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357,500 just printed at 0.238 4:14pm
MM GARC pushing the action a bit
I would stick with what Addax has said vs. the STP folk
as of today still on track for H2 of 2008
however no Rig of Opp named
No Swap of Rig Slots with AA confirmed
hope to hear different
Still Sticking to late 2008 for BL 4
Golden News Today
Addax Petroleum announces successful oil appraisal offshore Nigeria
Tuesday March 11, 8:17 am ET
Successful appraisal at OML123 expands Kita Marine area
CALGARY, March 11 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC) announced today the successful appraisal of and addition to the Kita Marine discovery.
The recently completed KTM-6 well encountered an aggregate gross oil column of 173 feet over four zones. The Kita Marine discoveries lie in the northern part of the prolific OML123 block offshore Nigeria in an area which has not previously had production.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "I am very pleased to report an encouraging start to 2008 with these promising appraisal well results from OML123. The expansion the Kita Marine area opens up the very real possibility to initiate development and production for the first time in the northern part of OML123. Our track record of production and reserves growth in Nigeria and on OML123 in particular has been reliable and first rate. I believe that Kita Marine, along with the considerable remaining potential on OML123, will continue to underpin our strong and consistent operational performance."
The KTM-6 appraisal well was drilled two kilometres to the southwest of the successful KTM-2ST1 exploration well. Both wells penetrated separate but adjacent fault blocks. The KTM-6 well encountered an aggregate gross oil column of 173 feet including individual gross oil columns of 94 feet and 52 feet at depths of between 5,350 and 6,300 feet subsea. Flow tests were not performed but pressure and fluid sample data indicate medium gravity oil to be present, consistent with the approximately 30 degrees API Antan blend produced from OML123. The KTM-2ST1 well was drilled in late 2005 and encountered an aggregate gross oil column of 100 feet over three main zones and flow tested at 1,000 bbl/day of 28 degrees API oil.
The Kita Marine area lies in a water depth of approximately 10 metres and is approximately 10 kilometres northeast of the North Oron / Oron West producing facility. OML123 is Addax Petroleum's largest license area, currently producing approximately 60,000 bbl/day.
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.
Addax Petroleum Presents At Upcoming FirstEnergy / Société Générale Global Energy Conference
CALGARY, March 11 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum" or the "Corporation") announces that Mr. Michael Ebsary, Chief Financial Officer, will be presenting at the FirstEnergy / Société Générale Global Energy Conference in London, on
Monday March 17, 2008 at approximately
3:50 p.m. London U.K. Time / 11:50 a.m. Eastern Time.
Investors are invited to listen to the live webcast via the following link:
http://remotecontrol.jetstreammedia.com/14831
The presentation slides will be available prior to the presentation on Addax Petroleum's website at www.addaxpetroleum.com.
ERHC promises bright future for stakeholders
http://www.punchng.com/Articl.aspx?theartic=Art200803060384735
By Clara Nwachukwu
Published: Thursday, 6 Mar 2008
United States-based, ERHC Energy Incorporated has promised a bright future for its investors and other stakeholders, as its investments begin to yield fruits.
The Controller, ERHC, Mr. Sylvan Odobulu, who spoke with our correspondent on Wednesday, said the investment port folion of the company was quite big, adding that its operations were now being carried out in a more transparent manner.
He said the company had been involved in a lot of exploration activities on some of its oil blocks located in the Joint Development Zone, operated by the governments of Nigeria and Sao Tome and Principe.
According to Odobulu, ”We and our technical partners have been carrying out a lot of exploration, but we have not yet reached production.
”We have signed three production sharing contracts for JDZ blocks 2, 3, and 4 with the Joint Development Authority.”
He insisted that the blocks held huge prospects, adding that they would be developed according to plans, given the calibre of ERHC‘s technical and financial partners.
He said, ”For block 2, we have Asian giant, Sinopec, and they are carrying us through, as there are no expenses borne by ERHC until they recover costs and we share the profit.
For block 3, the operator is Anardako Woodland Texas, and for block 4, is Addax. They are all carrying us through all the expenses.”
