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Addax is hitting the Road - Rig Please
OTC
Houston, USA May 5 - 8, 2008
Tristone
Paris, France May 13-14, 2008
General Meeting
Thursday, June 26, 2008
19th WPC
Madrid, Spain June 29 - July 3, 2008
"It's all good!" Amen Brother Art
Dig... Addax has an earnings call Tues. perhaps we get an update or updated management presentation with new details
Perhaps they negotiate an earlier Rig slot with the AA or Rig of Opportunity still for Q4
we do know the prospects are identified, budgeted and approved,
drill parts are ordered ...
"You Dont Put on a Condom.. unless you want to F..."
our time is near
Addax Web Site Updated [JDZ]
http://www.addaxpetroleum.com/operations/jdz/license_areas_overview
and
http://www.addaxpetroleum.com/operations/jdz/license_areas_overview/offshore_license_areas#2
*NOTE
July 2007: Addax Petroleum commences arbitration proceedings against ERHC in respect an additional 9% assigned to the ERHC/Addax Petroleum under the Block 4 PSC, whereby Addax Petroleum is claiming entitlement to an additional 7.2% participating interest, subject to carried costs associated with the balance, being 1.8%. These proceedings are ongoing. If successful, Addax Petroleum would hold a 45.5% participating interest in Block 4
new ERHC Report 4/30/2008
ERHE shares are presently rated OUTPERFORM by Reuters
http://finance.groups.yahoo.com/group/theelephantfields/files/
We do believe that whichever way the market
moves, stocks rated OUTPERFORM have, in the
aggregate, a higher probability of performing better than
most others.
ERHC Value Catch-up Component: Outperform
This rating measures the extent to which the share price adequately reflects improving or eroding fundamentals, and favors shares whose prices have been slower to "catch up" to improving performance measures.
TTM = Trailing Twelve Months
Price Catch-up with TTM Earnings
Very Positive
Price Catch-up to TTM Sales
Neutral
Price Catch-up to TTM Free Cash Flow
Very Positive
Price Catch-up to MRQ Book Value
Very Positive
Peer Comparison
Composite Rating + Value Catch-up
Outperform
vs. Exxon Corp and Hess Corp
ERHC Energy Reuters Report with OUTPERFORM Rating
Posted at the Elephant Fields .....
http://finance.groups.yahoo.com/group/theelephantfields/files/
April 30, 2008 Research Report
2 Year ERHC Anniversary is upon us ...
May 4, 2006 was D Day
2 years later - still Sealed - NO Indictments - ZIP
---------------------------
ERHC Energy Update on Investigation Into Activities in Joint Development Zone
HOUSTON, June 29, 2006 - ERHC Energy Inc. (OTCBB: ERHE) continues to work with the U.S. Department of Justice in connection with the Department's investigation into questions surrounding the Company's activities in the Joint Development Zone (JDZ).
The JDZ rests approximately 200 kilometers off of the coastline of Nigeria and the island nation of Sao Tome & Principe, and is adjacent to areas where there have been several large petroleum discoveries.
Recently, the Department of Justice agreed to return to ERHC a complete copy set of all paper documents seized in the Government's May 4, 2006 search of the ERHC's Houston office. ERHC has already received a substantial portion of these business documents and expects to receive the remaining copies shortly.
The Company has retained the nationally recognized law firm, Akin Gump Strauss Hauer & Feld LLP, to assist it in connection with the Justice Department's investigation. Akin Gump also will assist the Company respond to a related U.S. Securities and Exchange Commission (SEC) subpoena issued on May 9, 2006. ERHC intends to comply fully with the SEC subpoena.
Akin Gump has filed suit in federal district court in Texas on behalf of ERHC. The lawsuit seeks to protect the Company's attorney-client privileged documents and to allow ERHC counsel to determine the factual basis for the Justice Department's search warrant affidavit, which is currently under seal.
ERHC continues to pursue its business plan and the opportunity to develop its rights in the JDZ.
