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amj, I didn't say he was a SMART big fish )
Bobwill..... Jeffersoh is the #2 man on the ways and means commitee....THAT makes him a big fish
He is a big deal within the Black caucus, given todays racial sensitivity, the FBI's political risk aversion policies, that makes him a REALLY big fish.
Very true Art, many, many years ago when Sam Bass et al was trying to get a kiss from the UN on establishing the JDZ.... nothing relevant in the recent past.
Spec, the article has a legit ring to it in my opinion, Noreen Wilson has a connection to both ERHC and Global....that is probably how ERHC's name came up.....
I think we can all agree when the FBI goes after a big fish like Jefferson they will leave no stone unturned, i see this as good news as ERHE has nothing to gain from a Jefferson connection, there may be some e-mails around to that effect though.
Seems like our lawyers could get a statement from the FBI if we are, or not, a target to an investigation.given the fact that it has crushed the sp.
Umbra, once the legal nicitys are out of thr way will you give us a thumbnail of why you couldn't own stock ??
Jdubs.... great talking points, sahd3g has a good idea, send them to BM, Platts, WSJ along with the story about Cramer declining to have you on to discuss the subject beyond the pablum stage...... maybe send a copy to Brandhuber
The majors inability to see the world has changed in the oil business will have great implications for all of us.
I read a couple of weeks ago where BP bought 25% of the Chinese National oil co. what do you all think of the implications of that ??
sahd3g........ You are being kind, Cramer is and has always been a Whore.
Have a drink David, sit back and relax.....if you are still holding your shares not much you can do at this point......your imagination is running away with you.....all silly senerios.
Marco....Do you like diet choke and vodka ??? just wondering.......
Not to worry Umbra, i like you AND Margaret Thatcher
Again, i am posting from memory but this 3 wells in one year came up when ADDAX was trying to get fast track approval from the JDA.....if you remember they got approval even though the signing bonus was less. eventually they had to match the competing companies bid but they got the nod on the 3 well commitment
If memory serves me the following was part of the PSC agreements
Blk 4, ADDAX...... 3 wells within one year of payment of the signing bonus
Blk 3 Anandarko... 1 well within a year
Blk 2 SNP...... there was no requirement for drilling.
instructmb ........I know that little barb was aimed at me, thank you very much, I still maintain if the Chinese want to own a commodity, or a technology, if they want it they will buy it or steal it.
Ask the Russians, way back when they were all good comrades, The Russians thought they had a gold mine selling the Chinese arms.........what really happened was, China bought one AK47 rifle, one MIG 21, one T-72 tank and then reverse engineered them (and probably improved them) thus, the Chinese got the gold and the Russians got the shaft....Karma at work....... as the Russians stole everything from us
Another example, My son is an engineer for a very large company that designs, builds, and installs commercial aircondioners for hospitals, hotels, schools etc.The company was sold but no one knew who bought it..... he asked me to try to find out, I traced the sale back to a Chinese holding company in Hong Kong.....the Chinese Gov. bought it. another technology to China without a ripple.
Most people think the Jews are the smartest businessmen on the planet, those people only think that because they have never dealt with a Chinaman
BB........ I have seen that article before, Mr. Wang is doing damage control there and very well too, I might add......There is a lot of difference between UNOCAL and ERHE, or other small O&G co.
When they tried to buy UNOCAL they might have just as well tried to buy the Washington monument. By the tone of Mr. Wang's interview they realize their little faux pas ,there was a large mia culpa between the lines.
The Chinese are very smart people and won't let one little setback get in their way of being energy independent . They want to OWN the oil, as I said. they are very smart and have a history and philosophy that goes back millennia, they are keenly aware of what the USA did to Japan with the oil embargo against Japan that started WW II...... an embargo would not be possible if they OWN the oil,
At any rate, this is just all speculation, having said that I will also say that not only is this the most frustrating stock I have ever owned it is the most interesting......the ups and down, twists and turns, back stabbing, go for the jugular political intrigue, and student that may think a business major would be boring should read up on this company.
I think the final shape of the deal may be where we trade our ERHE shares for Sinopec shares for a price negotiated by Offer/Brandhuber.......... maybe just wishful thinking on my part, but a very possible scenario
Art....... I hope you are right, but IMHO the Chinese will never buy a minority position in ERHE (not their style), Offer will never sell them percentages of our percentage in any of our blocks (not his style)
Where does that leave us ?? guessing of course, one thought i had since the 10Q and the huge consulting /finders fee to Feltang is that we have seen only the tip of the iceberg as to the final shape of the deal, there would be no need for a "finders fee" to get Sinopec interested in the JDZ, they were salavating to get a part of it all along....... i think much more is coming.
Thanks for the reply Art, That would be fine and dandy if they bought shares of ERHE, but that has not been the modus operandi of the Chinese, they will want to buy a percentage of our percentages in our blocks.To me this would be all downside and very little upside, that is what i meant when i said it would lower our status to below minnow status. it just won't happen in my opinion. I would guess if the Chinese make a move it will be a buyout, As Brandhuber said, "everything is for sale for the right price".
jdubs........I agree with most of your post except the part about a "buyin"..... a lot of talk about that, would you or anyone else tell me how a buyin would benefit ERHE or the shareholders. What would Offor/shareholders do with the money..
