Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
rocky,
I take it you don't think there are powers calling for more transparency in the oil license process? Is that what you are saying? If that is not it, what are you trying to say?
Head in the sand, head in the sand, head in the sand....
Are you afraid of the facts?
Are you afraid of the posted articles?
What is your problem with the posted links? They don't support your hypster opinions?
Get a grip on reality, bayfish, this is what is happening in Nigeria and you want to avoid it for some reason. IMO, you are far better off making educated decisions knowing all the facts. There is no need to attack the messenger, I didn't write the articles.
Good luck anyway.
Are you afraid of the facts?
Are you afraid of the posted articles?
What is your problem with the posted links? They don't support your hypster opinions?
Get a grip on reality, bayfish, this is what is happening in Nigeria and you want to avoid it for some reason. IMO, you are far better off making educated decisions knowing all the facts. There is no need to attack the messenger, I didn't write the articles.
Good luck anyway.
Note Nigeria almost at the very bottom, corresponding with extreme corruption:
TI 2005 Corruption Perceptions Index
Country rank Country 2005 CPI score* Confidence range** Surveys used***
1 Iceland 9.7 9.5 - 9.7 8
2 Finland 9.6 9.5 - 9.7 9
New Zealand 9.6 9.5 - 9.7 9
4 Denmark 9.5 9.3 - 9.6 10
5 Singapore 9.4 9.3 - 9.5 12
6 Sweden 9.2 9.0 - 9.3 10
7 Switzerland 9.1 8.9 - 9.2 9
8 Norway 8.9 8.5 - 9.1 9
9 Australia 8.8 8.4 - 9.1 13
10 Austria 8.7 8.4 - 9.0 9
11 Netherlands 8.6 8.3 - 8.9 9
United Kingdom 8.6 8.3 - 8.8 11
13 Luxembourg 8.5 8.1 - 8.9 8
14 Canada 8.4 7.9 - 8.8 11
15 Hong Kong 8.3 7.7 - 8.7 12
16 Germany 8.2 7.9 - 8.5 10
17 USA 7.6 7.0 - 8.0 12
18 France 7.5 7.0 - 7.8 11
19 Belgium 7.4 6.9 - 7.9 9
Ireland 7.4 6.9 - 7.9 10
21 Chile 7.3 6.8 - 7.7 10
Japan 7.3 6.7 - 7.8 14
23 Spain 7.0 6.6 - 7.4 10
24 Barbados 6.9 5.7 - 7.3 3
25 Malta 6.6 5.4 - 7.7 5
26 Portugal 6.5 5.9 - 7.1 9
27 Estonia 6.4 6.0 - 7.0 11
28 Israel 6.3 5.7 - 6.9 10
Oman 6.3 5.2 - 7.3 5
30 United Arab Emirates 6.2 5.3 - 7.1 6
31 Slovenia 6.1 5.7 - 6.8 11
32 Botswana 5.9 5.1 - 6.7 8
Qatar 5.9 5.6 - 6.4 5
Taiwan 5.9 5.4 - 6.3 14
Uruguay 5.9 5.6 - 6.4 6
36 Bahrain 5.8 5.3 - 6.3 6
37 Cyprus 5.7 5.3 - 6.0 5
Jordan 5.7 5.1 - 6.1 10
39 Malaysia 5.1 4.6 - 5.6 14
40 Hungary 5.0 4.7 - 5.2 11
Italy 5.0 4.6 - 5.4 9
South Korea 5.0 4.6 - 5.3 12
43 Tunisia 4.9 4.4 - 5.6 7
44 Lithuania 4.8 4.5 - 5.1 8
45 Kuwait 4.7 4.0 - 5.2 6
46 South Africa 4.5 4.2 - 4.8 11
47 Czech Republic 4.3 3.7 - 5.1 10
Greece 4.3 3.9 - 4.7 9
Namibia 4.3 3.8 - 4.9 8
Slovakia 4.3 3.8 - 4.8 10
51 Costa Rica 4.2 3.7 - 4.7 7
El Salvador 4.2 3.5 - 4.8 6
Latvia 4.2 3.8 - 4.6 7
Mauritius 4.2 3.4 - 5.0 6
55 Bulgaria 4.0 3.4 - 4.6 8
Colombia 4.0 3.6 - 4.4 9
