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February 13, 2009 ..it is believed by ....
(3) It is currently unknown to the Company who the beneficial owner of Grifco International, Inc. is. It is believed by the Company however, that Grifco’s President, James Dial, maintains voting control over Grifco.
Page 35
http://www.sec.gov/Archives/edgar/data/1399247/000143209309000048/coiltubings1a021309.htm
DTCC/DTC, Grifco & Dial Litigation
On or around July 30, 2008, the Company, Coil Tubing and the Company's President, Jerry Swinford ("Plaintiffs"), filed a lawsuit against Grifco, Depository Trust & Clearing Corporation ("DTCC/DTC") and the president of Grifco, James Dial (the "Defendants"). The case is pending as Cause No. 08-07-07397-CV in the Montgomery County, Texas, District Court, 9th Judicial District. The suit stems from Grifco's distribution of its 75,000,000 shares of Coil Tubing in August 2007 ("Grifco Distribution"). Additionally, without informing Coil Tubing or providing any consideration to Coil Tubing, the DTCC/DTC made “book entries” for its participating members thereby unilaterally creating additional shares of Coil Tubing stock.
In August 2007, Grifco attempted to distribute 75,000,000 shares of Coil Tubing common stock which it held to its shareholders based on a record date of May 1, 2006. Certain Grifco shareholders who held Grifco shares on the record date were not issued shares of Coil Tubing in connection with the Grifco Distribution. Generally only Grifco shareholders who held their shares in street name on the record date were distributed shares in the Grifco Distribution. Thus, shareholders who held their shares in certificate form did not receive shares in the Grifco Distribution. Mr. Swinford was one such record shareholder of Grifco, who did not receive shares in the Grifco Distribution.
It is believed Grifco did not hold a sufficient number of shares to distribute to its shareholders who held their shares in street name at the distribution ratio announced by Grifco. Grifco announced that each of its shareholders would receive 1.89 shares of CTBG stock for each share of Grifco stock held as of the record date. In late April 2008, the DTCC/DTC informed Coil Tubing (for the first time) that Grifco did not transfer to DTCC/DTC's agent, Cede & Co., a sufficient number of shares to affect the distribution at the ratio announced. The 1.89 ratio announced by Grifco implied that Grifco had approximately 40,000,000 shares outstanding as of the record date. DTCC/DTC contends, however, that Grifco had approximately 68,000,000 shares outstanding in street name as of the record date, May 1, 2006.
Between the time Grifco distributed its shares (August 2007) until the DTCC/DTC contacted Coil Tubing (late April 2008), the DTCC/DTC contends it made various demands on Grifco for additional shares. Grifco provided the DTCC/DTC with waivers from certain shareholders, but such waivers were not sufficient to address the deficiency in its entirety.
Coil Tubing was contacted by the DTCC/DTC regarding the shortfall in shares in April 2008. Coil Tubing immediately took steps to have Grifco contact shareholders who did not receive shares in the distribution and obtain signed waivers of their right to receive shares in the stock dividend. To date, a limited number of such waivers have been obtained. Because of Grifco's failure to obtain waivers from a sufficient number of shareholders, DTCC/DTC demanded that Coil Tubing acquire additional free trading shares in the market or issue additional free trading shares to satisfy the shortfall. Coil Tubing did not purchase the additional shares demanded by DTCC/DTC and Coil Tubing does not have a registration statement on file allowing it to issue additional free trading shares. Additionally, issuing additional shares of Coil Tubing would substantially dilute the interests of Coil Tubing’s existing shareholders and would have affected Coil Tubing's planned distribution of the Company's shares to its shareholders.
-30-
--------------------------------------------------------------------------------
On July 10, 2008, DTCC/DTC issued a Stock Dividend E-Mail Alert to its participating members. The Alert stated that DTCC/DTC had not received sufficient shares from Grifco in order to affect the stock dividend at the ratio Grifco announced. DTCC/DTC further stated that unless it received the necessary shares by July 31, 2008, it would unilaterally adjust the ratio of shares received in the stock dividend from the rate originally declared, 1.89 shares of Coil Tubing common stock for each share of Grifco common stock which shareholders of Grifco held, to a reduced rate of approximately 1.29 shares of Coil Tubing for each share of Grifco held.
On July 30, 2008, Coil Tubing filed suit against Defendants. In the suit Coil Tubing sought and obtained a temporary restraining order to restrain the DTCC/DTC from adjusting shareholder accounts and against any Defendant destroying any documentation in connection with the lawsuit. While Coil Tubing was in the process of obtaining the temporary restraining order from the Court, and a day in advance of its announced adjustment date, DTCC/DTC adjusted the ratio of the dividend with most of its participating members. Despite the restraining order, DTCC/DTC's participating members adjusted customers’ accounts on July 31, 2008 and thereafter.
The Plaintiffs believe that all of the Defendants were aware or should have been aware that a shortfall in the Grifco Distribution would occur, but negligently allowed the stock distribution to go forward. Additionally, the Plaintiffs believe that the Defendants engaged in additional acts and omissions which may give rise to other damages. Coil Tubing has and expects to continue to expend funds on the litigation which may negatively impact operations. The Court granted Plaintiffs’ Temporary Injunction and denied DTCC/DTC's Motion to Dismiss. However, it is premature to speculate regarding the final outcome of the litigation.
