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And now, at this very moment, they are picking up shares of ERHC almost for free...
CEPSA spent tens of millions of dollars on this first drill, now they can get additional large percentages of the entire block for a few dollars...
12 more drillable prospects and an additional basin... all for the price of a cup of coffee...
Something to ponder about.
And what about SEO...
Another option to take into account.
Merry Xmas, Peter.
The Doc.
Lovemelongtime,
Did I miss something?
Strategy, something to ponder about:
Were the CN's really the only source of financing available to ERHC to run its operations...and is it done just to fund salaries?
I think they needed the money to move on in Kenya and elsewhere...and it had little to do with salaries. And are they getting paid in full, still?
Why not farm out a percentage of Kenya? Surely, they could've done so at SOME price. Or sell the other EEZ block to Kosmos? Surely they could have raised the paltry amount of cash they raised through the CN's. SURELY!!! And where is CEPSA, who needed MONTHS to work with all the data available, is still is working on it... you would imagine that they want more % for a relative bargain... we are talking about a BILLION DOLLAR company here, with an even bigger company behind it... come on, guys!
So here's my conjecture at this point:
In the first round of CN financing, SEO lost a HUGE percentage of the company through dilution. But we also sort of understand or assume that SEO doesn't seem to file disclosures when he buys shares. When he converted his own first CNs, was there ever a disclosure indicating his or Chrome's ownership? It is the responsibility of the shareholder not ERHC to file such disclosures...and given that SEO is in Nigeria, he may not have to do so.
So the conclusion I come to as to "why? would they knowingly do the CN's a second time after the RS AFTER they supposedly learned their lesson?" is...
...This may be their attempt to tank the share price low enough and print enough shares so that SEO can buy back his ownership cheaply and once again become a significant shareholder? unethical, but it maybe that's what they're doing. Only thing is: Peter and Sylvan are getting burned now, and they haven't filed insider trading... YET?
SOMEONE is buying tens of millions of shares....who is? Not me! I never buy again, not a single penny! Other existing shareholders? Maybe for some. But by and large...you have to wonder.
Main question is: oil is going up, there is an 100 METER OIL SHOW, and CEPSA is NOT INTERESTED to buy additional percentages in 11A, with 12 more prospects and ANOTHER basin, while at the same time claiming that EXPLORATION WILL BE THEIR PRIME POINT OF ACTION!?!
Seek, Sneak, Strategy or others (expect the !@#$% ones): give me your thoughts here.
The Doc.
Strategy, indeed, if oil was found, in the blink of an eye, we would we in another situation. Telling ourselves how great investors we were...
But what is the "100 meters oil show" BS he talked about in the PR?
The Doc.
So Strategy,
Tell me what you think the options are at this moment?
You talked about ERHC turning into some sort hold sleeping, holding entity...
Share your thoughts with me.
The Doc.
Little p.s.
I asked Strategy, not one of the ...
The management boys lost a ton indeed.
They have to come up with real progress.
"The long-term demand for oil outstripped supply, and that for companies with strong balance sheets and a long-term view now was the time to invest, not to withdraw, he said on the sidelines of the VIP Programme on the UAE’s future energy vision, held during the current Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2016)The oil industry is inherently cyclical - this is a basic point that often gets overlooked in the short-term noise - and finding an equilibrium between supply and demand is almost impossible," said Al Mazrouie, who is also the managing director of Abu Dhabi's International Petroleum Investment Company, IPIC. "
So what he is saying is: CEPSA for sure won't stop exploring in 11A. No way... that is why we are at day 243 after spudding the dry hole, remember.
The Doctor.
Parker,
May I ask you why you suddenly surface again, even if you would be right with your claims?
Your reality-check is unnecessary, really!
"Running a scam", ok. If true, what if oil was found, would it still have been a scam, with a share price in the dollars?
Peter is supposedly the first CEO that scammed himself out of a lot of money. Just to come across as believable...
