Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
We will have to see how it all shakes out. The issue to be resolved is, do they conduct an appraisal well or do they announce that they found hydrocarbons in non-commercial quanities based on drilling results.
If hydrocarbons are found in commercial quanities then I believe ERHE gets a free carry going forward as they would have the hydrocarbons to cover ERHE'S cost. It would appear that they are evaluating the drilling results to determine a path forward.
If they proceed to phase 3 without finding Commercial hydrocarbons, ERHE maybe on the hook for their share drilling cost of EGOLE 1
In any event, CESPA has waited far to long to get in on the Kenya oil field exploration process, only to walk away should the first well be less than Commercial, I do not think they walk.
I could be wrong.
Sneak
Nothing to ponder as it is All speculation by oilnews kenya.
Phase 3 will be the tell all for the first well.
Capitalizing the expense tells me they found hydrocarbons. They are evaluating the drilling results to see if it warrants an appraisal.
Egole-1 is a Four way rollover geological structure. These type of structures have produced more hydrocarbon finds than any other geological structures in the oil industry. Cespa will not walk away from this structure.
Just my opinion, I could be wrong, but I do not think so.
Sneak
King, Cost or Expenses that are Capitalized are not Expensed during the Period in which they are recognized but are Expensed over time or Depreciated like any other Capital Asset.
One would think Middy should know that from what he claims to know about Business Management and Accounting practices.
Sneak
As I said, the NGAR stock that had its trading suspended had nothing to do with ERHE.
If ERHE is in play or being eyed as a takeover target, the suitors could be, Total Fina, SNP, Cespa or Kosmo Energy.
Just My Opinion as I could be wrong.
Sneak
12 days until phase 3 starts.
JMO
Sneak
Without an appraisal on this well there is no way to confirm "Commercial Quanities of Hydrocarbons".
However, the well's drilling target area was listed as having 220 meters of vertical pay zone. The 66 million barrels of estimated oil was a P-10.
The well could contain 400 to 600 million barrels.
Just my opinion and I could be Wrong, yet again.
Sneak
How long do you think it takes to what cement harden in a 9000 foot "Dry Hole"?
The fact that they sold more shares tell me they are getting ready for Phase 3.
Also one might want to know that despite the fact that 44 plus million shares are outstanding, the float is only 24.7 million shares.
Does SEO have 4.2 million shares or 16.4 million shares as I seriously doubt Chrome sold the shares they got for the $250,000.00 they gave ERHE.
We are moving forward with the Deloitte Game Plan.
Just my opinion
Sneak
Another Valued Asset! for New Global Acreage Resources
(RAP/P:Venture)
RAP/P On Other Exchanges
Jason Robert Harding
Director and Member of Audit Committee,New Global Acreage Resources Ltd.
Age Total Calculated Compensation This person is connected to 3 board members in 1 different organizations across 1 different industries.
See Board Relationships
48 --
Background*
Mr. Jason Robert Harding serves as a Consultant in the financial management and oil and gas industries. Mr. Harding was most recently with Athabasca Oil Corporation a large developer of oil resource plays, from September 2007 to March 2014, where he held positions of Controller, Vice-President Finance & Chief Financial Officer and Vice-President Corporate Services. Mr. Harding has over 20 years’ experience as a financial and management consultant in start-ups through to multinational entities in the bulk highway transportation, engineering and construction and oil and gas industries. Mr. Harding serves as a Director of New Global Acreage Resources Ltd. Mr. Harding serves on the Board of Directors of CMA Alberta, the Business Administration Program Advisory Committee for SAIT Polytechnic and the Finance and Audit Committee for Calgary Arts Development Authority. He received his Certified Management Accountant in 1996, a Masters of Business Administration in 2006 and earned the ICD.D designation as a graduate of the Institute of Corporate Directors in 2014.
Sneak
There are only two assets that NGAR has, #1) $270,000.00 in cash and #2) Tony Henshaw the CEO.
NGAR is in the hydrocarbon assets business whereby they by part or all of the underlying hydrocarbon assets at or below market value.
To think NGAR buys ERHE asset(s) is a bit of a stretch at this point in time.
Phase 3 starts in about 17 days.
Just my opinion
Sneak
And, we still keep buying and not selling!!
Sneak
Will do on monday
I believe you are right! LOL
Still buying!
Building quite a large Army of shares.
Just keeping it Real.
Sneak
I am not a sheep. I do not follow the herd.
A Contrarian would be more like it!!
Go ERHE
Sneak
Oh, Grasshopper, you quick to spread Negative Propaganda!
You see We buy more today, no matter what you say!!
LOL
Sneak
Look what the future Holds
Absolutely!!
Sneak
They had a public offering of 3 million shares at .10 a share.
Sneak
NGAR has no operations and no other assets besides $270,000.00 in Cash. Hardly enough to make a run at ERHE. So for all the Knee Shaking, Body Trembling, Paranoid, Chicken Little's the Sky is Falling posters.
Just Relax and have a Cold One.
Sneak
Seek, you must have done the math when ERHE was reporting less than 3 billion shares outstanding or Pre-Conversion.
