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http://oilprice.com/Interviews/Kenyan-Oil-Hot-and-Getting-Hotter-Interview-with-Taipans-Maxwell-Birley.html
The downfall of the Libyan regime of Colonel Muammar Gaddafi is impacting eastern Africa.
Libyan firm Tamoil in 2007 was awarded a contract to construct the $300 million Eldoret Kampala pipeline, which has now been canceled.
http://www.theodora.com/pipelines/east_africa_kenya_uganda_tanzania_zambia_pipelines_map.html
KENYA: E&P Uncertainty After Elections
By Editorial Dept | Fri, 15 March 2013 19:07 | 0
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Bottom Line: Kenya’s new president-elect has scratched by with a very narrow victory that is likely to be challenged by his key opponent, but the public has indicated—through non-violence—that it is ready to move forward and focus on the economy. The biggest change for investors may be plans in motion for an unprecedented decentralization of government, which could affect the power-broker playing field for oil and gas license holders.
Analysis: Kenya’s presidential elections unfolded without any significant security incidents as Uhuru Kenyatta narrowly won with just over 50% of the vote against Raila Odinga. There were small protests but nothing on the scale of the last elections. There will be some legal battles ahead, though, with Odinga vowing to challenge the results in court. Also complicating matters is the fact that Kenyatta faces international charges of crimes against humanity for his role in the security crackdown on protesters during the 2007 elections in which more than 1,000 people were killed. He is due to stand trial before the International Criminal Court in early July, and so is his running mate, William Ruto.
There is a potential cause for concern due to the narrow victory. Kenyatta won only 50.07% of the vote, just enough to avoid a run-off. Kenyatta—the country’s richest man and the current deputy prime minister (as well as a former finance minister and the son of Kenya’s first president Jomo Kenyatta)—will…
http://oilprice.com/Geopolitics/Africa/KENYA-EP-Uncertainty-After-Elections.html
Why do we NOT hear news about Block 1 from ERHC management? It is definately in our area of interest.
Unlikely, yes but remember if they need more funding, they will take what the MARKET bears. If thats a nickel its a nickel. Bottom line it doesnt matter who or at what price as long as its enough to produce a SELLABLE Marketable developement plan in Kenya and or Chad. Otherwise its game over. Focus on Kenya and bring them investors. Its all you can do.
They have to have the funds to do preliminaries and seismic etc... at what cost... does not matter.
If they dont get the money its GAME OVER for all of us.
800 Possible Investors : There are probably between 700 and 800 companies in the oil and gas sector in Africa, and among these are just four or five Chinese State-owned companies. I know that these companies are large, with an increasingly growing portfolio in exploration and development, but they are still among many other players."
http://www.chinadaily.com.cn/cndy/2013-03/19/content_16318376.htm
That would be Texas business like, it would speak volumes of the Mgmt if that were to come true. Personally I dont think you ll know for 3 weeks more, when were they on time or the first to let us know anything.
NWTF, REALITY CHECK> The Fact their is hope of a lucrative future is positive good news, The alternative is a pps of 0 (Zero) months ago. They could have simply shut down the company, sold off eez etc. - OR raise more cash. So your still in the game.
They could have collapsed ERHC and started a new company for Kenya and Chad you know, and give you zero shares of newco.
This is WILDCAT OIL EXPLORATION! "Find oil before you go broke" .... really it is simple as that.
The fact they have offered more shares at a discount to current common shareholders is a gift rather you recognize it or not.
It wasnt their fault JDZ didnt show stellar returns and massive oil reserves on its first attempt. I'm optimistic even the JDZ will prove profitable eventually. AJMHO
Unless someone can find where it says money will be refunded in the prospectus, I was led to believe that all funds will " The Company plans to apply capital raised in the rights offering to fund specific exploration and development activities pursuant to work programs governing its exploration acreage in the Republics of Chad and Kenya, as well as for general corporate purposes and working capital needs."
Your either exercise your rights or not. Where does it say monies will be returned?
GLTAL
Same scenario in the JDZ, this is the oil business, the commercial oil is either there or its not. + -
Did the extension of the rights offering suggest there have been problems with it?
