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Meridian?...some people?...this comes from the JDA...are they a Hoax...they pr'd and approved this....not trying to be too contrary...lol
baz
http://www.erhc.greatsprings.net/news/images/blockawards.pdf
BB....Sinopec is listed in the awards with filtim Huzod Block 6 already....
Baz
thank you gabby...I stand corrected...
Baz
I think Abuja is only 5 hrs ahead and sao tome is 6
baz
post 31198...If this is truly what the author thinks then ...bailing would be in their best effort.Surely we can all be saved if we follow the author's advice....LOLOLOLOLOLOL
lol...does that mean that EEL is worth 5+USD and we are at .78?
it was noted that Noble didnt require 60% operatorship in their expenses and saw that 51% all that was needed was more friendly to their business in general.
some of this has been reported .
baz
so far all operators assuming the chinese sinopec and Addax were participants in the bidding round....dont think BP was....Xom seems unlikely as the reneged.I think there will be a good mix of operators with maybe addax only suspect in deep water exploring......GLTUA
Baz
should have read OPL257...ooops
baz
Conoil is involved in OPL257..which was the overlap property with block1 originally...I think Chevron is talking to Conoil regarding their share in OPL257 as the structure that Chevron hit straddles into OPL@%&...JMHO
Baz
I think if Chev is negotiating with Conoil then maybe the structure extends north into the NEEZ where conoil has won a block....not sure of the #description of it!
JMO....BAZ
OT:remember that movie"man who would be king"
LOL...careful!
Baz
happy Presidents day!!!!!!
keep her rolling
Baz
remember this barrel amount is only from 1 large structure...could be a few more packiderms a lurking in block 2
baz
hi mark
By bailing out..cause they couldnt meet the terms or monies reqired....wasnt my point....what I was trying to say is that Sinopec..IMHO...has the inside track as they were amoungst the bidders from round 2 where as chevron wasnt....BWTFDIK
Baz
Manti
Jmho...but the operatorship was tied to the bidding round.
Chev/didnt bid in round 2.....so when the US companies wetre bailing on ERHC energy(omo),,,we looked at who we could pull in from the list of bidders and came up with ADDAX...now we are on a similar situation and Addax is streatched to the limit with block 4 and part of block 3.Also the JDA didnt want the same operator operating more than 1 block as this would hinder fast tracking...as well as issues we are not privy to.Still(OMO)....so looking down the roster we find Sinopec laden with coin and a bidder from round 2...MOU with ERHC energy.Im trying to sort this out as we all are.
good luck will follow us now...no matter who wins our hand.
Baz
Filthim-Huzod/DNO/ASA/EER/Sinopec...85%
ERHE...15%
Baz
hi balance
Sinopec was part of the biddinng for block 6 .they are listed as part of the 85% bid consortium.
maybe they have the inside track here as was with addax?
JMHO
Baz
***THIS IS GREAT***
Posted by Mongo1071 on Ihub (the post was deleted)
3:12:42 PM 11/04/04 (Mongo must have deleted it)
Post #of 14513
I must admit. I love erhe. I think it's going to go way up so I am going to bash it for months to come on ragingbull to accumulate at low prices. I don't know when it's going to "pop." Not until after the PSC's are done I'm sure, but it will "pop."
Thanks Mongo for the confidence in erhe! Have you gone back on your word? Something's fishy here!
Spec1000
- - - - -
View Replies »
this was on my royal bank site....online investing....see below that Synopec is also hinted to....LOOKING GOOOOOOOOD!!!!
UPDATE 1-Pioneer withdraws from Nigeria/Sao Tome oil zone
(Recasts, adds details on companies, reasons for withdrawal,
comments from Piorneer, ERHC, background, adds byline, adds
dateline, previously NEW YORK)
By Ben Berkowitz and Estelle Shirbon
NEW YORK/ABUJA, Feb 7 (Reuters) - Pioneer Natural Resources
Co. is exiting two exploration blocks in Africa's Gulf
of Guinea, the U.S. oil independent said on Tuesday, noting
that it had failed to agree to terms with its local partner.
Pioneer's exit from the deal with ERHC was the
latest blow to an oil exploration licensing round conducted
last May by the Joint Development Authority of Nigeria and Sao
Tome, which has yet to see any contracts signed.
"It had to do with an inability to negotiate an acceptable
agreement with our partner," said a Pioneer spokeswoman.
ERHC President and CEO Walter Brandhuber said Pioneer was
"unable to meet the timeline set for executing the various
agreements" with the Joint Development Authority (JDA).
Brandhuber, who is in Nigeria, told Reuters ERHC had a new
partner lined up for block 2, in which it and Pioneer had a 65
percent stake and were the operators. He said he could not yet
identify that partner because the plan had not been submitted
officially.
An industry source familiar with the Joint Development
Authority said China's Sinopec Corp. <0386.HK> was
aiming to replace Pioneer but this had not yet been approved.
The licensing round was repeatedly delayed before the
blocks were finally awarded. The process of negotiating the
contracts has also been delayed, with companies pulling out,
allegations of bribery and wrangling between the partners
bogging it down.
SAO TOME TENSIONS
The Gulf of Guinea, where the joint development zone is
located, is a prime exploration hotspot but political tensions
in Sao Tome have risen as the tiny twin island nation prepares
to enter the world of big oil.
Pioneer is the second company to pull out of a partnership
with ERHC in block 2. Devon ducked out last year.