Litigation Generally
From time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. We are not currently involved in legal proceedings that could reasonably be expected to have a material adverse effect on our business, prospects, financial condition or results of operations. We may become involved in material legal proceedings in the future.
Page 30
http://www.sec.gov/Archives/edgar/data/1399247/000143209309000048/coiltubings1a021309.htm
WE HAVE BEEN FORCED TO BRING SUIT AGAINST OUR FORMER LARGEST SHAREHOLDER, GRIFCO INTERNATIONAL, INC., ITS PRESIDENT AND THE DEPOSITORY TRUST & CLEARING CORPORATION WHICH WILL IMPACT OUR OPERATIONS
As is more fully described below under Legal Proceedings, on July 30, 2008, the Company, Coil Tubing and our and Coil Tubing’s President, Jerry Swinford (“Plaintiffs”) filed a lawsuit against Grifco International, Inc. (“Grifco”), the Depository Trust & Clearing Corporation (DTCC/DTC ) and the President of Grifco, James Dial (“Defendants”). The case is pending as Cause No. 08-07-07397-CV in Montgomery County Texas, District Court, 9th Judicial District. The suit stems from Grifco’s stock distribution of 75,000,000 shares of Coil Tubing’s common stock in August 2007 ("Grifco Distribution").
Grifco left certain shareholders out of the Grifco Distribution and/or did not provide certain of its shareholders with the proper number of shares of Coil Tubing's common stock based on its previous disclosures and the record date of its spin-off. Additionally, there is an undisclosed number of shares outstanding held in certificate form, which were not included in the Grifco Distribution. As a result, there is uncertainty as to the identity of certain of Coil Tubing’s shareholders, as there may be additional shareholders of Grifco, which are due shares of Coil Tubing, and which should therefore participate in our Distribution, but which are not properly reflected in Coil Tubing’s shareholders reports. As part of the litigation, the Plaintiffs have sought damages and have sought declaration of the shareholders as of the record date of the distribution and our rights and obligations to those shareholders.
The Plaintiffs believe that all the Defendants were aware or should have been aware that a shortfall in the Grifco Distribution might occur, but negligently allowed the stock distribution to go forward. The failure to properly effect the Grifco Distribution was the result of the Defendants' action or inactions. As a result, the Company believes that the outcome of the litigation may be that the Company receives damages and other equitable relief. The Company does not believe that it will have any liability and/or be required to take any actions itself to address the issues related to the Grifco Distribution, but instead believes that any issues will need to be addressed directly by the Defendants.
The Company has and expects to continue to expend funds on the litigation which will negatively impact the results of its operations. The Court recently granted Plaintiffs' Temporary Injunction and denied Defendant's Motion to Dismiss. There are, however, no assurances as to the final outcome of the litigation.
PAGE23
http://www.sec.gov/Archives/edgar/data/1399247/000143209309000048/coiltubings1a021309.htm
cde let the shorts off the hook in a warrant purchase , w amendments 01/12/09 8-K , such as :
"The Exercise Agreement also allows the Holders to exercise the Warrants regardless of whether they have held or currently hold an open short position in the Company’s common stock."
On January 12, 2009, Coeur d’Alene Mines Corporation (the “Company”) entered into an Agreement and Consent (the “Exercise Agreement”) with JMB Capital Partners Master Fund, L.P. (“JMB”) and Lonestar Partners LP (“Lonestar” and, with JMB, the “Holders”). As of the date of the Exercise Agreement, the Holders collectively held all of the Company’s outstanding Senior Secured Floating Rate Convertible Notes due 2012 (the “Notes”) and all of the Company’s outstanding warrants (the “Warrants”) for the purchase of up to $25,000,000 aggregate principal amount of the Notes.
http://www.sec.gov/Archives/edgar/data/215466/000089706909000034/cmw3949.htm
i dont disagree with you? good post.eom
Listen I REPLIED to the post , Read the thread.... This is not old information
I suggest you READ the KBR FCPA SEC FILINGS.
But Fed is smart want more $ , ERHE not enough $ to make deal yet.... Obama boiz goin to be looking to settle these FCPA charges.
http://www.sec.gov/news/press/2009/2009-23.htm
KBR Formally Charged 2009
Bribes as old as 1994
Nigerian Government Ofiicials, payments.
FCPA Vioilations
I KNOW YOU find this interesting.
Read it thru , its all $ money $
The SEC alleges that beginning as early as 1994, members of the joint venture determined that it was necessary to pay bribes to officials within the Nigerian government in order to obtain the construction contracts. The former CEO of the predecessor entities, Albert "Jack" Stanley, and others involved in the joint venture met with high-ranking Nigerian government officials and their representatives on at least four occasions to arrange the bribe payments. To conceal the illicit payments, the joint venture entered into sham contracts with two agents, one based in the United Kingdom and one based in Japan, to funnel money to Nigerian officials.
lol..... have fun with that.eom
I bet the Obama boys are going to hand these FCPA cases HUGE BILL$/Fine$ , They need to pay some bills.... they are waiting for ERHE to make some money first.. did u have a link to Aon Corp? ill check out soon, I believe ya....