He added that both Sinopec and Addax have found a drill ship, Abraham, for their respective blocks. He said the Abraham had been on a re-work and would sail to the JDZ this March.
He, however, said the company still had other PSCs, which had not yet been signed for blocks 5, 6 and 9, due to delays in sourcing for competent technical partners.
In spite of the initial protests against the company‘s investments in the JDZ, Odobulu, insisted, the ERHC had enjoyed tremendous public support, demonstrated by the number of visitors to its stand at the just-concluded Nigeria Oil and Gas Conference.
Although the company was participating for the first time, he said, it was one of the sponsors of the conference, and had attracted a lot of interests.
Addax Conference call details:
Date: Thursday, March 13, 2008
Time: 12:00 p.m. (noon) Eastern Time / 4:00 p.m. London, U.K. time
To listen to the conference call, please call one of the following:
Toronto: 416 644 3419
Toll-free (Canada and the US): 1 800 731 5774
Toll-free (UK): 00 800 2288 3501
Toll-free (Switzerland): 00 800 2288 3501
A replay of the call will be available at (416) 640 1917 or (877) 289
8525, passcode 21264945 followed by the number sign, until Saturday March 29,
2008.
CALGARY, March 5 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum" or the "Corporation") announces that Mr. Patrick Spollen, Corporate Finance Manager, will be presenting at the FirstEnergy/Société Générale - East Coast Canadian Energy Conference in New York, USA on Wednesday, March 12, 2008 at approximately 1:30 p.m. Eastern Time / 5:30 p.m. London U.K. Time.
ADVERTISEMENT
Investors are invited to listen to the live webcast via the following link: http://remotecontrol.jetstreammedia.com/14555
The presentation slides will be available prior to the presentation on Addax Petroleum's website at www.addaxpetroleum.com
everyone see the ER pics ???
http://www.erhc.com/en/photos/albums/v/1
Yes Sir - Get Ready !$!
still up from $0.03 and $0.07 Long road indeed
some were lucky enough to grab some sub penny shares in the 2000-2001 years
BTW what is it they can possibly say, it [O&G event] was just about exposure IMO and awareness
we are just along for the ride here
we are not the operator and JDZ is our only play until Sao Tome comes down from the trees to get a Lic Round together
either that or we continue to stay quiet with the Fed,s on our back - then again we have always been quiet on the PR Side [Cant tell the world we raided the neighbors fridge]
is a Rig coming this year or what ?
Birdie Birdie .. How much would Addax pay?
will now wait till drilling
new Addax Presentation
Investors are invited to listen to the live audiocast via the following link:
http://events.startcast.com/events/118/whistler2008/
Good Exposure and a good way to get the PPS up so far we have seen some firming up of the PPS
even with out a significant PR
still looking for that Rig of Opportunity news which from the confidence indicated from Addax WILL be this year
cool new Jim Bedwetter Video
BB CVX bid the most for BL 1 [the most ever per Sq/Km in W.Africa] at the time, even waited till the last minute to submit to ensure they had the highest bid
XOM never bid squat aside from haggling their BL 2/4 interests
Never understood why they let ERHC in 2/4 and then left BL 1
who knows why CVX is closing what is probably their smallest office on the planet ?? Perhaps they let Addax drill their 10 wells and take their info and drill again in 2010 + with better info ??
Could be something or could be nothing
So they Walk on BL 2,4 and give up BL 1
now they want to come back and pay more?
LOL
ERHC still appears to be ERHC
and oil is still oil
and as of last week Addax still has a Rig booked
Addax Petroleum presents at the 11th Annual CIBC Whistler Institutional Investor Conference
Thursday February 14, 10:31 am ET
CALGARY, Feb. 14 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum") announces that Mr. Michael Ebsary, Chief Operating Officer, will be presenting at the 11th Annual CIBC Whistler Institutional Investor Conference, in Whistler, Canada on Thursday, February 21st, 2008 at approximately 4:05 p.m. Pacific Time / 12:05 am London Time.