Many of our shareholders see it as a good way to directly participate in funding the Company. We decided to extend the offering after learning that a number of our stockholders did not receive the materials from their brokers. Also, some overseas shareholders told us that because of international postage delays, they got their materials well into January which did not give them enough time to finalize before the earlier closing date of January 31.
ERHC always has at least 2 extension, this is normal. There is still time to place your bets! Have you ever tried to transfer funds from Nigeria to USA ? It takes a while.
"Show me the money" - it matters not from whom!
Are buying up mainland Chinas natural resources? NOT.
Just like betting on horse races, and they dont even own the stock or horse...lol
Its nice to have some (still not enough) concise well articulated information from a credible source ie.. Sylvan's interview.
Remember: Any funds raised will be used no matter how larger or small the participation is. Also ERHC will try to raise funds by any means possible to save the company.
Partnerships/sales are the only thing thats going to move ERHC stock price.
Thanks Magic...
Sounds good.
When you characterize the discussions as ‘serious,’ what does that really mean?
It means these companies are very interested. For instance, there is the case of a company that has shown serious interest in farming into our Block 11A in Kenya. We travelled and met with them over two days as they gathered information to make a presentation to their Board of Directors. They visited our offices in turn for further negotiations. They examined the available data from our data room and then made a field trip to Kenya to see the area, investigate potential security considerations and view the surrounding infrastructure. When companies consider farming in, they have to present an air tight case to their Board. So in this case, they liked what they saw, they talked with contractors about exploration costs and developed highly detailed economic models to project expenses. All of this was prior to presenting to their board. This is still very much in play, and it illustrates that these deals take time and can’t be rushed.
The prospectus indicates that the Company has the ability to cancel the rights offering. Is that a possibility?
We are very committed to the rights offering. Very committed. Whoever has put their money in will receive their shares. The level of participation in the rights offering has been encouraging thus far.
Why doesn’t ERHC announce the intentions of its major shareholder, The Chrome Group, to exercise its rights or not?
Please recall that while the Chrome Group is ERHC’s single largest shareholder, it is an independent entity from ERHC. We don’t control their intentions or have authority to speak for them. However, the Chrome Group has already made it public that they support ERHC’s funding plans. Even before the prospectus was filed, they issued a public news release, disseminated internationally including in the U.S, that they support the rights offering. We will know their level of participation – whether they intend to exercise all their rights, or over-subscribe or exercise a portion of their rights, at the close the rights offering when Corporate Stock Transfer reports to us.
Total announced in November the sale of its 20-percent stake in an offshore bloc to Sinopec, whose official name is China Petroleum & Chemical Corporation, for $2.5 billion (2.0 billion euros).
The OML 138 bloc, which includes the Usan oil well in production since last year, is co-owned by US groups Chevron and ExxonMobil and Canadian company Nexen.
"Let's say it's our first step to get into deepwater -- a modest step, but we are certainly committed to growth internationally, and certainly in Nigeria," Zegelaar told AFP.
mjs/rl
http://www.globalpost.com/dispatch/news/afp/130220/chinese-oil-firm-addax-targets-nigeria-growth
Kingpin, How did you find this report?
Kingpin, Thanks for finding this.
Clearly its a brand new technical report that needs proper translation, but its hard not to get excited when they say deploy new drilling bits and expand the reserves and they mention thick layers of oil.
What's not to like? Where ERHC on this report.
take advantage of the well and relative O-block research the remaining traps comprehensive geological evaluation to deployment the new wells bit, to expand the size of the reserves of the block.
--------------------------------------------------------------------------------
I totally agree, the delays of reporting and extensions with NO enforcable timelines says a lot about the lack of ERHC's contractual prowess. We still have no official technical report from drilling. No decisions. No announcements. Is everyone just scared of Sinopec and wont call thier bluff? Extension was OVER 11 months ago! Just remarkable progress, Peter.
With Millons of our dollars at stake do you think its too much to ask ERHC management to officially translate this article.... probably.
Hows about sending some real oil cowboys from Texas to go down there and find that complex oil, seems the Chinamen arent capable. Thats what they should do, send some real men down there. Wimps are scared of a little pressure and rock. Sounds like a hot meteorite the way they describe it. Send Tom Hanks down there ...idk... get the show on the road Peter!!!! Heck were still in the opening credits.....the dang show hasnt even begun! Sinodax need Texas Oil Men.
