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Dane-It was a re-post of older article. eom
Think they will release news Thursday? EOM
Re-Post of OGI Article Re OBO 1-Just for you Kuxe0:
Obo-1 in Nigeria-Sao Tome JDZ a billion-bbl discovery?
by Chuka Yakubu, Lagos
The Deepwater Discovery.
(4/11/2006 - OGI: Lagos) Chevron is not talking on the record today, but sources at the Chevron Nigeria subsidiary say its Obo-1 in the Nigeria-Sao Tome Joint Development Zone (JDZ) could be the largest discovery made so far this year, that it could contain a billion bbl of oil or more.
Chevron Nigeria reported that it completed drilling its wildcat deepwater well Obo-1 in the Gulf of Guinea, Block 1 of the JDZ on 15 March, but has said little else. An official of the company said it has commenced evaluation of the drilling results and that "It is an encouraging result - everyone is pleased," he said.
The Obo discovery is believed to hold even more oil and gas reserves than the Akpo Field in Nigerian waters to the north of the discovery site. That field is estimated to have recoverable hydrocarbon reserves of more than a billion bbl, and geological studies of Chevron's Block 1 indicated it could be about the same.
The Chevron official said it could not determine the exact size of the Obo discovery without drilling appraisal wells, that it took four additional wells to prove the full extent of the Akpo Field.
Another source at Chevron's partner ExxonMobil said it is highly unlikely the joint venture would release any results from the Obo-1 until the end of this month because it is taking considerable time to examine the drilling data.
The Obo-1 is located about 300 km north of Sao Tome and 200 km from Port Harcourt in waters 1,720 meters in depth. Drilled by the Transocean drillship Deepwater Discovery, it was completed in 63 days.
Chevron is the operator of Block 1 and the Obo-1 well with 51% interest in partnership with ExxonMobil (40%), and Dangote-Energy Equity Resources, which is held 49% by Afren through its wholly owned subsidiary Energy Equity Resources, with the remaining 9%.
Click here for earlier report.
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I'm betting that when the options were given out .90 was not considered so high. I'm also betting that ERHC bought the shares per employment agreement. JMHO
I think you are right. Meridean on IV said same thing. Sold 111k at .90 to pay for the 500k buy at .20. I think?
My read is that both transactions were purchases-"A" code was used. The "D" indicated Direct ownership.
Looks like exercised some options. eom
New SEC filing
http://www.secinfo.com/d165Mc.vc.htm#1stPage
K-Hear that argument a lot, but I find it hard to believe that tour Gov't doesn't have some influence on where US co's send their oil. Atleast some influence. Also, Congress obviously had some concerns about allowing the Chinese to buy Unocal.
OILPHANT-You need to give us a few more crumbs re A)Timing and B)Whether XOM will take out AXC.
Gracias
Dane-The theory, I believe, is a take out of ERHC by AXC, followed by a take out of AXC by either XOM or CVX.
You hit the nail on the head I think. IF THEY HAVE THE PROOF, they can justify a buy-out of ERHC to their shareholders. Otherwise, I would have to think they would have to take out Addax to get to ERHC as atleast Addax is a proven entity.
Dest Golf-if you know he is dead wrong, please post some info to back up your opinion. I'm sure you can say something without divulging your sources.
Agree-I don't believe anything till I see it for myself. eom
Ww were told a while back, maybe Barry Morgan, or maybe Oilphant or something, can't remember, maybe even Keeney, that the affected players were meeting to discuss. The actual treaty has provisions to handle the possibility of overlaps and unitizaion.
Its all very hush, hush. They could tell us but then they would have to kill us.
Possible drill ship in the overlap area per possible unitzation agreement.
Oilphant-offer to buy ERHC OR EEL? EOM
deal. eom
Yes, I know who you are Michigan Native. Please lets get back to talking about ERHC and related issues. Thank you kindly.
OK Folks-Lets get back on topic here Please. Muchos gracias. eom
Bobwill-I think he is referring to his opinion that the Starcrest deal will be reversed. I think.
Breze-This has been the pattern for years now. eom
Agree walldog that he is operating in "HIS" world. BUT, the issue is perceptions of ERHC by outside investors and the effect it has on OUR company.
VIP-there are some posters here that I believe have actual offshore experience-they can probably give a more accurate account of the conditions offshore.
I believe I read that they do 30-60 day runs. then get a break landside.
PAPPIN-Good post. Thank you. eom
I feel your pain Hdot. This has been difficult for the most experienced people.
Sahd-I'll probably getted yelled at for this, But I eally don't think your regular technical posts serve any purpose here. JMO of course, but is enough ever enough of these type of posts? Hope I'm not pissing anyone off w/this post
Ok-Nevermind-and thank you!!. eom
Good job Rocky!! But I wonder whether Menmon would still be classified as an "insider" as he owns less than the % threshold and he no longer is affiliated with ERHC.
