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*Upstream ERHC ... who has full access
08/24
Hunt on for Offor successor
HOUSTON-based ERHC Energy has accepted the resignation of its controversial Nigerian chairman and non-executive director Emeka Offor and says it is now in.......
Oilphant / Fishdog whats the latest ?
Great new ERHC Site !!! - again interesting the timing of all these events CC / SEO Leaving / settling of lawsuits / New BL 4 interests [see below Addax confirms] and now revised ERHC Web site..
ADD it up - could be nothing or could be everything ?
Response from Addax IR....
The only item which they have missed is that Addax Petroleum's interest in JDZ BL 4 if and when we receive the transfer would be 45.5% - and not 40.5%.
Their number of 40.5% is missing the 5% that we acquired from Overt Ventures Ltd. in April 2006 (ie: currently have an interest of 38.3%).
Timing for the deepwater rig (as discussed on the call) is now Q4 2008. And the 5 firm / 5 option slots is correct.
_____________________________________________________
Requested from Addax IR...
Please confirm the current JDZ BL 4 position as variously amended
From a recent ERHC filing on 8/9/2007
it appears Addax may improve their position on JDZ BL 4 perhaps by as much as 7.2%
On March 15, 2006, an agreement to assign 9% in Block 4 to Godsonic was entered into between ERHC and Godsonic subject to Godsonic meeting stipulated financial and other conditions. By a further Amendment made on April 11, 2006 to the Participation Agreement, ERHC and Addax provisionally agreed that if Godsonic did not meet the obligations on the 9% interest to be transferred to Godsonic and was foreclosed from all claims to the 9% interest, ERHC would transfer 7.2% out of the 9% interest to Addax so that Addax’s participating interest would be 40.5% in aggregate and ERHC’s participating interest would be 19.5% in aggregate. See Note 7.
Under the Participation Agreement between ERHC and Addax, as variously amended, Addax will serve as operator and pay all of ERHC’s future costs in respect of all petroleum operations in Block 4. Addax is entitled to 100% of ERHC’s share of oil production until Addax recovers ERHC’s costs.
Mystery MM [not a common MM on ERHE] who was a net seller since late July
Left the ASK last Friday when the pps was .25
missed the run to .34
now appeared again today and has been sitting at .27 - .275 all day
wasn't hitting bids it appears
Homeport see below
CC Replay - mms://winaudio.mshow.com/334962.asf
simply copy/paste to browser
requires Windows Media player
GOLD Sponsor ERHC
http://www.cwcnog.com/content.php?page=welcome
CC Replay - mms://winaudio.mshow.com/334962.asf
simply copy/paste to browser
requires Windows Media player
I asked Akin Gump responed "NO"
M Show Tech support says its Audio only ... link to Windows Media player
ERHC Show 334962
mms://winaudio.mshow.com/334962.asf
thx AC - perhaps some may want to be the SCRIPT
I will try to capture many of the answers and re-post the answers to the board
Questions for the ERHC ENERGY Conference Call
August 21, 2007
JDZ & STPEEZ
1. ERHC's partners, Addax and Sinopec, have announced that they have 5 firm well slots and anticipate drilling as early as 2H 2008. Is this date firm, or will the Aban Abraham rig become available early when the current user pulls out of West Africa? Which block and/or structures are targeted first?
2. As drilling approaches can we expect Addax to announce drilling results as they go from well to well, or do you feel we will have to wait until all JDZ blocks are drilled to hear news on the results?
3. What is the status of Anadarko first drilling in Block 3?
4. What is the status of Blocks 5&6 of the JDZ?
5. Has anyone approached ERHC from Nigeria or Sao Tome to discuss any changes to the most current Block awards in the JDZ or STPEEZ?
6. Do we know what blocks we are interested in for the STPEEZ? Will ERHC be making STPEEZ block selections prior to the 2008 auction? If so, when do you expect this to be complete and will ERHC's selections be made public?
Operations
7. What is the current status of acquiring producing properties onshore?
8. Is the company's intent to sit and wait until the JDZ is drilled and produced, or is it going to adhere to its PR guidance and acquire revenue producing properties? If so, when?
9. As the operators of blocks 2, 3 & 4, Anadarko, Sinopec, and Addax are making all decisions and calling all shots, what has Mr. Ledbetter’s primary work focus been since his hiring?
10. Aside from sponsoring the 2008 Nigerian Oil & Gas Event [which is welcome news] what other steps is ERHC taking to renew our good name and standing in the industry?
11. What is the reason why we have not hired a CEO or CFO?
12. ERHC recently doubled its office space indicating an expectation for significant growth. What is the status of this growth and space utilization?
13. In the recently awarded OPL 291 West African Block awarded to ADDAX/STARCREST Nigeria Energy - Why did our Chairman feel the need to go through Starcrest vs. ERHC?
14. Are there any current discussions with anyone to either buy into ERHC or buy-out ERHC?
15. What is the current relationship between SEO and the new government in Nigeria? (Good, Bad or indifferent)
Legal Matters
16. What is the current status of any and all activities with the SEC, Homeland Security and the DOJ? Does legal counsel have a best guess as to when the investigation/process will be resolved?
17. What is the cash burn rate from our legal fees?
18. What is the range of maximum penalties that could be levied against the company should the DOJ or SEC determine that wrong doing has occurred that violate the FCPA regulations or securities laws by previous ERHC Managment in it's dealings with foreign nations?