Fiji 4.0 3.4 - 4.6 3
Seychelles 4.0 3.5 - 4.2 3
59 Cuba 3.8 2.3 - 4.7 4
Thailand 3,8 3.5 - 4.1 13
Trinidad and Tobago 3,8 3.3 - 4.5 6
62 Belize 3.7 3.4 - 4.1 3
Brazil 3,7 3.5 - 3.9 10
64 Jamaica 3.6 3.4 - 3.8 6
65 Ghana 3.5 3.2 - 4.0 8
Mexico 3.5 3.3 - 3.7 10
Panama 3.5 3.1 - 4.1 7
Peru 3.5 3.1 - 3.8 7
Turkey 3.5 3.1 - 4.0 11
70 Burkina Faso 3.4 2.7 - 3.9 3
Croatia 3.4 3.2 - 3.7 7
Egypt 3.4 3.0 - 3.9 9
Lesotho 3.4 2.6 - 3.9 3
Poland 3.4 3.0 - 3.9 11
Saudi Arabia 3.4 2.7 - 4.1 5
Syria 3.4 2.8 - 4.2 5
77 Laos 3.3 2.1 - 4.4 3
78 China 3.2 2.9 - 3.5 14
Morocco 3.2 2.8 - 3.6 8
Senegal 3.2 2.8 - 3.6 6
Sri Lanka 3.2 2.7 - 3.6 7
Suriname 3.2 2.2 - 3.6 3
83 Lebanon 3.1 2.7 - 3.3 4
Rwanda 3.1 2.1 - 4.1 3
85 Dominican Republic 3.0 2.5 - 3.6 6
Mongolia 3.0 2.4 - 3.6 4
Romania 3.0 2.6 - 3.5 11
88 Armenia 2.9 2.5 - 3.2 4
Benin 2.9 2.1 - 4.0 5
Bosnia and Herzegovina 2.9 2.7 - 3.1 6
Gabon 2.9 2.1 - 3.6 4
India 2.9 2.7 - 3.1 14
Iran 2.9 2.3 - 3.3 5
Mali 2.9 2.3 - 3.6 8
Moldova 2.9 2.3 - 3.7 5
Tanzania 2.9 2.6 - 3.1 8
97 Algeria 2.8 2.5 - 3.3 7
Argentina 2.8 2.5 - 3.1 10
Madagascar 2.8 1.9 - 3.7 5
Malawi 2.8 2.3 - 3.4 7
Mozambique 2.8 2.4 - 3.1 8
Serbia and Montenegro 2.8 2.5 - 3.3 7
103 Gambia 2.7 2.3 - 3.1 7
Macedonia 2.7 2.4 - 3.2 7
Swaziland 2.7 2.0 - 3.1 3
Yemen 2.7 2.4 - 3.2 5
107 Belarus 2.6 1.9 - 3.8 5
Eritrea 2.6 1.7 - 3.5 3
Honduras 2.6 2.2 - 3.0 7
Kazakhstan 2.6 2.2 - 3.2 6
Nicaragua 2.6 2.4 - 2.8 7
Palestine 2.6 2.1 - 2.8 3
Ukraine 2.6 2.4 - 2.8 8
Vietnam 2.6 2.3 - 2.9 10
Zambia 2.6 2.3 - 2.9 7
Zimbabwe 2.6 2.1 - 3.0 7
117 Afghanistan 2.5 1.6 - 3.2 3
Bolivia 2.5 2.3 - 2.9 6
Ecuador 2.5 2.2 - 2.9 6
Guatemala 2.5 2.1 - 2.8 7
Guyana 2.5 2.0 - 2.7 3
Libya 2.5 2.0 - 3.0 4
Nepal 2.5 1.9 - 3.0 4
Philippines 2.5 2.3 - 2.8 13
Uganda 2.5 2.2 - 2.8 8
126 Albania 2.4 2.1 - 2.7 3
Niger 2.4 2.2 - 2.6 4
Russia 2.4 2.3 - 2.6 12
Sierra Leone 2.4 2.1 - 2.7 3
130 Burundi 2.3 2.1 - 2.5 3
Cambodia 2.3 1.9 - 2.5 4
Congo, Republic of 2.3 2.1 - 2.6 4
Georgia 2.3 2.0 - 2.6 6
Kyrgyzstan 2.3 2.1 - 2.5 5
Papua New Guinea 2.3 1.9 - 2.6 4
Venezuela 2.3 2.2 -2.4 10
137 Azerbaijan 2.2 1.9 - 2.5 6
Cameroon 2.2 2.0 - 2.5 6
Ethiopia 2.2 2.0 - 2.5 8
Indonesia 2.2 2.1 - 2.5 13
Iraq 2.2 1.5 - 2.9 4
Liberia 2.2 2.1 - 2.3 3
Uzbekistan 2.2 2.1 - 2.4 5
144 Congo, Democratic Republic 2.1 1.8 - 2.3 4
Kenya 2.1 1.8 - 2.4 8
Pakistan 2.1 1.7 - 2.6 7
Paraguay 2.1 1.9 - 2.3 7
Somalia 2.1 1.6 - 2.2 3
Sudan 2.1 1.9 - 2.2 5
Tajikistan 2.1 1.9 - 2.4 5
151 Angola 2.0 1.8 - 2.1 5
152 Cote d'Ivoire 1.9 1.7 - 2.1 4
Equatorial Guinea 1.9 1.6 - 2.1 3
Nigeria 1.9 1.7 - 2.0 9
155 Haiti 1.8 1.5 - 2.1 4
Myanmar 1.8 1.7 - 2.0 4
Turkmenistan 1.8 1.7 - 2.0 4
158 Bangladesh 1.7 1.4 - 2.0 7
Chad 1.7 1.3 - 2.1 6
Explanatory notes
* CPI Score relates to perceptions of the degree of corruption as seen by business people and country analysts and ranges between 10 (highly clean) and 0 (highly corrupt).