"We are working to minimize potential distractions and focus on commercializing the Company's interests in the JDZ," said Chief Executive Officer Walter Brandhuber.
Earlier this year, the company announced that a subsidiary had entered into production sharing contracts in Blocks Two, Three and Four of the JDZ.
no, not a broker
but a good friend
WoW Bayfish ....... I like your numbers better
ART, FYI DeerRun has been long since 2003 formerly LONGJOHN87 on RB & has a BIG position and as far as I know has NEVER SOLD a single share !!!!
He just wants the best for the Co. and our PPS like everyone else
$190 PPS LOL
Friday Math Fun ....
Addax has stated *1,039 Billion Bbls in JDZ BL 1-4 is for Addax
So how much OIL will ERHC have ????
the mystery is how much per block ????
Addax has JDZ 1-4
40%/14.3%/15%/38.3%
ERHC has JDZ 1-4
0%/22%/10%/19.5%
my JDZ Estimates 1-4 ALL reserves
30%/25%/10%/42.6%
*the 1,039 is Unrisked and Risked but because Addax is so good I assumed all unrisked.
ERHC may have approx 572 Milion BBls in JDZ 2,3,4
$10.00 NET per share per BBl / OS =
$7.83 / per share
Others Please chime in.... with your own estimates
BB and DeerRun, David's last deal Antonov plc on the London exchange ran to a US $ 100 Million Market Cap - fairly decent
so perhaps MiddleWeight is more appropriate
I am willing to give management the benefit of the doubt and SEO has a good eye for talent and likes to pay litte and get back much in return
so from $100 Million we can only go UP !!!!
L&S
Addax Petroleum announces successful oil and gas appraisal offshore Nigeria
Thursday May 1, 8:39 am ET
http://biz.yahoo.com/cnw/080501/addax_oil_appraisal.html?.v=1
Successful appraisal in OML137 extends Ofrima North discovery
TORONTO, May 1 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC) announced today the successful appraisal of the Ofrima North discovery in OML137, offshore Nigeria.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "Our continued exploration success on OML137 is tremendous for Addax Petroleum. We have already booked a considerable amount of oil reserves for Ofrima North at the end of 2007 and we believe that the most recent discoveries give us the critical mass required to develop a successful new standalone oil production hub.
In addition, the further dry and liquids-rich gas discoveries continue to substantiate the potential of an integrated oil, liquids and gas development with significant future gas exports from OML137."
The Corporation has recently completed appraisal drilling in the West and Main fault blocks of the Ofrima North discovery with the drilling of the Ofrima-3 and Ofrima-3A wells. As previously announced on July 6, 2007, Addax Petroleum discovered Ofrima North with the Ofrima-2 well, which was drilled into the Main fault block.
The Ofrima-2 well encountered a 170 feet gross oil bearing interval in the H42 reservoir and three gas bearing intervals with individual gross gas columns of 29, 43 and 158 feet at shallower and deeper depths relative to the oil bearing interval.
The Ofrima-3 well was drilled 1.5 kilometers to the west of the Ofrima-2 well in the West fault block. Although the H42 reservoir was water-bearing in the Ofrima-3 well, the well encountered three hydrocarbon intervals in deeper reservoir intervals hitherto undrilled at Ofrima North.
The three intervals are a gross hydrocarbon column of 72 feet comprising 30 feet of light oil overlain by 42 feet of rich gas, a gross liquids-rich gas column of 50 feet and a gross light oil column of 32 feet. These intervals were not flow tested but wireline log and static pressure data indicate the presence of light oil and liquids-rich gas in reservoirs of good quality.
Immediately thereafter, Addax Petroleum drilled the Ofrima-3A well, successfully appraising the H42 oil reservoir in the Main fault block. The Ofrima-3A well confirmed, within the Main fault block, the western continuity of the H42 oil reservoir and a common oil water contact with the Ofrima-2 well, located approximately 1 kilometer east from the Ofrima-3A well.