ME TO , THOUGHT .0003 was close at hand, registered shares float is not huge , unregistered is montrous... good luch , buyer beware imo
IMPO
this has been in bankrupcy condition for months, unregistered share structur blown out. long ago.... good luck , watch out anything Laurus Masterfund imo
IMPO
Again alwright > read the thread > The post I replied to stated "The investigations are over." I simply asked him for some sort of proof of this , then you chime in and say there is no "event" for an investigation since 2003? What does that have to do with the question at hand? and what does it even mean? no event for an investigation since 2003? The DOJ issued subpoena in July 2007, do you know what exactly they were requesting, asking for in any of those 2007 subpoenas? was it an event for an investigation it sure was an event related to the investigation some how , But be clear > The Post I replied to and question was > "The investigations are over." I asked for proof being the statement is so clearly false, The investigations continue are ongoing and they do NOT know when they will end.... End of thread , until you decided to keep it going....
Now if you would like to bring up SOL issues I will gladly debate the subject with , SINCE YOU BROUGHT IT UP.
Just recently in 02/2009 KBR was formally charged with FCPA violations stemming from an investigation that started in 2003, regarding Nigerian political bribes for a natural gas plant from early 1990s'
You do the Math....
The SEC filings say ERHE is still being investigated
KBR was formally charged with FCPA violation in 2009 for an investigation that started in 2003 regarding bribes that happened in the early 1990s'
However > I suggest we let the lawyers and the government agencies handle the SOL because YOU for sure do NOT know the 100% correct answer , and I do not either, however I will say I DO have some case precedence that to me, IMO says , the SOL is not a concern for the govt investigation into ERHC Energy at this time. Do you have any precedence to prove your point, your opinion? Please post > SINCE YOU BROUGHT IT UP...
investigations commenced in 2003 as a result of allegations of improper payments to government officials in Nigeria through the use of agents or subcontractors in connection with the construction and subsequent expansion by a joint venture known as TSKJ of a natural gas liquefaction project on Bonny Island, Nigeria, in which Halliburton's former subsidiary KBR, Inc. has an approximate 25 percent interest.
February 11,2009, a subsidiary of KBR pleaded guilty to conspiring to violate the FCPA and to substantive counts charging violations of the anti-bribery provisions of the FCPA in connection with the Bonny Island project. The scheme commenced in the 1990's prior to Halliburton's 1998 acquisition of Dresser Industries, Inc.
http://www.rigzone.com/news/article.asp?a_id=72822
LOL , Did they come up with plan to pay shareholders ripped off in the Grifco / Coil tube distribution , IMO the exchange is NOT going to go thru until the failed distribution is cleaned up....
WEGI RIP >
On February 6, 2009, Windswept Environmental Group, Inc. (the “Company”) received notification from its secured lenders that, in view of the Company’s defaults, they were accelerating the payment on their loans. These loans are in the current approximate aggregate principal amount of $5,908,000.
Prior thereto, the Company sought to obtain financing and potentially pay off its secured loans. Negotiations with one possible financing source were terminated by such financing source and no additional sources of capital were located. In view of the Company’s current inability to pay its expenses as they become due and to pay the secured loans, the Company has terminated operating activities except insofar as to collect receivables, liquidate all assets and pay (i) accrued payroll (and related taxes), (ii) its secured lenders and, (iii) to the extent applicable, taxing authorities. As a result, it is anticipated that no assets will be available for distribution to stockholders.
On February 6, 2009, Dr. Kevin Phillips resigned as a director of the Company, on February 12, 2009, Anthony P. Towell resigned as a director of the Company and on February 13, 2009, Arthur J. Wasserspring resigned as Chief Financial Officer of the Company. Messrs. Phillips and Towell were also members of the Audit and Compensation Committees of the Board. Jeffrey Micheli remains an officer and director of the Company and all employees of the Company have been terminated.
http://www.secinfo.com/d12TC3.s93y.htm
IT IS CALLED MANIPULATION Z4 and SPNG has hired one of the BEST in the business to create confusion and make profits off retail trades.....
LOW .132 is why u r seeing the disgruntled investors, SPNG has more or less hired an alledged securities violator and the stock has TANKED and acted like it is being manipulated ever since the SCHD13 was filed... IMO "The Group" is manipulating SPNG stock in a big big way , IMO they are stomping on and stealing from retail investors while filling insiders pockets with cash using short-swing trades....
But I think this sounds better >
The Signature Fund investment philosophy centers on the concept of the investment of “mezzanine capital,” whereby long-term equity investment is provided to the company, while simultaneously being liquidated on a short-term basis by the Fund as it transitions out of such investment via its proprietary methods and networks. Unlike many other private equity investments that end up taking on a toxic profile to the recipients due to arbitrage and control issues, the Signature Fund works to liquidate its investments in a responsible manner that actually benefits the underlying company, helping in the formation of a solid shareholder base for future needs. The methodologies employed to accomplish such objectives formulate the basis of the Fund’s proprietary competitive differentiation and advantage.
