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Badog~ I aggree with you, Very Well said!
In RE:Is ERHC not returning emails?
I recently sent an email to DK in regards to the direct placement with an institutional investor. I got an immediate response. The way some make it sound here, I didn't think I would even get a reply back.
Sao Tome wants to partner with African oil companies
23 Sep 2010
Sao Tome would prefer to partner with African companies, including Angola's state-owned oil firm Sonangol, for oil exploration, the prime minister of the tiny West African nation said on a visit to Angola on Wednesday. International oil firms ConocoPhillips, Chevron, Petrobras and Tullow are currently bidding for rights to explore for oil off the coast of Sao Tome and Principe, as the island nation is officially known.
'If there is oil, this oil is in Africa and it should be for the African people. Therefore there is a preference towards African companies,' Patrice Trovoada told reporters after arriving in the airport in Luanda.
The bidding was expected to end on Sept 15, but has been extended for another two months, to give firms such as Angola's state-owned Sonangol more time, he said. 'My government has decided to extend the period for the exclusive Sao Tome and Principe zone for two months so that companies, including Sonangol, have more time to bid,' said Trovoada, who was named prime minister after an election last month.
Sonangol has said it is interested in bidding for oil exploration licences in Sao Tome.
The Agência Nacional do Petróleo de São Tomé e Príncipe (ANP-STP) launched the EEZ 1st licence round at the APPEX conference in London on March 2 2010. The first licence round contains seven blocks from EEZ zones A & B.
Zone A: Blocks 1, 2, 3 and 6
Zone B: Blocks 7, 8 and 13
Applications will be assessed based on stated evaluation criteria. Successful applicants will be granted a Production Sharing Contract (PSC). The Licence Round will now close on November 15 2010 allowing companies approx. 8 months to formulate their applications.
The ANP-STP web site has been updated regularly to contain key information about the licensing system and the availability of technical data.
http://www.energy-pedia.com/article.aspx?articleid=142198
LAST UPDATED AT Mon Nov, 15 2010
Anxiety as PIB date for passage draws near
The Petroleum Industry Bill (PIB) at the weekend struck another anxiety among oil firms in Nigeria as date for the passage of the bill draws near.
Minister of Petroleum Resources, Diezni Alison-Madueke, had earlier stated that the National Assembly might pass the bill before the end of December.
This is expected to pave the way for a new exploration licensing round, the country’s presidential advisor on energy, Emmanuel Egbogah, added.
But findings by **Daily Independent** at the weekend showed that many oil firms that have earlier opposed to the fiscal provisions in the bill still believe that the federal government has not rectified the sections.
“It is likely to be passed by the year end,” Egbogah told Reuters in New Delhi where he is attending an energy conference.
Egbogah said once the legislation is approved, Nigeria would launch its next oil exploration licensing round in the first half of 2011.
The Federal Government says the bill will make state oil firm, the Nigerian National Petroleum Corporation (NNPC), more transparent; encourage investment; promote local oil company involvement in the industry, and increase gas supplies to the dilapidated domestic power sector.
But international oil companies like Royal Dutch Shell, Exxon Mobil, Total and Chevron, which have dominated Nigeria’s energy sector for decades, are worried the Bill will impose higher taxes and royalties while failing to address key issues of under-funding, corruption and security.
The Bill has been repeatedly delayed by revisions and disagreement.
But on Monday, Egbogah said all the terms relating to the bill have been finalised.
He also said Nigeria is currently producing 2.6 to 2.7 million barrels of oil per day (bpd) versus an output capacity of 3.6 million bpd.
Crude oil supplies from the Organisation of Petroleum Exporting Countries (OPEC) which, together produce over a third of global oil supplies, rose in October because of higher supply from Angola and smaller increases from other members, reducing adherence to agreed output targets, a Reuters survey showed on Friday.
When asked about China’s bid to lock in oil reserves in Nigeria, Egbogah said, “discussions have not progressed.”
China had offered to invest $50 billion to acquire 6 billion barrels of Nigerian oil reserves in proposal made in June 2009.
http://www.independentngonline.com/DailyIndependent/Article.aspx?id=23866
Content policy stifles new deepwater projects
By Bassey Udo
November 16, 2010 11:51PM
International oil companies (IOCs) operating in the country have criticised government's implementation of the Nigerian Content Development (NCD), saying imposition of the policy is stifling both the number and the pace of developing new deepwater oil projects.
Mark Ward, Lead Country Manager, ExxonMobil Companies in Nigeria, voiced their concern yesterday in a session on Nigerian Content Development (NCD) at the ongoing conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Abuja.
