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One hour. eom
Jim, here's the link...
It looks like Deepwater Discovery will be in Total's hands through 2008. If we could get a buyin by Total maybe they would play nice and share it. I can hope, can't I?
http://media.corporate-ir.net/media_files/irol/11/113031/reports/073106.pdf
rheddle, uses for oil money...
I watch Extreme Engineering on Discovery channel a while back. They cover the construction of that ski facility from beginning to end. It was simply amazing. They actually built the upper slope on the ground and then winched it into place using 4 steel cable TWELVE INCHES IN DIAMETER!! Amazing.
Umbra, I agree completely.
I meant no personal attack when I challenged AngryAsian's claim about the want ad. I spent nearly an hour on the Houston Business Journal's website and could not find it. Given the myriad of misinformation posted on this and other forums I made the only logical conclusion I could, that the information was incorrect.
I subsequently learned the HBJ withholds content from their website to encourage readers to subscribe to the print version. Once it was verified that an ad actually WAS printed in the HBJ, I humbly apologized to AngryAsian for claiming his information was incorrect. What more can I do?
As a shareholder of ERHE, AngryAsian would be doing himself and all shareholders a disservice by withholding information and only sharing with a select few. At the end of the day the purpose for diseminating information is to affect the share price, hopefully in a positive direction. I would hope that AngryAsian is mature enough to understand that. At the time I made the only conclusion I could with the information I had. Had roles been reversed and I made a claim that Angry couldn't verify, I would be willing to bet the he would challenge me as well. I was wrong and I apologized. That's what adults do. If he cannot accept that and continues with a secret email club it does ERHE no good and reflects strongly on AngeryAsian.
Draw your own conclusions based on how this pans out.
AngryAsian, DUCK AND FLY LOW FOR A WHILE!
KeeneyPR is a recent member of this forum and been the first to post news lately. It appears they "laid off" and let you break the news first.
It looks like someone is sniffing around for a leak.
Take care.
Thanks Dadd, I understand and agree.
LOL@Walldog eom
My apologies to Angry Asian. Apparently the Journal limits content on the web to boost print subscribers.
{EDITED} This was originally a continuation of my rant. I was wrong and pulled it.
AngryAsian, can you answer this question?
http://www.bizjournals.com/houston/jobs/index.html?page=1&market=houston&total_jobs=3043&...
3000 Houston jobs listed by company, nothing from ERHC Energy. I've cross referenced it through other sorts and keyword searches.
What you posted seems to have come from your keyboard and not ERHC Energy. Please provide a link and prove me wrong.
For a company in ERHE's position a highly qualified CFO far outweighs an oilman CEO right now. ERHE doesn't need a CEO that knows how to run an oil business. It has no rigs, will drill for no oil, and will sell no oil. ERHE has very lucrative rights with full carries and will recieve a check from its partners once oil flows. It needs a financial guy that is an expert at making the books look pristine.
I said it before, if Sinopec spears an elephant ERHE will not exist a matter of months if not weeks afterwards. We will all be holding lots of Sinopec shares. Maybe it ends up being Anadarko, I don't know. They have a large enough market cap to gobble the minnow. Addax seems less likely, they just inked a deal and I doubt an ERHE acquisition is financially viable.
I always fall back to this; ERHE didn't get full carries because the other partners wanted to be nice. If the JDZ is what many of us think it is, ERHE shareholders will not be holding ERHE shares for very long after drilling begins. Its partners agreed to carry the cost of poking holes so they could insure access to the remaining rights if an ocean of black gold is found. JMHO.
Even if all SEO wants is to put lipstick on her he is going down a WAAAY wrong path if all he wants is a puppet. Whoever he puts in as CEO will be the one at the table during negotiations. COB's don't attend buyout negotiations. They oversee the company executives, but are pretty much hands off.
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Walldog, I thinks it's time to start agreeing that, if he really wants to put a puppet in, it is time for SEO to take a back seat and let professional execs run ERHC. His investment will grow far bigger that way.
I'd be more comfortable with SEO taking the CEO position himself if all he plans on doing is commanding a puppet. It is what it is, if he's going to run that company then take the position.
I like the potential of ERHE going forward, but I worry about that potential being squandered by large a ego. That is ERHE's biggest obstacle you know, SEO's ego.
We need him as he is invaluable, but he *is* a double edged sword.
Angry, I don't know much about the Houston Business Journal, but if ERHC really has resorted to want ads for it's next CEO I am less than enthusiastic about it.
Surely there are professional employment agencies in Houston specializing in Oil company CEO'S? We are potentially a 10-20 BILLION dollar company once proven.