In block 4, ERHC also lost its initial partner when Noble
Energy withdrew in October and was replaced by Swiss-based
Addax Petroleum.
ERHC, listed in the United States but controlled by private
Nigerian firm Chrome, has sparked controversy in Nigeria and
Sao Tome since it emerged as the big winner of the licensing
round despite having little exploration experience.
It was the only company to gain stakes in all five blocks
awarded last May. It was named operator, along with other
companies, in two of the blocks.
The authority says ERHC had been granted preferential
rights on stakes in the blocks in return for exploration
investment in Sao Tome in the 1990s, before the joint
development zone was set up. Details of those investments have
not been made public.
Late last year, the Sao Tome attorney-general said the
awards of the oil blocks may be void because of indications
that ERHC made improper payments to Sao Tome officials. The
company has denied any wrongdoing.
Asked whether he thought Pioneer's withdrawal from the
partnership with ERHC could be linked to the allegations
Brandhuber said "absolutely not." He called the
attorney-general's report "a concocted story ... a political
hatchet job against a small Nigerian company."
He said ERHC intended to finalize joint operating
agreements this month with its consortium partners for the
Nigeria/Sao Tome blocks, and go on to sign production sharing
contracts with the authority.
(Additional reporting by Estelle Shirbon in Abuja)
An industry source familiar with the Joint Development
Authority said China's Sinopec Corp. <0386.HK> was
aiming to replace Pioneer but this had not yet been approved
hi gang
I dont post much...but was thinking of the buy out talk here.
ERHC Energy has an agreement with DRSTP..between them (only) and STP....now if they are bought out and relinquish their NAME..I think they would forfiet their entitlements to the EEZ...and or the JDZ...unless the Psc's are signed and concluded prior to such buy out....By IN sounds more likely with ERHC's name still on new company..otherwise good bye EEZ!!!
JMO
Baz
snow: Erhc was awarded 25% rights and needed a tecnical partner who was Qualified in order to bid JV style naming the techie the operator.Noble/Devon/Addax...all would have been the operators.Erhc was the JV partner .
***THIS IS GREAT***
Posted by Mongo1071 on Ihub (the post was deleted)
3:12:42 PM 11/04/04 (Mongo must have deleted it)
Post #of 14513
I must admit. I love erhe. I think it's going to go way up so I am going to bash it for months to come on ragingbull to accumulate at low prices. I don't know when it's going to "pop." Not until after the PSC's are done I'm sure, but it will "pop."
Thanks Mongo for the confidence in erhe! Have you gone back on your word? Something's fishy here!
Spec1000
- - - - -
***THIS IS GREAT***
Posted by Mongo1071 on Ihub (the post was deleted)
3:12:42 PM 11/04/04 (Mongo must have deleted it)
Post #of 14513
I must admit. I love erhe. I think it's going to go way up so I am going to bash it for months to come on ragingbull to accumulate at low prices. I don't know when it's going to "pop." Not until after the PSC's are done I'm sure, but it will "pop."
Thanks Mongo for the confidence in erhe! Have you gone back on your word? Something's fishy here!
Spec1000
***THIS IS GREAT***
Posted by Mongo1071 on Ihub (the post was deleted)
3:12:42 PM 11/04/04 (Mongo must have deleted it)
Post #of 14513
I must admit. I love erhe. I think it's going to go way up so I am going to bash it for months to come on ragingbull to accumulate at low prices. I don't know when it's going to "pop." Not until after the PSC's are done I'm sure, but it will "pop."
Thanks Mongo for the confidence in erhe! Have you gone back on your word? Something's fishy here!
Spec1000
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Joe
could you hurry up and use up your last 3 posts
TIA
Baz
***THIS IS GREAT***
Posted by Mongo1071 on Ihub (the post was deleted)
3:12:42 PM 11/04/04 (Mongo must have deleted it)
Post #of 14513
I must admit. I love erhe. I think it's going to go way up so I am going to bash it for months to come on ragingbull to accumulate at low prices. I don't know when it's going to "pop." Not until after the PSC's are done I'm sure, but it will "pop."
Thanks Mongo for the confidence in erhe! Have you gone back on your word? Something's fishy here!
Spec1000
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• Trade like a pro with Qcharts
balance see my post RB #71729....subject mongo and his post to you.
baz
Balance you have got me there!!!!
Im naive in that department.Maybe Noble didnt think they could collect the sig bonusesand hence did their shareholders a favor.
If you are right...I hope Addax is prepared for the similar concerns...even as the JDA states that all companies MUST fullfill their commitments.
addax's portion is minus ERHC's free sig bonus...
Addax is only required to pay either 65 or 70% of the award as their %'s were allocated
baz
hi joe
thought we were still ERHC energy with ticker ERHE
Baz
OT: does anyone remember who had the bet with Rancho....his old nic?.... thought it was a stock something...chime in iffin ya remembers
TIA Baz
oilman....agreed..eom
maybe Balance builder can chime in here as he has links for most scenarios.
TIA Balance.
good luck listener
Baz
all I can tell you is to go to addax-oryx's web site and do your own DD...it is you that is to determine if its good or not
....not trying to avoid the issue
good luck
baz
listener go back and read some posts its complicated
Baz
het idc
jmc doesnt want a single company to be operator of more than 1 bloc,,,not sure how that pertained to ERHC....but I think it was for the major oil companies
Baz
the operator of any block doesnt need 50%+ to operate....usually just the highest percentage within the block
Baz