** Confidence range provides a range of possible values of the CPI score. This reflects how a country's score may vary, depending on measurement precision. Nominally, with 5 percent probability the score is above this range and with another 5 percent it is below. However, particularly when only few sources (n) are available an unbiased estimate of the mean coverage probability is lower than the nominal value of 90%.
*** Surveys used refers to the number of surveys that assessed a country's performance. 18 surveys and expert assessments were used and at least 3 were required for a country to be included in the CPI.
Homeport,
maybe if you keep an eye on this source of articles and post the relevant ones, people will believe they are true more than when I post them.
For some reason it is believed that the articles I post are fake or something, and they go completely ignored by those that prefer to hide their heads in the sand.
I have a few other sources which are also very good, and if you don't recognize the article, just ask and I will give you that link, as well. Clearly the purpose here is to inform the board of what is really happening and not just focus on only the good. I prefer reality and as much understanding of the situation in Nigeria as possible. Just because information doesn't support a hypster position does not mean it is irrelevant or bashing, IMO. I am long on ERHE, after much DD, and think it has great promise, though I won't say that there is not risk of losing the entire investment. If that labels me a basher, so be it.
Cheers,
I would guess that hypsters on this board still deny that there is potential for ERHE oil rights to be revoked. Read the articles, boys, and you may get a clue.
The media and the war against corruption
By Victor C. Ibe
Posted to the Web: Wednesday, July 19, 2006
LIKE the National Assembly, the much - maligned Nigerian media redeemed themselves in the eyes of the people during the patriotic campaign to scuttle President Olusegun Obasanjo’s third term ambition. In the main time, they refused to be bought or sold. However, as in all human associations there were a few traitors, a few quislings, and a few bad eggs. Such cheque-book journalists are known, and will go the way of Judas Iscariot, the one that betrayed his master for 30 pieces of silver.
Was it coincidence or vendetta that those known to have opposed the third term agenda are having licences or appointments revoked, have unscheduled strong-arm visits from the EFCC, or have themselves moved away from area of core competence to areas of tolerable performance. These coincidences that smack of vendetta suggested that a thwarted Chief Obasanjo is an enraged General Obasanjo who is not known for leaving vengeance to God, his self-proclaimed status as a born-again Christian not withstanding.
The foregoing calls for eternal vigilance on the part of the media, for this is the price of freedom. Vigilance is called for as the press itself is under attack and its practitioners prosecuted under non-existent laws in a classical case of if you can’t buy them, harass them, intimidate them and thus silence or neutralize them. General T. Y. Danjuma, a professed friend of Mr President and twice his kingmaker, opposed his third term ambition and his request for a second oil mining license, OML, on a subsisting (till 2008) oil prospecting license OPL lease was turned down without reason or explanation. The government that purports to support local participation in our foreigner-dominated oil industry penciled down his rich oil lease for a mini-bid round that had pre-selected foreign companies and pro-third term local companies in town. It was the General’s timely recourse to legal action that put paid, for now, to that attempt to rob Nigeria’s Paul to pay foreign Peter.
There is another reason for the media and other Nigerians to be vigilant. The current climate of impunity, arbitrariness and vindictiveness is not only hurting perceived enemies of the regime, it is more importantly hurting Nigeria’s international standing and the drive for foreign, direct investment, FDL Investors go to where due process is a routine and the rule of law unquestioned. That this is so is seen in the fact that a Transparency International affiliate, Finland-based Federation of Global Watchdog issued a statement in the first week of July decrying the lack of transparency and open-ness in the 2005 oil license bid round. According to the report: “The group in a statement signed by Mervi Nystrom, Programmes Co-ordinator, warned that there has been alleged cases of controversy which have trailed the 2005 oil license bid round, a situation which is not in conformity with global bidding standard and procedures".
The statement which was also forwarded to Transparency International in Germany said: “Indeed the participation of major oil companies in the bid round was insignificant as a result of this expected controversy because what is at stake is the indigenous oil companies that are being allegedly short-changed. The Federation of Global Watchdog does not only condemn this controversy and alleged ethical misconducts by officials but also wish to say that the whole exercise should be probed by President Obasanjo because of the need to redress the worsening situation immediately. At the end of the investigation, those short-changed should be issued their licenses while those that need revalidation should be revalidated accordingly. We also call on all other anti-corruption monitors to intervene and ensure that correction of the wrongs is transparent, open and just, for anything short of this would amount to an official endorsement of corruption by the Nigerian government”.
The agency recalled that such injustice done Gen. T.Y. Danjuma over OPL 246 was the reason for recourse to judicial review and adjudication.
This statement was posted in the agency’s website and copied to media houses and stakeholders in the oil industry.
Predictably, the Federal Government saw the piece as sponsored and pointed accusing fingers at Gen. Danjuma’s oil company which was specifically mentioned as a victim. It claimed to have spoken to Transparency International which denied any relationship with Global Watch. Curiously the government spokesman did not identify who in Transparency International it spoke with and to date Transparency has not posted on its website any such denial or disclaimer.
