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I would have to get smarter on notes first!
Do they get $250k worth of shares in 12 months? Or get them now and then can sell in 12 months?
Cheers
Brez
ERHC Energy Issues Convertible Note to The Chrome Group
HOUSTON, February 23, 2015 – ERHC Energy Inc. (OTCMKTS:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced that it has issued a convertible note for the principal amount of $250,000 to The Chrome Group. The note will bear interest at the rate of eight percent and have a 12 month tenure.
The Chrome Group is an international oil and gas conglomerate and a longstanding major shareholder of ERHC. ERHC will apply the proceeds of the note to the execution of its exploration work programs as well as for general administrative expenses.
In addition to the private placement of convertible notes, ERHC continues to pursue other fundraising sources, including new private-equity investment and farm-outs of its interests in production sharing contracts with the governments of Kenya, Chad and Sao Tome & Principe respectively.
ERHC holds a 100 percent interest in Block BDS 2008 in Chad and is currently planning a seismic acquisition program, having completed an aero-gravity and magnetic survey late last year with positive results. ERHC also holds a carried 35 percent interest in Block 11A in Northwestern Kenya, where drilling is expected during the first quarter of 2016. The Company's offshore interests include Block 11 in the São Tomé and Príncipe Exclusive Economic Zone (EEZ) in respect of which the Company signed a PSC in July last year.
ERHC Energy Issues Convertible Note to The Chrome Group
HOUSTON, February 23, 2015 – ERHC Energy Inc. (OTCMKTS:ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa, today announced that it has issued a convertible note for the principal amount of $250,000 to The Chrome Group. The note will bear interest at the rate of eight percent and have a 12 month tenure.
The Chrome Group is an international oil and gas conglomerate and a longstanding major shareholder of ERHC. ERHC will apply the proceeds of the note to the execution of its exploration work programs as well as for general administrative expenses.
In addition to the private placement of convertible notes, ERHC continues to pursue other fundraising sources, including new private-equity investment and farm-outs of its interests in production sharing contracts with the governments of Kenya, Chad and Sao Tome & Principe respectively.
ERHC holds a 100 percent interest in Block BDS 2008 in Chad and is currently planning a seismic acquisition program, having completed an aero-gravity and magnetic survey late last year with positive results. ERHC also holds a carried 35 percent interest in Block 11A in Northwestern Kenya, where drilling is expected during the first quarter of 2016. The Company's offshore interests include Block 11 in the São Tomé and Príncipe Exclusive Economic Zone (EEZ) in respect of which the Company signed a PSC in July last year.
What did you expect? Psst.....
Cheers
Agree. Don't know when it was written or if it was just a previous article that was republished.
It does pass the time though!
Have a good weekend
Brez
Just got google alert.
Brez
http://www.microcapdaily.com/investors-insights-on-erhc-energy-inc-otcmktserhe/18745/
Finally! Some ground truth!!!
Cheers
Brez
Seek
You are so emotionally involved that you don't seem to see that you are endlessly repeating yourself. There is nothing you can do over spilt milk or to make people as emotionally involved as you. So take a deep breath and please move on plenty to talk about.
Cheers
Brez
So you're already setting up the next let down. Because it will be such a downer and everyone should sell if we only get 500m. Never too early to set the sting.
Got it thanks
Happy New Year
Brez
I would be happy with 500 M! Where did you hear or read the 2.5 B? I might have missed it.
Cheers
Brez
Thanks magic I liked it!
Brez
Ok 2014 Sell off is finally over!! C'mon 2015 make it rain!!!!!!
Cheers
Brez
In the end, all that matters is when the oil hits the pipe!
Kinda like when the rubber meets the road! Let's hope we get a rapid SP rise in Jan-Feb-Mar!!! I need it for my moral!
Happy new year!
Brez
Please Seek!
MTO as been just as right as the doomsdayer that finally gets his zombie apocalypse!!!!
MTF please!!!!
Happy new year to you and your family. Thank God this year is finally over!
Brez
Merry Christmas to you and your family as well
Cheers
Brez
Me too. Even though everything seem negative right now, but ERHC keeps giving us positive news. the pendulum will swing the other way!
Good Bloom(Gloom)berg piece.
Oil $65/barrel for next 6 months.
http://mobile.bloomberg.com/news/2014-12-10/opec-says-2015-demand-for-its-crude-will-be-weakest-in-12-years.html
--------------------
Oil Price Hit by OPEC Numbers as Saudis Stand Firm on Output
Oil took a fresh drubbing today as OPEC reduced its estimate for 2015 demand, Kuwait offered new discounts to Asian customers and the Saudi oil minister questioned the need for a production cut.
“Why should I cut production?” Ali Al-Naimi, Saudi Arabia’s oil minister, said in response to reporters’ questions today in Lima, where he’s attending United Nations climate talks. “This is a market and I’m selling in a market. Why should I cut?”
