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With all the holes being punched in the JDZ....
one after another, the chances of hitting a massive ELEPHANT are pretty good!...the chances of hitting several, are pretty good as well.
I think a lot of people are thinking that if nothing is found on the first well, then ERHE sinks to zero!...imho, this will not happen....we probably won't even know about it.
The chances of all the wells coming up dry, is very slim, imo!
So basically the chances of success, are pretty good, that ERHE's value will increase, and increase dramatically.
just thinking out loud!
Many think its Stanford, makes sense...em
s2r..A big difference now is that ERHE will know...
what is really down there....because we are a partner in the operation. They can't BS us!
I agree with you, because a "contract" cannot be...
written in such a way that it requires the breaking of the law. You can go to jail for not abiding by SEC Regulations of full, fair, timely and equal disclosure.
....So how can an Agreement, force ERHE's executives into breaking the law. SEC rules trump, that aspect of the agreement.
What would prevent ERHE, from announcing they were hiring...
additional personnel, creating new positions, and hiring new consultants?...or opening new offices on STP?
The investing public, would figure we hit the motherlode!...there is more than one way to skin a cat...
ponzi... well I have referenced the 8K many times, and have read it many times since 2001...maybe the problem was that it was not in the 10K.
I'm not really sure...but I do know that that information has been available to the public for many years!...I, myself have read and referenced it many times thru the years.
I don't believe your reasoning is contested....
Peter N....has already stated that ERHE will disclose drilling information in a timely fashion.
That information has been public (SEC 8K) since 2001...
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000912057%2D01%2D518663%2Etxt&FilePath=%5C2001%5C06%5C05%5C&CoName=ENVIRONMENTAL+REMEDIATION+HOLDING+CORP&FormType=8%2DK&RcvdDate=6%2F5%2F2001&pdf=
I just keep reminding myself that Addax (and the Chinese)....
are throwing close to $250++ million dollars at a couple of holes in the ocean that ERHE ownes around 20% of!...and they are carrying ERHE's expenses as well thru production.
They can't be crazy, or stupid or ignorant!
DRILL BABY DRILL!
45 days to complete the drilling, once it starts...em
Anyone know what size Conductor Casing the Sedco...
will be using? The Pathfinder appears to be going with 36 inch for Kina?
So was the investment with Stanford?..as someone...
suggested!...and was it for only $2.1 million? and not $5 million?...and is the money possible insured, or partically recoverable?
...Anybody
DP cost 600k per day for 120 days, thats quite an investment by Addax...jmho
Plus real costs are more like $800k to $1 million each day (supplies, etc,etc)
Our EEZ rights are from the very beginning and....
are above anyone elses rights, EER included!...jist of what Peter said!
Will Sinopec release information on block 2....
Yes,...Peter feels they will!
The Office Space is justified to be Professional...
needed for meetings with consultants, etc...
KINA AUG 16TH...will take about 30 days...
BUMA about 45 days to drill
Moderators,can we "Sticky Note" DK's latest?...em
36 inch Conductor......
Titan Tubulars Company Profile
Overview
http://titantubulars.com/company_profile.html
Conductor Casing is used in deepwater, offshore, swamp and land locations in
Nigeria. Oil and gas operators generally drive 20” to 36” conductor casings as
the first string of pipe to provide structural support for the remainder of the
drilling process. Several operators also run connectors on a supplemental
string of 20” or 18 5/8” tie back casing inside the conductor pipe.
These casings have been fabricated abroad for all 50 years of Nigeria’s oil
production history. This has provided offshore employment and profit
opportunities for European and American companies. National aspirations for
increasing employment and local content in the upstream oil industry have
reinvigorated plans to move value added services, such as conductor pipe
fabrication, to the Onne free zone area.
Titan Tubulars Nigeria Limited is an incorporated joint venture formed under the
laws of Nigeria. The principal partners are Enercon Nigeria Limited and KMC
Oiltools Bermuda, operating in Nigeria as Wasco. The company is now
establishing a manufacturing facility at the FLT Terminal in the Onne Free Zone
of Nigeria to machine Conductor Casing connectors from raw forgings, weld
these connectors to Base Pipe and offer related OCTG services.
Facility
A free zone facility covering 16870 m2 is under development at the FLT terminal
in Onne. The facility will have the capability to machine connectors from forged
steel, weld the finished connectors to base pipe and store the tubulars until
ready for use.