Yet journalists working for respectable media houses which did not publish the original statement, published the rejoinder as news, not paid advertisement, and proceeded to write commentaries on it, as directed in a text message to energy editors from a Petroleum Ministry aide. That kind of unethical conduct is likely to erode the new-found confidence Nigerians have learnt to repose in the nation’s media that acquitted themselves well and reached their apogee during the battle to put paid to Obasanjo’s Abacha-style transition from self to self.
The importance of the oil industry as the literal fuel of our economy apart, the fact that a General Danjuma can be a victim at the hands of a vengeful Obasanjo is an added cause for concern. For as a concerned Nigerian wrote recently, if they can do this to General Danjuma who put them there, what protection do we have, we whose votes don’t count and voices are not heard.
The media remain our last line of defence, if they bridge the defences of the National Assembly and refuse to obey the courts, they must not be allowed to silence the media through treachery.
A couple of more relevant articles on the JDZ Board....
Nigeria: Agency Seeks Openness in Oil Licenses Bids
Email This Page
Print This Page
This Day (Lagos)
July 3, 2006
Posted to the web July 3, 2006
Sheriff Balogun
Lagos
The Federation of Global Watchdog, an affiliate of Transparency International in Finland, Scandinavia, has called on the Federal Government to demonstrate transparency, accountability and openness in the recent Bid Round for oil licenses.
The group in a statement signed by Mervi Nystrom, Programmes Co-ordinator, warned that there has been alleged cases of controversy which have trailed the 2005 Oil license bid round, a situation which is not in conformity with global bidding standards and procedures.
While urging President Olusegun Obasanjo to probe the whole exercise and correct the alleged wrongs, the FGW noted that this is necessary to assure international investors, global monitors and members of the international community that Nigeria and her President is committed to its avowed war on corruption.
The statement which was also forwarded to Transparency International (TI) in Germany, said: "Indeed the participation of the major oil companies in the bid round was insignificant as a result of this expected controversy because what is at stake is the indigenous oil companies that are being allegedly short-changed."
It added, "The Federation of Global Watchdog does not only condemn this controversy and alleged ethical misconducts by officials but also wish to say that the whole exercise should be probed by President Obasanjo because of the need to redress the worsening situation immediately. At the end of the investigation, those short-changed should be issued their licenses while those that need re-validation, should be revalidated accordingly."
The FGW also added," We also call on all other global anti-corruption monitors to intervene and ensure that correction of the wrongs is transparent, open and just, for anything short of this, would amount to an official endorsement of corruption by the Nigerian government."
IT would be recalled that controversy had trailed the oil block bid round, leading to a situation whereby South Atlantic Petroleum owned by Gen.T.Y. Danjuma had gone to court for adjudication on the matter of OPL 246. Warning that Nigeria is too important to be toyed with, the group urged all stakeholders, especially President Obasanjo and international monitors to resolve the issues involved in the lingering controversies.
Relevant Links
West Africa
Nigeria
Petroleum
Crime and Corruption
"It would interest all to note that Nigeria is the world's 5th largest producer of crude oil and the sixth highest exporter of the product at the global oil market. Nigeriaís export, for instance, account for 8% of the US crude oil imports. Thus, in Europe and North America, Nigeria has emerged as a significant nation endowed with rich oil resource.
With an expanding population , oil and gas account for 98% of the country's external earnings and 85% of her federally generated revenue.
Therefore, the oil and gas sector holds the sway in Nigeria, one of Africa's most significant nations and it is against this background that the Federation of Global Watchdogs reiterate its call on President Obasanjo, global anti-corruption agencies and the international community to intervene to resolve all controversies".
Nigeria: Agency Seeks Openness in Oil Licenses Bids
Email This Page
Print This Page
This Day (Lagos)
July 3, 2006
Posted to the web July 3, 2006
Sheriff Balogun
Lagos
The Federation of Global Watchdog, an affiliate of Transparency International in Finland, Scandinavia, has called on the Federal Government to demonstrate transparency, accountability and openness in the recent Bid Round for oil licenses.
The group in a statement signed by Mervi Nystrom, Programmes Co-ordinator, warned that there has been alleged cases of controversy which have trailed the 2005 Oil license bid round, a situation which is not in conformity with global bidding standards and procedures.
While urging President Olusegun Obasanjo to probe the whole exercise and correct the alleged wrongs, the FGW noted that this is necessary to assure international investors, global monitors and members of the international community that Nigeria and her President is committed to its avowed war on corruption.
The statement which was also forwarded to Transparency International (TI) in Germany, said: "Indeed the participation of the major oil companies in the bid round was insignificant as a result of this expected controversy because what is at stake is the indigenous oil companies that are being allegedly short-changed."
It added, "The Federation of Global Watchdog does not only condemn this controversy and alleged ethical misconducts by officials but also wish to say that the whole exercise should be probed by President Obasanjo because of the need to redress the worsening situation immediately. At the end of the investigation, those short-changed should be issued their licenses while those that need re-validation, should be revalidated accordingly."