We, and certainly you, have no clue whatsoever regarding what is going on behind the curtains in relation to CEPSA.
Peter does not care about you, Parker. But I can assure you that he cares about himself.
If he maneges to survive to commercial oil, he is a millionaire.
But, I reckon you knew this already.
We have no clue what is going on behind the scenes.
P.s.
Troy, everything ok? Your email is down, you too?
And what is your point? It is what it is...
I always said, this is not a typical dry holes as with Taipan, which reported within 46 days.
And I was right.
http://www.oilnewskenya.com/taipan-resources-hits-dry-hole-kenyas-badada-1-well-block-2b/
For the time being: congrats to (almost) all, after 230 days of waiting.
https://www.google.nl/search?hl=en&tbm=nws&q=oil+in+kenya&oq=oil+in+kenya&gs_l=news-cc.3..43j43i400.50657.54461.0.55048.12.4.0.8.1.0.125.362.3j1.4.0...0.0...1ac.1.YZOYNHcBO5w&gws_rd=cr&ei=ic0sWNChA4ajwQT_kLyACg#hl=en&tbm=nws&q=oil+in+kenya+tarach-1
News did not yet hit the wire, it seems. Explains the share price.
And Troy, your email still is down. New email address?
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=126516931
Regarding the OilNewsKenya article: it does contradict itself imo:
“CEPSA has also planned second exploratory well, the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels another of 13 drillable prospects.”
versus:
"Terming the results encouraging President and Chief Executive Officer Peter Ntephe said information from the drilling revealed the possibility for further exploration.".
A bit strange, imo.
Anybody?
From Kingpin:
Troy,
Your email = nogo
In the meantime:
Officially still examination of the results. Something tells me that Peter can’t hold back info this time for so long without a legal reason.
And where is the follow up word on the ‘fact’ that somebody from the government confirmed that this was a dry hole? That ‘confirmation’ dates from a few months back or so?
No leaks, no nothing. I find that strange.
Even the guy from OilnewsKenya said there must be negotiations going on.
http://www.businessdailyafrica.com/Corporate-News/Tullow-says-supports-Kenya-plan-to-transport-oil-by-road/539550-3446544-8q383bz/
Still no news, no leaks, no nothing, no message from that government guy who supposedly said no oil.
I get a warmhearted feeling that they are all so considered in letting Peter Ntephe getting his payments as long as possible.
What a kind world we live in.
https://www.google.nl/search?hl=en&tbm=nws&q=oil+in+kenya&oq=oil+in+kenya&gs_l=news-cc.3..43j43i400.50657.54461.0.55048.12.4.0.8.1.0.125.362.3j1.4.0...0.0...1ac.1.YZOYNHcBO5w&gws_rd=cr&ei=SEAfWNzOCsmAaZC0j4gO#hl=en&tbm=nws&q=tarach1+kenya
Tullow oil to restart Kenyan exploration and appraisal next month
http://www.standardmedia.co.ke/business/article/2000221785/tullow-oil-to-restart-kenyan-exploration-and-appraisal-next-month
We are at day 218 AT LEAST, after spudding.
examination/negotiations still ongoing.
"Thanks for your note. I am not an expert in compliance, but ERHC has the benefit of counsel from compliance experts who guide the Company’s disclosures. As I’ve stated in the past, when ERHC is in a position to disclose the outcomes of drilling, it will do so."
The Doc.
P.s. If any here think that illegal action is taking place by witholding information for so long, why doesn't anybody report this to the SEC?
Seek,
https://www.linkedin.com/in/bob-timmerman-6658047
Bob still has no other work in the meantime, after more than 200 days...
The Doc.
Manual, I'm afraid you could be right.
I am/was well aware of the similarities between the lack of disclosure in the JDZ days, by ERHE, and now again.
But... (thank God), I think they (SNP) were indeed studying the results of that extremely expensive, 5 hole offshore, drilling campaign, for a long time. That means that it COULD HAVE resulted in another decision by SNP back then... a thumbs up.
