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Transaction code P 5
P — Open market or private purchase of non-derivative or derivative security
What’s a Form 5? Is this the 5 ??
A Form 5 is generally due to the SEC no later than 45
days after the company’s fiscal year ends and is only
required from an insider when at least one transaction,
because of an exemption or failure to earlier report,
was not reported during the year. For example, some
transactions, such as certain purchases by an insider of
less than $10,000 in a six-month period, don’t have to
be reported on Form 4 when they occur but do have
to be reported on Form 5. The Form 5 filing doesn’t
have to disclose transactions that have been previously
reported. When reporting transactions on Form 5,
insiders use the same transaction codes as when
reporting on Form 4.
Well Im pretty sure ERHC will give some shares up to the new MAJOR OIL Company they have the LOI with. Hopefully they will accept them.
Whats a P5 aquisition transaction code? Looks like they are "backin up the semi, loading the boat" they all exercised 105,000 shares to themselves... something good is on the burner IMO>
THEY APPROVED A formal extension of timelines for the commencement of the work program and meeting of pecuniary obligations under the PSC with the Government of Chad
Bad boy, Dont be too optimistic now. You might have a reason for being here. How many shares do you own ...roughly.
I could be JDA and Sao Tome didnt like the one sided agreement the "do no wrong" Chinese exploited by NOT revealing feces to anyone. I've never heard a concert of feces on any exploration program like we have endured. They are simpy saying enough BS. Bring in the honest explorers we can trust. imo
Found what was expected
Remarkable
Disappointing
major finds! in block 2 on the web site in chinese.
Hidden obscure maps showing oil.
etc..
This is what I have been saying for two years! :The communists have not described the results of the borings since 2011 to the JDZ, or (ERHC) as they were expected to"
China's Sinopec Group, could lose its licence to operate
http://www.brecorder.com/world/global-business-a-economy/119531-sinopecs-addax-could-lose-rights-in-gabon-dispute.html
I agree Remy, Total makes the most sense. Lets just hope and have faith for now the LOI is exercised and becomes actionable.
Marathon Webcast live on the Marathon Oil website on Wednesday, May 8, at 9 a.m.
April 10, 2013Marathon Oil Schedules First Quarter 2013 Financial Results Conference Call and Webcast
HOUSTON, April 10, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) announced today that the Company's first quarter 2013 financial results conference call will be webcast live on the Marathon Oil website on Wednesday, May 8, at 9 a.m. EDT. The Company plans to issue its first quarter earnings news release the previous afternoon, Tuesday, May 7, after the close of U.S. financial markets. The timing of Marathon Oil's first quarter 2013 earnings news release and conference call is a change from the Company's previous quarterly schedule.
Howard J. Thill, vice president, Investor Relations and Public Affairs, will host the call. Also participating from Marathon Oil will be Clarence P. Cazalot, Jr., chairman, president and CEO, and Janet F. Clark, executive vice president and chief financial officer. The call will include forward-looking information.
Interested parties can listen to the conference call by visiting Marathon Oil's website at http://www.MarathonOil.com and clicking on the 2013 First Quarter Financial Results link. Replays of the conference call will be available on the website through June 8, 2013. Financial information, including earnings releases and other investor-related material, also is available online and on Marathon Oil's app for mobile devices.
###
Read Carefully, that was said by either bad dog or Julius. They are learning still.
Pete, very thoughful post indeed. Its been a long 13 years here with "Agonizing Exploration" its very often this way in small independent oil exploration companies. Ive been there. Its worth the wait, to put it mildly - when oil is discovered.
I know its only a letter of intent but this should shut up Bad boys etc.. Its certainly a good start and better than no news.
Obviously, Kenya is very very hot and we can only sit back and watch it unfold. The whole JDZ thing is unconventional and still lingers. This LOI could bolster other interest from other partners and just maybe we are on our way up and NOT out. I imagine they have been working and negotiating for mnay years, rememeber PN is a lawyer, he aint working on commission..lol
Its so slow going, it can drive you crazy, thats the legal end of this big stakes game. I just hope its not Sinopec in Kenya. I have grown really tired of thier lack of transparency and communist attitudes.