The FGW also added," We also call on all other global anti-corruption monitors to intervene and ensure that correction of the wrongs is transparent, open and just, for anything short of this, would amount to an official endorsement of corruption by the Nigerian government."
IT would be recalled that controversy had trailed the oil block bid round, leading to a situation whereby South Atlantic Petroleum owned by Gen.T.Y. Danjuma had gone to court for adjudication on the matter of OPL 246. Warning that Nigeria is too important to be toyed with, the group urged all stakeholders, especially President Obasanjo and international monitors to resolve the issues involved in the lingering controversies.
Relevant Links
West Africa
Nigeria
Petroleum
Crime and Corruption
"It would interest all to note that Nigeria is the world's 5th largest producer of crude oil and the sixth highest exporter of the product at the global oil market. Nigeriaís export, for instance, account for 8% of the US crude oil imports. Thus, in Europe and North America, Nigeria has emerged as a significant nation endowed with rich oil resource.
With an expanding population , oil and gas account for 98% of the country's external earnings and 85% of her federally generated revenue.
Therefore, the oil and gas sector holds the sway in Nigeria, one of Africa's most significant nations and it is against this background that the Federation of Global Watchdogs reiterate its call on President Obasanjo, global anti-corruption agencies and the international community to intervene to resolve all controversies".
Sao Tome May Decide 3rd Oil License Round Mid-07-Official
LONDON -(Dow Jones)- Sao Tome and Principe, the tiny island nation off the coast of West Africa, is unlikely to decide when it will hold its third oil licensing round until early to mid-2007, a top government official said Tuesday.
The impoverished country, whose government currently gets most of its revenue from agriculture and foreign companies operating phone sex lines, is on the cusp of becoming a new oil player in the increasingly important waters of West Africa's Gulf of Guinea.
Sao Tome held two oil licensing rounds in 2003 and 2004, and is conducting studies on new oil acreage in the gulf that will determine the scale of a third oil licensing round, said Carlos Gomes, Chairman of the Sao Tome-Nigeria Joint Development Authority.
Gomes told reporters on the sidelines of a Gulf of Guinea oil conference in London, that the studies are likely to be finalized around mid-2007 and a firm date on the third oil licensing round will be announced thereafter.
"We don't have enough data, especially seismic data, that would allow us to know what type of oil acreage we're dealing with," Gomes told delegates at the conference.
The JDA was established in 2001 by Sao Tome and Nigeria, whose offshore waters are adjacent to Sao Tome's, to manage oil licensing rounds in the two countries' shared waters, known as the Joint Development Zone.
The zone contains 23 exploration blocks that could contain as much as 14 billion barrels of oil. The JDA has already awarded 6 blocks to a number of companies, but the licensing rounds have been plagued by long delays and accusations of corruption.
U.S. oil major Chevron Corp. (CVX) announced in May that it had found oil and gas in the zone's first block but said it was too early to say whether the discovery is commercially viable.
Chevron holds a 51% stake in Block 1, Exxon Mobil (XOM) owns 40% and the rest is owned by a local company.
The U.S., the world's biggest oil consumer, currently gets about 15% of its oil imports from the Gulf of Guinea but that is expected to rise to about 25% by 2015.
-By Spencer Swartz, Dow Jones Newswires; +44 (0)207 842 9357; spencer.swartz@dowjones.com
Nigeria's Globacom boss Adenuga arrested
July 12, 2006, 7 days, 16 hours and 22 minutes ago.
By ANDnetwork .com
Renowned Nigerian businessman, Mike Adenuga, has been arrested by operatives of the Economic and Financial Crimes Commission of Nigeria.
He was said to have been taken away from his Victoria Island, Lagos home on Sunday and flown to Abuja where he was still being held for yet unspecified reasons.
Adenuga’s business interests span telecommunications, oil, banking and other sectors was said to have been seized at home by the operatives who came with heavy equipment to pull down the doors in case of any resistance.
A senior Economic and Financial Crimes Commission (EFCC) source who confirmed the arrest, however, declined to give reasons for the arrest or other details.
Though details were sketchy at press time, The Guardian learnt from presidency sources that the detention of the business magnate might not be unconnected with a recent financial intelligence report on how a tranche of funds from the Petroleum Technology Development Fund (PTDF) was allegedly used to fund some projects linked to Adenuga.
A presidency source on Monday said, "The anti-graft body is just trying to find out whether Chief Adenuga's telecom firm benefited from alleged abuse of PTDF through a bank."
The PTDF deals, according to a source, may also have involved "very big men in government as well as some banks".
There were also speculations that Adenuga's arrest may have had political motives while another theory is that there is nothing to the businessman's questioning other than EFCC's routine investigation of big businesses.
Industry watchers were however worried last night about the implications of the continued detention of the businessman who is a major investor in oil and gas and communication businesses.
Efforts to speak with EFCC chairperson, Malam Nuhu Ribadu and some of his men from Abuja failed.