I'm almost certain that CEPSA is also working on a decision regarding whether or not to continue somewhere in block 11A, that big block with two basins, and 12 more drillable prospects in one of them alone.
That is what I mean/meant.
We learned from the horse's mouth itself that CEPSA is going for exploratory drilling with approximately 10 billion dollars. And we know that they wanted to get a piece of the action in Kenya.
Can Tarach-1 tell us enough about the whole of block 11A with its two basins and who knows how many drillable prospects in total? Block 11A is considered to be a very large block. TAIPAN called a block half the size of ours, as large...
Is CEPSA working on a plan going forward?
Is ERHC, as the owner of the block, involved in that proces?
What about the EEZ, that is going to start in a few?
Can ERHC go into hibernate, to give SEO and management, more chances on a ROI?
SEO and now Peter & Sylvan are substantial stakeholder.
I agree they don't care about us (would you?), but they do care about their investment, since money makes the world go round.
That is how I look at the current situation.
In a nutshell: Yes, SNP was indeed, behind the scenes, working toward a substantiated yes or no answer. It is not that ERHC knew upfront that SNP's study on that half a billion $ campaign (?)would lead to nothing.
The Doc.
P.s. Serious question: if we suspect that Peter is withholding information, is that enough for the SEC to look into this? By asking CEPSA about a status for instance?
Depend also on what SEO wants.
still no official new about a simple dry hole.
We are at 196 days, at least.
CEPSA still interested, that is why we did not hear anything. Reviewing results, but not only that.
If it was the end, we would have known.
Sometimes we tend to forget that that bunch of incompetent 'bozo's' steering this barge are the largest stakeholders.
Make sure they want a return on this 'investment'.
Otherwise we would have heard something, months ago.
This is not about Peter's paycheck. This is about commercial oil.
So, we wait.
The Doc.
We are at day 184, at least.
September 1th (OilNewsKenya):
"Earlier reports by OilNews Kenya that the Tarach-1 well in Block 11A was disappointing have now been confirmed with the commissioner for petroleum Martin Heya at the Ministry of Energy and Petroleum saying the Spanish explorer Compania Espanola de Petroleos (CEPSA)was a dry well."
And still NO NEWS MEDIA have confirmed this, a month later, nowhere! Nada, njente. Just a simple dry hole, and CEPSA won't continue exploring... nothing going on. Right...
Taipan managed to disclose their failure within 47 days...
Spudding: January 7th, 2015
Disclosure: February 23th, 2015
Spudding: http://www.oilnewskenya.com/badada-1-well-drilling-update-in-block-2b-onshore-kenya/
Results: http://www.oilnewskenya.com/taipan-resources-hits-dry-hole-kenyas-badada-1-well-block-2b/
The Doctor.
Good read again:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124223443
When needs phase 3 be announced?
Remember, according to OilNewsKenya the results are confirmed with the commissioner for petroleum Martin Heya at the Ministry of Energy and Petroleum... but still no news about it in the media.
We are at day 176, at least! The article about Martin Heya is from september 1, more than 3 weeks old. Nowhere confirmed, still.
“Let 's look what ERHC has to offer CEPSA. Not much (…)”
Say WHAT!?! I think ERHC has everything to offer to CEPSA. Acreage in Kenya, two basins, 11 more DRILLABLE prospects in one of them alone… to be exact.
Up to this very day, no results have been released by CEPSA (via ERHC). Why?
Peter isn’t the center of this universe. He has to comply. This is not the Wild wild West.
People here have a very limited view on what is really going on 'behind the scenes'. Look at it from CEPSA’s side. They announced themselves that they want to make EXPLORATION their key focus point. $10.000.000.000,- is on the shelves for that focus point. That is a fact as we learned from the website.
If CEPSA DID NOT have any appetite for Kenya block 11A and it’s two basins anymore, based on just the outcome of Tarach-1, you would have known by now. And CEPSA isn’t going to ‘help’ Nthephe on this one, because they don’t give a %^&* about Peter's paychecks.
