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Does anyone think tomorrow will bring a SNP/Addax report?
They are the operators.
The meeting in Nigeria completed today? Maybe.
About 1 week late.
Coincidence.
ERHC annual about 10 days later than first announced.
Lots of coincidences here.
Just some random thoughts.
Regarding the meeting, can a Houston resident call and see if the room is rented?
Bob
Meeting location was not rented when we began asking about it.
JMHO.
Bob
That Keeney PR was #189591.
Darn thing disappeared.
Keeney PR about Oki E.
Posted by: keeneypr Date: Tuesday, December 08, 2009 4:00:43 PM
In reply to: None Post # of 204364
ERHC Energy Inc. Announces Next Phase of Exploration Campaign
ERHC Technical Partner, Addax Petroleum, spuds third well in Joint Development Zone Block 4
HOUSTON, December 8, 2009 – ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today announced that Addax Petroleum, the operator of Nigeria-Sao Tome & Principe Joint Development Zone (JDZ) Block 4, has commenced drilling the Oki East well this week. ERHC Energy has a 19.5 percent interest in the Block. Drilling is estimated to take approximately five weeks, although the actual timing is dependent on many factors, such as drilling penetration rate, fluids encountered, borehole stability and equipment maintenance, among others.
This is the third well in JDZ Block 4 and the fifth well drilled in JDZ Blocks in which ERHC has interests since the start of a comprehensive exploratory drilling campaign in August. Addax Petroleum will continue to use Transocean’s Deepwater Pathfinder to drill the Oki East location.
Addax Petroleum recently finished drilling the Malanza 1X well in JDZ Block 4. A comprehensive analysis that incorporates the drilling results into relevant geologic and fluid models will now be carried out.
“Our technical partners, Addax Petroleum and Sinopec, have demonstrated our collective determination toward successful completion of the promised five-well exploratory drilling campaign in JDZ Blocks 2, 3 and 4,” said Peter Ntephe, chief operating officer with ERHC. “The goal of the campaign is to accurately determine the hydrocarbon potential of the Blocks and the substantial resources that have been deployed so far illustrate the parties’ commitment to achieving that goal.”
Earlier, Addax Petroleum drilled the Kina well, also in JDZ Block 4. The comprehensive exploratory drilling campaign also included the Lemba 1X well in JDZ Block 3, in which ERHC has a 10 percent interest and the Bomu-1 well in JDZ Block 2 in which ERHC has a 22 percent interest.
ERHC Energy has interests in six of the nine Blocks in the offshore JDZ. The Company has additional interests in the Exclusive Economic Zone (EEZ) of the Democratic Republic of São Tomé & Príncipe.
Thanks Fishdog,
I may attend and was wondering about location.
Bob
rigmyster,
Are you sure the meeting will be held at the ERHC office?
What is the room capacity?
Thanks,
Bob
I was confused.
The message ended:
Regards,
RAD
leffus,
Are you leffus?
Are you RAD?
Does leffus=RAD?
Wonder why he did not wear tribal clothing?
Would have loved to hear any music there.
Bob
Nice tie!
Midtier,
This paragraph on page 37 was written sometime prior to 12/9/2009 (late Oct?). Malanza was spudded sometime in early Nov. Interesting comment regarding Kina, "discovered gas could be commercially developed FROM THIS SETTING".
The original comments yesterday about Block 4 were also too early for analysis to have been issued. They were dated 1/31/2010. DP released late Dec. Dana says the SETTING may have been wrong? They expensed the wells in 2009.
JMHO
Bob
You have got to put this one over on the other board.
Great call today!
Bob
0.70@ 309PM. 2.56M traded.
Touchdown Oily!
Exxon Mobil says remains bullish on Nigeria
1:35pm EST
ABUJA, Feb 23 (Reuters) - U.S. energy firm Exxon Mobil <XOM.N> said on Tuesday it remained bullish on Nigeria despite concern from the industry over controversial planned legislation to overhaul the country's energy sector.
