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.
Not much going on right?
Not on this board, and not with the share price....
Sur place?
SERIOUSLY:
Why isn't management being forced to cut salary by Offor and/or the board?
Seriously, would there be any other company that wouldn't have done so already if the company would find itself in a similar situation?
This is so disturbing to me, that Peter still draws this outrageous salary!
if I was Offor, I would have stripped Peter to the bone, as a reward for his 'achievements' with the company and it's share price.
The Doc.
Still spending about $600,000 per quarter.
True, but only in theory...
Valuation:
JDZ & EEZ: 1 BB
Kenya 11A: 227 MB
Chad: 200 MB
Total: 1.427 BB X $2.00 or .95 cents a share.
JMO
Sneak
BUT that only explains a reducing of the market cap by the amount of the dilution (4X). NOT the 99.9% drop in share price.
GlobalOil,
Was it costly financing? No doubt, yes. Will they default on any notes and/or run out of authorized shares? After reviewing the 10Q, I believe ERHC will survive just fine.
Quote from the !@#
It was good news that no more convertible debentures were issued. But offsetting that was the realization that many of the convertible debentures we thought would be converted at the 180 day mark are still outstanding and come due soon. Three of those are in October. In total, that means 3 more this month, one in September, those 3 in October and several more to follow. The damage from these is far from over and ERHC plainly announced they are going to do even more.
Tullow results:
http://www.tullowoil.com/Media/docs/default-source/3_investors/2015-half-year-results/tullow-oil-2015-half-year-results-presentation_v2.pdf?sfvrsn=8
And:
http://www.tullowoil.com/Media/docs/default-source/3_investors/2015-half-year-results/tullow-oil-plc--2015-half-year-results.pdf?sfvrsn=8
"Elsewhere in the South Lokichar basin, in April 2015 the Ekales-2 appraisal well encountered an estimated 60-100 metres of net oil pay in the primary shallower objectives. The well was then deepened to test the basin centre stratigraphic play, where it intersected sandstones with elevated pressures and 50 metres of oil bearing sands. Operating conditions prohibited logging and confirmation of any oil pay in this section but the result is positive for future upside potential for this play."
Africa Oil: Pipeline Progress A ‘Key Driver'
http://www.benzinga.com/analyst-ratings/analyst-color/15/07/5645601/bmo-upgraded-africa-oil-kosmos-energy-this-morning-heres?utm_campaign=partner_feed&utm_source=marketwatch.com&utm_medium=partner_feed&utm_content=analyst_ratings_page
Shares of Africa Oil (TSX listed) were upgraded to Outperform from Market Perform with a price target raised to $3 from a previous $2.60.
According to Warn, Africa Oil's primary focus is confirming recoverable reserves at South Lokichar with the intent of submitting an FDP by the end of the year. The company has sufficient funding until at least the end of 2015 although further access to capital remains "tight."
The analyst also noted that the company's annual site visit in September should grow interest and visibility towards the end of the year. In addition, pipeline route selection, development planning progression, the Kerio Valley new basin test and ultimately M&A potential will "drive the close of the value gap."
Analysis: Uganda-Kenya oil pipeline decision to boost region
http://www.platts.com/latest-news/oil/london/analysis-uganda-kenya-oil-pipeline-decision-to-26178683
"(...) which will see the pipeline pass through northern Kenya so that it can also serve Kenya's prospective oil blocks as well (...)"
"We believe that there is still significant upside in not only the Lokichar Basin but in new basins yet to be opened and are working with our partner Tullow on a program to unlock this potential," Hill said in a statement.
"But first commercial oil in Kenya is still more than five years away."THAT means that it is no problem whatsoever that the new pipeline will be ready in 2020. For ERHC this all does not matter of course, we just need oil, timeframes are irrelevant for our share price.
By the way:
"Tullow said it was a "major milestone" and it was looking forward to the development of the significant discovered oil resources in Uganda and Kenya."
Listen, and listen carefully: TULLOW is a screaming, shouting, buy right now imo. Diversify I would advice.
The Doc.