The Signature Fund seeks to generate superior returns that would compare favorably to most other forms of investment, while working to mitigate as much risk as possible via the implementation of its investment philosophy and proprietary liquidation strategies. It is the objective of the Fund’s managers to generate successful venture capital type returns while maintaining a blue chip investment risk level.
http://thesignaturefund.com/philosophy.html
ISSUE PR SHORT - MM RUN UP PRICE DUMP - THEN SHORT DUMP - SHORT SHORT DUMP THE ACTION - CREATE MORE ACTION - DUMP DUMP SHORT SHORT > RINSE REPEAT > Create confusion and profits from selling shorting patterns, shorting when retail is buying and buying when retail is selling , then confuse them , force some dumps , force some buys , and stomp them before you are done. Knowing when PR and filings are coming out - Knowing when buybacks and sales wil hit markets - MMs lending a hand - stock with a very dedicated following on both sides - high profile getting new looks at stock at every MSG game - IMPO SPNG retail shareholders are being manipulated in a BIG WAY... In My Personal Opinion
IMPO
CDE CRUSHED SHAREHOLDERS WITH THIS FILING:
These financeers SHORT stock they dont even really own , I call it "shorting on the come" they know they will have the shares to cover sooner or later due the financing deal, so they short like mad with shares they dont even have,,... makes me ill....
Form 8-K for COEUR D ALENE MINES CORP
12-Jan-2009
Entry into a Material Definitive Agreement, Financial Statements and Exh
Item 1.01 Entry into a Material Definitive Agreement
On January 12, 2009, Coeur d'Alene Mines Corporation (the "Company") entered into an Agreement and Consent (the "Exercise Agreement") with JMB Capital Partners Master Fund, L.P. ("JMB") and Lonestar Partners LP ("Lonestar" and, with JMB, the "Holders"). As of the date of the Exercise Agreement, the Holders collectively held all of the Company's outstanding Senior Secured Floating Rate Convertible Notes due 2012 (the "Notes") and all of the Company's outstanding warrants (the "Warrants") for the purchase of up to $25,000,000 aggregate principal amount of the Notes.
Pursuant to the Exercise Agreement, the Warrants will be exercisable beginning January 13, 2009 and the Holders agree to exercise the Warrants between such date and January 29, 2009. The Exercise Agreement also allows the Holders to exercise the Warrants regardless of whether they have held or currently hold an open short position in the Company's common stock.
The Company and the Holders also agreed to amend the Notes and execute an amendment (the "Amendment") to the First Supplemental Indenture and Security Agreement, dated October 20, 2008, among the Company, Coeur Rochester, Inc., as grantor, and The Bank of New York Mellon, as trustee and collateral agent, pursuant to which the interest rate on the Notes will remain fixed at its current rate of 12.0% until July 15, 2009.
Copies of the Exercise Agreement and the Amendment are filed as Exhibits 4.1 and 4.2, respectively, to this Current Report on Form 8-K and are incorporated into this Item 1.01 by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
Exhibit Number Description of Exhibit
4.1 Agreement and Consent, dated as of January 12, 2009, by and among
the Company, JMB Capital Partners Master Fund, L.P. and Lonestar
Partners LP.
4.2 Amendment No. 2, dated as of January 12, 2009, between the Company
and The Bank of New York Mellon, as trustee, to the First
Supplemental Indenture and Security Agreement, dated as of October
20, 2008, among the Company, Coeur Rochester, Inc., as grantor, and
The Bank of New York Mellon, as trustee and collateral agent.
agree.... silver/gold ROCKING! CDE nothing.... They SOLD out shareholders when they forward sold MILLIONS and MILLIONS of gold for $400 ounce.... plus did a shelf offering , and sold more gold forward.. HOWEVER > Before ANY of this they made statmemt they had enough cash flow and did not need anymore money - then they sold us shareholders out BIGTIME - AND They changed the terms of the warrnats to allow the shorts to cover with warrants , totally sold us out... I bet the salaries are now covered for years to come and stock will get delisted OR huge reverse split - if this metal market cant get CDE over $1 we are in BIG trouble.... IMPO of the FACTS
Alwright, Why would you continue to bring this up!? It is in the filing!? It is a KNOWN fact ERHE has active open ongoing SEC, DOJ, US Senate investigations... And they have been numerous actions taken related to the ongoing investigations since 2003? Why do you continue to not believe what they are telling you in the SEC filings? These are just allegations thus far , There have been NO Formal charges or admissions of guilt , these are just open ongoing SEC, DOJ, Senate investigations thus far, and they have had actions as late as July 07 , why cant you deal with those facts? You continue to post like it is not true?
Again PLEASE Post a link that says what you claim? Anything , a PR, 8K, 10K/Q , link to company website, Anything.... or again is what you posted just in your personal opnion or do you have something to back up your DD? Please disclaimer the post as your personal opinion IMPO , or please post some links and facts.