"We continue to have a bullish view on Nigeria," Exxon Mobil's country director in Nigeria, Mark Ward, told an industry conference in the capital Abuja. (Reporting by Nick Tattersall; Editing by Keiron Henderson)
Mark, are you waiting for the big message #200,000?
LOL
Bob
petemantx,
See bb's post 195916.
I was involved in a takeover of Bema Gold around 2007.
Part of the deal was the creation of B2 Gold. The current management of Bema and Kinross agreed to transfer certain assets of Bema to a new creation, B2. The existing management of Bema were to manage B2.
A structured buyout sounding somewhat like the AIM situation for ERHE.
bob
Hello bb,
Regarding Strand Hanson, it seems they do advise on corp value.
But I like the comment made here many times, I know nuttin'.
Do you know when the 15% choices will be made? It would make sense that a bidder knows when only getting 85% of a block. So the 15%'s should be declared before the main auction?
If so, maybe no info until all blocks are decided. JMHO
Bob
No trades, maybe because its a "lenghty process"
walldog0 -OT-
Received the package last week. Thanks.
Slinky, the final stories:
Betty James passed away last year. Some local newspaper stories,
http://www.altoonamirror.com/page/content.detail/id/513577.html
http://www.altoonamirror.com/page/content.detail/id/520637.html
The house sold for $825,000.
Bob
China To -to-increase-lng-imports-to-relieve-gas-shortage--xinhua
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201002070422dowjonesdjonline000131&title=china-Increase LNG Imports To Relieve Gas Shortage -Xinhua
BEIJING -(Dow Jones)- China will increase its imports of liquefied natural gas to relieve the current gas shortage, Xinhua news agency reported Sunday, citing Zhang Guobao, head of the National Energy Administration.
Large parts of China are suffering shortages of coal, gas and electricity due to an usually cold winter. In early January, the country stepped up rationing of electricity and natural gas, and on Jan. 15 vice-premier Li Keqiang called on domestic coal and gas producers to increase output and for higher coal and gas imports.
China will also build more LNG terminals, pipelines and storage facilities in coastal areas to facilitate imports, Xinhua cited Zhang as saying.
China is also currently diversifying the sources of its imported natural gas, adding countries such as Malaysia, Qatar, and Papua New Guinea to traditional suppliers such as Indonesia and Australia, Xinhua quoted Zhang as saying.
You're right. Maybe I'm having a computer issue here.
Thanks,
Bob
Something strange?
I noticed that Addax was no longer on the Rigzone manager list for drilling ships several months ago. The Addax tab disappeared.
OK they no longer exist, being absorbed.
Now Sinopec has also disappeared. So what corporation name are they using? What are they renting and when and for how long?
Bob
Walldog0,
Hope I did that right.
Bob
Walldog O,
Just bought a sign, what are the Item #'s for the other 3 sign's?
i need the complete set.
Bob
OK, who killed the board tonight? Or you all popping some corn getting ready for the SOU speech.
Apparently you missed #196453.
Second news story about oilfield buyouts today that will not go for lowball offers. If a lowball offer for ERHC is offered, it may become a bidding war.
http://www.reuters.com/article/idUSLDE60N0F920100124?feedType=RSS&feedName=rbssEnergyNews&rpc=22
jcanada,
Someone buys ERHC. The new owner enters a deal with SEO, PM (or whomever). The AIM listing is changed to newco. The newco is officially a Nigerian operation. SEO wants to become a power in Nigerian oil, everyone is happy.
Bob
jcanada and all,
A few years ago, Kinross Gold bought Bema Gold. Part of the agreement was certain assets were transferred to a new entity, B2 Gold, as kind of a joint venture. B2 was the old senior management of Bema and they controlled this new company.
I'm thinking we have something similar here with SEO wanting to maintain some part of ERHC after a buyout.
What would keep SEO from being a CEO of an AIM listed company after ERHC is gone?
B2 Gold is still on my watch list.
Bob
Keeney won't respond? IS IT AN OFICIAL "QUIET PERIOD"?
Hey Dan, I'm coming to Houston,I want to talk to you.