The Corporation believes that the combination of oil discoveries at Ofrima North are sufficient to provide for a standalone development with an FPSO and subsea tiebacks and intend to work closely with relevant Nigerian government agencies on plans for an expeditious development with potential production as early as late 2009. The Corporation also plans additional exploration and appraisal drilling at Ofrima North and the surrounding area.
The Ofrima-3 and Ofrima-3A wells were drilled using Saipem's Scarabeo-3 semi-submersible drilling rig in water depths of approximately 75 metres. Following the Ofrima North appraisal campaign the Scarabeo-3 returned to the Okwori and Nda fields' area to commence the 2008 development drilling campaign on those fields.
Ofrima North lies in OML137, is located approximately 80 kilometers west of Addax Petroleum's Okwori and Nda fields and approximately 15 kilometers south from the Agip-operated Agbara field. In addition, OML137 lies approximately 50 kilometers south of the Nigeria shoreline where the Nigeria LNG terminal and planned Brass LNG terminal are located.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 126,000 bbl/d for 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
ERHC Web Site Updated Leadership Team
http://www.erhc.com/leadership/
David Bovell, Vice President Corporate Development
David A. Bovell is the Vice President Corporate Development of ERHC Energy Inc. and its subsidiaries. Mr. Bovell’s expertise is corporate finance for small and medium cap companies, with an emphasis in strategy formulation, business planning, fund raising, stock exchange listings initial public offerings and mergers and acquisitions. Prior to joining ERHC in 2008, Mr. Bovell served as managing director of Green Corporate Finance Ltd. and as director of Equity Partners for Emerging Markets. He was previously Finance Director for Antonov plc, where he initiated the company’s listing on the Alternative Investments Market (AIM) of the London Stock Exchange.
As Vice President Corporate Development, he oversees planning and implementation of strategies for corporate growth. Responsibilities include the identification of appropriate opportunities for corporate mergers and acquisitions by ERHC. Mr. Bovell will also pursue future corporate finance options, including stock-exchange listings. Mr. Bovell has a Bachelor of Commerce (Honours) in Economics & Financial Management from the University of Cape Town.
IMO will NOT be a SWITCH vs. an ADDITON
{an Additional Exchange} & the OTCBB
[but the Speculation will continue to Grow]
the possibilities and scenarios endless
my rationale for staying in part in the USA ...
i.e. ERHC Energy Inc. an "American Company" with valuable oil and gas assets in the Gulf of Guinea
and
i.e. ERHC Energy Inc. is a publicly traded "American Company" with valuable oil and gas assets in the in the highly prospective Gulf of Guinea.
http://biz.yahoo.com/iw/080430/0392282.html
I would NOW guess the London Exchange vs. the Canadian TSX
Due to his long expertise in Europe and European listings [IPOs] and
here is where David currently lives [GUILDFORD, in Surrey UK]
http://home.clara.net/heureka/surrey-hants/gu-ford.htm
===============
David's former job ... also in Europe
http://www.greencorp.co.uk/asp/contacts.html
--------------------
Green Corporate Finance
Track Record
Some of GCF’s recent assignments include
An Automotive Sector company
Introduced them to a sponsor resulting in a stock exchange listing being obtained in which £3.75 million of new equity was raised through an ‘IPO’. In follow on fund raising exercises GCF raised in excess of a further £15 million for this client.
An Agricultural Equipment Company
Advised in the formulation of a strategic plan which ultimately led to them obtaining a stock exchange listing and raising €7million of new equity via an ‘IPO’
A High-Tech Company
Raised €1million of new equity via a private placing. Also advised on restructuring and strategy issues which needed to be resolved prior to them seeking a listing on a recognised European Stock Exchange sometime in the near future.
A Leisure Company
Assisted in restructuring and strategic planning exercises prior to introducing them to various financial advisers. This culminated in them raising £1 million via a private placing. The company is intending to seek a stock exchange listing in the medium term.