This is the first good news I can think of since I alerted everyone of the drill ship coming.. aka Tonga.
GLTAL
All the sucessful wells in the area were deeper ... they werent really trying to find oil, this is a wait-it-out game and let ERHC go broke.... their winning right now. Kenya may change the secretive game though.
NO INVESTMENT HERE,BAD BOY SAYS:
While no one knows for a fact whether there is serious interest...or serious negotiations...going on with our Kenya asset, I speak from experience when I say that we are constantly told that negotiations going on with one asset or another. I am also talking from experience when I say that they never materialize. The proof is there for everyone to see.
WRONG, THEY GOT SINOPEC TO SPEND 100'S OF MILLIONS, NEVER IS THE WRONG DESCRIPTIVE.
Who says that the Kenya asset is drawing serious interest? Is it the same management that told you that the share offering was 'encouraging'? Are you 'encouraged' now that you finally know the results?
KENYA IS THE HOTTEST OIL PLAY IN AFRICA - PERHAPS SEO WAS THE REASON FOR THE EXTENSION AND HE IS GATHERING ADDITIONAL FUNDS.
http://my.firedoglake.com/staffjam/2013/01/16/why-kenya-is-the-hottest-oil-venue-in-africa-interview-with-maxwell-birley/
Is it the same management that said that the JDZ results were 'as expected'. Did that clear things up for investors? Not hardly. Then...later they say that only biogenic gas was found. Was biogenic gas the expected results? It's not what I expected. If that was what SNP expected then they should be doing backflips and drilling for even more of it. Myself...I don't think those results were ever expected. Why they thought we would believe that is beyond me. On the other hand...I guess I have seen what some people believe. I mean, I saw how many people believed the poster who claimed that he could just call up some guy with access to the drill data room on the drill ship...and get info regarding the drill results. I think that was secret source #2. Yes...some people will believe just about anything.
SINOPEC IS THE OPERATOR AND CONTROLS NEW RELEASES... NOT ERHC
So I won't say that I know if there has been serious interest in the Kenya block...how would I know. I am only talking from experience with things that have come from management previously. But based on these things that have come from management...how would you know what is fact...and what is not?
READ THE NEWS
Badog
James Stafford: In terms of exploration what are the ‘sweet spots’ in Kenya?
Maxwell Birley: Definitely the Anza Basin. Currently, the proven sweet spots are in the Tertiary sediments of the rift basins of Uganda and Kenya. More specifically to Kenya in the Lokichar Basin as proven by the Ngamia and Twiga wells by Africa Oil.
These basins form part of the larger East African Rift system. This is a very extensive rift system and many new plays will be discovered in the next few years. The Anza Basin is the largest of these East African rift basins and 10 times the size of Uganda’s Albertine Basin and Kenya’s Lokichar Basin. This rift contains Jurassic, Cretaceous and Tertiary sediments.
Taipan is exploring for oil in the south eastern end of the Anza basin. Located on block 2B we have proven more than 9,500 feet of Tertiary section on the block. From the geochemical modelling we have undertaken we see the same oil source rocks in the Anza Basin that are present in the Lokichar basin, which are highly likely to be mature for oil generation on Block 2B. In addition we also believe that more oil discoveries will be made in the Cretaceous and Jurassic basins if you can find favourable places to drill.
Can anyone make out the depth lines on the chart? Seems as many have stated they simply didnt drill deep enough.
Oil C, There is never a certainty you will get your money back n any legite oil deal, Julius is mistaken. Its called Risk and there are many more dry holes than good ones, everywhere. BUT, there is some data in EEZ and JDZ and not to mention Kenya is sizzling HOT!! so, yes many investors are interested I am sure. Terms are litigious and complicated in these negotiations.