The Organization of Petroleum Exporting Countries cut the forecast for how much crude it will need to produce next year by about 300,000 barrels a day to 28.9 million a day, the least since 2003. The group’s three largest members, Saudi Arabia, Iraq and Kuwait, are offering oil to Asian buyers at the deepest discounts in at least 6 years.
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Brent crude, the international benchmark, plunged as much as 4.9 percent to $63.56 a barrel on the ICE Futures Europe Exchange in London. That’s the lowest since July 2009. An Iranian official warned yesterday prices could drop to $40 a barrel should OPEC’s unity break down.
Brent crude slumped into a bear market this year amid speculation that Saudi Arabia and other nations in OPEC won’t cut output in response to a surplus. Prices plunged 17 percent since the group met on Nov. 27 and agreed to maintain a 30 million-barrel-a-day production target. OPEC said in a monthly report today that demand for its crude is weakening amid expanding supplies from U.S. shale producers.
‘Paradigm Shift’
“Naimi can’t change policy within two weeks of an OPEC meeting, they’ve got to stick it out for at least a quarter to make it obvious that non-OPEC can’t rely on high and stable prices,” Paul Horsnell, head of commodities research at Standard Chartered Plc, said by phone from London. “If it’s clear there’s damage done on non-OPEC, that’s the time they can start calling the dogs off.”
Any break in OPEC solidarity or price war will lead to an “enormous price-dive shock” that would push oil to $40 or $50, Mohammad Sadegh Memarian, an Iranian Oil Ministry official, said at a conference in Dubai yesterday.
“Saudi’s paradigm shift clearly shows their frustration with increasing supplies globally, OPEC and non-OPEC both,” Abhishek Deshpande, an analyst in London at Natixis SA, said by e-mail. “Saudi is testing the water here with unconventional non-OPEC producers.”
Oil Discounters
Kuwait Petroleum Corp., the state-run oil company, will sell its crude to Asian refiners at $3.95 a barrel below regional benchmarks next month, the company said today. That’s the biggest discount since December 2008, data compiled by Bloomberg show. Iraq’s discount in Asia is the biggest in at least 11 years and Saudi Arabia widened the discount on Arab Light to the most in at least 14 years.
Crude will stay at about $65 a barrel for at least half a year until OPEC changes its production or economic growth revives, Nizar Al-Adsani, chief executive officer of state-run Kuwait Petroleum Corp. said Dec. 8.
Prices now are below what 10 out of OPEC’s 12 members need for their annual budgets to break even, according to data compiled by Bloomberg. Kuwait and Qatar are the exceptions. Saudi Arabia, OPEC’s biggest member, has $742.4 billion of reserve assets, data from the country’s monetary agency show. OPEC’s next meeting is due to take place on June 5.
Below Output
Demand for OPEC’s crude will slump to 28.92 million barrels a day next year, according to the report today from its Vienna-based secretariat. That’s below 28.93 million in 2009, and the lowest since the 27.05 million a day level in 2003, the group’s data show.
The group’s 12 members last month pumped about 1.15 million barrels a day more than the 2015 level. OPEC produced 30.05 million a day in November, down 390,000 barrels a day from the previous month because of lower production in Libya, according to data from analysts and media organizations referred to in the report as “secondary sources.”
Thanks. They obviously didn't start talking to these guys yesterday. They must have been shopping around for services months or weeks ago
Cheers
Brez
Ouch... Too close?
None of your business.
On the Internet, on an investment forum... Let's just leave it with, I'm correct.
Cheers and have a good weekend
Brez
No people made or lost a lot of money on their own decisions. Don't you or anyone forget that.
Southern Man,
The reality of it is that once the selling is done, for all the previously stated reasons, people will wake up in mid Jan and realize exactly what you've stated.
The price will go up and at the current levels we can easily go up 10 times from here.
Cheers
Brez
...sigh....
Happy thanks giving to all our US folks!
Cheers
Brez
Boo-hoo-hoo
So the lower the SP the better the averaging down.
You see what you did there?
I am also a ledge hanger,
just more optimistic and less whiner.
Here are the conditioning questions for qualifying shareholders for their
decision making.
Why wasn't the shareholder fully aware of the far more expensive costs of drilling in deep water, than drilling in land?
If they were aware of that reality, why didn't they temper their buying of ERHE shares, when moving forward?
Why did the shareholder not sell his shares after knowing that PN found that a slight improvement of interest fees on the $5 million in Stanford Bank was worth the risk of loss?
There are a couple more..but this will suffice to highlight some shareholder's personal issues and challenges beyond the lack personal problem solving abilities and stiff upper lip.
Wow, the SP is depressing at best!
Cheers
Brez
Longtimer
Thanks for your posts. You're DD has done a lot to keep our eyes on the prize!
Cheers
Brez
Haha...too soon?
