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Then why are we at frickin 18 cents!
Are they saying these hydrocarbons are in blk 2 or blk1 ?
JDZ Block 2 lies at the end of the toe thrust of the deep water Niger basin. It is adjacent to Nigerian Block
OML 130, which hosts the Akpo Field, with reserves of 600 million barrels of oil and 1 TCF of gas (Total
2007) and series of significant discoveries. The Obo-1 well discovery in the adjoining Block 1 proved the
existence of a hydrocarbon source and the presence of excellent reservoir sands in the region of Block 2.
Based on the 3D seismic survey, acquired in 2003 by PGS and partially funded by Equator, NSAI made a
Best Estimate of Gross Unrisked Prospective Resources of 1.3 billion barrels of oil and 1.9 trillion standard
cubic feet of gas in total in the 10 identified prospects (Table 2).
Ok, see if this makes sense, SEO has several sucessful businesses and obviously ERHC is a major concern. Any businessman who detected a loss or trouble coming would pull in the reins on expenses. This does not take a lot of dot connecting. There obviously are better days coming soon.
If, we see a major reduction in expenses and significant firings then we know we have a long wait. Also, if ERHC needs cash SEO can always contribute. He gives millions to charities.
Do some research with his dealings concerning Chrome and the Chinese contracts he has been awarded.
"This marks an increase in general and administrative expenses over 2009 primarily due to higher expenses related to the company's proposed listing on the Alternative Investment Market (AIM) of the London Stock Exchange and to activities related to evaluation of acquisition opportunities. "
Natural gas can also be formed through the transformation of organic matter by tiny microorganisms. This type of methane is referred to as biogenic methane. Methanogens, tiny methane-producing microorganisms, chemically break down organic matter to produce methane. These microorganisms are commonly found in areas near the surface of the earth that are void of oxygen. These microorganisms also live in the intestines of most animals, including humans. Formation of methane in this manner usually takes place close to the surface of the earth, and the methane produced is usually lost into the atmosphere. In certain circumstances, however, this methane can be trapped underground, recoverable as natural gas. An example of biogenic methane is landfill gas. Waste-containing landfills produce a relatively large amount of natural gas from the decomposition of the waste materials that they contain. New technologies are allowing this gas to be harvested and used to add to the supply of natural gas.
A third way in which methane (and natural gas) may be formed is through abiogenic processes. Extremely deep under the earth's crust, there exist hydrogen-rich gases and carbon molecules. As these gases gradually rise towards the surface of the earth, they may interact with minerals that also exist underground, in the absence of oxygen. This interaction may result in a reaction, forming elements and compounds that are found in the atmosphere (including nitrogen, oxygen, carbon dioxide, argon, and water). If these gases are under very high pressure as they move toward the surface of the earth, they are likely to form methane deposits, similar to thermogenic methane.
http://www.naturalgas.org/overview/background.asp
How is this for VAGUE>>>
"With a number of initiatives well underway, we expect a busy year ahead."
Dec 14, 2010 17:52 ETERHC Energy Inc. Reports Fourth Quarter and Year End 2010 Financial Results
HOUSTON, TX--(Marketwire - December 14, 2010) - ERHC Energy Inc. (OTCBB: ERHE), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today announced its results for the fourth quarter and fiscal year ended September 30, 2010.
During the 2010 fiscal year, ERHC's general and administrative expenses totaled $5,156,778, which represented an increase over 2009. The increase was primarily due to higher expenses related to the Company's proposed listing on the Alternative Investment Market (AIM) of the London Stock Exchange and to activities related to evaluation of acquisition opportunities.
As of September 30, 2010, ERHC reported $17,914,207 in cash and cash equivalents and US Treasury Bills, and virtually no debt.
"We reached important milestones in 2010, including the conclusion of the initial exploratory drilling campaign in Blocks 2, 3 and 4 of the Nigeria-São Tomé & Príncipe Joint Development Zone (JDZ) and the award of Blocks 4 and 11 in the São Tomé & Principe Exclusive Economic Zone to ERHC said ERHC CEO Peter Ntephe. "With a number of initiatives well underway, we expect a busy year ahead."
ERHC is pursuing the following strategic initiatives:
ERHC expects to enter into negotiations on Production Sharing Contracts (PSCs) on the Company's EEZ Blocks and is in discussions with potential operating partners to farm-in to the Blocks.
ERHC is raising funds for acquisitions in order to grow and diversify its portfolio of oil and gas assets.
ERHC is pursuing a proposed listing on the AIM, a respected exchange that should enable the Company to access a new pool of capital.
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 www.erhc.com
Mid, I thought you had gotten your negative "fill" ... you can read... "majors are waiting to come after the allocation of the stakes to negotiate with these companies" THAT'S what they do PERIOD.
The aim listing isnt important. Who cares. Enough.
Elan has teamed up for the bid with Emeka Offor's ERHC company, ???
Anyone have a membership here?
