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Southern Man : Nuff Said
its Gonna Be Wild - 3 Wells in our Blocks are finally weeks away from starting - for those of us who held in the 1990's this is about as big as it gets
the rumors/speculation news and pumpers are going to be out of hand
go back to Raging Bull and review the history when CVX drilled OBO 1 - it was crazyness - and we weren't even in it
the Investment Environment was completely different
Everyone was flush with $$$
Everyone had a job
Everyone was thriving
Everyone's House Value had huge gains
I believe that was prior to the FBI Raid too
Mark thanks for posting those new pics on the ERHC Group on Facebook - look'n good
Addax Target Raised To C$40 From C$34 By Natl Bank >AXC.T
Addax Target Raised To C$38.50 From C$35 By TD Bank >AXC.T
Addax Target Raised To C$31 From C$27 By Scotia Bank>AXC.T
Addax Petroleum announces acquisition onshore Gabon with immediate exploration drilling
On Thursday May 14, 2009, 6:06 am EDT
<< Potential farm-in for 50 per cent interest of Ogueyi licence area including currently drilling Azango exploration well >>
CALGARY, May 14 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC and LSE: AXC) today announced that it has agreed to fund an exploration well in the Ogueyi licence area, onshore Gabon, with the potential to earn a 50 per cent interest in the licence area. Perenco, as operator of the Ogueyi licence area, has recently spudded the exploration well targeting the Azango prospect.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "We are pleased to have acquired a potential interest in the Ogueyi licence area as this continues our strategy to build our property portfolio around core producing areas. This is also a demonstration of Addax Petroleum's commitment and concerted focus on growth from exploration and provides good potential for an almost immediate impact to the Corporation."
The Ogueyi licence area is an exploration block with a gross area of 1,339 km(2) (330,900 acres) on the eastern edge of the Port Gentil basin, onshore Gabon. The Port Gentil basin is a well-established hydrocarbon province, producing mainly offshore from post salt formations of late Cretaceous age. The operator of the Ogueyi licence area has identified several prospects and leads on the block which is covered by a suite of approximately 2,551 km of 2D seismic data. The Azango prospect in the Ogueyi licence area was spudded in early May 2009 and is expected to reach a total depth of 1,685 metres in June 2009.
Operations for the Ogueyi licence area are conducted under a production sharing contract with fiscal terms similar to the other licence areas which Addax Petroleum holds in Gabon. The production sharing contract is in its second exploration phase due to expire in July 2009, however, a two year extension has already been negotiated by the operator. The commitments under the second exploration phase will be fulfilled with the drilling of the Azango prospect.
Under the terms of the farm-in with Perenco, Addax Petroleum has agreed to fund the Azango exploration well up to a maximum cost of $8 million. In addition, Addax Petroleum has the option to make additional staged payments to Perenco based on future exploration results in order to obtain a 50 per cent interest in the licence area. The ultimate assignment of the 50 per cent interest by Perenco to Addax Petroleum would be subject to the approval of the Government of Gabon. The Government of Gabon also retains a 10 per cent back-in right in the event of a commercial development.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8.8 Mbbl/d for 1998 to an average of 134.7 Mbbl/d for the first quarter of 2009. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
For further information
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Mr. Chad O'Hare, Investor Relations, Tel.: +41 (0) 22 702 94 10, chad.o'hare@addaxpetroleum.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
Mr. Nick Cowling, Press Relations, Tel.: (416) 934-8011, nick.cowling@cossette.com, Mr. Mark Antelme, Press Relations, Tel.: +44 (0) 20 3178 6242, mark.antelme@pelhampr.com
Oil Cowboy - BL 4 Kina is 352-479 MM BBls
BL 4 Kina South is 96-134 MM Bbls
BL 2 Bomu is is 274-435 MM BBls
BL 2 Pricipe is only 78-108 MM BBls
you must ADD all the blocks' prospects to get over 1 BB Bbls, and these are **Addax's Block breakdowns**
**Updated ... Addax Slide with specific Prospects
Silde 8/20
http://www.addaxpetroleum.com/_media/200904-InvestorPresentation.pdf
Homeport it's coming ...
May and June IMO the PPS will and has firmed and show slow steady moves
July-August-Sept. the VOL should wildly pick up so too will the PPS and become more volitile as we get to $0.90 - $1.20 at pre- drilling
then the fun really starts
to explain why we are not there already, you have to consider our 10+ year history and all the historic events along the way and throw in the Worldwide Economic Crisis, the Rise and Fall of Oil etc etc.
a tad more patience is required - but will be well worth the long wait IMO
as Southern said look at the VOL as a leading indicator, no big shareholders are interested in selling at $0.44 and IMO they wont be interested in $0.80 either, we just need more buyers/traders to step up and they will as the RIG nears
according to ADDAX we WILL NOW have 3-4 wells THIS YEAR
2 in JDZ BL 4
1 in JDZ BL 2
we have 20% of each - enjoy the ride
yes sir thx - JDZ BL 4 Kina South should be the 3rd well [this year] and nice to see the Consortium lead by Chevron is actively tendering for new Deepwater Rigs to start 2010
Gandur said start of 3rd Qtr for the DP
which means August ??