Primary inputs for the conductor casing fabrication process are base pipes
imported from Korea / Germany and steel forgings from Japan. Value added
processing of these materials into finished conductor pipe will take place in
Nigeria.
Titan Tubulars maximizes internal retention of expenditures and creates high
quality employment opportunities by transferring all of the value added
processes involved in fabricating conductor pipes to Nigeria.
Experience
Enercon is a well established and reputable OCTG vendor in Nigeria. They are
well connected with the Japanese trading company Metal One.
KMC Oiltools Bermuda (operating in Nigeria as Wasco Oil Service Company
Nigeria Limited) is well known as Nigeria’s premier OCTG machine shop with
extensive machining and welding experience under the auspices of both API
and ISO 9001: 2000 quality programs.
Wasco’s sister company located in Singapore has machined over 15,000 sets of
the Cooper Cameron JV connector and welded these connectors to base pipe
for clients in the Far and Middle East. Hence Conductor Casing fabrication is a
well known business to the Wasco foreign parent company with definitive
procedures and established QA/QC processes.
As a test, a set of 30” x 1” JV connectors were machined in Nigeria during
January 2006 to prove up the feasibility of undertaking this work locally in
Nigeria with our machinist group.
Production Capacity
Initial setup at the Titan Tubulars yard at Onne includes two new Webster and
Bennett 48R CNC Vertical Boring Mills and four welding lines.
Commissioning Schedule
Titan Tubulars will be open for business July 2007. Check this site for regular
updates.
MADE
in
NIGERIA
MN....The dreaded Fortnight....
Midtier..good stuff.....em
Homeport...thanks,lets hope it works.....em
Homeport...is this just window dressing, or is something significant happening with the Niger Delta militants?...do you think a peaceful change might be happening?
A lot of shares have traded in this .70-.71 range!..em
I'm hearing that 30Crappie leased the Sedco 702 to go fishing off of this weekend...so there could be a slight holdup on it getting to the JDZ.....
dw2oil...very good point....em
The trading is very bazaar....em
Nigeria, China Trade Volume Hits $7bn
From Chinwe Ochu in Abuja,
08.05.2009
http://www.thisdayonline.com/nview.php?id=150696
Special Representative of the Chinese Government on African Affairs, Ambassador Liu Guijin, has said that the total bi- lateral volume of trade between Nigeria and China is over $7 billion, making Nigeria China's fourth largest trade partner.
He said the few incidences involving citizens of the two countries should not affect the traditional bi- lateral relations between China and Nigeria.
Guijin stated this against the backdrop of accusations and counter- accusations between citizens of the two countries concerning the immigration raid in the city of Guangzhou in China.
He said that the two Nigerians who were involved in the crisis in June have been well treated by the Chinese authorities and will be handled according to the Chinese laws on that regard.
According to him, the decision on the fate of the Nigerians will be made known after the officials of the two countries would have met in September to discus immigration issues and other related issues.The Ambassador, who spoke to newsmen on Monday at the Chinese Embassy, and was visiting Nigeria for the second time in 14 months, said that the general perception that Nigerian businessmen are dubious is false as there are more law- abiding Nigerians in China than violators.“The two Nigerians that are behind the June incidences are okay and they were treated well in the Chinese hospitals.
Your ambassador to China personally visited them and in due course, their case will be handled according to the Chinese laws on that regard." For a Nigerian that defaults in laws in China, we adhere to the international laws concerning foreigners violating the law. In September, a Nigerian official will be meeting with their Chinese counterparts in China on the issues and other related issues, ” he disclosed.On the rise of substandard products from China, Guijin said that the government is firmly opposed to the trend of manufacturing substandard products for export and at a cheap price.
Nigeria: Job Loss Fear Grips Addax Workers
4 August 2009
Lagos — The sale of oil giant, Addax to a Chinese multinational, Sinopec, is under threat resulting from fear of job loss among the workers, who have threatened to frustrate the transaction.
This comes just as the company declared a shortfall of about 2, 000 barrels per day in his 2008 production in Nigeria.
http://allafrica.com/stories/200908040503.html
Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "Petroleum sales before royalties in the second quarter (Q2) of 2009 amounted to $735 million, a decrease of 51 per cent over petroleum sales before royalties of $1,493 million in Q2 2008. The decrease in petroleum sales before royalties was primarily driven by a 52 per cent decrease in the average crude oil sales price in Q2 2009 to $59.45 per barrel (/bbl) as compared to $123.17/bbl realized in Q2 2008, offset partially by a 2 per cent increase in sales volumes between the same periods.
