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yup-subject though possibly to recovery of costs. gets complicated, but our share is of the revenues
their %'s are of whatever is found in the block. Blocks are shared in total among the partners-not geographicly separated.
Make it so #1
agree-that was the crux of my post. eom
i really doubt that centuions jdz holdings were the driving force in this aquisition. Look at all the other PROVEN assets they have in egypt, tunisia and other places.
Art-I am obviously aware of that. Don't need to be told that. Still doesn't deter the fact that this is a major reason the pps has remained stagnant.
yup. Being offshore is extremely important as it removes, imo, the threats from militants. Being offshore however doesn't remove the corrupt atmosphere the oil co's have to work in. Just venting. lol
Nigerian controlled and that is the bottom line and everyone in the investment and oil community knows it. Anyone who thinks otherwise is fooling themselves. IMHO of course.
Another possible reason our SP remains where it is for now:
http://www.forbes.com/free_forbes/2006/1127/128.html?partner=yahoomag
LBM-Of course you are right, but, I think posters that need to let everyone know how "in the know" they are need to be told to stop teasing everyone else. I don't even know if some of these people are aware of the frustration they can cause with these type of posts but I'm tired of them. I'd prefer Oilphants games to these types of posts.
agreed dane. nor right to post that have info publicly like this but not give us outsiders atleast some crumbs. Even a riddle would be acceptable. lol
group hug time. eom
Anyone know if Paltalk is still in existence, I mean the ERHC board. Thank you. eom
Thats nice. eom
you da man.
its true, its true....(name that movie!!) eom
Bump and grind. eom
You are correct sir. Good call. eom
Actually Spec, Unless it was just a pretense, I think the issue had to do with them being presented with revised PSC's and being asked to sign them without time to review the changes. Maybe the 9% issue was one of the major changes they were presented with.
Could someone please post dan keeneys e-mail. Gracias. eom
Who says SEO=Godsonic? Did Meridean say that? Check out Rocky's post re the Directors of Godsonic. One of them is named Okoye Godson. Think he passed away-very revered businessman in Nigeria. I'm betting this was one of his companies.
17.7%. eom
meaningless. eom
OILPHANT-Unless SNP has bought into ERHC, why would ERHC's pps increase? Lots of deals will be made and are being worked on in the JDZ-not everything has a direct impact on ERHC. PLEASE RESPOND. Thanks
Oilphant-we're down almost a penny. Say it ain't so! Say it ain't so!
Down right shame, isn't it. eom
We very possibly will do big volume; however, that doesn't mean the pps will rise proportionately. Of course I want it to, but been through many, many, many high vol days where the pps ended flat or down a bit. Absolutely no correlation b/w the two with this stock. JMHO of course.
Hopefully not just someone blowing wind. Sorry-I will delete myself in a few minutes. Couldn't resist.
Want the news Oilphant!!BTW, do you have an elephant photo site or something? LOL
Oilphant-if there is something cooking, why not just give us a little straight-forward info on what you think/know will happen? Most here want to believe you but give us something to work with.
Agree Integrate. Imo. and w/all due repect to him, I take what he says w/a big grain of salt.
you so funny. you so funny. eom
#5-the cheetah? eom
OGI ADDAX ARTICLE (Not JDZ related):
Addax completes year's work on Nigeria's Okwok discovery
The GlobalSantaFe High Island IX.
(10/30/2006 - OGI: Calgary) Addax Petroleum today advised it has completed its 2006 exploration and appraisal campaign on the Okwok Field discovery offshore Nigeria in Block OML67 with encouraging results.
The company acquired a 40% participating interest in the field in June from Oriental Energy Resources and commenced the exploration and appraisal program immediately thereafter. Addax is the technical adviser and Oriental is the operator for the Okwok Field joint venture.