A Consumer and Industrial Products Company
Assisted in preparing for an IPO and introduced them to various advisers. The client has since raised in excess of €50m via its IPO and subsequent secondary offers and has grown into a market leader in its marketplace.
A High-Tech Company
Assisted this client to restructure its business and prepare itself for an IPO in which it raised €10million of new equity. Following this GCF advised them on various M&A transactions.
Welcome David !!!!
looks like he came from here ... nice
http://www.greencorp.co.uk/asp/home.html
and his name is still listed there ...
http://www.greencorp.co.uk/asp/contacts.html
--------------------
Green Corporate Finance
Track Record
Some of GCF’s recent assignments include
An Automotive Sector company
Introduced them to a sponsor resulting in a stock exchange listing being obtained in which £3.75 million of new equity was raised through an ‘IPO’. In follow on fund raising exercises GCF raised in excess of a further £15 million for this client.
An Agricultural Equipment Company
Advised in the formulation of a strategic plan which ultimately led to them obtaining a stock exchange listing and raising €7million of new equity via an ‘IPO’
A High-Tech Company
Raised €1million of new equity via a private placing. Also advised on restructuring and strategy issues which needed to be resolved prior to them seeking a listing on a recognised European Stock Exchange sometime in the near future.
A Leisure Company
Assisted in restructuring and strategic planning exercises prior to introducing them to various financial advisers. This culminated in them raising £1 million via a private placing. The company is intending to seek a stock exchange listing in the medium term.
A Consumer and Industrial Products Company
Assisted in preparing for an IPO and introduced them to various advisers. The client has since raised in excess of €50m via its IPO and subsequent secondary offers and has grown into a market leader in its marketplace.
A High-Tech Company
Assisted this client to restructure its business and prepare itself for an IPO in which it raised €10million of new equity. Following this GCF advised them on various M&A transactions.
EXCELLENT ERHC NEWS THANKS DAN !!!!
Doubleaa post on EF .....
http://finance.ph.groups.yahoo.com/group/theelephantfields/photos
Excellent News !!! Thx keep us posted
thanks lsm39_2000 it appears we are in good hands are in for quite a ride going forward
great to have you posting
Larry... Addax has stated they feel JDZ Blocks
[their portion only]
contain 742+ Million Barrels Unrisked and 389 MM bbls risked
they have stated these figures several times.... see here .....
http://www.addaxpetroleum.com/_media/2007-10-24_Investor_Presentation_Canaccord.pdf
Q: do you agree with them from your research and analysis of the region and surrounding fields ???
On trend with world-class oil fields
– Agbami (Chevron): 800 to 1,000 MMbbl (”Big 5”)
– Bonga (Shell): 700 MMbbl
– Akpo and Usan (Total): 500 MMbbl each
• Unrisked EUR : 742 MMbbl (389 risked), acquired for
$185 million ($0.25/bbl unrisked) - excl. JDZ 1
• Experienced deepwater exploration and drilling
teams assembled
• Deep water drilling rig contracted for up to 10 wells,
starting in Q4 2008
OPEC President Says $200 Oil Possible
http://www.cnbc.com/id/24348486
OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.
"Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is indexed from now on to the fall in the dollar or to the rise in the dollar," El Moudjahid reported.
"In terms of fundamentals, stocks are high, demand is easing, supply is satisfactory. Therefore normally, without geo-political problems and the fall of the dollar, the prices of oil would not be at this level," he was quoted as saying.
Khelil, a former World Bank official, is also Algeria's Minister of Energy and Mines.
He added: "The prices are high due to the fact of the recession in the United Sattes and the economic crisis which has touched several countries, a situation which has an effect on the devaluation of the dollar, and therefore each time the dollar falls one percent, the price of the barrel rises by $4, and of course vice versa," he was quoted as saying in brief remarks to journalists on Sunday.
He added that: "If this (the dollar) strengthens by 10 percent, it is probable that (oil) prices will fall by 40 percent."
If the U.S. economic situation improved from now to the end of the year "that would help the market to stabilize."