"The highlight of the quarter was the offer received from Sinopec International Petroleum Exploration and Production Corporation to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated cash take-over bid for C$52.80 per common share. Addax Petroleum's Board of Directors considered a number of factors when reviewing the offer and believes that the offer is fair to shareholders and is in the best interests of Addax Petroleum."
The workers were protesting, through an industrial action, which started on Thursday, the non-inclusion of their welfare in the new arrangement, which would see Sinopec take-over Addax by way of a negotiated take-over bid for $52.80 per common share in cash.
"We have made a demand that they should retrench everybody and pay the severance packages but they said they want to retain people, without a concrete guarantee," chairman of oil workers' union Addax branch, Henry Abeatu,said in a chat with journalists after the he announced the industrial action.
The Chinese firm, according to Abeatu, is yet to takeover, while issues relating to workers' transfer have not been settled.
The chairman, Nigerian Union of Petroleum and Natural gas Workers (NUPENG) maintained that the union was suspecting a desperate plot to play smart on the workers in the process, which he described as opaque.
He said: "In the recent past, we have been having serious problems with the pension issue, which was under-funded for years. After much deliberation, the management set up a committee, which discovered that truly it was under funded. They promised to come up with options to rectify it, but up till now, nothing has been done.
"Now they are selling the company without giving due consideration to workers's welfare. We don't really know who is responsible for the due payment and other issues arising."
According to him, is it "the buyer or the seller that would be held responsible?"
He added: "Now we have made a demand that they should retrench everybody and pay the severance packages so that anybody that does not want to work with the new company may decide to opt out, but they said they want to retain people without a concrete guarantee."
Addax, it would be recalled, recently announced that it had entered into a definite Support Agreement (SA) with Chinese Sinopec International Petroleum Exploration and Production Corporation, pursuant to which Sinopec hjad agreed.
This agreement, according to the contract document, is subject to the terms of th Support Agreement to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated takeover bid for $52.80 per common share in cash.
MM LABS on Ask, never seen them before.....em
TopShelf, sorry if I misunderstood your post...
but you must remember "lol" can mean a couple different things. "Laugh out loud" or "Lots of luck", so it can be confusing at best.
Your post didn't make any sense to me, as I didn't realize it was made in jest, or as a joke. Several others seems to interpret it as a serious post as well, so I wasn't alone in my interpretation.
In any event, I wouldn't take these boards too seriously, they are certainly not worth any aggravation, or violence and threats that your post implies.
Your word:
I LOVE to have fun and have a great sense of humor, But I dont take any Chit from anyone. And just tired of the nastiness and pompousness of the old timers who have gained "message board" respect (haha) and dish out there own little form of wrath.
So therefore if.....
we hit a billion barrel well, we should stay about even!....yeah right.
midtieroil...we are figuring it should be alittle higher, with a market cap of about 3/4 of a Billion, or maybe even a billion dollars. This is based on previous highs of ERHE, when it was so much further away from drilling, than it is now.
ERHE looked stronger today,.... then I've seen in a week or so...
jmho
Nobody, outside this thread even knows of ERHE....
The news releases don't allow the trading symbols to be displayed, (SNP, AXC, Anadarko,etc)...so basically, nobody knows about ERHE.
Ask any stranger or a friend, or relative on the street, if they ever heard of ERHE!...they won't even know what you are talking about.
Nobody knows about this company but us!
OT:...because the people buying the cars, believe the government will help them pay them off if they can't...because afterall it was the government that tricked them into buying the cars in the first place....Welcome to the Nanny State.
petermantx...excellent stuff, thanks..52 week high...
is about to get eclipsed....
Nigeria: FG Disowns Lukman Over Petroleum Varsity
Daniel Idonor
1 August 2009
http://allafrica.com/stories/200908030656.html
Abuja — THE Presidency today broke its silence over the lingering controversy on the status of the Petroleum Training Institute (PTI), Effurun, Delta State, which was upgraded to a degree-awarding institute, by the former President Olusegun Obansanjo's government; declaring that the Petroleum University remains in Effurun, as "there has been no reversal of any of these programmes by President Yar'Adua".
Then President Obansanjo was on a State Visit to Delta State, when the people of the state alerted him of the absence of a Federal institution of higher learning in the State, since the creation of the State from the defunct Bendel State.