ERHC's website on the Lokichar basin:
"Leads of similar play types, such as those associated with major basin-boundary faults, have been successfully tested in the Lokichar Basin, with reserves of producing more than 600 million barrels of oil in place to date."
Kenya and Uganda are building the world’s longest heated oil pipeline
http://qz.com/478773/kenya-and-uganda-are-building-the-worlds-longest-heated-oil-pipeline/
But does it run through 11A?
Yes, it does: "It will cut through northern Kenya and the Lokichar Basin from Hoima in western Uganda before reaching the port city of Lamu." So that is more than great.
Also: "Another proposed project would connect oil from South Sudan and Ethiopia to the pipeline."
So lot's of pipelines in the neighbourhood of 11A one would say.
"(...)according to consultancy BMI Research, which estimates the pipeline won’t be ready before 2020."
But that is not a problem (for ERHC), as long as it will be realized, because CEPSA is looking for long term plans.
The Doc.
So, unless he has been buying on the open market, as of July 31, Offor's percentage ownership has been reduced to ~ 14% (if I did the math right).
Oldoil, just read your old PM, of course you can post that post on the other board.
The Doc.
Regarding Strategy's question on low oilprices:
Oil is oil and it is still needed.
Can you show me a time when oil went down to the $20's or $40's and stayed there?
Related?
New Developments
Taipan Resources is currently working on some exciting new projects and as a consequence we are reconfiguring our website which will be available again from the 14th August 2015.
That would be 'great'
Links?
The Doc.
Tullow Oil resumes production at Jubilee field in Ghana
https://uk.finance.yahoo.com/news/tullow-oil-resumes-production-jubilee-074700359.html
"The oil and gas exploration group also said that the governments of Uganda and Kenya have agreed on a route for the regional crude oil export pipeline.
Tullow said this was a major milestone "and the company looks forward to working with the governments and partners on development of the significant discovered oil resources in Uganda and Kenya"."
I meant I need to DIVERSIFY...
L-O-L
And... TULLOW is almost a 6 bagger, if it returns to old levels from 2013. And in RELATION to ERHC there is almost no (I said in relation to ERHC almost NO) risk of going belly up.
If oil is steady at $80+ Tullow will be way up there again, and add to that the takeover rumours by BIG, BIG Oil, who will fork over billions when they think it is time to strike.
Next year another big Tullow project will start pumping oil via it's new 10 project. Yes, pumping oil, not exploration... pumping like crazy.
I have put some eggs in another basket just to offset little Peter and his nice interview about nothing.
http://finance.yahoo.com/echarts?s=TLW.L+Interactive#{"range":"5y","allowChartStacking":true}
Old peak: 1566 (February 2012)
Now: 226
February 2013: 1266
Krom, one thing is for SURE, just like in the past, NOTHING will happen after the 10Q comes out, like it never has.
NEWS is not for a quarterly. Even the confirmation that no new CN's were issued during these months won't cut it.
The need money for the next period of time.
Little Peter did not even give a HINT that something is about to be solidified in this interview. He could have, but didn't.
The Doctor.
As long as oil is in the chitter, you can take raincheck on buying...
Tullow is a more solid option right now, in my book.
So, the question for investors is, do you think oil prices will rebound again?
This is the Journalist:
https://twitter.com/sopon33
Maybe we can ask him what the "Major Breaktrough" is, because in his interview it becomes far from clear...
https://ng.linkedin.com/pub/sopuruchi-onwuka/30/337/120
https://www.facebook.com/ogba.sopuruchionwuka
From the Peter interview:
"In the EEZ, we signed a production sharing contract last year just as prices started to tumble. You talk about timing but it was a negotiation that had gone on for two years. So it had come to an end and there were arrangements to bring in a big offshore operating partner but unfortunately it coincided with when prices were going down. So the partners we had lined up were no longer in a position to farm in after we signed the PSC."
KABOOM!!!
In your face it exploded. Was Peter lying in the update about ongoing negotiations?
That Sewell guy, is buying peanuts. Come on.
A few thousand bucks... big spender.
And why does this show up now, and not earlier? Strange.
And... more important:
If Sewell is disclosing, it should mean that Thuo should also have disclosed, IF he was/is buying.