"But I don't think that an increase in production would help lower prices, because there is a balance between supply and demand and the stocks of gasoline in the United States have recorded a surplus and are at their highest level for five years."
The independent El Watan newspaper reported Khelil as saying that if the dollar's value on currency markets stayed as it was at present, then oil prices would be expected to remain at between $80 and $110 a barrel.
Copyright 2008 Reuters. Click for restrictions.
does anyone actually think Addax/ERHC released the most accurate top secret official seismic graphs out to the public or
is it possible they just floated some old one out
either way based on Addax's own OIL & GAS Assesment
http://www.addaxpetroleum.com/_media/Capital_Market_Presentation.pdf
I will stand with them and their LOW BALL estimates of 1 Billion Barrles+ in JDZ 1-4
WD our day will come by 10x
recall several years ago HDY had to mention ERHC in their PRs because our market cap was so far ahead of HDYs although we were 2 exploration companies in the same region
ERHC has greater depth than HDY and is strategically advanced with stronger partners
But a stong tide raises all boats so good PR from HDY in our backyard will only continue to promote one of the hottest OIl regions on earth while we see $120 Oil and $4 at the pump
go PR go
I'd prefer the TSE Venture Exchange but we would require a Canadian office and perhaps and employee or 2 there
Hmmm Addax is Canadian - I hear their office is quite large
then again ERHC doubled their office space in Houston
so the SPECulation continues and the price of Oil continues to climb
Rigs Please !!!!
2x 50,000 blocks good VOL, UBSS backed up to $0.43
1 MM to $.44 UBSS lone seller at $0.40
Fishdog. please clarify was this guy at the SHM -- and how do we know his name ???
Antonov 52 wk high is E95 Euros !!!!
http://www.antonov-transmission.com/
WOW http://finance.yahoo.com/q?s=ATV.L
if if if David Bovell is the new
Corp. Finance guy behind the scenes for ER
we could be in for a SWEET RIDE
----------------------
Interesting Chinese angle as well..
“Antonov is a business focussed on automotive innovation and the Chinese market is rapidly becoming the premium market for automotive innovation,” said Moore. “Antonov has a substantial intellectual property portfolio and is actively expanding this wherever commercial opportunities are identified. The technologies we’re commercialising are at different stages of development, but all have high volume potential in the Chinese market.”
“Antonov”
For more information, please contact:
UK
Rob Palmer on +44 (0) 1582 763255 or +44 (0) 7768 242761
rpalmer@palmerpr.com
China
Zhong Shi on +86 1376 (499) 4748
zhong_shi@sohu.net
only 1 MM to $0.44 - hard to keep a good thing down for long
LOL thats what they said last year - too funny
it was talked about several years back ERHC could be split into several pieces i.e. ERHC 1 [JDZ] and ERHC 2 [EEZ]
however they have already begun to the split the JDZ
so imagine if you will ....
we get Anadarko Bonus Shares for JDZ 3 company
we get Addax Bonus Shares for JDZ 4 company
we get Sinopec Shares for JDZ 2 company
???? for JDZ BL 5,6 & 9
???? for our 4 EEZ Blocks
the scenarios are limitless !!!!
perhaps the pieces are worth more than the whole
is this what SEO meant by ENHANCEMENT !!!! ????
Spec is that opinion or opinion+
"There is NO EVIDENCE" per Mike Madigan WOW
did i hear corrently?
after 100,000 pages of documents ???
new TidBit - the SEC & DOJ are a combined investigation
ERHC NEWS !!!!
ERHC Energy Inc. Announces Board Re-Election, Leadership Changes
Tuesday April 22, 4:25 pm ET
Company to Implement Existing Operational Structure to Manage Operations in Joint Development Zone Blocks
HOUSTON, TX--(MARKET WIRE)--Apr 22, 2008 -- ERHC Energy Inc. (OTC BB:ERHE.OB - News), a Houston-based company with valuable oil and gas assets in the Gulf of Guinea, today announced the re-election of directors Howard Jeter, Clement Nwizubo and Dr. Andrew Uzoigwe. Their respective terms will run through the Company's next Annual Shareholders Meeting.