As a result the people ask the President to site a Federal University in the State, but Obasanjo told them it will be very expensive to site a new university, rather, the then leader promised that the existing PTI will be upgraded to a University.
And upon his return from Delta, the President lived to his promise when the FEC approved the award of several contracts for the upgrade of infrastructures at the PTI; as the first step towards making the university status a reality.
The Minister of Petroleum, Dr Rilwan Lukeman, had recently told State House Correspondent, in a questions and answers session, as part of the post Federal Executive Council (FEC) meeting that "the decision to upgrade the PTI to a degree awarding institute was unnecessary.
South-South Senators at a press briefing calling for the dismissal of the Petroleum Minister, Dr. Rilwanu Lukman; withdrawal of the Petroleum Industry Bill (PIB) and the reversal of the decision to abort the upgrade of the Petroleum Training Institute, Effurun, Warri.
According to him, "it is better to allow the institute to train the middle workforce we need than degree holders we do not need"; implying that the Yar'Adua government may since reversed the Obasanjo decision.
This comment from Dr Lukeman has since then continued to generate widespread condemnation from Nigerians, especially people of the South-South geo-political zone, with the recent, and more seriously from the Governors of the region.
Why many top government functionaries at the Federal level have continued to deny the claim by Dr Lukeman, saying that the Petroleum expert is on his own, the man in question has refused to comment on the crises, his statement has generated.
The Presidency, in a recent denial of Dr Lukeman's claim, said "notwithstanding the various clarifications", from its top official "that there was no decision by President Umaru Musa Yar'Adua to relocate the Petroleum University from Effurum to Kaduna, this needless controversy has persisted".
A statement by Presidential Spokesman, Mr Olusegun Adeniyi, said "for the avoidance of any doubt, the memo approved by the Federal Executive Council on May 25 this year was for the award of contracts for the Nigeria National College of Petroleum Studies, Kaduna which was established in 1995 by the Nigerian National Petroleum Corporation (NNPC) "for the training of higher level technical and senior management personnel who are transiting to general management level within the Corporation."
The memo, according to him, stated further, "the Petroleum Technology Development Fund (PTDF) as an agency of government created for capacity building in the Oil and Gas industry was mandated through letter of 2nd January, 2002 to take over and establish a National College of Petroleum Studies in Kaduna, which will serve the entire Oil and Gas industry and when established will be at par with similar institutions in the world, following the recommendations for the way forward."
"From the documents attached to the memo, a programme of action approved by President Olusegun Obasanjo on April 15, 2002 was for the reactivation of the College of Petroleum Studies Kaduna; upgrade of the Petroleum Training Institute, Effurum; establishment of offshore Technology Development Centres; upgrading the curricula and facilities in universities and polytechnics relevant to the PTDF mandate; capacity building and skill acquisition programmes as well as endowment of petroleum technology related chairs in selected universities".
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He disclosed that "the PTI Effurum is an institution dear to the President's heart because of its strategic importance to the development of our oil and gas industry and he is ready to dialogue with all the stakeholders not only on how to make it the world class institution it was conceived to be but also to advance the Niger Delta peace process and hasten his developmental agenda for the people".
He added that "it is noteworthy that, working in concert with the Amnesty Coordinator, AVM Lucky Ararile, President Yar'Adua's Honourary Adviser on Niger Delta, Mr Timi Alaibe, has, in the last two weeks, made tremendous progress with regard to the amnesty process. Result of these efforts will soon become manifest to all Nigerians".
"President Yar'Adua therefore enjoins all the critical stakeholders to enlist for the promotion of peace that would create the enabling environment for the rapid development in the Niger Delta for which he is very much committed", he concluded.
Nigeria, Petrobras consider expanded relations
8/3/2009 7:39:39 PM GMT
BRASILIA: During a meeting held on July 31 in Brasília, Nigerian President Umaru Musa Yar'Adua expressed interest in Petrobras' increasing its presence in Nigeria.
http://www.energycurrent.com/index.php?id=2&storyid=19789
Petrobras has been in Nigeria since 1998, where it currently operates OPL 315 under an exploratory process developed by that country's government. The company also has non-operated interests in the Agbami and Akpo fields. Petrobras has invested over US$2.5 billion in Nigeria.
Petrobras stated that the company "always considers the possibility of studying new businesses opportunities in countries where the oil and gas production perspectives are good."
The Nigerian government and Petrobras are expected to intensify reciprocal visits of executives to analyze possibilities of intensifying that country's exploratory program.
Dadd, you are absolutely right.....em