The Guardian
I have given information regarding ERHE to some close friends that have a very large hedge fund, and they are looking at the stock. One problem is the large number of shares for such a low share price. Hedge funds typically deal with penny stocks only if the outstanding number of shares is very small, hence they can "control" the stock price easier.
" ABB Units Fined $10.5 Million for Bribes
ABB Vetco Gray Inc and ABB Vetco Gray UK Ltd, units of ABB Ltd, are fined $10.5 million after pleading guilty to bribing Nigerian officials to win contracts for oil exploration "
Investment from Hedge Funds is just as important. There is no limit of stock price for them to invest. Don't know about institutions stock price limits, but significant money could be found with a large investment from even one hedge fund.
Additionally, as discussed extensively on ERHE Board, there is the possiblitity of a reverse split.
"because we are in a holding period just like after awards. not rocket science. We will be going back up and beyond $1 as company releases news. "
- i take it you don't think there were people selling off after news of the investigation?
"Do what you gotta do. I am holding a winner and I know it."
- I just bought at 43 cents (yes, I know I am already down) BECAUSE I think the investigation lowered the price. I think it is possible ERHE could lose their rights, but I don't think it is likely. I am willing to gamble on this and see what happens. I figure 0 or several dollars. So I don't argue with you there. But I do argue with you that the investigation didn't have a negative effect on share price.
If the rights are not in danger, why did the stock drop 50% after the investigation was launched?
chcr,
thanks,
I also think it would be great. Be careful, though, as any statement that can be taken in a negative light typically brings about personal attacks and avoidance of the issue. In other words, you will be welcomed by the others so long as it supports their aspirations.
I agree with you Spec but have been ridiculed on JDZ for stating such.
Does the moderator here allow you to voice opinions on this matter? My posts relating to this were deleted on JDZ.
Thanks,
Spec,
In your opinion, if no link were found between the two, is no other bribery strictly from ERHE to Nigerian officials not just as problematic? Is it not about any bribery? Or is Jefferson so "well known" from this that a tie with him seems necessary?
Thanks for your opinion...
Good post Rambus. But I am sure posters here will tell you that since Nigeria doesn't like the invetigation, that there is no chance that ERHE will lose rights or be punished in some manner. It doesn't matter if they see it in writing or it is your personal oppinion. If you read this board, you would think the investigation is nothing and there is no fear of negative from it. Even after a 50% drop in share price since it started. LOL.
Heads in the sand again, boys.
"Oilman007 - I disagree with your insistence that this board is only used for hype. First, look back at my posts on this board. Why would they be allowed to remain if Instruct only cared about hype? Why don't other posters disagree with me when I say this is a very high risk stock? I am not hyping this stock and they don't seem to have a problem with my posts."
- and I respectfully and emphatically disagree with you.
"Secondly, I tried explaining this before. These issues have already been discussed at length - THEY ARE NOT NEW. The discussions between the US and Nigeria/STP re: patrolling the area goes back to at least 2002. There are links posted regularly on the ERHE board about militant attacks and kidnappings. There is usually no discussion re: the articles, however, as everything has already been said previously. "
- if they have been discussed at length, than it was only between the hysters who ignore important issues. Statements that because an oil rig has not been struck yet as a claim that it will never happen is all hype and no reality.
"Once again, any investor who has done dd on this company and this area, factored the security issues into their decision making process. They've already made their decision on whether this is going to impact ERHE in the future. And/or, they don't care since they are hoping to have made a nice profit and be gone before any of these scenarios are even possible"
- and I stated that I think this has already been factored into the price (IMO) and asked specific questions about any past events that may have happened. I don't know if I disagree with anything you have in this statement.
What is the point of your post? That because something has been discussed before, it cannot be discussed again? Is that what you are saying? I guess then you must disallow all posts until news comes out?
I gave you proof that terrorists can get throught eh US Navy. Does that anger you?
If you need another example, use 9-11.
Get your facts straight, alwright. US presence gives no guarantee of safety. None. I would think it is a deterrant, but terrorists have already proved they are willing to not only attack, but directly attack the US Navy. So what point are you trying to make? Are you trying to go back and now realize that this is a major concern for the area? If so, good job, and you can go put your head back in the sand now.
LOL
see, that is a great post. It CLEARLY shows that security is a major concern for the region. And that was my point, and if you look back at my posts, you will see that.
So why do dber and alwright refuse to believe this as an issue? Why? Because it does not hype their positions.
I prefer reality myself.
Rocky,
You are correct, Rocky. And you should not have been lumped in with alwright and dber, and I apologize. You have taken the time to read and understand the issues and also realize various possibilities. We may have differeing opinions on issues, but they are just that.
As for my point in all of this: I provided links to articles and asked some questions. I was attacked for bringing negative possibilities to the board. It is everyone's right to ignore these if they choose, which is one of my points. But they are clearly possiblities if experts are writing about them and things like that are happening, and Al Qaeda is stating that they will target this area. I don't consider it opinion thinking this is a possibility, I consider it fact. Opinion comes in on whether the companies will be negatively impacted from it, and on that issue I haven't even formed a solid opinion, only that it is a reasonable possibility. Denying that it is possible is hiding your head in the sand, and that is my statement.
emdyal,
I a a new investor to ERHE and mostly visit the JDZ board, though I am starting to read here as well. I thought I would catch up on who people are first.