If Peter still wants to get a decent job in the civilized world after ERHC, well, he better comply with legal advice and laws… otherwise it’s selling burgers at McDonalds for him.
“So, IMO, any discussions between ERHC and CEPSA only involve delay tactics by Peter.“
I know we are of the impression that the ERHC BOARD isn’t doing their job, but I find it quite unbelievable if they would look the other side on this one. This isn’t kindergarten.
And what about SEO? Does he know currently what the drilling results are? Or is he patiently sitting by the phone, waiting for Peter?
Don’t you think SEO would like to know asap? Don’t you think he has some bigger influence on Peter, than we have on Peter? He has put in a lot of money in ERHC, over the years, more than us.
I don’t think Sir Emeka Offor would go along with this, just so Peter can have a few more months of salary. The more I mention this 'argument' the more absurd it sounds.
Now I come to think of it; maybe SEO is, again, part of the negotiations going forward.
Even OilNewsKenya themselves, conclude that new negotiations are going on...
We are at day 171 now... 171 that is!
Absolutely nothing going on, just Peter managed to get all parties involved to allow him to rake in a few additional paychecks... haha.
The Doc.
Parker,
I don't know why you suddenly surface again with this message?
"I do not blame you at all since the share price is headed lower and there is little hope left."
It is a valid opinion these days, for sure.
But if you claim the above, you must have an answer to the following question:
They (CEPSA) are NOT currently still reviewing drilling results like ERHC claims (since very, very likely no commercial oil has been found). I'm sure you agree with me on this one. No, they have to be busy planning a way going forward. Far fetch suggestion? No. What way going forward I don’t know, but if you have no intention of going forward, you don’t need that many weeks/months to come to such a conclusion.
I think one of the MAJOR points of discussion currently is; how much does block owner ERHC need to give up %-wise for a next shot at one of the 11 other drillable prospects, and the other basin.
You can't just come in here and suggest that ERHC is disregarding the legal advisors they have, by suggesting that Peter is withholding drilling information for some vague reason.
TAIPAN disclosed their dry hole results even faster than expected, 45 days if I'm correct.
We are currently at or around day 170...
Have you also ever thought about those CN holders, they for sure also want to know what the drilling results are, whatever it is they chose to do with their notes. Suggesting that Peter simply can withhold drilling results as he wishes, looks pretty far fetched to me.
Also, government officials are already notified about the results, according to OilNewsKenya that is, but STILL there is no word in the media about it whatsoever....
https://www.google.nl/search?hl=en&tbm=nws&q=oil+in+kenya&oq=oil+in+kenya&gs_l=news-cc.3..43j43i400.50657.54461.0.55048.12.4.0.8.1.0.125.362.3j1.4.0...0.0...1ac.1.YZOYNHcBO5w&gws_rd=cr&ei=JwndV67iHeaYgAbU-7vIAQ#hl=en&tbm=nws&q=Tarach-1+kenya+
The Doc.
Degenerated Gambler,
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124398243
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124367489
Read some more of me, since we don't know what is going on.
"One foot in the bankruptcy coffin."
Sheer speculation. We are at day 165 now.
Peter isn't scared of bringing you bad news, he does not care about you. I've dedicated a whole post on the issue of 'hiding under the desk'.
Peter cares about himself and his ERHC shares, and he cares about SEO, with his shares...
Wake up. They, themselves, are stakeholders. And there is no better guarantee that they will do their stinking best than that.
ERHC is the block owner, any way you look at it. And CEPSA has 10 billion to spent on exploration, their key business right now.
Parker,
As long as you realize that if we had a dry hole, and CEPSA (as earlier announced by them, according to 'OilNewsKenya' that is) refused to continue in the Kenya block 11A basins...
you would have known the results by now.
