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Seek-I am not in RCPI yet. What do you think at this price. A good entry?
The price of oil in 2009 when the JDZ was drilled ranged from $36 to $79 yet they stilled drilled. Oil prices are affected by demand and economic conditions. Don't you think that these large oil companies look long term where the see the price stable or higher. After all there is a finite amount of oil that is gradually being consumed. Like land they ain't making any more of it. Of course alternate sources of energy could consumption in the future.
What is ironic is that the total of these convertible notes is only about 611K. Not a large amount considering all the positive developments in Kenya and Chad. I would think that the company could borrow that amount from other sources and pay these notes off before they mature. Maybe CEPSA would buy 15M shares of ERHC @.04.
Do you know when the next convertables mature?
Just got a few at .04 -
Not sure. I hope so.
If you remember after the farm-out with CEPSA closed the share price did go above .11. Granted it has not held that price but you could have added to a position before the CEPSA deal at .04 - .05 and sold some above .11. Almost a triple.
An opinion doesn't have to be proven wrong. No one can do that. It's just your opinion. Time will tell if it's right or wrong.
They must have a partner lined up. Hopefully we will hear soon.
While final processing and interpretation is currently going on, our team is already discussing proposals for the requisite follow-on seismic survey."
How could ERHC release data in Kenya without CEPSA approval as CEPSA is the operator. ERHC did release results quickly in Chad as they are currently the operator of the block.
Are you adding to your LIQD position here?
Matt - could you please look at LSG. They had earnings this AM. It seems they continue to be very profitable even with lower gold prices.
ERCH bolsters potential in Southern Chad following airborne survey
http://www.oilandgastechnology.net/upstream-news/erch-bolsters-potential-southern-chad-following-airborne-survey
ERCH bolsters potential in Southern Chad following airborne survey
http://www.oilandgastechnology.net/upstream-news/erch-bolsters-potential-southern-chad-following-airborne-survey
If they were not waiting for CESPA why would they release the results for Chad so quickly and not Kenya. IMO CESPA as the operator must have to approve any releases for Kenya.
Seek-Please give us your thoughts on todays pr on the Chad FTG results.
It does seem to take forever to get things done in the oil patch. Tullow seems to be an exception.
The bad is CEPSA could delay drilling to 2018 but will pay a higher cost if they do.
Why would CEPSA want to delay drilling? Didn't they get into Kenya to find oil?, not delay as long as possible.
It costs a lot of money to produce 10K - 10Q to stay current on NASDAQ. Money Is best saved until deal is done.
Hal:
You seem to change your mind frequently. Patience.
Harold Engel. 10/01/14
IMO WOLV will put the deal together...stay tuned!!!
Harold Engel
Does anyone know the cost for one thermometr.
Matt-are you still holding LIQD?. Also what is the benefit of following someone on IHUB?
Yes you may have to have patience but it doesn't have to close above .10 to sell above .10.
PetroServices eyes expansion into the East African market
OCTOBER 16, 2014 BY SAMUEL KAMAU MBOTE
German oil field supplier and service provider PetroServices has said it is looking into opening an office in Kenya to tap into the expanding oil and gas sector.
According to Business Development General Director at PetroServices Dr. Hesham Khalid the expansion to either Kenya or Tanzania will occur in the fourth quarter of 2014 once the company completes an ongoing market research to weigh on the potential by each country.
The company that deals in standard mud logging, rig monitoring services, field Drilling Technique (FDT), consultancy services among others wants to create an avenue to channel its products that are lacking in the growing oil and gas sector in the East African market.
In Eastern Africa the market has its products in Puntland in partnership with Canmex Holdings (Bermuda) II Ltd. in two large oil exploration licenses encompassing the Dharoor and Nugaal Valleys with the country is being serviced from the Dubai office.
“The company is quite keen to step into East Africa whether in Tanzania or Kenya with the decision likely to be reached before the end of the year,” says Dr. Hesham.
Besides East Africa the company has a presence in the continent in Egypt, Libya, Algeria and Sudan.
Swala Energy to raise $4.4M to fund activities in Kenya and Tanzania
OCTOBER 17, 2014 BY SAMUEL KAMAU MBOTE
Swala Energy Limited has announced a Share Purchase Plan to raise up to A$5.0 million (US $4.4 million) to fund additional near-term work on the Company’s Tanzanian and Kenyan licences, as well as for business development and general administrative purposes.
The c(SPP) is to be offered to all eligible shareholders who can subscribing for up to A$15,000 of new fully paid ordinary shares in Swala without incurring brokerage.
The SPP issue price will be the lower of A$0.20 being a 4.8% discount to the volume-weighted average price of shares traded on the ASX over the 5 trading days up to and including 2 October 2014, or the VWAP of Swala shares traded on the ASX over the 5 trading days up to and including the day upon which the SPP Offer is scheduled to close, 10 November 2014.
Therefore,the maximum price that eligible shareholders will pay is A$0.20 (20 cents) per New Share.