A Little Murder Among Friends - AFRICA ENERGY INTELLIGENCE
Dec 8, 2010... Elan Oil which is run by a former executive of Addax Nigeria, Les Blair. Elan has teamed up for the bid with Emeka Offor's ERHC company, ...
www.africaintelligence.com/.../oil/.../a-little-murder-among-friends,86557682-ART
Date?? http://www.proshareng.com/news/singleNews3.php?id=1858
Here's how a couple of million gets you some "producing proven oil"
http://quotes.freerealtime.com/dl/frt/C?IM=quotes&SA=quotes%7CMessageBoard&symbol=ERHE&type=view&msg=1539
I put Middy on Ignore about a month ago. Interesting he is gone. More surprises here than one can digest.
In 2009, one of our main activity is on BOMU-1 well in JDZ-2 Block, Nigeria, including drilling-geology designing, engineering designing, analysis-while-drilling and researching on post-drilling reserve appraisal. The well gains a commercial oil & gas flow. It was the first breakthrough in oil and gas exploration in SINOPEC’S
Shanghai Offshore Oil & Gas Company has conducted many overseas projects, mainly responsible for the technical supports to the overseas offshore projects, such as “Sahalin”, “Australia” “Nigeria” and etc.. In 2009, one of our main activity is on BOMU-1 well in JDZ-2 Block, Nigeria, including drilling-geology designing, engineering designing, analysis-while-drilling and researching on post-drilling reserve appraisal. The well gains a commercial oil & gas flow. It was the first breakthrough in oil and gas exploration in SINOPEC’S oversea deep water drilling operation. Another is the “Sahalin” project, it gains progress as well. After re-interpretate the Veni 3-D Seismic Data, the well location of the North Veni-3 Well was proposed and thus lays a foundation of a grand discovery of oil & gas. Five research project such as “the 3D Seismic Data acquisition scheme and technical designing of Australia NT/P76 Block” have also been successfully fulfilled which made the follow-up favorable trap evaluation more reasonable.
THEN RE-HASH THIS EDITED CERTIFIED RELEASE http://www.erhc.com/en/art/136
http://english.sinopec.com/about_sinopec/subsidiaries/oilfields/20080326/3024.shtml
March 15 2011, I believe is the deadline.
SEO will not let ERHC fold if there is any chance of Oil/Gas.
Maybe it was S.E.Offor who bought the 2 million shares ? Look for his share count in the 10k.
Why raise cash from outsiders when SEO has plenty to invest apparently from his Chrome partnerships/ventures with the Chinese. He has been giving millions to charities too.
Nigeria: Addax, ERHC Conclude JDZ Drilling Without Celebrations
Sopuruchi Onwuka
13 January 2010
Where can you find a similar statement "without declaration of commercial find so far " that rides for a year???
Who exactly is the exploration "team"?
Suspense is still high, these guys have tight holed the whole JDZ!, they are wating for something! Either Big up or Big down news. It doesnt matter what ERHC does. It doesnt matter if we make it on the AIM either. The AIM would only theoretically stabilize the PPS volatility and open possibly a few new marketing opportunities but I doubt that. We are already down since this is our only asset in play and the nature of OTC.
"Suspense is high over the commerciality of pockets of oil in the highly advertised joint development zone between Nigeria and the Republic of Sao Tome and Principe as the consortium of oil firms that launched exploration campaign in the deepwater territory are yet to pop champagne."
It was learnt weekend Addax Petroleum, the operator of Nigeria-Sao Tome & Principe Joint Development Zone (JDZ) Block 4, has finished drilling the Oki East well Although interpretation and measurement of well logs are said to be ongoing, the lack of strong indications of commercial find is raising fears over commercial return on the huge exploration investments.
ERHC Energy which has a 19.5 percent interest in the Block confirmed that the Oki East well was drilled in 6,800 feet of water by Transocean's Deepwater Pathfinder drillship, and reached a total depth of 12,600 feet below sea level.
Subject to acknowledgement by the Joint Development Authority, this fulfils the work obligation of Phase I of the Exploration Period contracted for JDZ Block 4, which ends in March 2010.
The Oki East well was the fifth and final well drilled during a comprehensive exploratory drilling campaign that began in August 2009. A comprehensive analysis to evaluate the commercial potential of JDZ Blocks 2, 3 and 4 is underway.
The exploration team is incorporating the drilling results from all five wells into relevant geologic and fluid models to assess commerciality.
ERHC has a 22 percent interest in JDZ Block 2, 10 percent interest in JDZ Block 3 and 19.5 percent interest in JDZ Block 4.
Chief operating officer with ERHC Peter Ntephe, said; "ERHC's technical partners, Addax Petroleum and Sinopec, have done a remarkable job. We have drilled five deep offshore wells in the JDZ in just four months. After more than a decade of planning and work to make drilling a reality, the focus now shifts from exploration to the highly technical process of determining the nature and extent of the hydrocarbons discovered."