I have not seen it yet from you (I haven't looked back very far), but on JDZ, if you post one link to a news report about something that could negatively affect the stock price of ERHE, you are attacked by the board moderator and his groupies. Maybe you are in the same situation here?
Good luck, but don't sacrifice the truth to the wishes of the baord. We are here to discuss ERHE and the JDZ Board doesn't want to hear anything negative, so they basically don't want anything discussed at all. LOL.
Long on ERHE, but not a hypster....
That's what I have been telling you that you have been doing forever with regard to ERHE. Now you are finally listening?
Perfect ingredients for the alwright cocktail:
Ignore all negative possibilities. Focus heavily on ignoring ongoing Federal Investigations, keep adding "ignore" until you have completely forgotten this issue, it may be different amounts for each person. You may need to toss in some extra "ignore" for terrorism threats, depending upon how much you have factored in already. Then add extra heavy doses of wishful thinking, hypster comments, and possibilities. You can not add too much of any of these. Mix well, shaken or stirred, and..............
Excellent, you get a 50% loss in a few months. What a blessed cocktail.
LOL
dber,
Nothing personal on my side, I just refuse to bury my head in the sand. As I have said repeatedly, you do as you please.
I wish I could find more stocks like ERHE that have no threat of terrorism and no worries about Federal Investigations, even while they are happening. I just can't figure out why, if that is true, that the stock is down 50% from a few months ago? Any help here?
LOL
I will try to erase old visions of burning Iraqi oil fields from my memory. I will also ignore the lack of oil coming into the US from Venezuela.
Keep up the hype, you are doing a great job. If only the share price would listen to your slurred words.
LOL
One other comparison- terrorist attacks against Western targets are typically anything that is seen as beneficial to the US or carrying similar ideals to the US. At least that is how I interpret it. Bombing a hotel in Egypt that US tourists stay at fits this description. So does bombing the embassy of a US ally.
Head out of the sand, boys....
Good questions, rocky:
""The article was about Al Qaeda and their desire to set up training camps and attack Western targets in Nigeria. I didn't write the article, but I felt it was a good article."
So, do you believe ERHE would be considered a "Western target" with their partners doing the drilling and a Nigerian as a majority shareholder? And, how high do you think this priority would be with Exxon and Chevron also there?"
I think Exxon and Chevron are more likely targets than ERHE, but have little reason to think that terrorists would even separate the two. I would guess that their goal would be to simply instill fear and disrupt all oil production that could go to the US, regardless of who owns the companies. So I believe they could be a target, yes.
"Your whole argument is predicated on ERHE being considered a "Western Target". You have no "facts" re: this and I disagree with your opinion that this article outlines any additional risk to ERHE and it's investors."
- ERHE is a US company, and it is my understanding that oil would be sold to the US from the JDZ. I consider that more than enough to qualify as a Western target.
""It is totally legitimate to conclude that terrorists attacks in the area are possible."
Uh, yes, I agree...it already happens about every fortnight."
- and yes it happens, and yes it will likely continue, and yes I believe every oil company in the JDZ can be affected (not just ERHE) and the article seems to support this notion.
And your point is?
Look rocky, dber, alwright: This is easy to understand, so let's see if you have the mental capacity to do such.
The article was about Al Qaeda and their desire to set up training camps and attack Western targets in Nigeria. I didn't write the article, but I felt it was a good article.
Al Qaeda gives fear to those attempting to do business. If they do not strike, they have at least raised your awareness and caused you to spend far more money to defend against them than the financial damage they can cause. It is unfortunate, IMO, they work this way, but they do so. And they have proved capable of many many successful attacks against the US, both on and off our soil. There have been numrous attacks against other countries, as well, or places where US tourists may be visiiting.
Nigeria has been identified as higher risk. It is totally legitimate to conclude that terrorists attacks in the area are possible. The three of you want to ignore that, but it is FACT. Hopefully nothing will happen, I am sure we all hope that to be the case, but it is possible, moreso than most other places.
The USS Cole is always on alert, always taking precautions. They were attacked quite easily and successfully as far as the terrorists are concerned. I answered the question about how they can get through teh US Navy, and the terrorists have proved they have this ability. And they do have this ability and will attempt to do so again, somehwere, someday. The article is stating that there is more likelihood in Nigeria than most other places.
As I have said numerous times, you can keep ignoring these FACTS, but do so at your own peril. I will attempt to be as informed about the JDZ as possible, I own stock in a company here. I do not hide my head in the sand. You may do so.
I suggest you put me on ignore if you don't want to read my posts which address reality, and not simply a hpyster position to boost my worries about the stock price. I certainly know why the stock is down 50% from a couple of months ago, and I see reasons why it is still down. What you see is fully up to you.