When are they going to start acting like it? Want ads are for blue collar jobs, not a CEO for a multi-billion dollar company!
SEO and Luca not "getting that" I understand, but Jeter? He should know better and guided them in the right direction.
Electick, you obviously haven't been reading here over the past month. There are countless posts covering Mr. B's short tenure.
You are correct, I should not have used the term "Everyone". That was presumpuous of me.
As for the rest of the post being off track... good lord man, I put [TOTAL SPECULATION ON MY PART] in there in all caps TWICE to make sure nobody thought I was posting facts.
What is your speculation Electick? You seem to have a very strong opinion on this topic. Will you share your thoughts?
Thanks.
I didn't figure it would take long, WB was brought in for a task and completed that task. I don't think he left with a warm fuzzy feeling in his belly though, probably due to his incentive compensation being tied to the share price, which was affected negatively by the DOJ which is clearly outside of his control.
Everyone has always known WB was short term, that's why I believe a replacement was "in pocket" already.
Probably someone from CVX/XOM, since they now know what they found (even if they aren't telling us) [TOTAL SPECULATION ON MY PART FOR THE ATTACKERS]. CVX/XOM didn't grow to what they are by being stupid. Planting a CEO now would make sense if their ultimate goal is to acquire it all.
Don't worry, SEC guideline insure it will be at a fair price. Maybe that's why they were called in in the first place? CVX/XOM offered X and ERHE said bu||sheet and called the SEC themselves? Who knows?
[TOTAL SPECULATION ON MY PART FOR THE ATTACKERS]
If this is old, sorry. I've spent 3 LOOOONG days at a 12 year old softball tournament and missed the weekend ramblings!
Still trying to catch up.
ach, another possibility is that...
oily doens't work for a block one memeber, but the JDA? It would give him access to all the same info as the JDA would have to sign off on any deals affecting awards, which a merger/buyout would.
Marcel, why are you telling me what I already know?
I missed the block 2 22%, but as I said last night, I wasn't "sure" and didn't feel like looking it up.
In my own feeble mind I just look at ERHE as a company with 15% rights throughout the JDZ... for the most part that's accurate enough for me.
RHeddle, thanks. That makes sense.
ERHE will never see oil, don't worry this is positive!
Why did Sinopec partner with an unknown company that had only a CEO, CFO, and secretary as employees? Why did Sinopec grant full carry to the little minnow?
Because the minnow had potentially huge rights to light sweet crude.
IMO (to keep someone off my back, that means IN MY OPINION) Sinopec is playing a risk sharing game, and a good one. They pay the drilling costs in Block 2, Addax and Anadarko pay the costs in the other two. If oil is struck in significant quantities, Sinopec buys ERHE and gets known oil in 3 blocks without the risk of dusters.
I am almost 100% confident the ERHC Energy will NEVER see first oil... but then we'll have made our money so do we really care?
Platina, I agree our legal is top notch, but why...
do you think the same of our PR firm? I'm not saying DPK Public Relations is not a good outfit, but I don't "know" that they are good... and I use the term "they" loosely. In all of the digging I have done I come to the same conclusion. DPK Public Relations *IS* Dan Keeney (middle name Patrick or something, thus DPK). All contact info points to Dan. All press releases and awards point to Dan. Dan is "the" man.
I'm not saying that a team of one can't be top-notch, good grief look at ERHE! I just found it curious that you put so much emphasis on BOTH our legal and PR firms were top notch.
Did your DD reveal something about DPK Public Relations that I didn't find? Can you share it with us?
Question to all:
Everyone is eagerly awaiting drill rigs in our blocks, myself included. The assumption is that once we get rigs in the zone ERHE's share price will go up, and it will. I have no doubt about that.
But I wonder if we will be privy to factual "proven" reserves anytime soon. If it is strategically in CVX's best interest to tight-hole OBO-1, why would it not be in the best interest of our partners to tight-hole our results?
Throw in the fact that we're partnered with the Chinese, who will tell you nothing and make you like it, and I'm thinking we (or maybe just "I") need to push timeframe expectations back a year or so.
Thoughts?
Balance, then I upgrade to $7 to $12 pps. eom
ts, I don't remember the details, but ERHE has rights, with full carry, to blocks 2, 3, and 4 that I believe are 17%, 10%, and 15%.
Recent transactions show that there are companies out there that will pay upwards of $17 a barrel for PROVEN reserves.
If ERHE ends up sitting on 1B bbls proven in each of its three blocks the math is:
1B bbls * .17 = 170M bbls
1B bbls * .15 = 150M bbls
1B bbls * .10 = 100M bbls
Given that assumption we are sitting on 420M bbls proven. Half goes to the JDA for distribution to Nigeria and Sao Tome, so we have 210M barrels left.