Investors are invited to listen to the live audiocast via the following
link:
http://events.startcast.com/events/118/whistler2008/
The presentation slides will be available prior to the presentation on Addax Petroleum's website at www.addaxpetroleum.com.
being in arbitration with us on BL 4 for the GodSonic percentages
it hardly seems realistic they would be looking to get the whole pie from us too
IMO they offered and EO said too low
wait till drilling and get more
the Market Cap increase from $0.18 - $0.23
is well worth it
$35+ Million or so
it's quite possible they burned $5 Million in 1 year on Legals / Admin. & the Nig. O&G event.
Cash wont be a problem going forward anyway - when they hit proven any bank would certainly give them a generous credit line
but have enough on hand for the next 2 or 3 years easliy
Wouldn't it be a hoot to see that Rig of Opportunity announced at the show next week
02/12 ERHC Energy Inc. Reports First Quarter 2008 Financial Results
ERHC Energy Inc. Reports First Quarter 2008 Financial Results
HOUSTON, TX, Feb 12, 2008 (MARKET WIRE via COMTEX) -- ERHC Energy Inc. (ERHE)
today reported financial results for the first quarter ended December 31, 2007.
As of December 31, 2007, ERHC reported cash assets totaling $33,870,197, compared
to $38,030,673 one year ago.
During the three months ended December 31, 2007, ERHC's interest income totaled
$431,863. ERHC's net loss totaled $586,765, which was up slightly from $522,142
for the three months ended December 31, 2006. General and administrative expenses
during the first quarter decreased by approximately $320,000, or 24 percent,
compared the same period a year ago.
"The quarter saw a significant reduction in expenses incurred in connection with
the Justice Department and SEC investigations of the Company," said Acting Chief
Executive Officer Nicolae Luca. "By restructuring operations and implementing
strict cost controls, we continue to strengthen the Company's financial
position."
To date, the Gulf of Guinea, off the coast of West Africa, has been ERHC Energy's
primary focus. The Company's consortium partners, Addax Petroleum and Sinopec
Corp., are preparing to begin exploration activities in two blocks of the Joint
Development Zone (JDZ) between Nigeria and the Democratic Republic of Sao Tome &
Principe.
About ERHC Energy
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on
growth through high impact exploration in the highly prospective Gulf of Guinea
and the development of undeveloped and marginal oil and gas fields. ERHC is
committed to creating and delivering significant value for its shareholders,
investors and employees, and to sustainable and profitable growth through risk
balanced smart exploration, cost efficient development and high margin
production. For more information, visit http://www.erhc.com.
ERHC NEWS ! released during the day too LOL
if not dead already - but those A'Holes can continue to drag this out till no end it seems
2 years later no indictments
ERHC NEWS 10 Q Feb 11/2008
http://biz.yahoo.com/e/080211/erhe.ob10-q.html
December 31, 2007, the Company had $33,970,197 in cash and cash equivalents
hmmm.... Included in current liabilities is also a $4,803,750 liability to Feltang International Inc. that will be satisfied upon issuance of 5,250,000 shares of common stock.
Form 10-Q for ERHC ENERGY INC
--------------------------------------------------------------------------------
11-Feb-2008
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the Company's unaudited consolidated financial statements (including the notes thereto) and Item 1A of Part II, "Risk Factors," included elsewhere in this report and the Company's audited consolidated financial statements and the notes thereto, Item 7, "Management's Discussion and Analysis of Financial Condition and Plan of Operations" and Item 1A, "Risk Factors" included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2007, Item 1A of Part II, "Risk Factors," included in the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2006 and Item 1A of Part II, "Risk Factors," included in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2006. The Company's historical results are not necessarily an indication of trends in operating results for any future period. References to "ERHC" or the "Company" mean ERHC Energy Inc., a Coloradocorporation, and, unless expressly stated or the context otherwise requires, its wholly owned subsidiary.