Commenting on the 2006 campaign, Jean Claude Gandur, president and CEO, said; "I am delighted that our joint venture with Oriental under Nigeria's Marginal Field program has proceeded so well. Our 2006 objectives for the Okwok Field were to explore and appraise the two main fault blocks on the structure, to confirm the nature of the oil present and to flowtest the wells. I am pleased that these objectives have been achieved; the Okwok Field contains medium to light crude oil and the reservoir is of high quality. Following these encouraging results, we are now updating our geological models to evaluate our future appraisal strategy and potential fast-track development plans."
The Okwok Field is located south of and adjacent to OML123, Addax's largest producing property, in a water depth of approximately 50 meters and comprises three major fault block compartments, named Blocks 1, 2, and 3. Block 1 was drilled by well Okwok-1 in 1967 and Block 2 by well Okwok-2 in 1968, both by a previous operator, whereas Block 3 had not been drilled prior to the recent campaign. Both earlier wells had discovered hydrocarbons but had not been flowtested.
The Okwok 2006 exploration and appraisal campaign by Addax Petroleum and Oriental commenced when the GlobalSantaFe High Island IX jackup drilling rig arrived on location in early July and concluded in late October. The campaign comprised the drilling of wells Okwok-4A and Okwok-4AST1 in Block 2 and Okwok-7A and Okwok-8A in Block 3. The objectives of the campaign were to appraise Block 2, explore Block 3, and to conduct flowtests to establish the oil properties and reservoir conditions in both blocks. The primary reservoir objective in the Okwok Field is the stacked Lower D sandstone sequence of Upper Pliocene/Lower Pleistocene age which, at Okwok, occurs at depths between 3,000 and 4,000 ft subsea.
For Block 2, Okwok-4A was drilled approximately 1.3 km west of Okwok-2 to appraise the areal extent of the fault block's oil accumulations. Okwok-4A encountered 14 ft of net oil pay in its primary target in the Lower D sequence which was thinner than anticipated but which also encouraged the drilling of a sidetrack down-dip. Okwok-4AST1 was drilled as the sidetrack to Okwok-4A targeting a more sand-prone area and encountered 95 feet of net oil pay in two intervals within the Lower D sequence. A drillstem test was attempted but was curtailed due to a rupture of the sand exclusion screen which caused excessive sand production into the well. The test produced at a rate of approximately 400 b/d of light 32 degree API gravity oil. The true flow potential of the well was not reached because of sand control problems during the test, however, the company was pleased with the high quality of the oil tested and will use the knowledge gained regarding the reservoir conditions in future appraisal efforts.
The Knock Adoon FPSO.
Following the appraisal of Block 2, the rig was moved to explore Block 3 and spudded Okwok-7A. However, Okwok-7A was abandoned prematurely because of mechanical difficulties after encountering hydrocarbons and abnormally high pressures while drilling in the Lower D sequence. The Okwok-8A well was spudded immediately thereafter, was drilled successfully, and encountered 97 ft of net oil pay in two sandstone intervals in the Lower D sequence. As a precaution against the excessive sand production experienced in Okwok-4AST1, Okwok-8A was gravel packed prior to testing. The well was flowtested at a maximum rate of 1,220 b/d of medium 26 degree API gravity oil on a 32/64-inch choke. Both the Okwok-4AST1 and Okwok-8 wells are currently suspended for potential tie-back to production facilities.
Addax Petroleum and Oriental are now in the process of incorporating the well data, oil properties and flow test data from this exploration and appraisal campaign into existing geological and engineering models. The new information will be used to evaluate the 2007 Okwok work program which the company anticipates will include further appraisal drilling and potentially fast-track development planning. Should additional appraisal efforts prove successful, the Okwok Field is likely to be developed through the Block OML123 Knock Adoon floating production, storage, and offloading vessel (FPSO) 12 km to the north, with first commercial oil production could commence as early as 2008.
Oriental is the operator of the Okwok Field and Block OML67 with 60% interest. Addax holds the remaining 40%.