So either:
*it is a dry hole a la TAIPAN's one, but CEPSA still wants to continue exploration in one or even both basins
or
*it is a non commercial oil find and the (financial) path going further is being discussed with block owner ERHC.
or
* something somewhere in between
So it looks like CEPSA will follow TULLOW's path:
"British energy group, Tullow Oil has confirmed it will start exploring for oil in Kenya next year March, following President Uhuru Kenyatta’s directive to expedite action.
The Chief Operating Officer of Tullow Oil, Paul McDade released the information during a briefing to President Kenyatta at the State House."
http://africa.tvcnews.tv/2016/08/30/tullow-oil-commence-exploration-kenya-next-march/#.V9T5mOQkpX8
Strangely enough still no other media have followed up on ERHC's dry hole result, despite, according to OilNewsKenya again, the confirmation by the commissioner for petroleum Martin Heya at the Ministry of Energy and Petroleum...
And remember:
"Keep in mind the TARACH basin is only about 60% of the potential oil producing area in Block 11A and there is another basin with the other 40%. This other basin's 2D has not been made public. The point being sneak's find of a partnership basis between CEPSA and COSMOS might be a built in for cooperation by those two companies of spreading the risk and cost of the development of BLOCK 11A. That could be especially true if CEPSA decides to buy ERHC."
The Doc.
Sneak, I have no idea what it means.
Globaloil,
Save yourself the time. Disregard everything. I've posted a long time ago a response from Dan Keeney that SEO's filing is his business. Not the responsibility of ERHC anymore, for quite some time.
Interesting, I looked at some old mails from Dan. Some quotes:
Troy,
Listen up:
Something other to ponder about:
Block 11A encompasses 11,950.06 square kilometers or 2.95 million square acres.
Taipan said:
"Taipan says it proposes seeking additional time from the Government of Kenya in order to complete its evaluation of the remaining prospectivity of what is a very large 5,458 sq km Block, prior to a decision on entering the next phase of exploration."
5500 sq km is a VERY LARGE block, according to Taipan. So large, that they, after hitting a full blown duster that doesn't need additional examination, still want to look at the prospectivity of the rest of the block (!?!). They go even further, as they state:
"Drilling results suggest that the section here is sandier than had been expected and the development of sealing claystones is less than had been hoped. This was always the principal risk for the play. We shall be evaluating the results of the well to assess the remaining prospectivity in this very large area,” said Graeme."
So they are even specific about the geological nature of the area, not just the well, and STILL they want to, and are going to, EVALUATE the nature of the rest of that block, as far as possible of course.
Now, 11A is more than TWICE as big as 2B, and there still is reviewing ongoing, and ERHC is not in the position yet (a duster, why not!?!) to disclose anything (remember: they have counsel from compliance experts who guide everything. Were they perhaps not allowed to use the word 'duster'? Since they certainly could have come up with something like what TAIPAN disclosed. The experts did not say to ERHC: "Guys listen up, in essence it is a duster, so report that, and say that it is under review what this means for the other planned well...)...
Now back to a previous post of mine:
Can Tarach-1 say something about the 11 other DRILLABLE prospects (totalling 660 million barrels) in a block that is twice as big as 2B?
Is this the nature of CEPSA doing exploratory work, while they said that it will be their key business over the coming years?
Makes me wonder about those unlogical OilNewsKenya articles in which they claimed that CEPSA said:
December 1th, 2015:
"The two partners had earlier said that contingent upon the results of Tarach-1, they might decide to drill a second exploratory well, the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels of oil, to follow shortly thereafter."
April 15th:
"OilNews Kenya has further learnt from a source that the planned second exploratory well , the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels of oil has been postponed indefinitely. Egole-1 had earlier been planned to follow shortly thereafter."
April 26th:
"This is as the Tarach-1 well might be the only well in the works this years and a discovery is expected to lead to a second well."
"A discovery could then reawaken hopes for a second well in the Block whose drilling is believed to have been shelved for the meantime."
June 15th (the rumor-day):
"Following this new revelation it is unclear whether a planned second exploratory well , the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels of oil will continue.