Source: ERHC Energy
ERHC will implement its existing operational structure with asset-specific subsidiaries, which has legal, operational and risk diversification benefits.
· ERHC Energy Company History
· ERHC Energy Operations
ERHC also announced the resignation of Nicolae Luca as director and acting chief executive officer. Mr. Luca, who did not seek re-election after serving on the ERHC board since 2001, will pursue other interests. The board of directors thanked Mr. Luca for his devoted service to the Company and accepted his resignation.
"Mr. Luca's leadership made it possible for ERHC to continue advancing the interests of shareholders during a sometimes challenging period," said Board Member Howard Jeter. "We thank Mr. Luca for his guidance in stabilizing the Company's operations and finances. His contributions have been instrumental in putting ERHC on the threshold of exploration activities in the Gulf of Guinea."
ERHC announced the appointment of Peter Ntephe to the newly created position of chief operating officer (COO). Mr. Ntephe, who has served as corporate secretary since 2001, will oversee the administration and corporate governance of ERHC and its subsidiaries. Pending the appointment of a chief executive officer for ERHC Energy, Mr. Ntephe will replace Mr. Luca as acting CEO.
The ERHC board announced that it will continue its efforts to appoint a permanent CEO. The board continues to discuss the Company's future with qualified candidates and will make an announcement when an agreement has been reached.
ERHC announced the creation of the position of vice president corporate development. This person will oversee planning and implementation of strategies for corporate growth. Responsibilities will include the identification of appropriate opportunities for corporate mergers and acquisitions, and corporate finance options.
With exploration in at least one of the Joint Development Zone (JDZ) Blocks in which ERHC has interests expected to begin in as little as six to eight months, ERHC announced that it will implement the operational structure originally created in 2005. ERHC Energy Inc.'s wholly owned subsidiary, ERHC Energy (Cayman) Ltd., will serve as holding company for three working subsidiaries through which its activities in the Gulf of Guinea will be operated. The three working subsidiaries are ERHC Energy Nigeria JDZ Block 2 Ltd., ERHC Energy Nigeria JDZ Block 3 Ltd. and ERHC Energy Nigeria JDZ Block 4 Ltd. Each is jointly owned by ERHC Energy Inc. and ERHC Energy (Cayman) Ltd. And each will manage the operations in the JDZ Block for which each is respectively named.
"This operational structure is similar to those used by ERHC's technical partners in the JDZ and has been in place for years," said Peter Ntephe, ERHC's COO. "The subsidiary operational structure has numerous important legal, operational and business development advantages for ERHC and its shareholders now that exploration imminent."
The Company has interests in Blocks 2, 3, 4, 5, 6, and 9 of the JDZ. ERHC has additional interests in the territorial waters of São Tomé and Príncipe, known as the Exclusive Economic Zone (EEZ) and is examining potential strategic acquisition targets.
About ERHC Energy
ERHC Energy Inc. is a publicly traded American company with valuable oil and gas assets in the in the highly prospective Gulf of Guinea. ERHC is committed to creating and delivering significant value for its shareholders, investors, and employees; sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
This press release contains statements concerning ERHC Energy Inc.'s future operating milestones, future drilling operations, the planned exploration and appraisal program, future prospects, future investment opportunities and financing plans, future shareholders' meetings, response to the Senate Subcommittee investigation, developments in the SEC investigation of the Company and related proceedings, as well as other matters that are not historical facts or information. Such statements are inherently subject to a variety of risks, assumptions and uncertainties that could cause actual results to differ materially from those anticipated, projected, expressed or implied. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports and other filings with the Securities and Exchange Commission. These factors include, among others, those relating to the Company's ability to exploit its commercial interests in the JDZ and the exclusive territorial waters of São Tomé and Príncipe, general economic and business conditions, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations and various other matters, many of which are beyond the Company's control. Given these concerns, investors and analysts should not place undue reliance on these statements. Each of the above statements speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any of the above statements is based.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=743469
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=743474
Contact:
Contact:
Dan Keeney
APR
DPK Public Relations
832-467-2904
Email Contact
thanks for your leadershio Mr Luca
Best of luck
and it appears the White Board is Alive and Well
ERHC presentation is up and ready
http://www.visualwebcaster.com/Stratosphere/47651/event.html
$118 a Barrel Oil Surges to New Record
Oil rose to a record high above $118 on Tuesday, boosted by a jump in oil demand last month from China, the world's second biggest energy consumer, and worries about supply from key producers Russia and Nigeria.