Mr. Ward said though Nigerian Content Development was important, there was need to strike a balance between its objectives and efficient project development processes to sustain activity continuity.
"Nigerian Content Development needs to be paced, realistic, and collaborative. Imposition could stifle both the total number of in-country projects and projects development pace," he said, adding that "significant improvements are also needed to address the protracted permitting and approval process to reduce cycle time, which will lead to improved project value."
Multiple approval system
Under the provisions of the proposed Petroleum Industry Bill (PIB) currently pending before the National Assembly for legislation, a new midstream and downstream project approval and licencing system has been introduced to handle approvals for investments in those sectors of the industry.
The new system is in addition to the existing arrangement requiring all joint venture exploration and production companies to get approvals from the National Petroleum Investments Management Services (NAPIMS) and the Department Petroleum Resources (DPR) before embarking on projects in the country's petroleum industry.
Besides, multi-national companies handling jobs that require the use of expatriates are expected to get the approval of the Nigerian Content Development and Monitoring Board (NCDMB) before engaging such personnel to execute jobs in the industry.
Under the new policy, affected companies are to mandatorily give the right-of-first-refusal to Nigerians by advertising the offer of such positions in Nigerian and international media. The jobs can only be given to non-Nigerians only if at the end of the publications, no qualified Nigerian was found with the relevant competence and expertise to handle them in-country.
Huge undeveloped potentials
Other participants at the conference stressed the need to ensure that implementation of the NCD policy facilitated the process to initiate fresh projects to take up the approximately 22 billion barrels of oil equivalent currently being associated with the West Africa deepwater development.
Current estimates show potentials of about three billion barrels of oil as undeveloped, with about 19 billion barrels of oil equivalent as undiscovered, while a combined developed and undeveloped gas resources stand at about six billion barrels of oil equivalent, or 35 trillion cubic feet (TCF), with a sizable proportion of the potentials located in Nigeria.On challenges in Nigeria's deepwater development, Mr. Ward observed that though Nigeria and Angola began licencing of deepwater oil concessions at the same time in early 1990s, the tough fiscal terms to operators by the government between 2000 and 2005 had rendered exploration for oil unattractive, resulting in the decline in the rate of field development activities.
http://234next.com/csp/cms/sites/Next/Money/5643190-147/content_policy_stifles_new_deepwater_projects.csp
Midtieroil~ could you be more specific. Exactly how did you help buy and sell about 20 oil companies and thousands of oil and gas properties?
Are you trying to help the Chinese buy ERHC?
ps: just trying to keep my post short so you take the time to read it and answer. Thanks in advance.
Mz~ No I did Not say ar suggest the Ibox could cause people not to buy.
"anyway, you're original post said that posters could cause other people not to buy. but now you are saying its the ibox?"
Re-Read the post= Mz~ many times these message boards are an excellent place to find information. That has been proven by some of the excellent DD that has been shared on this board by some of the more knowledgable and informed posters here that provide food for thought as well as educational information. Just take a look at the *Intro Message*. There's an awful lot of good information up there. Some people invest a company because they think its a good company, others invest in the momentum of the stock.
You seem to be obsessed with my alias. Do you think you can put into words explaining why you have this obsession?
And Yes, I suggested some of the crap posted here could cause people Not to buy.
Mz~ many times these message boards are an excellent place to find information. That has been proven by some of the excellent DD that has been shared on this board by some of the more knowledgable and informed posters here that provide food for thought as well as educational information. Just take a look at the *Intro Message*. There's an awful lot of good information up there. Some people invest a company because they think its a good company, others invest in the momentum of the stock.
You seem to be obsessed with my alias. Do you think you can put into words explaining why you have this obsession?
I have to admit, I also was not very impressed with that interview.
Actually you started in on your own today.
Do you think that has anything to do with what new investors may read on this message board?
Very well said, and as Willjam would say; Right on, you hit that one out of the park.
No I'm not Umbra. And yes I know there are (2) L's in dollar.
Someone beat me to it. I guess I was a "daylate".
I also appreciate and look forward to your posts. Many Thanks.
Krombacher - I always look forward to reading your posts. They provide food for thought, you take the time to explain why you are expressing said opinion, and I believe you have made it clear that your posts are your opimion.
One recent example is the discussion you had with TOB; you both discussed the topic civilly and clearly presented your thoughts without resorting to personal attacks. FWIW I commend you both. It was an interesting and educational discussion, Thanks.
condor1 - I agree with you. IMO the *group* has been working overtime to try and drive the shareprice lower.