Please refer to the 10Q:
http://www.sec.gov/Archives/edgar/data/799235/000114036109003083/form10-q.htm
Here are exerpts from
PAGES 19 , 20 , 21
On May 4, 2006, a search warrant issued by the U.S. District Court of the Southern District of Texas, Houston Division...
A related SEC subpoena was issued on May 9, 2006, and a second related subpoena issued on August 29, 2006.
On July 5, 2007, U.S. Senate Committee on Homeland Security and Governmental Affairs’ Permanent Subcommittee on Investigations served ERHC with a subpoena......The subpoena, as amended on July 18, 2007, seeks documents and information regarding ERHC’s activities
We are under investigation by the SEC, the DOJ and a U.S. Senate Subcommittee, and the results of these investigations could have a material adverse effect on our business, prospects, operations, financial condition and cash flow.
The investigations by the DOJ, SEC and Senate Subcommittee are continuing. We anticipate that these investigations will be lengthy and do not expect these investigations to be concluded in the immediate future.
Please post link or clearly disclaimer this post as your personal opinion, the public filings say the exact opposite of what you posted?
I DID NOT BRING IT UP! I simply replied to another poster that brought it up! Please Read the thread > I was simply replying to another poster that brought up the SOL , it was NOT me that brought it up.
AND SINCE YOU BROUGHT IT UP >
I read all of the ERHE filings, and all of the PR ,. The website , I do NOT see any information stating the SOL is up and ERHE will or will not be formally charged with FCPA or other violations, PLEASE post a link to this information? I cant seem to find the public filings or announcements that you are refering to?
And again, since YOU , not me , you brought up this topic. IMO It appears the Govt agencies, FBI, DOJ, SEC et al are waking up and finally making formal charges against some of these older moribund investigations, as well IMO , In General , it sure seems The Obama gang is going to go after fines and cash and take ACTION unlike the past. They see dollar signs and they seem to have need to look like they good guy protecting John Q Public from the corrupt Wall street monsters....
Anyway > Did you read the quotes from Andrew R. Bland III, Special Agent in Charge of the FBI's Houston Field Office regarding FCPA violations? Very interesting, dont you think ?
http://news.findlaw.com/prnewswire/20090211/11feb20091405.html
The relevency is ERHC Energy is facing similiar allegations..... and I now also agree , The SOL issues with ERHC Energy are not clear and after reading a lot of posts on the subject the only thing that is clear is we are ALL just posting our personal opinions and NO ONE on this board knows exactly how the SOL laws will be interpretted and or applied to the EHRC Energy case.... Best to just leave the SOL issues to the lawyers IMO , But you have to admit the entire Houston TX KBR story is very relevant and very much on topic in terms of the ERHC Energy DOJ, SEC , FCPA allegations...
I find the entire case and the comments by, Andrew R. Bland III, Special Agent in Charge of the FBI's Houston Field Office, very interesting...
http://news.findlaw.com/prnewswire/20090211/11feb20091405.html
Yes, I read this RMartin , Very interesting , Here is a link to some background on the topic from the board, we were discussing this a few days ago.
See link:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35474458
The Nigerain Military is ALSO doing all they can to help , as small and inept as they are , they DO want to put an end to this terrorist BS, You have to think what does Nigeria have going for it for exports and industry? These Oil wells are extremely important to the country as a whole, You have to believe they will do what they can to crush these terrorists...
This was interesting news from Wednesday:
Military seizes 22 barges of stolen oil
News wires
The Nigerian military impounded 22 barges of stolen crude oil in the creeks of the Niger Delta in what it said was its biggest seizure for months.
A naval patrol close to Chanomi Creek in Delta state stumbled across the barges late last ngiht while on routine surveillance, Brigadier General Wuyep Rimtip, commander of the joint military taskforce in the western Niger Delta, told Reuters.
"All were filled to capacity. I believe they were waiting for a vessel to come and evacuate the product, but their luck ran out," he said this morning.
When oil prices were at their peak around $147 a barrel last year, criminal networks in the Niger Delta were earning millions of dollars a day from an illegal trade in industrial quantities of stolen crude, an activity known locally as "bunkering".
Industry executives estimate the volume of bunkered oil has at times reached hundreds of thousands of barrels per day.
The stolen oil is transferred on barges to tankers waiting offshore before being mixed in with legitimate cargo and sold on the international market.
Armed gangs and militant factions in the Niger Delta, some of whom claim to be fighting for a fairer share of the region's natural resources, use the illicit trade to attract more recruits and fund arms purchases, security sources say.
The main militant group, the Movement for the Emancipation of the Niger Delta, called off a 5-month-old ceasefire just over a week ago. On Saturday the group claimed an attack on a Shell gas plant in Delta state.
Rimtip said his soldiers had come under attack on Tuesday evening while guarding the stolen cargo but had repelled the gunmen. He said the last comparable seizure was four to five months ago, when the military seized 17 barges of stolen oil.
Dont forget Chevron , they are not done with these Nigerian offshore oil fields , I ran acorss this news today, for sure they will be using this technology in the JDZ sooner then later...