U.S. light, sweet crude NYMEX CRUDE OIL FUTURES Front MonthUS%40CL.1
117.89 0.41 +0.35% BIS
Quote | Chart | News | Profile
[US@CL.1 117.89 0.41 (+0.35%)] for May delivery was up, easing from an all-time peak of $118.05 hit earlier in the day.
London Brent crude IPE BRENT CRUDE Future Front Month CGB%40IB.1
114.98 0.55 +0.48% KRF - US
Quote | Chart | News | Profile
[GB@IB.1 114.98 0.55 (+0.48%)] rose, after rising to a record peak of $115.03.
Oil has hit a string of record highs this month, driven by booming demand from emerging markets such as China that has coincided with long-term supply constraints.
A weak U.S. dollar has also played a part in boosting the price of dollar-denominated commodities like oil and also attracted speculative inflows from hedge funds.
Oil: What You Need to Know
'Fast Money' Poll: Stop Rate Cuts to Stabilize Oil?
Commodities Trading: Learn the Basics
Futures/Commodities: Latest Data
The Steady Rise of Oil
"Every time the market does make new highs, it suggests that the upward trend is still intact and that provides a catalyst for the funds to keep buying it," said Tony Machacek of Bache Commodities.
China's oil demand leapt 8 percent in March from a year ago, the fastest rate in 19 months as refiners boosted imports ahead of the Olympics.
But the high cost of producing more oil plus political constraints on new supplies mean the market looks set to struggle to keep pace with growing emerging market demand.
"The news that Russia, the largest non-OPEC producer, will produce less this year than the year before and Nigeria's output may be set to fall because of lack of investment makes people realize high prices are justified," said Bob Greer, executive vice president at commodity fund manager PIMCO.
"The 5 year forward contract has gone above $100," he said, referring to a surge in long-dated oil prices.
RELATED LINKS
Oil Prices 'Gushing'
Who Profits From Rising Oil?
From 2010 to 2016, for example, oil prices currently range from around $106 to nearly $108 a barrel.
The long-term drivers for investment in the oil market include tight spare capacity, slow output growth from non-OPEC producers and robust demand from emerging economies.
This is more than compensating for declining demand from industrial countries.
Supply Disruptions
Against this backdrop, the market is sensitive to any events that could threaten supply.
Pipeline attacks in OPEC member Nigeria last week shut 169,000 barrels per day (bpd) of Bonny Light production, forcing Royal Dutch Shell to declare force majeure on crude oil exports.
Nigerian rebels also attacked two Shell oil pipelines in the Niger Delta on Monday.
From 'Mad Money':
Cramer's 'Green' Stock Pick Winners
An oil refinery at Grangemouth in Scotland has begun shutting down ahead of a two-day strike due to start on Sunday.
Some North Sea oil and natural gas output will have to be shut in if the strike halts the refinery.
The Organization of the Petroleum Exporting Countries has insisted the market has enough oil and refused to pump more crude despite calls for more oil from consumer nations.
A lack of spare global output capacity means very little can be done to tame record high oil prices, Shokri Ghanem, head of Libya's National Oil Corporation said.
"Prices will have to stay high in the long term to encourage exploration and production," he said, speaking on the sidelines of the International Energy Forum in Rome.
Copyright 2008 Reuters. Click for restrictions.