Overview
ERHC reports as a development stage enterprise as there are currently no significant operations and no revenue has been generated from business activities. The Company was formed in 1986, as a Coloradocorporation, and was engaged in a variety of businesses until 1996, when it began its current operations as an independent oil and gas company. The Company's goal is to maximize its value through exploration and exploitation of oil and gas reserves in the Gulfof Guineaoffshore central West Africa. The Company's current focus is to exploit its only assets, which are rights to working interests in exploration acreage in the Joint Development Zone ("JDZ") between the Democratic Republic of Sao Tome & Principe ("DRSTP" or "Sao Tome") and the Federal Republic of Nigeria ("FRN" or "Nigeria") and in the exclusive territorial waters of Sao Tome (the "Exclusive Economic Zone" or "EEZ"). The Company has formed relationships with upstream oil and gas companies to assist the Company in exploiting its assets in the JDZ and entered into production sharing agreements with upstream oil and gas companies in certain of these JDZ Blocks. The technical and operational expertise in conducting exploration operations will be provided by such oil and gas companies and the Company's various consortium partners.
Saleof Participation Interests
The following represents ERHC's current rights in the JDZ blocks.
ERHC ERHC Current ERHC
Original Joint Bid Retained
Participating Participating Participating Participating
JDZ Block # Interest(1) Interest Interest(s) Sold Interest
2 30% 35% 43% (2) 22%
3 20% 5% 15% (3) 10%
4 25% 35% 33.3% (4) 26.7% (6)
5 15% (5) (5) (5)
6 15% (5) (5) (5)
9 20% (5) (5) (5)
(1) Original Participating Interest granted pursuant to the Option Agreement, dated April 2, 2003, between DRSTP and ERHC (the "2003 Option Agreement").
(2) In March 2006, ERHC sold an aggregate 28.67% participating interest to Sinopec and an aggregate 14.33% participating interest to Addax Ltd.
(3) In February 2006, ERHC sold a 15% participating interest to Addax Sub.
(4) By a Participation Agreement made in November 2005 and subsequently amended, ERHC sold 33.3% participating interest to Addax.
(5) No contracts have been entered into as of the date hereof. ERHC's goal is to enter into agreements to exploit its interests in Blocks 5, 6 and 9 also. Additionally, the Company intends to exploit its rights in the EEZ.
(6) Includes the 9% reclaimed from Godsonic by ERHC on behalf of the ERHC/Addax consortium following Godsonic's inability to fulfill financial and other conditions upon which the 9% was to have been assigned to Godsonic. Pursuant to the Amendment to the Participation Agreement made on April 11, 2006, the 9% is subject to distribution between Addax (7.2%) and ERHC (1.8%), if agreement is reached between the parties on the amount payable by Addax to ERHC for said interest.
--------------------------------------------------------------------------------
Table of Contents
Results of Operations
Three Months Ended December 31, 2007Compared with Three Months Ended December 31, 2006
During the three months ended December 31, 2007, the Company had a net loss of $586,765 compared with a net loss of $522,142 for the three months ended December 31, 2006. Interest income decreased from $543,632 in the three months ended December 31, 2006 to $431,863 in the three months ended December 31, 2007 due to a decline in the significant cash balance maintained by the Company following the sale of the participation interests in 2006. General and administrative expenses decreased from $1,331,898 in the three months ended December 31, 2006 to $1,011,447 in the three months ended December 31, 2007 primarily due to a decrease of $673,116 in legal fees, from $893,733 in the three months ended December 31, 2006, to $220,617 in the three months ended December 31, 2007. The decrease in legal fees was due to reduction in required assistance in connection with the Justice Department investigation of the Company, and the decrease was partially offset by an increase in public relations expense of $133,407 from $2,002 in the three months ended December 31, 2006 to $135,409 in the three months ended December 31, 2007. See "Legal Proceedings" in Item 1 of Part II of this report.
Liquidity and Capital Resources
As of December 31, 2007, the Company had $33,970,197 in cash and cash equivalents and short-term investments and positive working capital of $30,571,579. Management believes that this cash position should be sufficient to support the Company's working capital requirements for more than 12 months.
Off-Balance Sheet Arrangements
At December 31, 2007, the Company had no off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on its financial condition or results of operations.