All those companies that gave money for shares are counted as shares outstanding so, Who or Whom bought all those shares back and will continue to buy back when the balance is dumped in the open market. Could a few be holding at less than the 10% reporting rule, Only to sell to a new suitor or buy-in partner?
I am of the opinion that only a few could be our suitor.
Suitor #1 SNP
Suitor #2 Total Fina
Suitor #3 Cespa
Just My opinion, I could be Wrong!
Sneak
Seek, SEO's 4 million share would give him less than 9% of the company.
Sneak
Well, we will just have to wait and see as August 15th is right around the corner.
Just my opinion.
Sneak
Seek, It is just a puzzling Estimation. ERHE wanted to sell an additional 2,235,000,000 shares to raise additional funds.
765,000,000 before share conversion.
SEO and companies held about 42% or about 321,300,000
ERHE shareholders held about 58% or about 443,700,000
The conversion shares were oversold and purchased by New and Current shareholders, including the Management Team who bought about 1,015,000,000 shares and the 1,220,000,000 were bought buy Conversion Note holders.
SEO stepped in to buy 1,220,000,000 or 12,200,000 after the conversion
So,
SEO and Company control about 15,413,000 or 36.52%
ERHE shareholders and Management Team control about 14,587,000 34.56%
Who controls the 12,200,000 shares or about 28.90%
Just Food For Thought As I Could Be Wrong, Yet Again.
Sneak
Dr. J, one has to wonder, why Cespa did not drill the second well first as it was claimed to be a 4-way rollover closure. These types of geological structures have the highest rate of drilling success.
Just wondering if the first well is as rumored, dry indeed. I for one do not think so.
Just my opinion.
Sneak
Thanks for the PM. O.C. was Great. What happened to him? I have not seen his post lately.
Sneak
SEO and companies control about 15 million shares
ERHE stockholders, management team control about 15 million shares
Who controls the other 12 million plus shares?
Sneak
Maybe, they thought it was a female Joy Toy.
LOL
It will be interesting to see the August 15th Company update from the SEC filing.
Sneak
23 days till Phase 3.
Sneak
Dr. J, Why would they cancel the Egole-1 a four-way rollover closure, when four-way rollover closures have produced more oil finds than any other type of geological structure in the oil industry?
Just Food For Thought!
Sneak
That is what Cespa said from the start of drilling.
In the vacuum of reliable well information, the start of Phase 3 will be the "Tell All".
If I was a Poker Player, when Phase 3 starts, I would raise my bet.
Just my opinion.
Sneak
Oil, Knowski talked about this, my employee who is from the Wyoming oil fields told me such and if you research oil field Production liner or look for videos online you may get a better understanding.
Without knowing the well's results, Phase 3 is scheduled to start September 1 2016.
Have a Great Day!
Sneak
Longtime, Oil companies do not install a 7-1/2" liner also know as a Production liner if they did not find hydrocarbons! We just know how much they found.
Phase 3 will be the "Tell All" as the well's results were good enough to go forward.
Have a Great Day.
Sneak
27 days until Phase 3!!
Phase 3 less than 30 days now.
Sit back and enjoy a cold one.
Just my opinion
Sneak
King, do not lose faith. I have a guy working for me who worked in the oil fields of Wyoming.
He tells me that it is hard to believe that Cespa would set a 7.5" liner and did not find oil as that is a very expensive move just to walk away.
His opinion is in line with what Knowski had stated.
Sneak
Shhhhhhhhhhhh!!!
Leave the mushrooms in the dark.
Misery Loves Misery.
Just the way I See it.
Sneak
King, I am still trying to locate the article which I found researching Cespa right as they where about to start drilling the well. At the same time the article showed the location of the first well to be drilled and the location of the second well on the image of the black blob in block 11A.
The first well was located at about the 3 o'clock position near the outer edge and the second well was located at about the 11 o'clock position near that outer edge.
I am sorry it is know hard to find.
Sneak
Dr. J, Mr. Canada is entitled to his opinion and I am sure he is right, However the 20" pipe was Important to Cespa in creating a successful well design and that is all that matters in the end of the day for those involved designing and paying for this well.
Does it speak volumes about what one could reasonably conclude about the outcome of this well, "NO".
As for Me, I am just a "Lowly Cook"
Have a Great day!
Sneak
Dr. J, first the statement was "If Successful" there lies the ambiguity.
Success in one person's eye may not be successful in another's eye.
Hence, we have to wait for Phase 3 as a "Tell All".
Cespa expected to drill into a 3-way roll over trap against the North south fault line near the center of the basin.
The 2-D survey suggested this target at 220 meters and maybe they did not get the oil show they had hoped for. Who knows or maybe be they got a better oil show, again who knows as they are not talking.
Just my opinion
Sneak
No 20" spinners? LOL.
Exploration Wells use smaller holes do to the cost savings after all, it is just an Exploration Well.
Cespa must of had high hopes for this well.
Just my opinion.
Sneak
King I will look for it tomorrow.
Sneak