At $17 a barrel proven that's $3,570,000,000, or about $5.10 per share assuming 700M shares out.
$1B bbls per block is low, IMO. Can't wait to poke holes! There are 97 hundred and thirty seven other factors that could come into play, but I feel ERHE is fairly valued, with its current awards, at somewhere between $5 and $10, once proven. In 12 to 24 months we'll know the answer.
To get out of this for $300K is a no brainer, pay it and move on! Legal will cost 10 times that to fight anything.
I apologize to the board. amj23 has been ignored...
At least now you'll only have to deal with his jabs at me rather than a childish argument between us.
ROTFL@Sangamon Kid!!!
Tapco, agreed. That was my point. It isn't going to happen until an articulate, hopefully charismatic CEO is put in place.
amj, yes, all IMO of course...
surely you can't think a company under a DOJ investigation whose CEO and CFO just resigned is going to go to the market with a road show and ask institutions to invest in it???
I left off the IMHO because it was blatently obvious that a road just isn't going to happen right now.
Why is ANYTHING that appears even remotely negative, no matter how obviously realistic, always attacked on this board?
In particular, you are on my butt every time I say anything you don't like. Open your eyes... ERHE is going to be a mega-hit, but I don't see it happening in 2006.
For the remainder of the year I see the hiring of a new CEO/CFO (probably sooner than we think) and then planning for a road show as rigs hit our blocks in 2007.
That's IN MY OPINION and waaay closer to a realistic expectation than 1200 meters of pay in 14 zones. I'll eat crow and apologize to umbra should his gut be right, but for now my gut, and the share price, agree we're in no danger of enjoying a rocket ride any time soon.
JMHO.
hal, there will be no road show until the DOJ investigation is closed, hopefully this year.
m_a_d, interesting point...
It fills the human greed that is a constant in this world and explains our dismal trading lately. Thanks.
oilman, you are just plain wrong.
There is NOTHING the U.S. can do to take ERHE's rights away, NOTHING.
Why can't you get that through your head? An international treaty between Nigeria and Sao Tome granted those rights to ERHE. The U.S. can do NOTHING to affect those rights.
Stop with your boogieman basher tactics and accept that FACT.
Platina, if enough people know its big to have big oil after, the U.S. governement after us, etc don't you think enough people would know to drive the share price up?
You're telling me that everbody that knows what obo-1 found would rather throw stones and fight legal battles than to become rich by buying .40 ERHE shares?
I don't think so.
Umbra, as much as I enjoy reading giddy feel-good posts like this, I have to say I am leaning towards CVX PR stating 150 ft net pay and "possible" commercial viability.
1200 mtrs with 14 pay zones would indicate that the entire JDZ is one big pool of oil the size of Ghawar, even bigger.
If that were even remotely close to true ERHE would be at $40 right now, not 40 cents.
The fact that ERHE is stuck where it is mean nothing extraordinary was found by obo-1(2).
IMHO.
nh, I'd put him at a foe times 5, 10 in the near future if I'm right. But he is entertaining to read!
Walldog0, in all jest...
My dog knows more than your dog!
How could I possibly resist that? I have 3 dogs!
dbernet, the lack of a reply to my query over a week ago surprises me. Why?
Oily, nice backpeddle. Speak english and maybe people would think you weren't JS trying to play people.
Just a thought.
ach, there was no sell-off. That in and of itself is a huge sign.
ts, define a bunch...
ERHE has a secretary, an interim CEO, and a couple part time BOD's. Is that a bunch?
Maybe a Sinopec buyin on the condition that they appoint a new management team?
Who knows?
Nostra, please post a link proving..
you are right and they are wrong. SOX is well documented on the web, surely you can find a link to support your claim.
"That is what SOX says, although there some posters who feel different"
You won't, becasue you are not interested in the truth.
Mark, pirates use to invade ships on the high seas and steal their cargo. The pirates would hang a plank over the edge of the ship and form a gang around each of their captives, forcing them to walk the plank to their deaths in the ocean below.
Thus the term: "gang plank".
What oilphant meant is beyond comprehension. His style is to cloud and confuse, not to clarify. Ultimately he hurts the share price with is games and misinformation, but still he tries. Draw your own conclusions.
PLatina, Board, yes. Dictatorship, no.
Until we see more of what Offor has in mind, and I use the term "more" loosely as he has given up NOTHING to date, we won't have a clue.
We've heard he wants to build an oildco, yet his CEO quit because he wouldn't let them do that. I don't like it.
Make no mistake about it, if Offor stacks the BOD and Company Execs with Nigerians the last 5 years will have been for nothing.