERT however pushed us lower again
It was odd - had VERT stayed above $.60 he would have sold his position up there - we would have closed above $.60 !
Instead he pushed us lower ??
Why would a MM want to sell lower than he should?
When VERT backed off we ran to $.72
very odd - EXCEO - this is a clue to your investigation
more confirmation ... "You hear correct, [Sedco] 702 will drill on JDZ Block 2. It is a tight hole so no information will be forthcoming on this well.
As an exploration well, everyone is on strict confidentiality agreements."
Kind Regards,
xxxxxxxx
Dear xxxxxxxx
-sorry guys there are no links offered like Krom - it maybe the same source - it's really irrelevant - But the RIG is Coming to BL 2
I wrote ...
"I am an industry observer of West African O&G exploration and understand the Sedco 702 RIG will soon be drilling the JDZ BL 2 - Joint Development Zone [Sao Tome and Nigeria] with Sinopec as Operator - can you confirm this ?"
Dadd the Specs are a bad url link
Dadd Nice - can we update the iBox with the new pics
someone[s] who knows whats up
I found it I have emailed Sedco Mgnt to verify
Deepwater Drilling Superintendent Shell Nigeria E & P
Oil & Energy industry
August 2005 – Present (3 years 11 months)
Currently manage 2 Deepwater rigs in West Africa with restrictive resources. Manage the execution of Deepwater Exploration, Completion and Testing activity in water depths ranging from 3500 feet to 8500 feet (rigs utilized include Transocean Deepwater Pathfinder, Sedco 709, Sedco 702, MG Hulme jr.).
Manage a multi-disciplinary team of 25 direct Shell staff, which includes onshore contract, design, operations, completions and testing engineers as well as offshore drilling supervisors and site engineers.
Also manage indirectly 350 contractor staff to deliver safe optimum life cycle well construction projects, which include the testing of deepwater exploration discoveries.
· Currently manage two Deepwater rigs with project spend in excess of $70 million/project and annual project spend of $300 to $350 million
Location
Nigeria
Industry
Oil & Energy
Current Deepwater Drilling Superintendent at Shell Nigeria E & P
Deepwater Drilling Superintendent at Shell Nigeria Exploration & Production Company (SNEPCo)
What Group on LinkedIn?
more like Quad Aces
Get use to the "Fact"? - not quite sure how that's a Fact at all
Companies sell their assets for $Cash/Stock all day long
everyone has their price!!! Even though our price has some assets with unclear values currently
Drilling is a game changer and now that Sinopec has appeared to grab Addax for $B - everytime they mention the JDZ / Addax or ERHC they will remind us that the Chinese have bot them and we are their key partner.
This should keep the ERHC Speculators busy for some time and the press machine is going to start cranking big time with 3 JDZ blocks being driled with over 1 Billion Bbls to be discovered.
Are we worth 50% of Addax?
Are we worth 25% of Addax?
Are we worth 12% of Addax?
All these scenarios park ERHC considerably higher from where we sit today
this is the ultimate Poker game no bluffing allowed as we are talking $Billions
Mark I look forward to major developments and am excited about tonights Big event - thanks for the Invite
thanks RED -I will hold out for $8-$12
Oil-Gas Partnerships Regaining Favor In Volatile Energy Market http://www.cnbc.com/
06/12 Upstream News Addax
Chinese circling for Addax swoop
Sinopec in talks to buy UK-listed player's African and Iraqi assets
XU YIHE and IAIN ESAU, Singapore and London
CHINA'S second-largest oil company Sinopec is in preliminary talks to acquire London-listed player Addax Petroleum, which has its key assets in West Africa and Kurdistan in Iraq.
A Sinopec source said the company is in talks with a number of foreign upstream companies including Addax.
The Geneva-headquartered company responded by saying: "Addax Petroleum acknowledges that it has held preliminary discussions with third parties expressing an interest in a potential transaction with the corporation," but did not name any suitors.
Addax said that there was no assurance the talks would succeed and it would not issue any further comments unless a deal is reached.
Chinese newspaper China Business News, citing unnamed Sinopec sources and Hong Kong's South China Morning Post citing other sources, said the takeover would be worth about $8 billion.
The Hong Kong daily also suggested that China National Petroleum Corporation, China National Offshore Oil Corporation and India's Oil&Natural Gas Corporation are eyeing up Addax.
The company's oil production averaged more than 136,000 barrels per day last year, while its resources at the end of 2008 stood at about 1.9 billion barrels of oil equivalent.
Addax's key Kurdish asset is its stake in the Taq Taq field, where it is partnered by Turkey's Genel Enerji, which has just been taken over by Heritage Oil. Addax's African assets lie in Nigeria, Gabon and Cameroon and it has exploration acreage in the Nigeria-Sao Tome Joint Development Zone (JDZ).
In Nigeria, its producing assets lie in OML 123 and OML 126 and also include its Okwok block. Plans are in hand to develop OMLs 124 and 137 while its Nigerian exploration acreage includes OPLs 227 and 291.
In Gabon, it is a partner in five producing assets - four of them onshore - and five exploration blocks, while in Cameroon it operates the offshore Ngosso permit.
It is also a partner in four blocks in the JDZ. Chinese companies hope to cash in on the relatively low crude price environment and the global economic downturn to buy foreign upstream assets.