Like 11 months past due I beleive.
After selling Addax Petroleum Corp., an exploration and production unit, to China’s Sinopec Group for C$8.3 billion ($8.3 billion) in 2009, AOG plans to sell shares to the public in another upstream business, Oryx Petroleum, on the Toronto stock exchange this year, Gandur said. It’s hired RBC Capital Markets to advise on the process.
AOG has spent $450 million on real estate in cities including Geneva, London and New York and plans to invest another $300 million, Gandur said. The commercial property and retail acquisitions are long-term investments to provide an income for philanthropic activities, he said
Any shares purchased outside "the current offering" by existing shareholders would be like shooting yourself. These new FUNDS are for new asset exploration and are currently the only plan to save ERHC.
It is clear that IF NEW sufficient money is NOT raised by this offering and/or a new wealthy partner emerges ....
we are all SHOTDOWN... toast...caput...the Fat Lady sings before the show even starts.
Buying shares on the open market means nothing to anyone in the short haul. Pray Offor has full subcribed and more.
btw...imo .. Another reason for holding the offering open longer is the (expensive) NAPE Convention that starts tomorrow in Houston TX, most all our potential partners/investors will be there to look at investment prospects from all around the globe.
I also received rare mail from ERHC.
They should change their name:
"Extensions Rights Here are Common" ERHC - What event here hasnt had an extension... lol
Given record Dow performances and possible pending news from Sino and EEZ it seems like a good business decision to extend the offering, this is not unusual. Just wish we had some really good news from somewhere, we certainly have enough fires burning.
sinopec has bought everyone around us....... hmmmm
http://www.petroleumafrica.com/en/newsarticle.php?NewsID=13219
Its been almost a year and we havent heard "squat" PETER!! What is the DEAL? Remarkable!
Jan 6th>> ERHC Energy Awaits Nigeria, Sao Tome’s Decision on 3 JDZ Blocks
Categories:
01 - Upstream news, NOGintelligence Issue 31
by admin
January 6, 2013
ERHC Energy Incorporated, a publicly traded American company with oil and gas assets in Sub-Saharan Africa, said it was awaiting a final decision from Nigeria and Sao Tome & Principe on how crude oil and gas exploration would proceed on Blocks 2, 3 and 4 of the Joint Development Zone (JDZ) between the two countries.
President of the company, Mr. Peter Ntephe said in a letter to the shareholders that the decision of the remaining parties to the Production Sharing Contract (PSC) would be made public anytime.“The three potential courses of action are entry into Phase 2 of the exploration programme, further extension of Phase 1 or a withdrawal by some or all of the remaining parties from the PSC and relinquishment of the acreage.
ERHC intends to remain in the three Blocks and to retain its other interests in the JDZ. We will keep shareholders updated in a timely manner as developments occur,” he said.
Ntephe stated that it was anticipated that Production Sharing Contract negotiations related to the company’s exploration Blocks in São Tomé and Príncipe Exclusive Economic Zone (EEZ) would be completed by the end of 2012.
“This has not been possible as ERHC and the ANP-STP continues to negotiate diligently a few key terms that remain with a view to making resulting provisions mutually satisfactory and equally beneficial to both sides. We have also continued to explore meaningful farm-in discussions on the EEZ,” he said.A JDZ has been defined as an area where two or more States have, under International Law, sovereign rights to explore and exploit the natural resources of the area and where the States concerned have agreed to engage in such exploration and exploitation under some form of common or joint arrangement. This arrangement has more commonly been used as a mode of exploiting oil or gas fields straddling the maritime boundary of two or more States.
ERHC Energy Inc. Commences Rights Offering
HOUSTON, Dec 28, 2012 (GLOBE NEWSWIRE via COMTEX) -- ERHC Energy Inc. /quotes/zigman/368946/quotes/nls/erhe ERHE +6.67% , a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced that the Company has commenced its previously announced rights offering. Upon the effectiveness at the close of business yesterday of ERHC's prospectus supplement filed with the Securities and Exchange Commission with respect to the rights offering, ERHC distributed on a pro rata basis to the holders of its common stock one non-transferable subscription right for every three shares of common stock owned as of the close of business on the previously announced December 17, 2012 record date.