"We are very excited that the drilling teams have accomplished our first phase commitment for all three blocks by drilling five wells. Our initial exploratory drilling program is now complete and we are hopeful that we will be involved in more drilling in these Blocks in the coming years," he added.
ERHC Energy stated it has interests in six of the nine Blocks in the offshore JDZ, adding that the company has additional interests in the Exclusive Economic Zone (EEZ) of the Democratic Republic of São Tomé & Príncipe.
http://allafrica.com/stories/201001130333.html
ERHC should have could have done a deal like this years ago....
SacOil buys stake in Nigerian oil and gas block
Tue Dec 7, 2010 11:12am GMT
Print | Single Page[-] Text [+] JOHANNESBURG (Reuters) - South Africa's SacOil said on Tuesday it had bought a 20 percent stake in an Nigerian oil and gas field, where first production is expected in 2013.
Its joint venture partner Equity Energy Resources (EER) bought an additional 20 percent stake in the OPL233 field, located off the coast of the central delta region and next to the Apoi field.
The remaining 60 percent are held by Nigdel United Oil Company Ltd.
The joint venture will pay $8 million for the joint 40 percent stake in the field. The JV will carry all cost for the minimum work programme until first oil production, estimated at $50 million, and will have control of financial, technical and operational decisions.
"First oil production is estimated to commence mid 2013 at a production rate of 7,200 barrels per day building up to 10,000 barrels per day," the company said in a statement.
SacOil said the joint venture is actively pursuing other short-term production opportunities in Nigeria.
http://www.tdi-bi.com/our_programs/west_africa/west-africa_main.htm
Scroll down to Nigeria:
Then JDZ . download ... the pdf of cores taken in 2003
What does this mean.....
Is Hercules still in our blocks?
Hercules Offshore to Present at the Capital One Southcoast 2010 Energy Conference
Download image HOUSTON, Dec. 6, 2010 /PRNewswire/ -- Hercules Offshore, Inc. (Nasdaq: HERO) announced today that Stephen M. Butz, Senior Vice President, Chief Financial Officer and Treasurer, will present at the Capital One Southcoast 2010 Energy Conference in New Orleans, LA, on Wednesday, December 8, 2010, at 10:40 a.m. EST (9:40 p.m. CST).
(Logo: http://photos.prnewswire.com/prnh/20050601/DAW092LOGO)
Interested parties may listen to the presentation live over the Internet at http://www.herculesoffshore.com. Go to the "Investor Information" link and select "News & Events." To listen to the live presentation, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. A replay of the presentation will be available within 24 hours after the conclusion of the presentation through our Web site (http://www.herculesoffshore.com) for at least two weeks.
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 30 jackup rigs, 17 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world.
SOURCE Hercules Offshore, Inc.
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Sinopec Lands in Offshore Indonesia -
Benzinga Contributor
December 06, 2010 16:25 PMSymbols: BP, CEO, CVX, PTR, SNP
China Petroleum and Chemical Corporation (SNP or Sinopec), one of the largest petroleum and petrochemical companies in Asia, has signed a deal with Chevron (CVX) to join the $6 billion-plus Gendalo-Gehem deepwater natural gas project off Indonesia's East Kalimantan province.
Sinopec will assume an 18% interest in the project, comprising Rapak, Ganal and Makassar Straitdeep-sea blocks. The deal follows CNOOC Ltd.'s (CEO) recent acquisition of Argentine assets from BP plc (BP) for $7.06 billion.
Though the financial terms of the deal have not been revealed, it helps Sinopec to perk up its position. The company has been lagging its domestic peers PetroChina (PTR) and CNOOC in buying overseas gas assets. Low exposure in LNG receiving terminals may be one of the main reasons for its situation as Sinopec is primarily a refiner and has so far been focusing on deals that can reduce its crude import costs.
Chevron had been hunting for a potential partner for this project since the last one year to alleviate the development risk. The project is presently in a preliminary stage as engineering and design works are yet to be carried out. According to Chevron's 2009 annual report, Gendalo-Gehem aims to produce around 1.1 billion cubic feet of natural gas and 31,000 barrels of condensate.
Chinese oil majors are increasingly showing their interest toward natural gas projects to lessen reliance on coal and oil. For this, they are heavily investing to build infrastructural facilities to funnel foreign gas, including pipelines from Central and Southeast Asia.
Sinopec had acquired the Geneva-based oil and gas explorer Addax Petroleum for $7.5 billion last year given the latter's significant exposure in deepwater exploration projects. This acquisition and other offshore Indonesian interests are likely to play an important role in Sinopec's growth and development.
.
Read more: http://www.benzinga.com/10/12/672195/sinopec-lands-in-offshore-indonesia-analyst-blog#ixzz17NferfVR
2011: Why Igbo should support Jonathan – Obi
News Dec 5, 2010 By Vincent Ujumadu
AWKA — CHAIRMAN of South East Governors’ Forum and Governor of Anambra State, Mr. Peter Obi, has said the zone has every reason to support President Goodluck Jonathan in next year’s presidential election.