Debt Financing Arrangements
At December 31, 2007, the Company had short-term debt of $33,513 bearing interest at 5.5% per year payable to an individual. The Company had other current liabilities of $5,594,349 including related party liabilities as follows: $62,314 owed to Chrome Management Services Inc. and $40,150 due to the Company's board of directors for directors' fees. Included in current liabilities is also a $4,803,750 liability to Feltang International Inc. that will be satisfied upon issuance of 5,250,000 shares of common stock.
"As Early As Q4" fingers crossed
thanks Dan
Main Drilling Starts as early as July-Dec 2009 and runs for 18 months straight into 2010 - 10 wells max
we are waiting to hear if a Rig of Opportunity becomes available for Q4 - 2008
chances are good they will - but no confirmation yet
seeking rig ...
a] Gulf of Mexico
b] Offshore Nigeria
c] Aban Abraham swap slots with Kosmos when ready
Have indicated the BL 4 prospect KINA so one may assume they have ordered the specific drill parts
The AA was delayed 1 year out of Singapore for refitting
since they confirmed the BL 4 Drill Target Prospect "KINA"
you would assume they would pre-order the parts
i am still hoping 2008 will be better than 2007
but its getting dicey
we need Schrull to come thru with that Rig already
what does this mean another 10 year delay in the EEZ
can someone break this down
why dont they award the already promised EEZ Blocks to the proper owners and get on with it
Frig'n Monkeys
Correct Art - Addax wants to expand and grow and continue to ADD reserves and increase PPS to fund these operations
- they do this by announcing a HUGE FIND
- that's the hope for BL 4
- that's why the Rig of Opportunity
- while we wait for the AA
which COULD start anywhere between July and DEC 2009 and go for 18 months straight
01/29 Jeff Schrull on JDZ - Head of Exploration Addax
http://www.addaxpetroleum.com/investors/management_presentations
Call in (877) 289-8525, passcode 21259259#
***Aban Abraham was delayed [refitting] out of the Shipyard in Singapore for 6 Months - 1 year
Hence the new main program start date July-Dec 2009
AA goes to Cosmos first for 4+4
then to Addax for 8 and Sinopec for 2 wells - 10 Total Wells to mature the JDZ portfolio
Will Be NON STOP DRILLING FOR 1 1/2 Years !!!
JDZ
unRisked Oil - 1 Billion
Risked - 470 MM Bbls
"Company Maker"
Area where billion barrel fields exist
Addax Mapped the Entire JDZ in 3D
Firm Drilling Targets
Leading Prospect Kina BL 4 [based on size quite exciting]
Then Principe & Tome BL 2
Limbo BL 3
So many prospects - may lead to "Clustered Development"
2008 Rig of Opportunity [Addax & Sinopec together]
for BL 4 and potentially BL 2
***Schrull "KEEN TO GET DRILLING IN Q4 2008"
Addax on Exploration
now 40 folks at Exploration unit at Addax
including "senior" people brought over from the majors - Addax can attract these folks with $$$ / and the exploration potential
JDZ BL 1 - OBO 1
CVX felt it was the best prospect
many fault blocks
80 Million Bbls reported - ???
Keen on the other structures
A replay of the 01/29 Addax conference call
will be available at
(416) 640-1917 or (877) 289-8525,
passcode 21259259#
until Wednesday, February 20, 2008.
http://www.addaxpetroleum.com/investors/management_presentations
The webcast will be available at the following URL:
http://w.on24.com/r.htm?e=101709&s=1&k=D6B6CE5F87B0BC6BBC4578F6EBDDD209
pg. 109, 110, 111 JDZ Prospect + 3D Map
01/29 New Addax Presentation
http://www.addaxpetroleum.com/_media/Capital_Market_Presentation.pdf
http://www.addaxpetroleum.com/investors/management_presentations
Caution *Subject to Rig Availability / Approvals
perhaps the con call today will say how "intact" 2008 is
01/29 New Addax Presentation
http://www.addaxpetroleum.com/_media/Capital_Market_Presentation.pdf
http://www.addaxpetroleum.com/investors/management_presentations
pg. 27 Still PLANNED Rig for late 2008
*Subject to Rig Availability / Approvals
1 Well JDZ BL 4 [Kina]
Main JDZ program still mid 2009-2010
5 Wells