Each subscription right (with the total number of subscription rights issuable to a holder rounded down to avoid the issuance of fractional rights) entitles its holder to purchase one share of the Company's common stock at a subscription price equal to $0.075 per share. In addition, holders of subscription rights who fully exercise all of their subscription rights may also request to purchase additional shares of the Company's common stock that remain unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among rights holders exercising such over-subscription right.
The Company will offer up to an aggregate of 246,486,285 shares of its common stock in the rights offering, inclusive of the over-subscription privileges, representing approximately 33 percent of its current outstanding shares of common stock, if fully subscribed. The rights offering will terminate at 5:00pm, central time, on January 31, 2013, unless extended. Holders of rights will need to exercise their subscription rights prior to that time and date.
The Company plans to apply capital raised in the rights offering to fund specific exploration and development activities pursuant to work programs governing its exploration acreage in the Republics of Chad and Kenya, as well as for general corporate purposes and working capital needs.
The Rights Offering is being made by means of the effective prospectus supplement on file with the Securities and Exchange Commission, and holders of subscription rights are urged to read the prospectus supplement carefully. Copies of the prospectus supplement may be obtained from the subscription agent, Corporate Stock Transfer, Inc., Attn: Operations Department, 3200 Cherry Creek South Drive, Suite 430, Denver, Colorado 80209 at (303) 282-4800.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF ERHC ENERGY INC., NOR SHALL THERE BE ANY SALE OF SUCH SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.
Everyone has the same opportunity, who cares how many shares Offor has, I just hope the company gets all the monry they ask for from anyone or we are done for.
Actually the big question is: Will current stockholders also "support" the new funding to develop these properties. Offor has clearly indicated he supports the fund raising by agreeing to a new offering, ie.. more shares. Of course he will participate. He is watching you watching him. If Offor/Chrome announces purchases will the open market price spike to 10 cents ? yes!
You see, we are all in this together. If the funds raised arent enough, IT HURTS US ALL, because the company will have to meet and negotiate from a WEAK stand point or even worse relinquish the leases. If they dont raise or borrow the money. They will have to GIVE UP more to the partners. Negotiating without any financial backing is tough! This is a brand new adventure. They are asking for faith and to let them have another chance.
They could have just closed ERHC, bankrupted it and started a new company. I think we should all consider this when deciding to ADD NEW SHARES.
Have you not read the new releases?
http://finance.yahoo.com/news/shareholder-support-bode-well-erhc-200100611.html
Clearly and official as they can say, OFFOR has given full support to the new exploration plan.,... did you guys not see this in October??
http://finance.yahoo.com/news/shareholder-support-bode-well-erhc-200100611.html
I am confident that Offor would be happy to own the whole company, we have all been wishing he wasnt so large a shareholder for the last 10 years. If everyone purchased there alotted shares he would not become an even larger percentage holder in 30 days. Offor will exercise his shares fully, its chicken feed to him. How do you think we got into Kenya and Chad anyway? It was Offor and his lifelong relationships in Africa. So, quit worrying about Offor and make your own decision or investment. This is pure wildcate oil exploration nothing new or more. EEZ announcement will be forthcoming.
Merry Christmas everyone, here's to good news from EEZ & JDZ partners bring up our sp 15 cents + then the 7.5 option looks brighter than ever!
http://www.thisdaylive.com/articles/erhc-energy-seeks-approval-from-nigeria-sao-tome-on-3-blocks/134474/
Headlines, ERHC buys Ten million Lotto and One hundred Million Powerball tickets, Sinopec to hold tickets. Apparently there will be no drawing.... ever. Merry Murky Christmas Peter.
The Gulf of Guinea holds billions of barrels of oil, and many large discoveries, including the Jubilee Field, have been made in this region
http://www.b2i.us/profiles/investor/ResLibraryView.asp?ResLibraryID=44770&BzID=1977&g=112&Nav=1&LangID=1&s=0
The EEZ alone is 3.6 million acres of prolific hydrocarbons and we sit at 9 cents? Management fail...ya think? Peter can you sell anything to anyone other than the Chinese???
Nice looking maps dont pay the bills.