Egole-1 had earlier been planned to follow shortly thereafter although as Oilnews Kenya previously learnt a success at Tarach-1 would lead to a second well."
So it seems that it is unclear, at least for OilNewsKenya, what CEPSA's plans were/are regarding block 11A.
Is this maybe due to their negotiation position versus ERHC?
And above this all:
"The full tensor gravity gradiometry (FTG) survey conducted earlier on the Block identified two separate basins, Anam and Tarach, which cover 1,600 square kilometers to the west of Block 11A and 2,500 square kilometers to east, respectively."
CEPSA could decide to stop all exploratory work in Kenya, BUT it cannot be based upon the drilling results of Tarach-1, that's for sure, imo.
The Doctor.
Sneak,
Troy,
Ethically you could (?) be right, legally certainly not:
OldOil,
Sneak:
Tomorrow is day 120 after spudding.
*There is nothing found
*There is nothing to study
*There is nothing to negotiate
*There is just a simple dry and abandoned well
*Peter doesn't care about us
*Peter is afraid of us
*Peter is afraid of SEO
*Peter took a big gamble on Tarach-1
*Peter is on a holiday
*CEPSA does not allow Peter to disclose information
*CEPSA knows that one dry exploratory well can kill hopes for the other 10 drillable prospects.
*CEPSA knows that 1 basin with one dry well, can kill hopes for the neighbouring basin too.
*CEPSA said upfront that one dry exploration well would let them lose appetite for Kenya altogether
*CEPSA two weeks later said, that if oil was found, they would drill the next well
*The PR guy is still on a looong vacation.
*Peter loves to aggravate the for him so important Ihub folks.
*Peter doesn't care about his shares in ERHC
On another note:
I contacted the editor of OilNewsKenya, and I asked him WTF ERHC is doing these months?
This is what he said:
Something to ponder over during the weekend:
From the day before yesterday,
http://www.standardmedia.co.ke/business/article/2000211618/firm-loses-bid-to-block-oil-exploration-in-six-wells
Block 11A also mentioned.
If ERHC handed CEPSA the whole block for free, would they be interested? Well, I think it is out of the question that if you claim as a company that you strongly want to expand your EXPLORATION activities, especially in Kenya, then I can only conclude that ERHC KNOWS CEPSA is interested, STILL.
On top of that, can ERHC go into hibernation-mode if needed, now that management is heavily invested in the faith of this company?
We are at day 115 in the meantime...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=124343233
Well, Degen, what can I say...
It's about finding oil, and it was about finding oil from the very beginning. It never was about Peter, although one would start to think that while reading Ihub for years.
But at this moment, fwiw, you can choose to look at the share price, or you can look at what I said.
Finding answers of what is going on right now, by looking at the share price, is not the way to go.
We are at day 114, and I effectively dismantled the 'hiding under the desk' option.
SEO is the main player here, still. Peter listens to, and, if necessary, is afraid of one person only: Emeka Offor.
What do you think: that Peter can't sleep if you or one of the 'negative ones' here will post bad or in anger about him?
Even IF Peter, as some suggest, did not disclose results yet in order to receive his paycheck during these months, I have a question:
It suggests that if Peter discloses a dry hole, ERHC immediately goes belly up after that announcement. Here is the big misunderstanding: the company goes belly up if Peter files for bankruptcy, not if Peter PR's a dry hole.
I also think that Strategy is right, with his post of long ago, that this is a 'holding company' is a sense, and that it can go, if necessary, into hibernation-modus-operandi, to protect it's drilling rights, until there is a market again for those rights, when oil prices are above $60,- again.
Both SEO and Peter & Sylvan would be the greatest beneficiaries of this move. Not you, or me, or anybody here on Ihub.
Do you believe that the EEZ, Chad, and Kenya 11A basins have become worthless if oil is above $60,- again, or even at this very moment? Just because ONE exploratory well did come up 'dry'... 11A is bigger than the Netherlands, man! lol.