He stressed that the zone had witnessed increased federal presence under his administration.
Governor Obi spoke at a ceremony to mark the commissioning of a multi-purpose hall built and donated to Nnewi Sports Club by a philanthropist, Sir Emeka Offor.The governor noted that key projects, such as the second Niger Bridge, which over the years became subject of political propaganda, had been duly designed and awarded by the present administration, while work will soon commence on some erosion sites, which, hitherto, were paid lip service by previous administrations.
Governor Obi, while commending Sir Emeka Offor for the philanthropic gesture, assured that his administration would continue to encourage those contributing towards community development in any form.
He stated that the state had grown beyond party politics to politics of development, with necessary stability and steady progress, and called for election of credible candidates in future elections.
The Minister of Defence, Prince Adetokumbo Kayode, described Governor Obi as a high profile leader who had made the country proud.
He recalled that the on going comprehensive fencing of Onitsha Military Barrack was initiated and achieved by the governor.
The minister assured that the project would be completed before the end of the year and urged the people to give the governor all necessary support to complete his vision.
Why not release the drilling results, what are they waiting for?
WHEN!! ?
"Have a happy and healthy holiday season." We are not happy - Peter Ntephe - gift us something to be HAPPY about with this company.
PR info was a waste of time.
1. Total SA of France is formally BK 1 operator and
2. Commencement of negotiations on Production Sharing Contracts (PSCs) EEZ. We knew this.
3. Getting very old predecessor companies information for AIM listing and companies that were acquired along the way as well. This could take some time. Ripleys stuff here. Who cares.
4. President, Technical, Daniel Gralla quits. - Good, cut expenses Now! Fire them all.
None of this matters....
Cnooc Argentine Venture to Buy BP Stake in Pan American for $7.1 Billion
"Why not Cnooc Argentine Venture to Buy ERHC ENERGY Stake in JDZ/EEZ Nigeria - Sao Tome for $7.1 Billion"
By Rodrigo Orihuela and Kari Lundgren - Nov 28, 2010 2:00 PM CT
inShare.More
Business ExchangeBuzz up!DiggPrint Email .Bridas Corp., the oil company owned by Chinese crude producer Cnooc Ltd. and Argentina’s billionaire Bulgheroni family, agreed to pay BP Plc $7.06 billion for the 60 percent it doesn’t already own of Pan American Energy LLC.
Bridas Energy Holdings Ltd and Beijing-based Cnooc, which each own 50 percent of Bridas Corp., will pay $2.47 billion apiece to finance the acquisition, with the remaining $2.12 billion to come from third-party loans or additional funds from the two companies, Cnooc said in a statement yesterday. The deal will probably be completed in the first half of next year.
The Chinese company is building on the $3.1 billion acquisition of 50 percent of Bridas Corp. in March to expand its oil resources in Latin America as demand surges. Pan American, Argentina’s largest crude exporter, produces about 240,000 barrels a day and has proven reserves of 1.54 billion barrels. Since 2001, the company has invested $6.7 billion in exploration and production, enabling it to boost output by about 70 percent.
The sale price is “probably a fair deal for that asset base,” Jason Kenney, an Edinburgh-based oil and gas analyst at ING Commercial Banking, said in a telephone interview yesterday.
BP is aiming to conserve capital and avoid risk after the spill at its Macondo well in the Gulf of Mexico left it facing a bill projected to reach $40 billion and forced the resignation of Chief Executive Officer Tony Hayward. The oil company said in July it was planning to sell $30 billion in assets by end-2011. Including Pan American, it has sold about $21 billion of assets.
Pan American Bolivia
Pan American E&P Bolivia Limited, a branch of the company which operates gas fields in the South American country, was not included in the sale announced yesterday, Bridas said in an emailed statement. Bridas also owns rights over fields in Turkmenistan and Northern Africa.
“The market probably wrongly assumed that 60 percent was worth $9.3 billion, but that included the Asia options” and Bolivia, said ING’s Kenney, who had valued BP’s 60 percent stake at $9.3 billion. Citigroup Inc. had estimated the asset would be worth $10.2 billion, according to a Sept. 28 report.
Cnooc’s acquisition of the stake in Bridas earlier this year marked the company’s entry in Latin America and topped the $2.7 billion it paid in 2006 for a share in a Nigerian oilfield.
Cnooc’s latest acquisition takes total Chinese investments in the South American oil industry to more than $13 billion this year after China Petroleum & Chemical Corp., or Sinopec, in October agreed to pay $7.1 billion for a 40 percent stake of Repsol YPF SA’s Brazilian unit. In March, Ecuador announced a $500 million deal with Sinopec to develop an oil bloc.