Seabird lands Chevron Nigeria node work
Seismic player Seabird Exploration has agreed to carry out a large-scale ocean-bottom node seismic survey on the Agbami field off Nigeria for a local affiliate of US supermajor Chevron, it said today.
Cyprus-based Seabird said it had signed a letter of commitment with Star Deepwater Petroleum, together with its own local partner Sonar.
The agreement covers a so-called 4D seismic survey, which records geophysical changes in reservoir rocks in three dimensions over time, in this case over a period of between six and nine months, using its survey vessel Hugin Explorer and source vessel Kondor Explorer, the company said.
It said it expected pre-survey modeling and a final agreement to be completed by the end of the second quarter of this year.
Work on the contract will begin as soon as the vessels finish work on Seabird’s existing contract with BP on the Atlantis field in the US Gulf of Mexico.
BINGO!
They can beat it down, but with the current world economic situation, I don't think (and I'm willing to bet on it) that they can KEEP it down.
My plan for CDE is to just keep buying the dips and selling the pops, always accumulating a few extra shares for what I think will be an absolutely great 2010 for goldbugs. (and silver bugs)
ABTG looking better all the time , I am a long time holder, and have a long term outlook , but this action really looks good , about time this gem was noticed! I have strong feeling we are about to get some news on NEW contracts and NEW testing.
I like you thinking , but that is a LOT of short shares , 11 days worth at current levels, we are going to nedd a LOT of powder! But I do like ur thinking :)
excellent post > Thank you >
"Until then no one here on this board can say so definitively."
That is more or less my point. I read all these posts saying for sure it has expired , and yet we read of other formal charges being made long after the 5 years , this is the Federal Govt we are talking about here , they can and WILL make up rules and work thru loopholes as they move along..
IMO We are going to see more action from the Obama regime , IMO they are going to begin to crack down and make formal charges against many of these cases that are laying around dormant... or cut them lose.
wow..... that is depressing news..... Good thing I am in CDE long term, it might be a while until this all unwinds....
AND AS EARLY AS 1994 -
Not sure what you mean? I was posting on topic , the topic was statute of limitations to formally make charges for violations of the FCPA act? The point is > It is CLEAR the US Government can and will formally charge a company many many years after the bribes were committed > Per my post this was a decade long scheme 1994-2004 the bribes were made , not investiagted sorry , and in re: alleged bribes between 1994-2004, in re to a Nigerain LNG facility, The company was formally charged with (5)counts INCLUDING conspiracy to violate the Foreign Corrupt Practices Act (FCPA) , again AFTER alleged bribes in 1994.
KBR
http://www.upstreamonline.com/live/article171642.ece
tryoty> Here are some FACTS that might shed some light on the subject.
The US Government has FORMALLY charged KBR for bribes related to a NIGERIAN Nat Gas facility that happended over 10 years ago. The report staes it was a "decade long investigation" , I would think the board would be bery interested in this information, this IS very FACTUAL information and extremly to the point ON-TOPIC. See post I replied to and post you replied to , AND I have read literally HUNDREDS of posts ON THIS BOARD RE: Statue of limitations as it relates to formal FCPA charges against ERHC Energy (ERHE), you guess, I guess, Everyone guesses, everyone posts opinions on it , This is the FIRST TIME I have read some concrete evidence that the US Government CAN and WILL charge companies with violations of the FCPA act a DECADE after the bribe was comiited.... Very interesting and on topic dont you think?
KBR booked in Nigeria graft case
Wire services
The US government has formally charged engineering services company KBR in a $180 million, decade-long scheme to bribe Nigerian officials to secure $6 billion in contracts.
But former KBR parent Halliburton said last month it would pay $559 million to end the investigation if the government approved the settlement, which was the largest penalty against a US company for bribery charges under federal law.
The alleged bribes were paid between 1994 and 2004 to secure four contracts for a KBR joint venture to build and expand Nigeria's Bonny Island liquefied natural gas terminal, according to the government.
KBR was charged with five counts, including conspiracy to violate the Foreign Corrupt Practices Act (FCPA).
A truly multi-national scheme, it involved partner companies from Italy, France and Japan, and huge sums of money wired through banks in Amsterdam and New York to accounts in Monaco and Switzerland.
KBR also used shell companies in Portugal, referred to by the government as Madeira Companies 1, 2 and 3, in an effort to avoid breaking the FCPA law, the government said.
"KBR avoided placing US citizens on the board of managers of Madeira Company 3 as a further part of KBR's intentional effort to insulate itself from FCPA liability," according to the government prosecutors' filing with the US District Court for the Southern District of Texas.
The consortium that built the LNG facility included KBR, France's Technip, Italy's Snamprogetti and Japan's JGC.
Albert "Jack" Stanley, a former KBR chief executive, pleaded guilty last September to charges stemming from the Nigeria bribes and agreed to co-operate with investigators.
KBR declined to make any further comment late on Friday, Reuters reported.
http://www.upstreamonline.com/live/article171642.ece
TRYOTY> I disagree > See this report below > "The alleged bribes were paid between 1994 and 2004...."