ERHE has enough cash for the future,(till first oil) Offer doesn't need the money, it would lower our profile to below minnow status, A buyin seems all downside to me. A buyout would make sense to me (for the right price)
On a lighter note, I share your opinion about Germans and their obsession with minutiae, My wife is a German and the smallest detail never escapes her.....she can be as frustrating at times as owning this stock )
I just noticed that the Nasdaq real time filingd is working again for ERHE
http://www.nasdaq.com/asp/quotes_sec.asp?mode=&kind=&symbol=DSCO&symbol=CI&symbol=OM...
A really lot of big buys going through, people buying back in at a really cheap price, i am jealous, i have no more dry powder.
PUP.... I hope you read my apology i wrote on the 31st.....no more cyber lynching from me, i have had my serving of crow.....
Sorry, i don't speak Frog
Oiliphant is a joke, unfortunetly the joke is on us.....he is probably a high school student playing games..... had he posted his coordinates two weeks ago that would have given him a little credibility....anyone of us could have posted the same ones yesterday......
Great post Umbra.... i totally agree
stocks2rise..... First, they didn't say 150 ft 0f pay.... they said at LEAST 150 ft of pay. that could be said about 800 ft of pay, lies of ommision are still lies,
Second they were very confident what was down there from WesternGeco's 3D siesmic study.....WesternGeoco has always said 10 to 14 billion barrels down there and CVX know where the structures are
Third, they want to keep everyone guessing till they can bid on all the surounding blocks
LFG.....I would have been in total agreement with you last week, but since then i have talked to several engineers and they tell me this happens all the time,,,,,,FIRST, the company has to be very confident there is a major structure down there, then they will drill the edges with "throw away" wells to establish the size.... i had to apologize to pup for my sarcastic remsrks when he posted about a "throw away" well
My engineer friends said $50 mil is pocket change to super majors like CVX/XOM, just the cost of doing business.....
Couldn't the Company lawyers ask the feds if ERHE is the target of an investigation ??
test
BB..... i been getting the same result on the Nasdaq site since the 10Q was late......Try this
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=799235
ERHE financials http://finance.yahoo.com/q/is?s=erhe.ob
PUP................I told you i would apologize if i was wrong about the majors drilling around the edges of a structure, at the get together Monday one told me that there was no such thing as a (throw away)..... but he only had experience in the GoM..... yesterday and this morning i have been calling engineers that have international experience and they have all told me that what you said is true and they all have done it., one told me a story in Indonesia and one told me a story about the North sea where that very thing happened.... he said where $50 mill is a lot to you and me it is nothing to a super major.
Bottom line is if a company is sure there is a productive structure down there the will keep moving out to prove the size of the structure ...... to me this seems to be very good news...... if the sweet spot 3D seismic shows 800 ft of pay and the edge where they drilled shows AT LEAST 150 ft of pay ..... I would guess we are looking at a huge structure as was first rumored. also if they drilled so close to Blk 2 it would indicate the structure extends into blk 2....... I am starting to really believe there is a straddle .....
Anyway here is my apology, I did get very sarcastic in my reply........ sorry about that !!
oilphant...Get back on your Meds...... eom
Fishdog...... Your reasoning is sound, my friends in the oil business told me yesterday that there is no such thing as a $50 million "throw away" first well.they go for the sweet spot.
Instead of self-flagellating ourselves since the CVX PR came out, why don't some of you Clancy types (many on this board) invision a scenario where Brandhuber acquires or merges with another O&G company, Perhaps already on the NAS or AMEX, that would probably require a 10 for 1 reverse split for ERHE, or maybe not..... seems that would make an excellent ending for any future movie or book that is sure to come........ ))
Littlebit..... NO buyin, maybe a buy OUT......think about it......
Walldog....exactly my take..... They may NEVER release the info, sometime at a later date they will just add it to their reserves without saying where the reserves are. The billion barrel plus estimate was released by afren, the WSJ and other respected publications, i don't understand all the hand wringing here lately.
PUP...... I would never do that, you are to funny for words. Imagine, Ignore the sweet spot in a field and drill on the edges.......Really, not even a Texas A&M Grad would do that......WELLLL maybe.
Walldog....there is a lot of difference between a well drilled by a jack-up in 100 ft of water and a $50 or $60 million well drilled in the JDZ.....at any rate i will get educated Monday on how the majors think about "throwing away" $50 or $60 million.....
Pup... I don't believe one word of your post, not even CVX/XOM would consider $50 Million a "throw away", this seems the dumbest post of the evening,
Monday afternoon i will be at a get together where there will be Drilling engneers and mud engneers,All have worked for the super majors, if i am wrong i will apologize.
There is NOT going to be a buyin.......there might be a buy OUT if the Chinese would be willing to pay a large premium per share..... it would serve no purpose for offer to go for a buyin. ERHC in general, and Offor in particular does not need the money. We have $45 mil in cash that will carry us to first oil and beyond. it would be like trading a bushel of floor for a biscet
Blocks 5 and 6 are still unresolved, the 2 100% blocks in the STPEEZ are still to be awarded (and they will be with minimal problems)
Offer has already turned down $3 a share months ago....
everyone is worried that CVX didn't cater to our fantasy's, you must remember that WesternGeo said after the 3D was done that there was an estimated 10 to 14 billion barrels of oil down there, westernGeco is known for their conservative estimates.