You mean driving 80 in the Meridean
Addax article from OGI
Addax completes integration Pan-Ocean Gabon operations
(10/27/2006 - OGI: Calgary) Addax Petroleum reported today it has successfully integrated the Gabon exploration and production properties it acquired from Pan-Ocean Energy in September.
Jean Claude Gandur, Addax's president and CEO, said, "We are delighted with the success Addax Petroleum has had in integrating our newly acquired operations in Gabon. The corporation retained the majority of the former Pan-Ocean personnel and continues to build on the excellent relationship that Pan-Ocean had developed with the government of Gabon. In addition, recent appraisal and development drilling onshore and offshore continue to develop the portfolio's reserve base into productive capacity, while also providing encouraging indications which may allow Addax Petroleum to expand its reserve base in the country."
Addax's Gabon portfolio is comprised primarily of the operated, onshore Maghena and Panthere NZE Blocks containing the Tsiengui and Obangue oilfields respectively, the non-operated, onshore Awoun property, with its Koula and Damier Fields, and the non-operated offshore Etame Marin property that contains the Etame, South Tchibala/Avouma, and Ebouri Fields.
Addax's current reservoir model anticipates an additional 30 wells will be required to further develop the Tsiengui Field. The latest Obangue well was a successful step-out to the east, beyond the limit of current 3D seismic data coverage, and found the reservoir structurally shallower than anticipated suggesting an easterly extension to the Obangue Field not previously recognized with a thicker than expected Gamba sandstone in the oil column. In addition, a deviated appraisal well was spudded in September 2006 on the onshore Shell-operated Awoun property which will test the extent of the Koula Field towards the west.
Production from the Tsiengui and Obangue Fields continues to be limited awaiting commissioning of new processing and export capacity. The 33 km 10-inch export pipeline from Tsiengui to the Total-operated Coucal export facility has been laid, hydro-tested, and buried, and Addax expects the new production and export system to be fully operational by mid-November with an export capacity of 30,000 b/d.
The 2006 appraisal and development drilling program onshore Gabon has been conducted using the Deutag T-48 drilling rig as well as the occasional use of the Simpler 101 drilling rig. Addax is currently arranging for an additional land drilling rig to carry out development and appraisal drilling on the Panthere NZE property, predominantly on the Obangue Field.
The Etame FPSO.
In the offshore Etame Marin property, two horizontal development wells are planned for the remainder of the year to develop the South Tchibala/Avouma Field in addition to an exploration 3D seismic campaign over a prospect to the southwest of the Etame Field. The South Tchibala/Avouma development is on track for commissioning by yearend; the platform is in place and commissioning in progress, the 16 km pipeline to the Etame Field FPSO has been laid, tie-in to the FPSO is in progress, and the drilling rig has arrived on location.
The South Tchibala/Avouma Field is expected to produce between 8,000 and 10,000 b/d from the two horizontal wells with production expected to start in the first quarter of 2007.
Approval for the development of the nearby Ebouri Field was received from the Gabonese authorities in September. Installation of a jacket and a pipeline from the Ebouri Field to the Etame FPSO are being planned for the second half of 2007 with the development drilling starting thereafter.
Addax Petroleum expects to achieve its anticipated 2006 exit production rate totaling approximately 18,000 b/d from the Corporation's participating interests in its onshore and offshore properties in Gabon.
Click here for earlier report.
OGI Homepage I Contact Us
CPC/Starcrest was a successful winner in the Nigerian mini round this past spring. Not sure who/what the CPC part is. I also think they lere a "local content vehicle" for OPL 291. The Chinese and the Indians were also given awards in this round. Aside from Merideans statements, I still haven't seen any connection between SEO and Starcrest, but I'm betting its one of his vehicles. Will this translate into an ultimate benefit for ERHC or just for SEO, noone knows yet.
refresh us please. eom
Maybe our chart will look like this some day:
http://finance.yahoo.com/q/bc?s=SOIGF.OB&t=2y
decent blks going through. eom