Either way [give or take a few weeks]
nice to see the Rig come early vs delayed
Still very intrigued what our JDA Source says about Drilling in July
- Silly season is getting closer
Addax has active tenders for additional Deepwater RIGs
headed by Consortium Lead Chevron
the 3rd or 4th well for the DP will/should be JDZ BL 4 again after Kina and perhaps OPL 291 of which Gov't approval is required
DP now **3 or 4 Wells This YEAR**
“Addax has entered a new and significant phase of exploration in the highly prospective Deepwater Gulf of Guinea. While the original schedule had us commencing drilling in the JDZ Block 4 in the fourth quarter, we understand that the drillship may now arrive *earlier* in the second half of 2009."
Addax Target Raised To C$35 From C$30 By CIBC >AXC.T
Addax Target Raised To C$46 From C$35.50 By RBC >AXC.T
Addax Petroleum receives notification for international exports from the Kurdistan Region of Iraq
On Monday May 11, 2009, 7:36 am EDT
KRG authorises commencement of crude oil exports from the Taq Taq field
CALGARY, May 11 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC) today announced that it has received formal notification from the Kurdistan Regional Government ("KRG") of its decision to commence the export of crude oil.
The notification requests that Addax Petroleum and Genel Energy International Ltd ("Genel Energy") prepare to truck oil from the Taq Taq field to the Khurmala export station on or soon after June 1, 2009. The crude oil will be marketed by the State Oil Marketing Organization ("SOMO") and revenues will be directed to Addax Petroleum and Genel Energy through the coordination of the KRG on terms to be agreed under the framework of the production sharing contract. Crude oil delivered to the Khurmala station will be exported via the Iraq-Turkey main export pipeline to the Mediterranean port city of Ceyhan.
Earlier in 2009, Addax Petroleum and Genel Energy submitted a full field development plan for the Taq Taq field to the KRG which contemplates peak production of up to 180,000 bbl/d. Existing facilities at the Taq Taq field provide for production capacity of up to 40,000 bbl/d and the Corporation is in the process of expanding the facilities to 70,000 bbl/d of capacity. Following successful exports by truck, a pipeline is expected to be constructed in support of the full field development.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8.8 Mbbl/d for 1998 to an average of 136.5 Mbbl/d for 2008. Further information about Addax Petroleum is available at http://www.addaxpetroleum.com/ or at www.sedar.com.
For further information
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Mr. Chad O'Hare, Investor Relations, Tel.: +41 (0) 22 702 94 10, chad.o'hare@addaxpetroleum.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
Mr. Nick Cowling, Press Relations, Tel.: (416) 934-8011, nick.cowling@cossette.com
Mr. Mark Antelme, Press Relations, Tel.: +44 (0) 20 3178 6242
why is Addax up 16% and we are sucking wind
****UPSTREAM SURPRISE *** ERHC ***
Sinopec is primed for JDZ drilling
STRONG indications emerged this week that state-owned Chinese giant Sinopec has acquired a drillship to sink its debut wildcat in July on Block 2 in the Joint Development Zone (JDZ) administered jointly between Nigeria and the archipelago of Sao Tome&Principe.
The Abuja-based Joint Development Authority this week hinted the unit may arrive in early July on a two-month charter for the Sinopec-operated consortium.
Upstream earlier reported the Transocean-managed drillship Deepwater Pathfinder will mobilise later this year from an Addax Petroleum-operated well on Block 4 for a wildcat on Sinopec's Bomu prospect on Block 2 - the first of five prospects identified.
With a second unit scheduled to arrive in the JDZ two months ahead of the Pathfinder, the long-neglected play looks set to heat up still further with intensive exploration drilling of the kind demanded earlier this year by the Nigeria and Sao Tome heads of state, Presidents Umaru Yar'Adua and Fradique de Menezes, respectively.
Both Addax and Sinopec had last year anticipated mobilising the drillship Aban Abraham for the JDZ but the unit will first be deployed for Vanco Energy's Dzata-1 probe off Cape Coast this month and stay in Ghana for Tullow Oil and Kosmos Energy.
The prospect of Sinopec intensifying exploration activity in the JDZ has fuelled investor speculation that this may be the Chinese giant angling to acquire block equity from partner Addax and possibly Nigerian-controlled ERHC Energy.