Bob
tryoty,
If this puppy hits, you will be able to finance your retirement and pay your whole family's college expenses.
Good luck for all of us.
What bothers about the "gas" scenario is those wells are really shallow. Sorry, the facts are not correct. JMHO.
Bob
Our wells are about 5K Ft. under 6+K Ft. water.
Too shallow for gas?
How about it experts?
Is this really shallow for major gas?
How deep was AKPO?
Bob
http://www.rightsidenews.com/200811082544/editorial/democrats-target-401k-and-ira-retirement-accounts.html
Partial reprint,I missed the school. New School, not Harvard
Bob
Democrats Target 401k and IRA Retirement Accounts
Written by Karen McMahan
Friday, 07 November 2008 20:00
November 10, 2008
By Karen McMahan
Democrats in the U.S. House have been conducting hearings on proposals to confiscate workers' personal retirement accounts - including 401(k)s and IRAs - and convert them to accounts managed by the Social Security Administration. Triggered by the financial crisis the past two months, the hearings reportedly were meant to stem losses incurred by many workers and retirees whose 401(k) and IRA balances have been shrinking rapidly.
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers' retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
Rep. George Miller, D-Calif., chairman of the House Committee on Education and Labor, in prepared remarks for the hearing on "The Impact of the Financial Crisis on Workers' Retirement Security," blamed Wall Street for the financial crisis and said his committee will "strengthen and protect Americans' 401(k)s, pensions, and other retirement plans" and the "Democratic Congress will continue to conduct this much-needed oversight on behalf of the American people."
Currently, 401(k) plans allow Americans to invest pretax money and their employers match up to a defined percentage, which not only increases workers' retirement savings but also reduces their annual income tax. The balances are fully inheritable, subject to income tax, meaning workers pass on their wealth to their heirs, unlike Social Security. Even when they leave an employer and go to one that doesn't offer a 401(k) or pension, workers can transfer their balances to a qualified IRA.
Mandating Equality
Ghilarducci's plan first appeared in a paper for the Economic Policy Institute: Agenda for Shared Prosperity on Nov. 20, 2007, in which she said GRAs will rescue the flawed American retirement income system (www.sharedprosperity.org/bp204/bp204.pdf).
The current retirement system, Ghilarducci said, "exacerbates income and wealth inequalities" because tax breaks for voluntary retirement accounts are "skewed to the wealthy because it is easier for them to save, and because they receive bigger tax breaks when they do."
Lauding GRAs as a way to effectively increase retirement savings, Ghilarducci wrote that savings incentives are unequal for rich and poor families because tax deferrals "provide a much larger ?carrot' to wealthy families than to middle-class families - and none whatsoever for families too poor to owe taxes."
GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not "earn a 3% real return in perpetuity." In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.
In a radio interview with Kirby Wilbur in Seattle on Oct. 27, 2008, Ghilarducci explained that her proposal doesn't eliminate the tax breaks, rather, "I'm just rearranging the tax breaks that are available now for 401(k)s and spreading - spreading the wealth."
All workers would have 5 percent of their annual pay deducted from their paychecks and deposited to the GRA. They would still be paying Social Security and Medicare taxes, as would the employers. The GRA contribution would be shared equally by the worker and the employee. Employers no longer would be able to write off their contributions. Any capital gains would be taxable year-on-year.
Cont'd
There was Conngressional testimony last Fall by a female Harvard professor (Marxist no doubt), promoting the seizure of 401's and IRA's.
Assets would be replaced with a Social Security type monthly annuity upon retirement. I will try to find some data about the idea and post it.
retep 0517,
The entry was put up Sat. morning. Hardly been time to notify anyone. I found it by accident when I hit a wrong bookmark. I have not visited the site for a long time.
Isn't it interesting for a guy who lost all but 100 shares of ERHE to margin calls? Thought it was very funny.
Bob
Joe Shea went off today.
Rigzone article, nice mention, nothing but rewrite.
http://www.rigzone.com/news/article.asp?a_id=85223
Bob