KBR booked in Nigeria graft case
Wire services
The US government has formally charged engineering services company KBR in a $180 million, decade-long scheme to bribe Nigerian officials to secure $6 billion in contracts.
But former KBR parent Halliburton said last month it would pay $559 million to end the investigation if the government approved the settlement, which was the largest penalty against a US company for bribery charges under federal law.
The alleged bribes were paid between 1994 and 2004 to secure four contracts for a KBR joint venture to build and expand Nigeria's Bonny Island liquefied natural gas terminal, according to the government.
KBR was charged with five counts, including conspiracy to violate the Foreign Corrupt Practices Act (FCPA).
A truly multi-national scheme, it involved partner companies from Italy, France and Japan, and huge sums of money wired through banks in Amsterdam and New York to accounts in Monaco and Switzerland.
KBR also used shell companies in Portugal, referred to by the government as Madeira Companies 1, 2 and 3, in an effort to avoid breaking the FCPA law, the government said.
"KBR avoided placing US citizens on the board of managers of Madeira Company 3 as a further part of KBR's intentional effort to insulate itself from FCPA liability," according to the government prosecutors' filing with the US District Court for the Southern District of Texas.
The consortium that built the LNG facility included KBR, France's Technip, Italy's Snamprogetti and Japan's JGC.
Albert "Jack" Stanley, a former KBR chief executive, pleaded guilty last September to charges stemming from the Nigeria bribes and agreed to co-operate with investigators.
KBR declined to make any further comment late on Friday, Reuters reported.
http://www.upstreamonline.com/live/article171642.ece
Silver is hard to find right now, you can get lucky and find small amounts for close to spot, but rarely, I got serious into silver Eagles early 06 , I bought 2 monster box of Eagles, 500 eagles per monster box , for $5000 each box, $10 each ounce coin , 1000 ounces for $10k , I remember paying $.50 over spot and was haggling for better price , I would have bought more but I thought paying $.50 over spot was to much to pay, I bought 2 bags of $1000 face Junk silver instead becuase I got them exactly at spot , the $.50 over spot was to much for me to pay in 2006 , lol , man I wish I would have bought ALL Eagles, but I love my junk silver bags, I enjoy all silver , bars coins rounds etc....
Here are some places to try:
I bought a LOT from these guys - great website - super inventory > small med large lots www.mintproducts.com
And my local shop ALWAYS has $1000 face value junk bags of US silver coins for right close to spot > He ships worldwide > http://www.nfccoins.com/
This is new spot , I have not bought from, but it is from Jason Hommel the Silver Stock reporter. I read his email newsletter , but it is mostly LARGE 5000 ounce+ lots AND $2.00+ over spot. He mints his own rounds and bars Worth looking http://www.seekbullion.com/
I was thinking of putting ads in my local paper , see if I could act like a pawn shop and buy some silver from folks selling , funny when you want to buy silver it is 20% over spot, or more , but when you go into a pawn shop or coin dealer to sell silver , some of these places , they only offer you 25% under spot ! , lol....
Good luck Happy Hunting!
US rigs drop by 73
By Upstream staff
The number of rigs actively exploring for oil and natural gas in the US, dropped by 73 this week to total 1399.
Of the rigs running nationwide, 1104 were exploring for natural gas and 283 for oil, Houston-based Baker Hughes reported.
A total of 12 were listed as miscellaneous. A year ago, the rig count stood at 1755.
Of the major oil- and gas-producing states, Texas lost 50 rigs, Wyoming lost five, North Dakota lost two, Oklahoma lost nine, Colorado lost 5, Arkansas did not change and California gained two.
Louisiana gained one rig while Alaska lost one and New Mexico lost four.
http://www.upstreamonline.com/live/article170418.ece
gotcha, no I hear what u r saying, I as well believe a LOT of games being played in the JDZ/EEZ.....
Addax plans six on stream by end of 2010
Addax plans to bring six developments on stream in Nigeria between now and 2010, writes Iain Esau.
In OML 123, two new projects are getting under way at Antan and Kita Marine.
Chief operating officer Jim Pearce said a field development plan for Antan has been approved, with Nigerian contractor Netco now carrying out front-end engineering and design work.
A field development plan is being completed for Kita Marine after which this project will, enter its pre-FEED phase.
Both fields are due on line in 2010 are are likely to be platform-based projects.
OML 123 is also hosting two extension projects, one at Oron Southwest three wells are due on line shortly and another at Adanga North Horst.
The jack-ups Tommy Craighead and High Island 1X will be used to carry out drilling activities in this asset. In OML 137, Addax plans to develop its oil reserves first at Ofrima North, followed by condensate and gas.
On the exploration front, according to exploration boss Jeff Schull, six prospects are targeted between now and 2010 in OML 123 each with an unrisked average size of between 15 million and 35 million barrels of oil.
The targets are Adanga North Graben , Oron East, Oron South, Efiat, Inagha West, Ukpan B and Imin. In onshore OML 124, wells are planned on the larger Okaka, Jam Jam and Mmeri prospects, the largest of which could hold up to 45 million barrels of oil.