Ive been waiting for good news for 13 years and I'm known to be impatient!
Is there any indication that "this exercise was necessary from an SEC overview kind of issue" is even a possibility?! Where did this come from anyway. I read it yesterday but what type of SEC law would force a CEO into a death wish for its stock price. What would make it important to offer current shareholders more shares than preserve valuations.
Normally bad news such as dismal offering results or a reverse split etc.. is released with some up-beat news. Most CEO like to preserve stock valuations and keep that primary in their actions and decisions. Not to have a full commitment from SEO before the offering was announced is a complete & total failure of leadership. Peter N. should resign, unless there is good news eminent. Either way his performance is sub par.
Regardless, they need to cut their spending 80%, I dont care if they all live in a tent in the African desert. Get remarkably serious PN. Cut the EXPENSES!
The offering was for current shareholders only.
Maybe PN would sell the whole company for a 100,000, are you guys in? Krom can be PR guy. etc. lol Love the face palm.
Well, its time for good news and its coming.
There cant possibly be any worse or less news.
Oh thats a great idea, youde ruin the company for sure and you might get 3 cents per 100,000 shares,maybe,, thats a great plan. Find a partner to drill sounds better to me. We all knew they have to find oil to make this profitable. This is a wildcat stock.
Ive been here for 13 years approx. guys sell if you want but you have to understand this is only a 1st step in creating a new fund to explore very hot properties in Kenya nad Chad, the offering was exactly that, an offering. They wanted to offer politely the non dilutive option to long time investors. Obviously, like me a large percentage already had too many shares and felt more shares at any price wasnt necessary. It is misleading to say Offor supports the offering as a major shareholder but there may be legal aspects to his type of further participation.
They have some very exciting assets and need to sigh up partners yesterday. No point in selling now IMO.
Its amazing a 350 dollar trade can send us up 15 %
If the siesmic data looks good there wont be a need for drilling money as is commonly done in the oil patch. ERHC will market the data from siesmic etc.. to attract a partner. THAT IS THE PLAN. The better/greater the DATA and CASH on hand the better the deal ERHC can strike with drillers.
http://www.4-traders.com/ERHC-ENERGY-INC-152597/news/ERHC-Energy-Inc-Presents-at-the-19th-Western-Africa-Oil-Gas-Energy-Conference-2013-16772564/
Listen: They are starting all over. THere is a big pay day coming from either Kenya, Chad EEZ, JDZ If all 15 or so blocks are a bust it would be rare. Odds are in our favor.
Raise money from shareholders AND ANY OTHER INVESTORS, the measy shares we bought are chump change. JDZ and EEZ are surprise bonus material now.
I bet Offor is worried about dilution from other investors. Give ERHC some time obviously there is a lot happening in JDZ,EEZ and Chad and Kenya right now. The prize is finding partners and hydrocarbons NOT How much was raised from shareholders, CASH from your optional shares purchased will be spent, THAT WAS A GIVEN FROM LAST OCTOBER.
Too ignorant to invest:?: Guys the shares were executable options deposited to you account as 1/3 of your previously bought shares.... if you didnt execute they go back to NEVERLAND.
Got it?
ERHC will ( hopefully ) raise 40 million + by any means possible this was stated months ago... hope its true for all our sakes.. we have a lot of irons in the fire one will brand.
Give it all a rest,let REMARKABLE lawyer Peter make his moves.
We have no choice.... this has always been a penny stock. be glad its still traded.
GLTAL
As he stated, we all knew this from previous releases.
We can elect to take 15% of block 2 if they develop, right? When do we have to exercise that right?
Revelation...Peter is a lawyer, anything with a lawyer takes forever! They are churning and bleeding ERHC dry.
Delays delays and never a full report on 100's of millions worth of exploration. Sinopec owes us a full report! ERHC should demand it. Official drilling reports!