I get a laugh out of mt's ..."I have nothing against PN personally except for the fact that he..." Nothing against the man and then he continues on to slander the man. IMO
I also get laugh out all the whineing about the share price. The *group* has done more to lower the share price than management has done. IMO
If I was a new investor, interested in ERHC and I read the repetitious and incessant negative and slanted BS posted by the *group* here; I probably would not invest in ERHC. Lots of BS slander that is never backed up.
And, when they are confronted about their posts, they side step and don't answer. Speaks volumes about their integrity and agenda. IMO
ERHC has proven~ as I'm sure you know, I can't reply to you in private. Would you like me to reply publically? I think you may have missed one of the key points.
Midtieroil~
you said...The issues we have were clearly presented. I suggest you try reading it before you criticize it. That usually helps your understanding.
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I don't recall criticizing the letter. Please show me where and when I have done that. I haven't seen the letter.
You are basically stating that I said or did something that I did not do. So... that makes me wonder if any of what you have been saying about your conversation with ERHC management is accurate. ie smith and jones. Since your standards are higher and superior to mine; I'm sure you will be able to produce the proof of my criticizing this letter.
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If a person is going make statements and present them as being true, or if they are going to lead others to believe these statements are true, they should be able to back up those statements with proof.
Sorry, however I have Not gotten my answers.
The other part of my post said-
Midtieroil~
you said...The issues we have were clearly presented. I suggest you try reading it before you criticize it. That usually helps your understanding.
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I don't recall criticizing the letter. Please show me where and when I have done that. I haven't seen the letter. You are basically stating that I said or did something that I did not do. So... that makes me wonder if any of what you have been saying about your conversation with ERHC management is accurate. ie smith and jones. Since your standards are higher and superior to mine; I'm sure you will be able to produce the proof of my criticizing this letter.
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However, Thank you for responding for Midtieroil
MZ ~ Midtieroil stated...This letter was not from me it was from 60 some shareholders with over 45 million shares. They have chosen to ignore it. That, in itself, is incompetence.
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I asked- Are you saying 60 some shareholders signed this letter? Very Simple Question, No dots or puzzles required.
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MZ ~ you said...60 people responded throughout this board or email by stating their share amount and then approval. You can go back and look for yourself. Audit trail is pretty simple really. I guess since it wasn't done through dots and puzzles, many people here are struggling with a very easily verified concept.
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Since you bring up an "Audit trail" and contend this is a "very easily verified concept"; Why don't you, midtieroil and strass, Simply post up the "Audit trail". Lets see the letter that was sent to ERHC and the documentation showing ERHC recieved this letter from 60 some shareholders. Lets see the list of the 60 some shareholders.
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The other part of my post said-
Midtieroil~
you said...The issues we have were clearly presented. I suggest you try reading it before you criticize it. That usually helps your understanding.
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I don't recall criticizing the letter. Please show me where and when I have done that. I haven't seen the letter. You are basically stating that I said or did something that I did not do. So... that makes me wonder if any of what you have been saying about your conversation with ERHC management is accurate. ie smith and jones. Since your standards are higher and superior to mine; I'm sure you will be able to produce the proof of my criticizing this letter.
Midtieroil~
you said...The issues we have were clearly presented. I suggest you try reading it before you criticize it. That usually helps your understanding.
------------------------------------------------------------------
I don't recall criticizing the letter. Please show me where and when I have done that. I haven't seen the letter.
You are basically stating that I said or did something that I did not do. So... that makes me wonder if any of what you have been saying about your conversation with ERHC management is accurate. ie smith and jones. Since your standards are higher and superior to mine; I'm sure you will be able to produce the proof of my criticizing this letter.
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...This letter was not from me it was from 60 some shareholders with over 45 million shares. They have chosen to ignore it. That, in itself, is incompetence.
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Are you saying 60 some shareholders signed this letter?
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Midtieroil~
you said...The issues we have were clearly presented. I suggest you try reading it before you criticize it. That usually helps your understanding.
------------------------------------------------------------------
I don't recall criticizing the letter. Please show me where and when I have done that. I haven't seen the letter.
You are basically stating that I said or did something that I did not do. So... that makes me wonder if any of what you have been saying about your conversation with ERHC management is accurate. ie smith and jones. Since your standards are higher and superior to mine; I'm sure you will be able to produce the proof of my criticizing this letter.
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...This letter was not from me it was from 60 some shareholders with over 45 million shares. They have chosen to ignore it. That, in itself, is incompetence.
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Are you saying 60 some shareholders signed this letter?
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In my opinion, your opinion makes alot of sense. It appears there has been alot of negotiating going on behind closed doors.