So far, their major acquisition targets have been focused on Africa and the Middle East, where China has built close political ties.
--------------------------------------------------------------------------------
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06/12 Upstream News ERHC **
Sinopec prepares wildcat
Chinese giant Sinopec is set to spud a high-profile wildcat "Within Weeks" in Block 2 of the Nigeria-Sao Tome Joint Development Zone (JDZ).
Peter Ntephe, chief operating officer of minority partner Houston-based ERHC Energy, which also has interests in JDZ blocks 3 and 4, said an exploration well on the Bomu prospect is "less than six weeks away".
Bomu lies in deep water and has a pre-drill resource estimate of about 275 million barrels.
As part of a rig-sharing agreement with fellow JDZ partner Addax Petroleum, Sinopec will used Transocean's Deepwater Pathfinder to drill Bomu.
On completion of this well, the drillship will mobilise to Addax-operated Block 4 to begin a three well campaign starting with the 350-million barrel Kina prospect.
--------------------------------------------------------------------------------
Thursday, 11 June, 2009, 23:01 GMT | last updated: Thursday, 11 June, 2009, 23:01 GMT
AWESOME jCanada - 1 FortNight Away ?
Oil Predictions of $250 a barrel on fears for oil reserves, hopes of economic recovery and hedging against weak dollar
http://www.guardian.co.uk/business/2009/jun/10/oil-market-reserves
guardian.co.uk, Wednesday 10 June 2009 20.58 BST
The price of oil burst through the $71 a barrel mark today amid revelations that proven reserves had fallen for the first time in 10 years and predictions that the price could eventually hit $250.
The latest high – from lows of $30 only four months ago – came on the New York Mercantile Exchange, where the cost of July deliveries rose by $1.35 to $71.36.
This comes on top of a $2 rise the day before as investors rushed into the market on the back of lower stockpile figures, higher demand estimates and speculation against further falls in the dollar.
"I wouldn't be surprised if we're testing $80 in a week or two," said one analyst, while BP's chief executive, Tony Hayward, questioned whether $90 could be the "right" value.
Kuwait's oil minister, Sheikh Ahmad al-Abdullah al-Sabah, put some of the rise down to signs of recovery in Asia but warned that overall demand was still weaker than last year. Opec would not raise supply at current oil prices but did not rule it out "if it reached $100", he said.
Alexei Miller, chairman of the Russian energy group Gazprom, raised the stakes further when he reiterated last year's estimates of $250 a barrel. "This forecast has not become reality yet, given that the [credit] crisis gained momentum and exerted a powerful impact on the global energy market. But does this mean that our forecast was unrealistic? Not at all."
The latest surge has also raised fears that higher energy costs could snuff out the nascent economic recovery. Shares on Wall Street's Nasdaq index fell 1%.
The febrile atmosphere in oil markets was fed by the publication of BP's Statistical Review of World Energy, which showed that the world's proven crude reserves had fallen by 3bn barrels to 1.258tn by 2008 from a revised 1.261tn in 2007.
Declines in important producers such as Russia and Norway offset rises in new areas such as Vietnam, India and Egypt. The figures did not include Canada's tar sands, which are put at 150bn barrels.
The drop is partly attributed to a drop in exploration drilling due to the precipitous fall in oil prices last year but also to the end of "easy" oil. Conflict this week in the Amazon and speculation about Arctic drilling underlined how oil companies are pushing into environmentally sensitive places to find new reserves.
Tony Hayward, BP's chief executive, insisted there was enough crude to last 42 years at current consumption levels, roughly the same as last year. Adherents of "peak oil" – the theory that the maximum rate of oil production has been reached – believe supplies will run out much sooner because of growing demand.
The BP boss said: "Our data confirms that the world has enough proved reserves of oil, natural gas and coal to meet the world's energy needs for decades to come." Higher prices allowed companies to invest in finding further reserves while not choking off demand, he said.
"There is a rational argument to say that somewhere between $60 to $90 a barrel is the right sort of level," he said.
Global oil consumption fell 0.6% to 81.8m barrels a day in 2008, the first decline since 1993 and the largest drop for 27 years. North Sea output dropped 6.3% to its lowest level for three decades.
By contrast, gas use rose by 2.5% globally and 16% in China. The use of coal, the heaviest emitter of climate-changing carbon, rose 3.1%, with Chinese demand up 6.8%, leaving it with a market share of 43% despite more high-profile announcements about its commitment to renewables.
BP says it is difficult to compare "primary" carbon fuels with renewable sources of electricity. BP notes that globally solar capacity rose nearly 70% and wind by 30% year on year but says renewables only generated 1.5% of global electricity and therefore began at a low base.But it notes these sources are playing an increasingly important role in some countries with wind power providing 20% of total electricity generation in Denmark, 11% in Spain and 7% in Germany.
Despite the 2008 rise in coal consumption, the BP data showed growth in the use of the fuel continued to decline compared with 2007 when it rose 5% and five years ago when it went up by 8%.
But the coal figures will alarm environmentalists and increase the calls for companies and governments to speed up trials on "clean coal" technology and the use of carbon capture and storage.
China has promised to increase its use of renewables: Zhang Xiaoqiang, vice-chairman of the China's national development and reform commission, says the country may produce as much as 20% of its energy from wind and solar by 2020.
WoW Fishdog - I thought I was early in 1999
good for you for sticking with ERHC/ERHE so long