The Doc.
I'm a Doctor, but not a medical one... :p
http://www.stockhouse.com/companies/bullboard/v.tpn/taipan-resources-inc?postid=23982759
Tha Doc.
Although we know this:
Midtier has an agenda, but sometimes it can be proven 100%
Gretjan was also one that got away. He was right up there with Les. A real oil person with a lot of experience actually drilling and finding oil. Both are gone now. Why?
An insider needs to report every buy or sell, also below 5%
Nobody even knows what the outstanding shares count is, one can't even calculate 5%
Correct?
Thuo's kids are no excuse.
If this is an opportunity so obvious as Ntephe says it is, he would at least have bought few shares for these prices.
He did not. And others also did not.
Let's not fool ourselves. Just stay realistic.
The only two that bought, are the two, that are related to NGAR.
So, I do think something is cooking in that direction, but it all stays very, very unclear. Everything related to ERHC is pretty unclear, that also caused the share price to crash so hard.
The Doc.
The legal version is when corporate insiders—officers, directors, and employees—buy and sell stock in their own companies. When corporate insiders trade in their own securities, they must report their trades to the SEC. For more information about this type of insider trading and the reports insiders must file, please read "Forms 3, 4, 5" in our Fast Answers databank.
http://www.sec.gov/answers/insider.htm
Examples of insider trading cases that have been brought by the SEC are cases against:
•Corporate officers, directors, and employees who traded the corporation's securities after learning of significant, confidential corporate developments;
•Friends, business associates, family members, and other "tippees" of such officers, directors, and employees, who traded the securities after receiving such information;
•Employees of law, banking, brokerage and printing firms who were given such information to provide services to the corporation whose securities they traded;
•Government employees who learned of such information because of their employment by the government; and
•Other persons who misappropriated, and took advantage of, confidential information from their employers.
I read on several other more serious investing sites, that even relatives of manager are insiders.
Thuo is an insider. That is for sure.
Brings us back to the question, why is he not buying?
Is this a Slam Dunk? If it is for Krom, why not for Thuo?
Just an interesting point to discuss.
The difference is: According to Peter this is a 'screaming buy' opportunity. Peter Thuo obviously thinks otherwise.
Thuo is an insider for sure:
https://en.wikipedia.org/wiki/Insider_trading
Troy has made a good point:
Why on earth are only Peter and Sylvan investing in the company, and none of the rest of the guys.
Peter Thuo did not even spent a dollar in the prospects of Kenya alone.
I really don't get that.
The Doc.
Krom,
It explains why there was no mention of additional convertible debt in the update.
Troy has made a good point:
Why on earth are only Peter and Sylvan investing in the company, and none of the rest of the guys.
Peter Thuo did not even spent a dollar in the prospects of Kenya alone.
I really don't get that.
The Doc.
I can...
....
....
Just kidding.
NOBODY knows how long oil will stay low priced, according to the CEO. But it does not matter in a way. He said it is of great importance to be READY to act when oil goes up again.
Until then: keep your hand on your wallet and keep paying attention.
Their 10 project, which will start midway next year, will double their oil output.
All in all, despite the current oil enviroment they are very optimistic.
The Doc.
Regarding TAIPAN trading halt pending news:
http://www.stockhouse.com/companies/bullboard/v.tpn/taipan-resources-inc
If something is known it will be posted here.
Tullow on Kenya:
http://edge.media-server.com/m/p/ir9ffwvh/lan/en/st/retail
Look into the presentation at 30 minutes: Kenya.
And look at 41 minutes.
Krom,
Regarding the pipeline by Mercom:
https://en.wikipedia.org/wiki/Chad%E2%80%93Cameroon_Petroleum_Development_and_Pipeline_Project
http://www.esso.com/Chad-English/PA/Files/20_ch3.pdf
The Doc.
Krom,
They don't understand how to read Ntephe. In EVERYTHING up to the last update, he said that convertible debt was on the table. Even in his power point presentation, in addition to farm ins, he put that the convertible debt was on the table.
Krom, check your mail please.
I mailbombed you. :)