Seems from the JDZ-EEZ- Kenya- Chad there are sucess stories and interest from many companies, some sucessful already in finding hydrocarbons. Partnerhips,news,active exploration, future plans and good reporting and transparency.
BUT If its ERHC blocks they all run and/or evade ... or maybe its just me.
Id vote to merge with anyone with a reputatble name.
The Sinoangol, a subsidiary of China Petroleum & Chemical Corporation (Sinopec), expressed interest in block 2 of exploitation exclusive economic zone of São Tomé and Príncipe, the national petroleum Agency (ANP) of São Tomé and Príncipe.
The statement sent to macauhub in Sao Tome, signed by the executive director of the NPA, Luis Alberto dos Prazeres, also informed that the Sinoangol presented an application requesting permission to direct negotiation for the purpose of exploration and exploitation of that Sao Tome sea Pack.
The proposal of the subsidiary of Sinopec group arises in the context of the framework law of petroleum operations in São Tomé and Príncipe which allows "in exceptional cases" the conclusion of contracts by direct negotiation.
In view of the request of Sinoangol, the national petroleum agency announced the opening of reception of proposals for possible companies interested in targeting your block quoted award pursuant to law.
The document signed by Louis Pleasures added that, where no other applications within fifteen days, the Sao Tome authorities shall enter into direct negotiation with the Sinoangol.
In addition to the exclusive economic zone, Sao Tome and Principe has a joint exploration with Nigeria on the basis of a treaty signed in 2001.
See! IN two months they will report complete information!
Results of the other DSTs are to be revealed by early June. Tullow Oil is operator with 50% interest.
Heck, their preliminary 43 meteres which BTW is what over 1200 NET PAY!! Said more than any drilling report than we have ever seen. Its not Nigeria, its not Africa its ERHC and their lame passive agreements obviously.
Really! Only in the JDZ or ERHC for that matter, never do clear answers or timely reports emerge. I would love an explanation PETER.
http://www.offshoreenergytoday.com/total-extends-drilling-contract-for-pacific-scirocco-drillship/
Total Extends Drilling Contract for Pacific Scirocco Drillship
Total S.A. has elected to exercise a one-year option to extend the firm contract term for the Pacific Scirocco to January 2015.
Pacific Drilling, a growing offshore drilling company that provides global drilling services to the oil and natural gas industry through the use of ultra-deepwater drillships announced today that the Pacific Scirocco drillship commenced operations offshore Nigeria on December 31, 2011.
The drillship is contracted for an initial one-year term to a subsidiary of a French oil and gas giant, Total S.A. The contract further provides for options, to be exercised at the client’s discretion, which could result in up to four additional years of contract term.
4/12/2013 2:25:52 PM
Canadian oil and gas company Africa Oil Corp targets to have for rigs operating in East Africa by the end of this year.
In its 2012 financial and operating report, Africa Oil Corp said it the oil rigs will be in Kenya and Ethiopia. The company said the focus of these rigs will be to continue drilling and testing wells in the Lokichar sub-basin in Kenya with improved efficiencies in an effort to reach commercial thresholds.
It also plans to drill potential basin-opener wells in the Turkana and the Chew B’hir basins in the tertiary Rift play within Ethiopia."The Ngamia-1 and Twiga South-1 light oil discoveries in the Lokichar sub-basin, combined with positive results from reservoir analysis and flow rate tests at Twiga South-1, has led to a significant increase in the pace of exploration focused on tertiary rift basins," Africa Oil says in the report released late last month.
It added: "The company and its partners will continue to acquire seismic data throughout the tertiary Rift in Kenya and Ethiopia in an effort to add to its existing portfolio of drill-ready prospects."Africa Oil and its operating partner in Block 9 in Kenya are currently planning to drill the Bahasi-1 exploratory well."This well will be drilled on a large anti-clinal structure targeting tertiary and cretaceous sandstones where six billion barrels of oil was discovered along trend in Sudan in a similar geologic setting," the report adds.A follow-up well is also being considered towards the end of 2013 in Block 9, it said. Africa Oil in Blocks 7/8 in Ethiopia are currently planning to drill a well to appraise reservoir characteristics of Jurassic carbonates on the El Kuran oil accumulation.