The SPP Offer will open on Tuesday, 21 October 2014 and will remain open for subscription until Monday, 10 November 2014.
According to Swala Energy CEO Dr. David Mestres the funding will ensure that the company can carry on activities till the end of the first quarter of 2015 that include among others the drilling of three wells.
“Swala aims to raise up to A$5 million to ensure funding is in place for the Company’s activities to the end of the first quarter of 2015. The Company always expected to raise funds to carry it through its proposed three-well 2015 drilling campaign but has decided to now undertake a Share Purchase Plan to allow current eligible shareholders to participate,” said Dr Mestres.
Mestres adds that part of the preparation for this larger raise of equity was the interpretation of the results of the seismic data acquisition programmes over Block 12B in Kenya and the Pangani licence in Tanzania.
In the Kilombero licence in Tanzania the current additional 2D seismic survey is underway.
“These interpretations are currently ongoing and, in the case of the Kilosa-Kilombero basin, the interpretations will commence laterin 2014. In view of the Company’s current share price and the significant potential that its 2014 seismic survey is starting to reveal, the Board has felt strongly that the opportunity to participate in this earlier equity raise should be offered first to our existing eligible shareholders through a Share Purchase Plan, with the Directors retaining the right to place any shares not taken up by the existing eligible shareholders as they consider appropriate.” He concludes.
The share purchase plan is however applicable to equity holders whose registered address is in Australia or New Zealand.
I think in today's environment the stock stays in its .03 to .12 dead zone until oil is actually found
That's not a bad price range. Keep your core position (if you have any) for the long term, buy more here at .04 - .05 and sell what you bought here @ .10 = .12 for a nice double or triple.
I would ask again. Dan always answers me within a day or so. Maybe he didn't get your email.
I don't believe ERHC had leaked good or bad news before. They seem to just state the facts.
Why would you expect leaks?
Right here from the 10Q.
During the First Additional Exploration Period of Two (2) Contract Years: Minimum Work and Expenditure Obligations to:
· Acquire 750 km2 high density of 3D seismic data (at a minimum cost of US $ 30,000,000), or
· Drill one (1) well to a minimum depth of 3,000 m (at a minimum cost of US $30,000,000)
I think that by a strategic investment they may be talking about Someone/company taking a equity interest in ERHC not a loan. JMHO.
It appears the 2D on 1000KM took less than 3 months. I am not familar with how long 3D takes but it should be on a far smaller area.
Did you not see this from the Shareholder update. If they can make this happen it may solve financing problems.
• ERHC is also in discussions with private equity funds regarding potential strategic investment. These talks are preliminary in nature but management believes a significant private-equity investor could represent an important source of funding to help meet the Company's long-term obligations.
This is your post from 9/23. You seem to change your opinion quite frequently.
Southern Man Tuesday, 09/23/14 01:04:42 PM
Re: kingpindg post# 290649
Post # of 291585
Please recall CEPSA does not like to be rushed. That was their primary reason for leaving Swala. In my inquiries a 6 month window was MINIMUM to decide how to proceed after seismic. This seismic data area is also huge and could contain 3 different basins at least. So, IMO its a complicated large NEW area that requires some deep thought and processing.
I think in 2 or 3 months they will announce to drill one well and do 3d in a few other areas. This current news release is just restating the FACTS and officially announcing phase 2 is underway. CEPSA sets the timelines IMO. If the data looks really good we will hear more very soon. News will be approved by or come from CEPSA, imo.
Given the political, medical and social unrest in the area combined with major cash outlay from CEPSA will take time. It is possible they sell the whole block as well, as hot as things are Tullow/Africa Oil may just buy us out/farm in etc... anything is possible at this point. The data is either very valuable or uneventful, we will be the last to know. Given the current stock price the data is not pointing to any life changing petroleum finds at this time or is imcomplete.
"it means they haven't studied the 2D enough to conclude one way or the other."
Under the second phase of exploration, which lasts a further two years from the end of the first phase, CEPSA Kenya Limited (a wholly owned affiliate of Compañía Española de Petróleos, S.A.U. (CEPSA)) and ERHC are required to either acquire 3D seismic or proceed directly to drilling one exploration well during the additional two-year exploration period.
If Kenya was a bust then why would Cespa choose to spend an additional $30M? Doesn't make sense. They would run and cut their losses.
Your correct all his posts on IHUB have all been on ERHE but he said he owned 3 stocks that were exploring in Kenya and he thought were closer to drilling that ERHE. I think one was TAIPF. Why he doesn't post on other boards I don't know.
I believe MTO has TAIPF.
oilnewskenya ?@oilnewskenya 3h3 hours ago
#ERHC announces that #Bridgeporth has commenced an airborne gravity/magnetic survey of BDS 2008 in Southern #Chad #oilandgas #Africa
please give us some oil stocks you like for a bounce.
No way to know the answer to this. The only thing is that he could have let his other companies handle Kenya. And he didn't so he still must have interest in ERHC.