BP Assets
In July, BP agreed to sell assets in North America and Egypt to Apache Corp. for $7 billion, while in August the company disposed of fields in Colombia to Ecopetrol SA and Talisman Energy Inc. for $1.9 billion. BP has also sold operations in Vietnam and Venezuela to its Russian joint venture partner TNK-BP for $1.8 billion.
Pan American had sales of $2.8 billion last year. Argentina’s largest oil producer is YPF SA, the local unit of Madrid-based Repsol YPF SA.
“This accord is a clear sign of the confidence that CNOOC and Bridas has in the Argentine energy sector,” Bridas President Carlos Bulgheroni said in a statement. The agreement will enable the company to “take on new challenges,” he said.
BP also agreed earlier this month to sell its fuels marketing businesses in Namibia, Botswana and Zambia to Puma Energy, as well as 50 percent interests in BP Malawi and BP Tanzania to a Trafigura Beheer BV unit for $296 million in cash. Last month, BP sold stakes in four Gulf of Mexico deepwater oil and gas fields for $650 million.
Bridas will pay BP a cash deposit of $3.53 billion and the remainder upon completion of the sale, BP said yesterday.
‘Agreements in Place’
“We now have agreements in place that should secure the majority of our divestment target,” Robert Dudley, who replaced Hayward as BP CEO, said in a statement yesterday. “We will continue to identify further assets that may be strategically more valuable to others than to BP as we complete the program.”
Cnooc said last month third-quarter revenue rose 64 percent as the company stepped up acquisitions and output to meet fuel demand in the world’s fastest-growing major economy. The company has spent more than $4 billion so far this year for oil and gas assets in Argentina and North America.
Overall Production
Production may reach 329 million barrels of oil equivalent this year, surpassing Cnooc’s target of as much as 290 million. Output growth in the third quarter benefited from contributions from Bohai Bay in northeastern China and overseas fields, Chief Financial Officer Zhong Hua said Oct. 28.
China’s oil demand may rise to 11.63 million barrels a day by 2015 from 9.16 million barrels a day this year, according to the International Energy Agency.
Institution Building and Oil: Short-Lived Efforts
Maybe thier is still hope in the short term - ie...Aim listing coinsiding with Chinese/SA/Total+ + Bidding is still a real possiblity.
When the prospect of oil began to be taken seriously in São Tomé in 2001, the government and international community made some important—although poorly sustained—efforts to ensure the transparent and accountable management of oil revenues.
São Tomé already had an existing Petroleum Law dating from 2000, but undertook to improve its management of the oil sector in various ways. For example, following the July 17, 2003 coup, a National Forum was organized to promote reconciliation after the government was restored. There was broad recognition at the time that oil wealth anticipation among São Tomeans could contribute to future instability and as a result, that issue became a focus for discussion with local populations and the community at large. The Forum included members from some 56 communities to discuss the potential impact of oil on the economy of the country. Overall, some 3,500 citizens were engaged in the exercise. [25]
A further step was taken in June 2004 when Presidents Obasanjo and de Menezes signed the Abuja Joint Declaration Regarding Transparency and Governance in the JDZ. It stated that:
Transparency is critical to good government and enhances the ability of our citizens to monitor the activities of government on their behalf and for the efficient and effective development and use of our oil and gas resources. [26]
The Abuja declaration was explicitly designed to prevent the sort of opaque practices that frequently mark oil negotiations and licensing. Notably, it provided under Article 7 that considerable information should be made public—including payments to the JDA by oil companies and data on Nigeria and São Tomé’s use of funds received through the JDA—on the website of the JDA. [27] But very quickly the declaration was proven to be ineffective, as significant financial data was not published on the website.
Next, São Tomé’s Oil Revenue Management Law was enacted in December 2004. [28] It established a single national oil account (Conta Nacional de Petróleo) held at the New York Federal Reserve Bank and the creation of a “Futures Fund” to ensure that oil proceeds are available for future generations. [29] There are strict limits on the drawdown of funds. The law also promotes transparency in oil-revenue management. It provides that two audits should be conducted each year by the auditor-general and a reputable international audit firm. Information on oil-sector activity, including oil tenders and contracts, is to be made public. In addition, the NPA advises the government on how to manage oil and gas exploration.
One important feature of the Oil Revenue Management Law was that it created a Petroleum Oversight Commission (Commissão de Fiscalização do Petróleo) consisting of 11 members. [30] This includes the president and prime minister, and also ministers, civil society representatives, and other elected members. Additionally, the São Tomé government’s use of oil funds and compliance with the oil management law is subject to oversight by the National Assembly’s oil audit committee. [31]
Steps have been taken to enhance transparency beyond the commitments contained in the Abuja Declaration. For example, the Gabinete de Registo e Informação Pública (GRIP) is mandated to keep public archives of all documents and information related to oil and its revenues. [32] In addition, São Tomé e Príncipe was accepted as an Extractive Industry Transparency Initiative (EITI) candidate country in February 2008, subject to a two-year deadline to have its compliance with the initiative assessed, a process known as “validation.”