"The main focus of this well is to establish commercial rates with acidizing, fraccing and horizontal sidetracks being considered," the report said.Africa Oil President and CEO Keith Hill said: "Africa Oil is very encouraged with the results of our first two exploration wells in the Lockichar basin."
He said the company’s financial position as a result of the non-brokered private placement and the farmouts completed in the fourth quarter of 2012 will enable it to drill and test multiple wells in the Lokichar sub-basin in Kenya in an effort to reach commercial thresholds.It will also drill multiple additional potential basin-opening wells across its vast East African exploration acreage.
From the web...
Let's do a hypothetical exercise.
>
> Assume:
> 1] ERHE gets first rate capable partner in both countries.
> 2] assume they give up 50% of holdings in each country.
> 3] assume oil is found in each .
> 4] 1 billion barrels in Kenya and 1/2 billion barrels in Chad.
> 5] Assume ERHC has 37.5% net in Kenya.
> 6] Assume ERHC has 50% net in Chad.
> 7] Assume ERHC has 1 billion shares outstanding.
> Then proved reserves would be 625 million barrels. Now assume $12 a barrel
discounted worth of reserves.
>
> Then one has a value of $7.5 Billion or $ 7.50 per share. This is ERHC's
upside potential,imo.
>
> Comments?
http://www.state.gov/e/eb/rls/othr/ics/2013/204725.htm
100's of millions being raised by many companies for exploration all around us...
TORONTO, Canada: Smallcappower.com is pleased to release an exclusive CEO video interview with Mr. Robert Dinning, CEO of Simba Energy Inc (TSXV: SMB) (TSX VENTURE: SMB) (OTCQX: SMBZF) (FRANKFURT: GDA). In this interview Mr. Dinning explains significant progress Simba has made and the future plans to advance its oil projects in Africa. To view the CEO video interview please visit: http://www.smallcappower.com/experts/videos/simba-energy-tsxv-smb-ceo-video
Simba holds onshore exploration licences in highly prospective oil regions in Kenya, Chad and Guinea. Kenya has received significant attention due to a major discovery by Africa Oil (TSX VENTURE: AOI). Chad is receiving attention due to the successful $125 Million private placement by Griffiths Energy International Inc. Simba’s land position is adjacent to the land package held by Griffiths Energy International Inc.
To learn more about Simba Energy Inc (TSX VENTURE: SMB) (OTCQX: SMBZF) (FRANKFURT: GDA) and view research reports and the video interview please visit their investor information hub at: http://www.smallcappower.com/companies/products/simba-energy-inc
http://www.ft.com/cms/s/0/ecf9f45c-9f8f-11e2-968b-00144feabdc0.html?ftcamp=published_links%2Frss%2Fcompanies_oil-gas%2Ffeed%2F%2Fproduct#axzz2QIxyul43
“The key point is that private equity is out there and looking for opportunities such as ours.”
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/ecf9f45c-9f8f-11e2-968b-00144feabdc0.html#ixzz2QIyYpZQ9
The company, based in Addis Ababa, has already raised about $50m, largely from wealthy individuals to invest in acquiring blocks and seismic data in the country.It is aiming to raise another $100m by May to help fund a drilling programme of three exploration wells at blocks held near the Somaliland border on the Horn of Africa from later this year.
Tullow anticipates bigger finds in offshore West AfricaEmail this
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PrevNext »Tullow Oil Plc is optimistic it will make major discoveries off the shores of West Africa after announcing pockets of oil find in those waters last year. The company’s biggest find to date has been the Jubilee Field in Ghana, which was discovered in 2007 and is estimated to hold up to one billion of recoverable oil reserves, according to data on Tullow's website.