Nkoro and Atuma in OML 137 are among the prospects to be targeted by exploration wells drilled by the Scarabeo 3 semisub.
In OPL 291, Addax has signed a letter of intent with PGS to kick off 3D seismic work in November.
Aban Abraham will drill a prospect in this asset although it will first drill a few wells on Block 4 of the Nigeria-Sao Tome Joint Development Zone.
Schull said Addax is also trying to drill its deep-water wells earlier and is close to signing a deal for a rig of opportunity, believed to be a drillship.
However, Schull said the rig's crew were uneasy about working in Nigeria and Addax officials had been due to visit them to ease their fears but the trip was cancelled due to Hurricane Ike. On the seismic front, 3D shoots are planned for OPL 227 and OML 126 next year.
In the Gryphon Marine licence off Gabon, Schull said an appraisal well is planned on the Pompano oil discovery.
Meanwhile, if exploration wells prove successful on two Ajumba prospects these could be tied back to Vaalco Energy's Etame floating production vessel in the Etame Marine block, in which Addax has a stake.
http://www.upstreamonline.com/hardcopy/news/article163871.ece
not sure what u mean? it is in the post? i did not omit anything?
Addax predicting modest growth in Nigeria licences
ADDAX Petroleum is expecting its Nigerian production to grow modestly in 2009, averaging between 108,000 and 112,000 barrels per day, writes Barry Morgan.
Output is expected to increase from OML-123, while production from OML-124 is likely to be flat and OML-126 looks set to decline.
Addax cheif executive Jean Claude Gandur predicted volatility in commodity prices throughout 2009, but said Addax had "set a prudent capital investment programme in place, which it expects to fund internally".
Next year's capital budget for both Nigeria and Cameroon excluding possible acquisitions is $173 million, with another $50 million mooted for deep-water commitments in Nigeria's Exclusive Economic Zone and the Joint Development Zone, administered with neighbouring Sao Tome&Principe.
Another $86 million is earmarked for Gabon, where five exploration/appraisal wells are planned next year. Three such wells are planned for Nigeria, one in Cameroon and another in the Gulf of Guinea.
The exploration period in Gabon for the Gryphon Marin licence expires in November next year and carries a two-well drilling commitment.
In neighbouring Cameroon, the current exploration period for Ngosso expires in the first quarter, after which one well and further 3D seismic will be required.
An Ngosso seismic acquisition campaign is already planned before the end of 2008, completing in the first quarter of 2009.
http://www.upstreamonline.com/hardcopy/news/article166609.ece
President removes official after allegations of corrupt dealings
Sao Tome's minister for energy axed
By Barry Morgan
Photo by REUTERS/SCANPIX
President Fradique de Menezes of Sao Tome & Principe last week sacked the country's Minister for Natural Resources&Energy Aghostinho Rita, replacing him with businessman Carlos Fernandes Marques.
Insiders said the transition will not mark a departure in the archipelago's energy policies.
Rita's sudden removal was demanded by Prime Minister Rafael Branco following allegations that the minister ordered a state utility to advance scholarship funds to an educational institution that he owned.
Marques will initially be tasked with completing adjustments to the framework petroleum law to allow direct negotiation of oil blocks before a planned bidding exercise for vacant acreage in the deeper waters of the Exclusive Economic Zone.
Little exploration activity has been committed in the waters surrounding the archipelago or the Joint Development Zone it shares with neighbouring Nigeria in recent years.
Interest in the play waned following Chevron's non-commercial Obo-1 wildcat drilled on Block 1 in May 2006.
Reported disagreements between the Joint Development Administration, Iran's ICC/OEOC and Nigeria's Filthim-Huzod over signature bonus payments for blocks 5 and 6 remain unresolved.
Recent media reports from Nigeria questioned ERHC Energy's 15% stake in blocks 5 and 6, but chief operating officer and acting chief executive Peter Ntephe has written to the Joint Ministerial Council indicating that he would defend his company's rights in court.
Insiders said the latest spat was little more than sabre-rattling and that ERHC's legal claims to acreage positions in the JDZ and in Sao Tome EEZ were set out in treaties.
Meanwhile, the International Monetary Fund (IMF) last month noted that the protracted talks were holding up payments of about $26.1 million for the two blocks.
The IMF's baseline scenario for Sao Tome also assumes first oil can be produced "from one well" in the JDZ as early in 2014.
"The debt outlook remains vulnerable even under the baseline scenario (and) the risk of debt distress increases significantly under any scenario with no oil production," warned the IMF report.
The IMF also said that if only one of the six JDZ blocks finds commercial oil this would "still have a sizeable effect" on Sao Tome's economic prospects, but that in the absence of oil the country would become acutely vulnerable to rising external debt.
In a hopeful sign, operator Addax Petroleum along with Sinopec and ERHC Energy last month confirmed their intent to deploy the drillship Aban Abraham, most likely in Block 2, the first of five well slots on this acreage, and on Block 4.
http://www.upstreamonline.com/hardcopy/news/article165318.ece