Krombacher - It's still out there and google-able.
http://www.thelawyer.com/james-swift/55.bio
http://www.thelawyer.com/historic-opportunity/1005933.article
http://www.thelawyer.com/james-swift/55.contributor
He has his email address in his bio
Yes. However I REALLY don't think anyone wants to hear good news.lol
Midtieroil
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...The issues we have were clearly presented. I suggest you try reading it before you criticize it. That usually helps your understanding.
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I don't recall criticizing the letter. Please show me where and when I have done that.
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You are basically stating that I said or did something that I did not do. So... that makes me wonder if any of what you have been saying about your conversation with ERHC management is accurate. ie smith and jones. Since your standards are higher and superior to mine; I'm sure you will be able to produce the proof of my criticizing this letter.
I think it is unprofessional to ever record anybody without their knowledge and I will never do it under any circumstances. I guess my standards are higher than yours.
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All you have to do is say is something like; I record my calls for future reference or something like that. It happens all the time in business. Who knows, they may have recorded the conversation themselves? I'm sure *your* standards are higher than anyone you have ever met or corresponded with.
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The issues we have were clearly presented. I suggest you try reading it before you criticize it. That usually helps your understanding.
------------------------------------------------------------------
I don't recall criticizing the letter. Please show me where and when I have done that.
------------------------------------------------------------------
This letter was not from me it was from 60 some shareholders with over 45 million shares. They have chosen to ignore it. That, in itself, is incompetence.
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Are you saying 60 some shareholders signed this letter? What specifically is it you want to know that you feel they are not telling you?
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Midtieroil~ you said=
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As I have said many times it is not my intention to harm the company. It is my intention to get managment replaced and have someone competent replace them. This company will not reach its full potential with current management and I think even you know that whether you will admit it or not.
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Who do you want replaced? Everybody? Or just one person? Or just one person to replace all of them? Just asking because you said "...and have someone competent replace them." So is it someone, as in ( 1 ) person?
Now who do you have in mind to replace current management? How much money do they require and how soon can they start?
Midtieroil~ Where is this Letter? Is it in the sticky posts?
If not, Why Not?
Did you recieve verification that they recieved it? Was it registered mail or what? If so post it Please.
Being the business professional that you tout yourself as being; and threatening lawsuits, etc. Why would you not record your conversation with them, given all the things you say they are doing wrong, why would you not record your conversation to prove their incompetence?
It would have been interesting to hear the tone of your voice when and if you talked with them.
I'm going to tell you something; your tone on this message board leaves alot to be desired.
You've made alot of accusations and have not backed any of them up.
I've asked you before- What specifically is it you want to know that you feel they are not telling you?
Strass, ERHC had a pretty good run-up a while back, almost broke the dollar mark. The reason it didn't had nothing to do with management. The reason it didn't break a dollar is because the traders started selling, taking their profits; all the while they were saying what a great stock ERHC is, they were selling. Kind of like what happened over on the mmr board a few months ago.IMO
You best go get that leg looked at.
When I read this, I don't get the impression that ERHC has completely turned their back on me as an investor.
ERHC announces JDA's approval for extension of Exploration Phase I in JDZ Blocks
Posted on: Fri, 01 Oct 2010 02:30:37 EDT
Symbols: ADXTF, ERHEE
Oct 01, 2010 (Datamonitor via COMTEX) --
ERHC Energy, an oil and gas
company focused on exploration and development, has announced that the Joint Development Authority has approved a six months extension of Exploration Phase I in Joint Development Zone Blocks 3 and 4.
The extension will enable the contracting parties to complete all studies needed for further exploration in the Blocks. Earlier in September 2010, ERHC supported Addax Petroleum, ERHC's technical partner and the operator of Joint Development Zone (JDZ) Blocks 3 and 4, in applying to enter into Exploration Phase II pending the completion of the studies.
Instead, the agreement was reached with the Joint Development Authority (JDA) to further extend Exploration Phase I to enable completion of the studies before commencement of Phase II.
Peter Ntephe, CEO of ERHC, said: "To date, there has been a tremendous amount of work carried out to update volumetrics of the resources, analyze geochemical samples, interpret sample analysis and reevaluate play concepts, but more time is required to conclude the study program. ERHC acknowledges the commitment and efforts of the Operator as well as the continued support and cooperation of the JDA."
What specifically is it that you want to know that you feel they are not telling you?
As far as the share price goes. It is my opinion we are in the .20's because of a "group" of traders that play this stock. If you look back at the charts you should be able to see that ERHC has always had a pretty predictable run. The difference this time around, there was a group dump resulting in the share price we see now. The traders took their profits in the .70's and .60's and have been building their new base. Some of them would like to see ERHC drop to.10. They will probably sell and take profits when we hit the.40's when the gap hopefully fills.IMO
What do you think the share price would be at now, if nobody ever sold?
