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the drills are still turning at two places
odds are good that something significant will be found
hopefully so cause i talked a lot of people into buying-lol!!
bought more today at 69 centavos- kinda cheap
oando buys offshore oil production
http://www.rigzone.com/news/article.asp?a_id=71584
addax capex
estimated 2008 exploration and appraisal capital expenditures
amount to $302 million, resulting in four discoveries to date in
2008 (44 per cent success rate) and the pursuit of extensive
seismic programs to build the Corporation's resources base.
Expenditures are split $145 million in Nigeria (excluding the
deepwater license areas) and Cameroon, $51 million in the
deepwater Gulf of Guinea and the JDZ, $50 million in Gabon and $56
million for the highly successful appraisal of Taq Taq.
Addax Petroleum's capital expenditure budget for 2009 totals $1,600 million. The Corporation expects to fund this capital budget from internally generated cash flow plus the receipt in early 2009 of certain expected year-end working capital items based on an estimated $60 per barrel Brent oil price together with the 2009 production guidance.
more rigs are available- look at this
http://www.rigzone.com/news/article.asp?a_id=69687
here's the whole addax nr
http://www.rigzone.com/news/article.asp?a_id=69207
addax from rigzone
Gulf of Guinea Deep Water (Nigeria and JDZ)
During the third quarter of 2008, Addax Petroleum continued to conduct technical studies evaluating the exploration prospect drilling locations of its deep water licenses.
rig slots are available and opening up
why isn't addax getting one??
Mike Wagstaff, chief executive of Aberdeen-based Venture Production, warned that the price of oil could in fact stay at the current "depressed" levels for several years, but said this would inevitably lead to a spike as the sector cut back on investment.
A former merchant banker, Wagstaff said there were already signs of companies trimming back on projects. "Slots to use rigs are becoming available - people are not taking up options or are trying to get rid of them."
Wagstaff declined to predict the immediate future for oil prices but said the sector "won't work" if the price stays at the current levels indefinitely. He said the more investment was cut back the bigger the problem would be in the future. "The longer crude oil (prices] stays down, the worse the spike will be at the other end," Wagstaff said.
interesting map from rigzone
http://www.rigzone.com/news/image_detail.asp?img_id=3119
tryot re; mend- yes, it's frustrating all right but the mend guys have a point- so much oil loot has been stolen by corrupt officials that the average jane in nigeria is still impoverished- they got to share the loot!!
tryot
yes- that bongo thing was upsetting and yes, i think the US navy will be forced to take some steps to prevent future incursions- in any case, since erhe is still in the catbird's seat- no reason to sell
the significance of the bonga attack
http://www.theoildrum.com/node/4196#more
nigeria oil output lowest in last 25 yrs
http://peakoilpetroleumandpreciousmetals.yuku.com/topic/4088/t/Nigerian-crude-output-at-lowest-in-25-years.html
oil pipeline blows up in lagos
http://news.ino.com/headlines/?newsid=51520081010
oil cowboy- yes, i agree
i wouldn't be surprised if the old portugese colony of sao tome tried to get petrobas to explore the eez
of course Art
somebody will get a rig eventually- i was just shocked when i found out that petrobas has 80% of all deep drilling rigs
hdy up 48% on seismic- erhe next??
http://biz.yahoo.com/bw/080425/20080425005310.html?.v=1
nigeria oil output could drop 33%
http://downstreamventures.yuku.com/topic/1410/t/Nigeria-s-oil-output-could-fall-by-a-third-says-report.html
nigeria's oil output could drop by one third
http://siliconinvestor.advfn.com/readmsg.aspx?msgid=24504934
art
you're missing the point
nothing can stop exxon if they like something- buying addax would require chump change for xom
look what happened to falcon- is erhe next?
http://www1.investorvillage.com/smbd.asp?mb=12164&mn=6838&pt=msg&mid=4542157
addax grabs another property
http://siliconinvestor.advfn.com/readmsg.aspx?msgid=24466548
got tired of 200 share volume- bought 2000 at the market- did wonders for my portfolio-lol!
anadarko picks up $1.8 billion
http://biz.yahoo.com/iw/080304/0370092.html
ok strass- thanks
erhe up 1.8- somebody know something??
charley maxwell sees poo $300
http://energytechstocks.com/wp/?p=819
strass- what you say is true but i don't see cvx throwing in the towel just yet and addax was certainly eager to buy xom's stake- maybe the block was just too small for xom-lol!!
stocks2rise- i don't see anything out of the ordinary- with cvx- they have a lot of irons in the fire- eventually, they'll get back to block 1
is one well adequate for evaluation of a block?? of course not- xom left prematurely
gazprom enters nigeria
Published: January 6 2008 19:21 | Last updated: January 6 2008 19:21
Russia’s moves to tap Nigeria’s huge energy reserves will send shivers through western governments already concerned about a shortage of global gas supplies.
Gazprom, Russia’s state-owned energy giant, has offered to invest billions of dollars in developing the gas sector in Nigeria, where western majors have traditionally put most of their efforts into extracting oil.
Gazprom’s move comes at a time when North American and European governments are increasingly turning to gas imports to meet rising demand as domestic production falls.
Western nations are also particularly keen on securing supplies of liquefied natural gas – gas cooled to a liquid so it can be transported by tankers around the globe – to reduce their dependence on vulnerable pipelines. Demand for LNG is set to reach 16 per cent of global gas demand by 2015, but supply conditions are tightening.
Delays in implementing LNG plants in Egypt, Australia, Indonesia, Russia and Iran could give Nigeria, with its giant gas reserves and accessibility for US and European markets, even more strategic importance.
Gazprom has yet to submit detailed proposals to the Nigerian government for developing its gas industry, but the company says it is willing to help capture gas currently burned as waste during oil production in the Niger Delta.
erhe balance sheet
http://finance.yahoo.com/q/bs?s=ERHE.OB&annual
yeah exceo- we had a couple of terrible yrs
next year will be much better
china fund to back sinopec exploration
http://www.reuters.com/article/marketsNews/idINHKG20236620071221?rpc=44