São Tomé officials also have put in place measures governing the oil contracting process. The National Assembly approved in July 2009 a new law requiring the government to hold public tenders for the licensing of oil blocks. If these are not successful in attracting suitable bids, the new law permits the government to enter into direct negotiations with oil companies. [33] (This law draws some lessons from the problems of the second JDZ licensing round in 2005, discussed below.) The new law allows an oil company to request direct negotiations with the government for any block not awarded by public tender. As in 2005, a number of blocks did not attract bids or the bidders were unsatisfactory. These negotiations must be public and notice of 15 days must be given for other companies to express an interest in order to allow public scrutiny and permit competition. This new law also authorizes the government to create a consortium with the national oil companies of other countries and through this acquire a stake of 10-15 percent in the JDZ and EEZ. This revision to the 2000 Petroleum Law was to bring existing oil legislation in line with the Oil Revenue Management Law. [34]
http://www.hrw.org/en/node/92601/section/7
What event would trigger a realistic authentic report on what was found. Dont you get the feeling we are the only ones that follow the "results" and their discrepancies. Good Lord! all the reports for almost a year now say "ongoing analysis". I am sick and tired of this. Enuf said. Im here till the pigs come home I guess. Dam the cows.
They better make some corporate changes quick or Im going to the offices in Houston and give them a size 12 awakening.
5x that.
2IRA
HOW MANY SHARES DO YOU HAVE?
For who? Come on... really.... long shot. We dont have any investment in Block 1
I dont miss a thing. Havent for 10 years plus.
Tell me Total or Sinodax or Petrobas is operator of a EEZ block.... how about Sinopec is going to drill 10 more exploratory wells in the JDZ ....give me meat. Right now we have absolutley nothing to eat. nada enchilada amigo. Dead in the water.
Mangement better reign in the expenses to 20,000 a month right now. That simple. simply sucks.
This smells like - last call - last chance effort - " please take it and do what you can with it please" is there any good news that pertains to ERHC. I cant find it. Seems the movie has played and it was a non - event loser Show. The fat lady has sung. We are out of money- out of oil and out of options. Lost my investment ass again. No Oil obviously. Deep pockets will be back some far far away day. GLTAL
Oando, "plans to raise $500 million in a share sale and list its stock in London to fund expansion" Nigeria’s largest retailer of petroleum products, hopes to buy reserves holding as much as 4 billion barrels of oil-equivalent resources, its CEO, Wale Tinubu, told delegates at an energy conference in Cape Town.
“We seek to access reserves in Nigeria and produce them. Our focus is 2.5 million barrels and 4 million barrels potential of proven reserves,” Tinubu said.
He added that the company was interested in acquiring some of Shell’s onshore blocks in the Niger Delta.
Shell has so far sold four of its 30 onshore licenses and a fourth deal is about to be sealed.
Nigeria is drafting a new petroleum industry bill that Oando expects will force large oil companies to sell several billion barrels of oil reserves they don’t use, Tinubu said.
Oando, listed on exchanges in Nigeria and South Africa, said in April it plans to raise $500 million in a share sale and list its stock in London to fund expansion
http://www.compassnewspaper.com/NG/index.php?option=com_content&view=article&id=69454:oando-eyes-new-reserves-of-4-million-barrels&catid=50:business-news&Itemid=708
Surely these arent the only bidders after 6 months!
Force - cant find info
Oranto Petroleum is owned by an eccentric wealthy Nigeria Prince Arthur Eze, who is also the chairman of another oil producing firm in Nigeria called Atlas Petroleum. I think Oranto (which is a subsidiary of Atlas Petroleum)
AFEX Global Limited engages in the exploration and production of oil and natural gas. The company is based in South Africa.
http://www.ibtimes.com/articles/23434/20100512/afex-global-expands-west-african-exploration.htm
Overt Energy Limited participated in the year 2004 Nigeria/Sao Tome and Principe Joint Development Zone (JDZ) licensing round and won 5% equity in Block 4 of that zone.
Overt also participated in the year 2005 licensing round in Nigeria and was 'allocated 3% equity in Oil block (OPL 241) located in the continental shelf of the Niger Delta. OPL 241 is petroleum proven block following Chevron's discovery of oil and gas in two wells in this block. However, OPL 241 has been forfeited due to low level performance on the part of the major partners.
Overt has a web site - wow. What does "framed out" mean?
Overt Energy is into petroleum product storage, marketing and distribution. To further drive operations in the downstream sector of our business, the company framed out its equity in Block 4 of the Joint Zone.
http://www.openpr.com/news/152337/GlobalData-China-s-Quest-for-Energy-Security-Chinese-NOCs-Emerging-as-Key-Competitors-to-Global-Oil-and-Gas-Companies.html
Thanks for the post today Razoroil, good job.
Total & ERHC were sponsors > http://www.ogtfafrica.com/sponsors.htm
Few of the majors were there ... only reps.
http://www.ogtfafrica.com/Floorplan.pdf
It was a small local event.