....Specifically, the operators are focusing on the following five tasks:
1. Further examine the controlling elements in the hydrocarbon accumulation based on seismic data and drilled well data;
2. Re-evaluate geologic conditions for petroleum accumulation;
3. Estimate resources of undrilled traps and evaluate drillable trap(s);
4. Analyze economic feasibility of developing the oil/gas reservoir; and
5. Propose the way forward.
Interesting how quickly and easily something can be misunderstood.
OT- Shareholder Sues BP Board Over Deepwater Horizon Oil Spill
Date Published: Monday, May 10th, 2010
http://www.newsinferno.com/archives/20271
BP Deepwater Horizon Oil Spill Shareholder Lawsuits
http://www.yourlawyer.com/topics/overview/BP-Deepwater-Horizon-Oil-Spill-Shareholder-Lawsuits
Thanks Red, I appreciate your thoughts/opinions.
ERHC has proven, since you have some experience with trading AIM listed companies I was wondering if you would share some thoughts/opinions.
My main question is: What advantage or disadvantage is there for me to participate in the "Exchange Offer"?
If I don't participate in the Exchange Offer and there comes a time that I want or need to sell some shares and the majority of ERHE shares are on the AIM, does that make it harder to sell the shares I hold on the OTCBB?
Any thoughts/opinions appreciated.
I used the word "think" two times. I suppose I could have used IMO or reminisce. Strass, I'm not trying to convince anybody of anything. I personally don't see any reason to worry at this time. I think you missed the point.
You're right, the shareprice matters and I wonder why we are not over the dollar line. However I do believe we will cross that line. You've been here a long time, you know what ERHE has accomplished. I believe that based on the nasi numbers alone we should be over a dollar. I guess I get sick of the traders or traitors that whine, piss and moan and twist this or that to fit their agenda. If they're buying they are bashing; if they are selling they're pumping. On one hand people are bitching about the share price and everything they post is doome and gloome and they just don't understand why the share price is drifting lower, go figure. Yes I'd like to see the share price higher, my last buy was at .615. "daylatedolarshort" is a joke to myself from way back when it looked like ERHE was going to cross that line but it did'nt. I really appreciate the positive posts from the many knowledgable poster's here that take the time and put forth the effort to share their thoughts. It's food for thought that I appreciate; I can come up with enough negative thoughts on my own. There's always questions in any investment, however there is no question that I'm going up north to cut the grass and drink some beers.LOL I definitely need to step away from the computor.
All IMO Regards
How true, go figure.
ERHE has accomplished alot. Thinking back over the 8 years I've held ERHE; the patience level of many poster's has always been short, and the closer to positive news coming and being announced, the more anxiety and less patience they had.
So... if one would step back and look at the big picture and start to think about what has been accomplished thus far, it is awesome. So many want it all "yesterday" or they want to "put the cart in front of the horse" and then wonder why they're going bassackwards.
I think there is a lot going on and being accomplished that is simply not prudent to announce to the world at this time.
RE: "read my posts on friday for what keeney had to say. they dont consider the JDA an official source to give an extension"
I've read all your posts from friday; Who is they? I couldn't find where kenney said "they dont consider the JDA an official source to give an extension"
Could you please provide the post # ?
Yeah, I don't know. Just found it interesting that the JDA granted Sinopec an extension to Sept. 14 and the EEZ auction ends Sept. 15? If granted an extension for blocks 3 and 4 also, that would mean results for blocks 2, 3, and 4 wouldn't have to be made known until after the EEZ auction is closed? One would think the JDA would want very positive results announced before the auction ends, unless some kind of consortium proposal has been made to the JDA and the JDA likes it? I guess there are a lot of possibilities. Just thinking outloud to get others perspectives/speculation.
I find this interesting, not sure why yet.
First São Tomé and Príncipe Exclusive Economic Zone (EEZ) Licensing Round 2010
The international auction block was launched in London in early March and is open until September 15, following the evaluation of proposals, registration of companies and the negotiation of contracts with companies.
from post #209878
The JDA has granted a six month extension to 14 September 2010 to allow Sinopec to complete these studies and to allow the participants to make a properly informed judgment on whether to enter the next Exploration Phase with its commitment of one well.
Four other wells were drilled in the JDZ, three in Block 4 and one in Block 3, simultaneously with Bomu 1. We believe that the JDA may also grant extensions for these blocks allowing the common operator, Sinopec, tointegrate the studies on a regional basis to the benefit of the JDA and participants".