--------------------------------------------------------------------------------
Thursday, 07 May, 2009, 23:01 GMT | last updated: Thursday, 07 May, 2009, 23:01 GMT
nice thanks Mark
Updated ... Addax Slide 8/20
http://www.addaxpetroleum.com/_media/200904-InvestorPresentation.pdf
at $600k / day - unlikely for AXC
XOM or CVX maybe -
they already have a huge chunk of the JDZ
the additional ER %'s are just icing but they are already carrying us - so financially it makes sense - only if the price is right
agree Art - DK learned of the DP in Dec 2008 so he is someone "In the Know" and would have used different language if there WAS/IS a pre drilling deal
like "I can't discuss"
like "lets see what happens"
like "we will announce when we can"
like "yes we have received a MOU/LOI - but cannot say more"
to flatly say "no" probably means "no" [no MOU/LOI received] IMO [doesn't mean discussions have not occurred]
[BM didn't write about it till Feb/March and iHub was not informed till then either]
it was hard to believe a Pre Drilling Deal would occur considering what SEO wants per share
I hope I am wrong but regardless 1.5 Billion Barrels await Addax/ERHC in Sept. - so I am happy to whistle while I wait
Fishdog I think $1.00 by *THIS* Summer is realistic - our DP will have almost arrived and the excitement will be WILD *** recall we have hit $0.80 - $0.90+ / 3 times in past few years [with far less than we have now]
ERHC Drilling for 500 000 000+ Bbls of Sweet Sweet Black Gold
and
ADDAX Drilling for over 1 Billion Bbls - Wow
Throw in the continued buyin/buyout scenarios which will be ever present until a deal is done and $2.00 is possible
$3-6 is what I want for the JDZ
and
$5-10 for the works
*hopefully the Economy will be doing better
*hopefully OIL will be higher
*hopefully the Chinese still have $$$
guess what Friday is "MAY" - tick tock
Both Addax / ERHC are excellent in containing leaks
True this board knew the DP 10 days prior
but the day before the actual news hit the pps dropped
1-2 leaks thats it for these guys
the Good News is - we know where those leaks come from
Yes it was old 04/01 - which means it was researched in March
look for more from Addax Wed. May 13
Q1 2009 earnings announcement
erdo - weeks and no deflating
DK posted on Facebook his client was sued today ...
Dont worry it's not ERHC ... Confirmed by DK...
you could only know this if you are friends with him on Facebook and helps to be in the ERHC Group over there too [with other ER Celebs]
... share pics/stories & see Who's Who in the Zoo ... Literally ... but then right back to iHub !!!
Red "But, Addax knows who brought them to the dance, and I think we may get closer to SEO's price or stockswap this time. There are some serious movers and shakers involved, and eyes and elephant ears are on the JDZ."
SEO also gave Addax 800 Million Bbls in OPL 291 Starcrest
you there is **alot** of love there
Thanks ART
Mark I will take those odds - Thanks !!!
Good Job - Great DD
i concur Fishdog
I do 2 O-Dad -but my point still stands
Father and Son investing together - nice
gasman -Mark isn't an insider -either is Oily
dont take what is said on this thread as literal as its 95% opinion
Marks Leak is a story that may or may not be written and who knows what is said is accurate anyway? Hearing good things but it really doesn't matter what is said by others.
Just go by what ERHC or ADDAX says ...
and thus far they have said great things are happening,
1000 Minnows would want to be in our shoes about now
stay tuned ...
ERHC Institutional Investors
http://finance.aol.com/company/erhc-energy-inc/erhe/nab/institutional-ownership
the AA is Right There !!! [drag the Zoom Indicator Down to pull back and see]
re: Aban Abraham
marinetraffic shows the last reported position on 4/20/2009
http://www.marinetraffic.com/ais/default.aspx?oldmmsi=309559000&zoom=10&olddate=4/20/2009%204:17:14%20PM
Holding Firm in a solid Range - looks good to base here and head North
**OIL RELATED** 6:04PM EST - Israel is preparing itself to launch a "massive" aerial assault on Iran's nuclear facilities within days of being given the go-ahead by its new government - London Times
- The article notes that Israel acquired 3 Airbore Warning and Control (AWAC) aircraft and regional ...more...
(related USO USD/ILS GLDXAU/USD )
According to security sources, Israel and Iran are conducting rival intelligence operations in Africa's Eritrea - London Times
- Eritea is located on the Red Sea.
- The article notes that Israel has concerns that Eritrea ...more...
let me guess Maskers you trade with E*Trade??
ETRD was a big buyer today !!
at least a pound Sir D
Ha Ha
$0.40-0.43 Coming up ....