West Africa’s Hottest Oil & Gas Producers Meet in London
Ghana, Nigeria and Equatorial Guinea delegations meet in November to discuss current developments and future opportunities in the Gulf of Guinea region.
Gulf of Guinea 16-18 Nov 2010
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Nov 01, 2010 – Ghana, Nigeria and Equatorial Guinea delegations meet in November to discuss current developments and future opportunities in the Gulf of Guinea region. Key decision makers from West Africa’s hottest oil and gas producing countries will discuss legal and fiscal issues and how to maximize revenue and increase investments in the region.
Dr Oteng Adjei, Honourable Minister of Energy and Vivienne Gadzekpo, Ministry’s Legal Counsel will lead the Ghanaian delegation and discuss Ghana’s upcoming developments and how can the Petroleum Law optimize the impact of oil and activities in local development.
Equatorial Guinea’s Minister Delegate for Mines, Industry & Energy, Gabriel M Obiang Lima is set to deliver an update on the Gas Masterplan and review the progress and timelines of the 3G Consortium. Serapio Sima Ntutumu, Sonagas, G.E.’s Deputy Director General is to address new opportunities in refining and petrochemicals as well as assess contractual models for successful partnerships in Equatorial Guinea.
The Nigerian delegation headed by Hassan Tukur, Principal Secretary to the President of Nigeria also includes Prof Yinka Omorogbe, NNPC’ s Company Secretary, who will discuss future opportunities for investments as a result of the much talked about Petroleum Industry Bill, and Dr Tim Okon, Group GM Strategy for NNPC who is set to present the fiscal terms of the PIB and its implications for investors. The new Nigerian Content Act will be covered by Ernest Nwapa, Executive Secretary, Nigerian Content Development & Monitoring Board.
Gulf of Guinea Oil & Gas to be held on 16-18 November 2010 is an essential forum to gain insights into the current developments in West Africa. Ministers, government and NOC representatives will be present throughout the three days of the conference to network and discuss upcoming projects and contracts face to face. Delegates from International Oil Companies will be at hand to speak about possible collaborations and future opportunities.
Other distinguished speakers will include: Dr Levi Ajuonuma, Group General Manager Group Public Affairs, NNPC
Deirdre White, President, CDC Solutions
Alan Stein, CEO, Ophir Energy
Ernest Nwapa, Executive Secretary, Nigerian Content Development & Monitoring Board
Terry Gerhart, Vice President – Global Gas, Noble Energy
Sam Safo, General Manager Equatorial Guinea, Schlumberger
Kwame N Acquah, Managing Director, RDFC Africa Ltd
Charles Owusu Juanah, Esq., Chairman, K-San Law Firm
Ade Adeola, Managing Director Project & Export Finance, Standard Chartered Bank
Alex Vines, Research Director, Regional & Security Studies & Head, Africa Programme, Chatham House
Dr Alirio Parra, Senior Associate, CWC Group Ltd
Trygve Tamburstuen, Business Development Director, Interoil Exploration & Production ASA
Willy Olsen, former Senior Adviser to the President & CEO of Statoil
Tony Renton, Principal Advisor, RPS Energy
Jeffrey Waterous, Chairman, Renaissance JMW Energy Ventures
Nicolas Bonnefoy, Avocat au Barreau de Paris, Mining, Oil & Gas Practice-London, Gide
Loyrette Nouel MNP
J Jay Park, Partner & Chair International Energy Practice Group, Macleod Dixon LLP
Engr Simbi Kesiye Wabote, GM Nigerian Content Development SPDC C&P Manager, Shell Petroleum Development Company of Nigeria Ltd
For more information visit www.thecwcgroup.com/gog
Try to find something accurate and positive Mongo or please leave.
Rumored Deal Analysis - Sinopec And CNOOC Plan To Bid For a Stake In the Assets Of OGX Petroleo - a new market research report on companiesandmarkets.com http://www.ogx.com.br/cgi/cgilua.exe/sys/start.htm?sid=83&lng=us
(live-PR.com) - China Petroleum & Chemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), intend to bid for stakes in the assets of OGX Petroleo e Gas Participacoes SA (OGX). The transaction is expected to be valued at $7 billion, according to reports. CNOOC and Sinopec are likely to launch a joint bid, one of the sources added. The deal may
also include an OGX equity component, but whether or not the company would go ahead with selling stock in the newly public company remains unclear. According to the sources, Morgan Stanley will advise Sinopec and Bank of America-Merrill Lynch will advise CNOOC with respect to the transaction. Earlier, Sinopec and CNOOC had intended to acquire a 20% stake in offshore oil fields in the Campos Basin from OGX
Total Charts African Future
November 2010 | Industry News
BMI View: Total's push to increase its presence in the Gulf of Guinea reflects growing interest and opportunities in the frontier play.