Tullow Oil Plc is the parent company of Tullow Ghana, which operates the Jubilee Field. After the Jubilee Field discovery and its subsequent start of production in December 2010, the company has not encountered any oil find in the sub-region at a magnitude closer to Jubilee despite continuous explorations.
However, its group Head of Media Relations, Mr George Cazenove, said in an interview in Accra that all hope was not lost as data available to the company showed positive results, at least in the near future. “We have made some discoveries along the West African coast but none has been a hub-class kind of discovery; the one comparable to Jubilee.”
“But we are still optimistic of a bigger find because we believe there is a Jubilee-kind of discovery along that line,” Mr Cazenove said. He spoke to the Daily Graphic after briefing selected journalists on the company's operations for 2012.
Tullow Oil last year announced new discoveries in the territorial waters of Ghana, Côte d'Ivoire, Guinea and Sierra Leone, all of which are in the West African coastline “There are a lot of prospects along that coast and Tullow will continue with explorations there,” Mr Cazenove said, pointing to geological data available to the company.
The West African coast was, until Tullow’s discovery of Jubilee in 2007, considered not lucrative to oil exploration and production (E&P) companies as many had returned, sold out or abandoned their licences after a series of fruitless explorations. The discovery of Jubilee and subsequent ones by Tullow and its partners has, however, turned the area into a hot cake for red-eyed E&P companies. Tullow's founder and Chief Executive, Mr Aidan Heavey, said on the company's website that it was looking at opening up new basins in West Africa “where we see prospects similar to those we have discovered in Ghana.”
The area, off the shores of the sub-region, stretches from Mauritania to the Gulf of Guinea. Mr Cazenove also announced at the briefing that Tullow Ghana intended to sell part of its stake in the Tweneboa-Enyenra-Ntomme (TEN) project in other to cut down on the risks associated with its current stake in the field.
The TEN project is about 25 kilometres off the Jubilee Field and Tullow, which is the operator, holds about 50 per cent interest in it. The rest is shared between Anadarko and Kosmos with each having 18 per cent and the Ghana National Petroleum Corporation (GNPC) and Sabre oil and Gas with 10 and 4.05 per cent share respectively.
“For a company with a capacity the size of Tullow, we think it’s too risky to hold such a 50 per cent stake in one field," the company’s Head of Media Relations said, pointing to high costs of investments and possible investment losses as bases. In the oil business, as is the case with all partnerships, investments, revenues and risks are shared based on the shareholding structure in the field under question. Mr Cazenove would, however, not say if interested companies had contacted Tullow for discussions on the possible sale following an earlier announcement by the company's CEO.
It is not immediately clear if any of the partners of the TEN projects would be interested in the offer but the Director of Operations at GNPC, Mr Thomas Manu, said in a separate interview that the corporation would consider the offer and take a decision. “It will be based on whether or not the acquisition will benefit the GNPC and good people of Ghana,” Mr Manu said, adding that issues regarding the cost of the sale and the availability of funds to pay for it would inform the corporation’s posture to the deal.
GNPC in 2010 got the financial backing from its counterpart from China, CNOOC, to make a failed bid for Kosmos’ assets in the country, including some stake in the Jubilee Field, and Mr Manu said the corporation’s ability to attract such a partner or at best raise the funds independently would partly influence its reaction to the Tullow offer.
“GNPC doesn't have two or three billion US Dollars sitting somewhere we can say we will always fall on it if the need arises; We would have to raise the funds and the success or otherwise will determine the action we will take,” Mr Manu said. The GNPC is entitled to prior notification of any partner's decision to offload its stake in a field and the government of Ghana, through the corporation, has a first right of refusal, according to the Petroleum Agreement (PA
Im still waiting on the results and reports of the JDZ exploration! This is Fast Track.
All I want to hear is Cnooc and Sinopec have bought all our assets for 3 bucks a share and they are partnering with Total and Tullow to bring up the oil. That would make anyone sing.