Just imagine IF oil is found somewhere, what it will do to the share price. Those managers did not gamble on Tarach-1 alone I'm sure. From their average price it may not go up a factor 100 or even 1000 anymore, due to dilution, but I think they 'knew' that a factor 10 to even 50 (WA guess) is in the book of possibilities, still. Don't you think they discussed those scenarios before spudding Tarach-1? lol... Those two bought both about the same amount of shares, approx.
I think that is why they bought so much all of a sudden, leading up to Kenya.
We are at day 114 now, do you really think that Peter is hiding under his desk, for you? Hahaha. Afraid of your 'virtual anger'...
I don't know what the outcome will be, but I do know that there are discussion with CEPSA right now. Or, maybe CEPSA is still in doubt about what the next step will be, and that ERHC still has to wait for their decision.
An outcome could be that we have a (mostly) dry hole, but that CEPSA decides/decided to continue anyway, and guess what: ERHC still has 1/3th of the rights is this block. Is Peter negotiating under what conditions ERHC will participate in phase III?
If CEPSA decided, as announced (according to our 'rumor' site OilnewsKenya), that they would NOT continue... then there is not much to talk about right now, right? June 15th, the rumor was mentioned...
Hiding under the desk for SEO? I think SEO knows more about the current state of affairs right now, than you and/or me. And, above all, is it Peter's fault that CEPSA did not find oil in this exploratory drill?
Will SEO hold Peter accountable for the Tarach-1 dry hole? Is there a reason for Peter to be afraid of SEO right now?
May I remind you: there is a picture of them together, laughing and being relaxed... a picture from AFTER the convertible notes 'drama'...
Now, if there EVER was a moment when Peter had valid reason to be afraid of SEO, then it was back then, when Peter diluted the hell out of SEO...!!! You know, when Peter **cked Emeka out of a FEW HUNDRED MILLION $$$.
Have I effectively dismantled the 'hiding under the desk' fairytale now?
The current share price will not give you any answers right now.
The Doctor.
OPEC bullish on oil demand in H2 2016, says current price slide 'temporary'
http://www.platts.com/latest-news/oil/london/opec-bullish-on-oil-demand-in-h2-2016-says-current-26513522
https://www.thecable.ng/oil-prices-will-rise-september-says-opec-president
For the people that think that Peter is hiding under his desk... I don't think that is realistic. Since he does not care about us, like some said for ages here. I tend to agree. I think that he DOES care about his own current shares. He will do his best to save those shares, for sure. Understatement.
We are at day 113 in the mean time.
Let me add to this (common sense): if Peter is really hiding under his desk, there is only ONE person in the world he would be hiding for, and for two reasons:
SIR Emeka Offor.
1. A MAJOR, MAJOR shareholder
2. Somebody (with all kinds of 'powers') you don't mess with (?)
I know, I know, one should also not mess with "The Doctor", but I'm not sure if Peter is hiding under his desk for me, or for one of my illustrious poster colleagues here on Ihub.
Did I convincingly put this fairy tale to sleep?
And if Peter is not hiding for us, I'm also sure that he CAN'T hide for SEO... I'm even of the opinion that SEO already knows what is going on right now, regarding drilling results, and regarding why it takes so long to disclose anything, i.e. he knows about the 'ongoing talks'.
Or is the PR guy still on vacation, after all? A 68 day holiday as of today...
It is imo 99.97% certain that there is drilling result related negotiation going on.
Peter would also be in violation for withholding information regarding results, right? If he hasn't got a valid reason for withholding information for so long?
I know, in the JDZ we also had to wait very long, but it did turn out that they (the Chinese) were studying to make something of their (almost?) half a billion dollars invested, right?
And don't forget about the news articles from oilnewskenya that did not make sense about drilling the second target. Before spudding CEPSA said: no second drill, whatever the outcome. 11 days into drilling suddenly it depended on the outcome of the Tarach-1 result... It should have been the other way around (all according to the very website that came with the rumor about the dry and abandoned hole).
Seek, my man,