French major Total is set for a major production boost from its projects in West Africa and is looking to expand its footprint in the Gulf of Guinea frontier play, a senior executive at the company told delegates at the Africa Oil Week conference on November 4. BMI has highlighted increasing investment flowing into established as well as frontier West African plays, and we expect this trend to continue. Total's strategy indicates that the company plans to be at the forefront of the industry's efforts in the region.
Although production is expected to remain flat at about 750,000 barrels of oil equivalent per day (boe/d) in 2010, Total is targeting production of 1mn boe/d in the region by 2014 as new offshore projects come onstream, the company's executive vice-president of African operations, Jacques Marraud des Grottes, said. Much of that production increase will come from established plays in Nigeria and Angola. In Nigeria, the company expects to ramp up output at the Akpo field, which started production in March 2009, to a peak of 225,000 barrels per day ...
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http://www.oilandgasinsight.com/file/93953/total-charts-african-future.html
THIS HELPS.... NOT
China Pledges Continued Support for Nation
14 November 2010
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Maputo — Chinese Prime Minister Wen Jibao on Saturday told his Mozambican counterpart, Aires Ali, that China will continue to give material and financial support to Mozambique so that the country can rapidly eliminate hunger and poverty.
Wen was speaking during an audience he granted to Ali, shortly after both men had attended the opening, in the Chinese city of Macau, of the Third Ministerial Conference on Economic and Commercial Cooperation between China and the Portuguese-speaking countries. He claimed that Mozambique is at the top of the agenda among the countries with which China maintains special links of friendship and of economic, social and commercial ties.
The Conference is organised by "Forum Macau", a body set up in 2003 to stimulate cooperation between China and members of the CPLP (Community of Portuguese Speaking Countries). All CPLP members except Sao Tome and Principe are also members of Forum Macau. Sao Tome could not join even if it wanted to, since in 1997 it opted to recognise Taiwan, thus prompting China to cut off diplomatic relations at once.According to Wen Jibao, Forum Macau has successfully encouraged trade between China and the Portuguese speaking world. In 2005 this trade stood at just 10 billion US dollars a year, but in 2008 it reached 77 billion dollars, much more than the 50 billion dollars programmed.
In 2003, Wen added, it had been virtually impossible to buy anything in China made in most of the CPLP member states. But today it is common to find such imports in ordinary Chinese homes, including coffee (grown in Brazil and Angola) and wine (from Portugal.
Speaking at the opening of the conference, Ali declared that China "even at the most critical moments of the international financial crisis, has remained determined to assist the socio-economic programmes of developing countries".
He added that he was firmly convinced that the Plan of Action for Economic and Commercial Cooperation for the period 2010-2013, to be approved by this conference, "will open broader horizons in strengthening our cooperation".
Asia, Australia, and Africa
During his speech, Ali stressed "it would not be just were we not to recognise that our relations with China have, since the early days of our national liberation struggle, undergone noteworthy development witnessed by the high level of cooperation in several areas, and the constant exchange of high level delegations, as shown by our presence here".
Ali was last in China in June, when the Chinese authorities announced that they were making a further 200 million US dollars available to Mozambique mainly for the building of infrastructures. Following Ali's invitation, a delegation from some of the largest businesses in Shanghai visited Mozambique in August. If all their investment promises are kept, this group of businesses will invest 13 billion dollars in Mozambique over the next five years
Here are examples of a Chinese rules. Imagine leaking a huge discovery before its approved for release.
For the first time in 30 years, China's top legislature proposed this week to reduce the number of crimes punishable by execution. The proposal, albeit largely symbolic, has drawn renewed attention to China's controversial death-penalty policy, under which 68 crimes are punishable by death and more executions take place each year than in the rest of the world combined.
The state media has reported that 13 nonviolent economic crimes — ranging from smuggling relics and endangered animals to faking VAT receipts — have been dropped in a pending amendment to China's capital-punishment law
Read more: http://www.time.com/time/world/article/0,8599,2014070,00.html#ixzz15Vhdup2N
http://www.escapefromamerica.com/2010/08/economic-crimes-and-punishment-china/
China is ‘cracking down’ on foreign companies and their employees doing business in the country, and they are using obscure laws protecting the secrecy of state-run enterprises to insure that ‘commercial secrets’ are not leaked. Just ask Xue Feng. He is looking at the better part of a decade of hard time. When he studied geology he knew his life´s work would involve rocks; he just didn´t envision making little rocks out of big rocks on a road crew.
Emdyal, it easy to beleive the FACTS... its simple - its NOT our money being spent thus we ride along with the operators. ERHC only has to smile and wait. I doubt Sinopec shareholders would accept it any other way.
Its the wait and uncertainty of NOT knowing the results. Kinda like our economy total uncertainty. OTC traders and makers add to the sp decline, no current income to offset the wait or burn rate.
There was never a sell off of significant volume. Your totally guessing based on day traders activities. They have tight holed all the sites as you know.