Krom, Seek
Can u guys take this conversation to another virtual sidebar please. Most of us here don't really care since we are waiting for drilling. Once that happens all our worries will be over.
Respectfully
Brez
Dang brah, I did it all wrong....I sold ERHE at an all time low to buy apple at an all time high!!
Man I'm not getting this stock thing...
Just kidding I didn't but I wished I'd done what you did!
Cheers
Brez
Copy thanks
I was replying after reading your prior posts with the links explaining the change.
Cheers
Brez
TOB
Thanks for the background info. I think this is positive for us and hopefully remove some of the manipulation that seem to be happening.
Cheers
Brez
Yep, some are so negative yet the slow moving steam roller just keeps on Rollin'
Went to University in Kingston, just south of Perth. Nice area.
Cheers
Brez
Bridgeporth Commences Airborne Gravity / Magnetic Survey of ERHC Energy's BDS 2008 in Chad
Data will help solidify exploration strategy for block adjacent to discoveries in the Doseo and Doba basins
HOUSTON, October 13, 2014 – ERHC Energy Chad, a subsidiary of ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa today announced Bridgeporth Ltd., a specialist geosciences company, has commenced an airborne gravity/magnetic survey of BDS 2008 in Southern Chad. ERHC has 100 percent of the interest in BDS 2008.
Bridgeporth is flying 4,720 line kilometers, focusing on two main areas identified by ERHC's technical team:
• North of Esso's Tega and Maku discoveries in the Doseo basin; and
• East of and on trend with OPIC's Benoy-1 margin discovery in the Doba basin.
The Doba and Doseo basins feature active exploration and development projects with discoveries exceeding 1,290 MMBOE. ERHC also has contracted with Bridgeporth to process and interpret the collected gravity/magnetic data.
"We are proud to reach this major milestone in our exploration work program in the Republic of Chad, which is an under-appreciated oil producing nation with new fields coming on-stream that could double oil production by the end of 2015," said ERHC President and CEO Peter Ntephe.
Chad's oil industry, which is a net exporter of oil and has been producing for more than a decade, boasts valuable oil and gas infrastructure assets, including the 50,000 barrel per day Djarmaya refinery and the Chad-Cameroon pipeline, which is situated in close proximity to ERHC's BDS 2008 Block. According to the U.S. Energy Information Administration, Chad is ranked 42nd in the world in crude oil production at approximately 100,000 barrels per day.
In addition to its oil and gas exploration interests in the Republic of Chad, ERHC holds interests in the Republic of Kenya, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ). Last month, ERHC announced it is proceeding with Exploration Phase 2 in Kenya Block 11A, committing to either acquire 3D seismic or proceed directly to drilling one exploration well during the next two years.
Bridgeporth Commences Airborne Gravity / Magnetic Survey of ERHC Energy's BDS 2008 in Chad
Data will help solidify exploration strategy for block adjacent to discoveries in the Doseo and Doba basins
HOUSTON, October 13, 2014 – ERHC Energy Chad, a subsidiary of ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in Sub-Saharan Africa today announced Bridgeporth Ltd., a specialist geosciences company, has commenced an airborne gravity/magnetic survey of BDS 2008 in Southern Chad. ERHC has 100 percent of the interest in BDS 2008.
Bridgeporth is flying 4,720 line kilometers, focusing on two main areas identified by ERHC's technical team:
• North of Esso's Tega and Maku discoveries in the Doseo basin; and
• East of and on trend with OPIC's Benoy-1 margin discovery in the Doba basin.
The Doba and Doseo basins feature active exploration and development projects with discoveries exceeding 1,290 MMBOE. ERHC also has contracted with Bridgeporth to process and interpret the collected gravity/magnetic data.
"We are proud to reach this major milestone in our exploration work program in the Republic of Chad, which is an under-appreciated oil producing nation with new fields coming on-stream that could double oil production by the end of 2015," said ERHC President and CEO Peter Ntephe.
Chad's oil industry, which is a net exporter of oil and has been producing for more than a decade, boasts valuable oil and gas infrastructure assets, including the 50,000 barrel per day Djarmaya refinery and the Chad-Cameroon pipeline, which is situated in close proximity to ERHC's BDS 2008 Block. According to the U.S. Energy Information Administration, Chad is ranked 42nd in the world in crude oil production at approximately 100,000 barrels per day.
In addition to its oil and gas exploration interests in the Republic of Chad, ERHC holds interests in the Republic of Kenya, the Sao Tome and Principe Exclusive Economic Zone (EEZ) and the Nigeria-Sao Tome and Principe Joint Development Zone (JDZ). Last month, ERHC announced it is proceeding with Exploration Phase 2 in Kenya Block 11A, committing to either acquire 3D seismic or proceed directly to drilling one exploration well during the next two years.
Thanks for stopping by. Good luck in your investments.
Brez
Nordicroots
Welcome to the board. Very nice post and looking forward to more.
Cheers
Brez