Dbernet-you have your CEO's messed up. You are talking about WB, NOT Menmon (who is the one that may have sold)
You are one cruel dude. LOL eom
Eliabby-Gotta remember that Centurion was NOT just a JDZ play. It has other assets that are producing in Tunisia, Egypt and I think Algeria. The $1 billion plus offer from Dana was not for the JDZ rights alone. We still have no PROVEN assets-Just rights!!
With that said, once proven, we are potentially worth many $BILLIONS!! Unproven, my guess is $2-3 Billion but I don't think Offer would take that. JMHO of course
Africa Intelligence Article
Major Deals Appear in the Offing
Displaying a keen interest for over a year in Africa’s offshore (AEI 406), groups in the Gulf are snapping up independent oil groups which own acreage on the continent or are themselves putting together oil portfolios.
Dana Gas Buys an African Holding. The object of takeover rumors for several weeks, Canada's Centurion group that owns concessions in Tunisia, Sao Tome and Egypt, was finally bought out early this week by Dana Gas which spent $Can 1.15 billion ($1.01 billion) for the company. Through its varied affiliates Dana Gas processes and distributes gas in the emirate of Sharjah that is produced by Hamid Jafar’s Crescent Petroleum group off the coast of the emirate. Crescent is one of the leading stakeholders in Dana Gas alongside major United Arab Emirate banks - Bank of Sharjah, First Gulf Bank, Abu Dhabi Commercial Bank, etc - while shares in Dana were also acquired by thousands of private investors in the region when it floated on the Abu Dhabi stock exchange early this year.
Several major figures in the region also hold stakes in Dana Gas, among them prince Turki bin Abdallah, youngest son of Saudi king Abdallah bin Abulaziz. Before it was bought out by Dana Gas, Centurion had a number of Saudi investors among its shareholders, among them the private Saudi group Delta Oil headed by Badr al Aiban. Even though Dana Gas has now won control of Centurion, Delta Oil isn’t expected to pull out of Africa. The group has been working for some months to build up a portfolio of retail and refining projects on the continent.
Dubai Energy Targeting Premier Oil. Chaired by Ahmed Sharaf, a former executive of ConocoPhillips, Dubai Energy, an affiliate of the state-owned concern Dubai Holding, counts among a number of companies trying to buy out the British independent Premier Oil. Dubai Energy has already shown an interest in Chad and Sudan and is eyeing Premier’s assets in Asia as well as in Guinea-Bissau, Gabon, Mauritania and Western Sahara (the emirate is not on particularly friendly terms with Morocco, unlike other Gulf countries like Saudi Arabia).
However, Dubai Energy, which has made no acquisition since it was set up in June, 2005, is having to fend off competition from several groups which also want to break into Africa by buying Premier Oil. One of its main rivals is India’s Reliance Industries which was formed out of a restructuring of India’s Reliance conglomerate headed by Mukesh Ambani. Like Dubai Energy, Reliance set out first by trying to acquire individual blocks in Africa - it was interested in licenses 13 and 12A in Sudan - before opting to acquire juniors already operating on the continent.
African Arabian Prepares Flotation. Unlike Dana Gas and Dubai Energy, Al Thani Investment, the firm of Abdullah bin Saeed al Thani, has acquired its own oil portfolio in Africa over the past few years and now plans to capitalize on this by floating its oil affiliate, African Arabian Petroleum Ltd. on the London stock exchange. In advance of the float, Al Thani Investment shook up the management of its oil company. Long advised by two former exploration chiefs at Tunisia’s ETAP, Ramzi Ghenima and Ali M’Rabet, al Thani hired the former British management team of the defunct Russian oil company Yukos to head African Arabian Petroleum. The group’s chief executive is now Britain’s Roger Tucker, who headed Yukos until the end of last year and previously ran Lasmo’s affiliate in Venezuela. The financial director of African Arabian is David Blewden, previously from UBS and Salomon Smith Barney who was also financial chief at Yukos. The new legal director of African Arabian is Anthony Peart, a former executive of Hurricane Hydrocarbons owned by the French Canadian Bernard Isautier. Re-named Petrokazakhstan, it was bought out last year by China National Petroleum Corporation. As for Africa Arabian, it is present in Tunisia (blocks Sidi Mansour El Jem and Tozeur) and in Mauritania (license TA 19 in the Taoudeni basin) and on the Cayar block in Senegal. It also holds a 5% stake in the Petrodar consortium in Sudan which operates blocks 3 and 7 in that country.
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Angry, I don't recall any posts by you talking about the Koreans. Maybe its my memory-todays my B-day-getting older.
Kobi-I agree its the Koreans, but isn't the Kitty XOM? eom
Probably is the Koreans. They have been doing deals w/Nigeria to work on the countries infrustructure-ie, rail roads, roads, etc....
Petemax-good post, but may have to disagree w/you re role a CEO will play. It really depends on whether SEO plans to really build a company, or whether ERHC is being set up for a buy-out. If they really do want to grow a company and get involved in securing add'l rights in non JDZ blocks, the a good CEO is critical.
Pony Express. eom
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