Hey alwright, maybe you can talk the Navy into sitting around near the oil rigs, never going into port, and helping defend ERHE's rights to drill. That is totally realistic. I bet the US invaded their offices to get the most information they can to look into this. LOL. Too bad, the stock dropped 50% only because the US Navy is trying to figure out how to better protect the bribes made by ERHE. LOL.
Keep ignoring, alwright. No need for you to read the articles. They only give expert opinions and facts regarding possible terrorism in the JDZ area. Nothing you need be concerned about if you only want to hear hypster information and not reality. LOL.
No, MBA, you are refusing to acknowledge that there is a threat to US presence in Nigeria (as indicated by the article). That is the point.
"Nigerian terrorism.
Redundant discussion, talked about endlessly on the ERHE board. Conclusion: Improved the value of companies in the JDZ because they are out of the reach of the terrorists. Oil production neen never get within 100 miles of shore, terrorists would have to ask one of the platforms for fuel to get back. That would be after they defeat the US Navy. 07 is showing the white stripe down his back.
db"
- My answer regarding USS COle was to this post, MBA. You state: "First, the USS Cole was an American Navy ship, which along with any other American newsmaking BIG target, might be considered a target for crazy fundamental Moslem terrorists. Forget trying to convince us some small boat is any threat... only in your crazy dreams, but certainly not in reality."
But read the post above, MBA. "That would be after they defeat the US Navy." They have done so with a very small boat, and that is the example I used. I made my point, and now you are trying to say it was unrelated? I surely don't think so.
Any small boat, car, person, airplane- all can be threats in the hands of the wrong person. Not in my crazy dreams, but in reality. There are some messed up people in this world wanting to do damage to US interests, and they have publicly claimed that Nigeria is one of their primary targets. And ask the sailors aboard the Cole whether they think a small boat is a threat. They won't be laughing when they answer you.
MBA replies:
"Why don't start with some facts and answer the questions! The attacks are on your bogus claim of some great terrorist jeaprody of offshore oil wells along the coast of West Africa. "
- Read the link. They are not my claims, they are those of the news. And they are legitimate.
"Just how many terrorist attacks have been made on any of the oil wells offshore the coast of West Africa? The answer is NONE"
- I don't know, that is what I asked in one of my posts. But the article is not about past attacks, it is about potential attacks by a proven threat which has stated their intent to do damage to that region.
"Plus, it's a joke for a small row boat to head out 100 miles into the ocean to attempt such stupid idea of thinking they will harm an oil rig such as the DWD"
- I didn't say they would do it in a rowboat. But I do think a small boat is most likely, because it is easiest to avoid radar and being seen. And don't tell me 100 miles is too far, it is not. Did you know that people have crossed the Atlantic in a beach catamaran? That people have crossed the Atlantic in a boat less than 8 feet long? That a jet ski is untrackable by radar in even slightly large seas?
"It is far to say that most folks think you are a nuisance more than a legitimate source of information and DD, however, you do bring a certain sense of sick humor to the board klngfargone"
- Further support that people want to ignore the facts and reality of this region and the potential problems that it has. You read the articles and make your own opinions, that is fine, but there is no need to shoot the messenger. And also, thanks for the compliment?
Additionally, if you read the previous post for this thread, you see it is talking about Al Qaeda, not Nigerian Rebels. Those are two different scenarios.
Do you not think Al Qaeda has the potential to strike at these? They are able to hit the WTC, but not an oil rig? Are you kidding me?
ANother case of ignoring the facts. If you disagree with the person that wrote the article, so be it, but your replies have not even related to the post itself.
You should all thank me for the research. You are welcome.
repost:
___________
Don't know if this issue has been discussed on this board, but clearly all businesses in the JDZ are potentially severely affected by Nigerian terrorism and infighting.
"Since 2004, an insurgency has broken out in the Niger Delta, Nigeria's oil-producing region. The desperately impoverished local residents of the Niger Delta have seen little benefit from Nigeria's vast oil riches, and rebel groups are fighting for a more equal distribution of the wealth as well as greater regional autonomy.. Violence by rebel groups has disrupted oil production and reduced output by about 20%. Nigeria is one of the world's largest oil producers, and supplies the U.S. with one-fifth of its oil. "
- My thoughts are that this is already well factored into the share price. My question is whether or not there has been a particular incident that had immediate effect upon the share price in the past? Of any of the oil companies in the JDZ? Not just ERHE. Can anyone provide any information or link to the largest negative event regarding terrorism in Nigeria, specifically to oil as well as in the area because of the effect oil money has on the people?
Thanks,
_______________
MBA, did I say there had been some? You are putting words into my posts that just aren't there. The fact is, hypster posters don't like to hear of possible negatives about ERHE or other JDZ stocks, none whatsoever. Read the post again, then look at your reply, and you will see you have attacked without actually looking at my post.
MBA,
I suggest you moderate your board and get people back on subject, instead of soliciting personal attacks.
I have stayed on topic for the JDZ, and just because you don't like to hear facts and expert opinions, you want me gone. That sounds more like a dictatorship than a message board.