19. If there is any wrongdoing regarding Feltang, will the money and shares be returned to ERHC?
20. From a legal standpoint, how secure does ERHE feel its rights are in the JDZ and EEZ? Legally does the company feel there is any chance we will be stripped of our rights?
21. What steps have been taken to protect ERHC's rights and its shareholders?
22. Is there a time limitation for Federal Government investigations, or can these investigations be left open indefinitely to tarnish ERHC's name?
Stock Performance
23. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
24. Is ERHC considering a reverse split?
25. Are the First Atlantic Bank shares held in "friendly" hands? Is management kept informed on a regular basis as to what FAB has planned for their ERHC shares?
26. Why isn't the company considering a stock buyback to help prop the stock price back up? What exactly are the plans to increase the stock price?
Can someone re-post the Pre CC questions list gathered by the board - just keeping EM honest
why Would SEO divest himself from ERHC to state he wanted to focus on Chrome only to Add ERHC back to the Chrome portfolio ???
New Suitors IMO
Take take your pick
Chevron / Addax / Anadarko or a wild card from our Dubai pals
the guessing continues
AGREE - T-Minus 1 hr ............
especially after reading all he went thru
....
http://investorshub.advfn.com/boards/read_msg.asp?message_id=22214017
Mr Oji stated that the Executive Vice Chairman of Chrome Group, Sir Emeka Offor, had recently given up his seat on the board of an American public company, ERHC Energy Incorporated (OTC BB: ERHC) so as to concentrate fully on driving the implementation of Chrome Group's plans.
In a statement on his resignation from ERHC, Sir Offor noted that his devotion to ERHC, albeit as non-executive director and chairman over the past few years had come at a cost to his other businesses. The full text of Sir Emeka Offor's statement on his resignation from ERHC reads:
"In February 2001, a company that I owned acquired a controlling interest in ERHC and I became a non-executive director and chairman of the reconstituted board. At that time, ERHC was virtually dead. The shares were trading at a few cents and ERHC had no tangible assets. The Company was embroiled in a bitter dispute over its sole nominal assets, namely certain rights in the Gulf of Guinea, and there was little hope that the Company would ever resolve the dispute or realise any of the assets. The Company had no revenues and was deep in debt. The accounts of the Company were classified. It was entangled in claims by creditors and other claimants. In the Gulf of Guinea, the Company was regarded as persona non grata as a result of its disputes with the host government. I remember my business advisers at the time telling me I was mad to get involved with such a Company. My family also wondered why I didn't just concentrate on my substantial and secure business interests in West Africa. My group of companies were producing a sizeable profit and there was no need to imperil them by becoming associated with an entity of uncertain future.
In my more than 25 years of being a businessman however, I always relished business challenges. I was intrigued by ERHC when it was introduced to me. Here was a small American company whose only 'assets' were in West Africa. Subscribing to the American ethic that nothing is impossible, I decided to invest in the Company against the advice of my family, friends and associates.
The first thing we set about as ERHC's new board was to resuscitate the Company. It would prove even more difficult than I had ever imagined. Through perseverance, hard work and faith in God we were eventually able to give the Company a new life after four long and trying years. In those four years, serving on the board of ERHC was a thankless task for Nicolae and me who were the non-executive directors. The only other director was the CEO of the Company.
I brought all my goodwill in West Africa to bear, to salvage the Company. I have always believed that diplomacy and friendly relations are preferable to confrontation but without compromise of integrity and propriety. I was non-executive Chairman and Director, yet for the Company's survival, I found myself shuttling endlessly between the two West African countries where ERHC assets were located, mostly at my own expense. Ongoing and bitter legal disputes over ERHC's rights had alienated the government of Sao Tome and Principe and neighbouring governments. We had to capitalize on my affiliation with the Company before we would even be granted audience to seek rapprochement.
When doors were shut in our face, we persisted in our efforts. We refused to give up until people finally started to listen to us and began to reassess ERHC's claims on the merits. This was notwithstanding the fact that the legitimacy of ERHC's claims had been established by arbitration. The process was frustrating and exhausted me physically and mentally.
For ERHC's rights to be exploited, we still needed technical partners with expertise and financial resources. We embarked on an extensive international search which I led at the request of the Company management. I had to use my business reputation to secure participation agreements for ERHC with three reputable American operating companies in 2004. When those first participation agreements did not work out, we had to move quickly in 2005 and 2006 to find replacements so as to save ERHC's assets in the JDZ. This resulted in ERHC's signing of PSCs in 2006.
At that point, I felt my work in ERHC was done and prepared to step down from the ERHC's board to concentrate on my other businesses. Unfortunately, the things that happened to ERHC from May 2006 upset my plans in that regard. I remained on the board so that we could reassure the market of the Company's stability and prospects.
I have no doubt that ERHC will be vindicated. The genesis of ERHC's current holding in the Gulf of Guinea goes back a decade and is rooted in the foresight of investing in an undeveloped oil territory when no one else was prepared to take the risk. I am certain that an emerging understanding of this fact in the industry and among the media will eventually rest allusions to the contrary.
I remain committed to ERHC and my investment therein. However, Chrome Group, of which I am Chief Executive, is about to embark on a new phase of growth which demands my undivided attention in the next few years. This requires that I decline to continue as Chairman and director of ERHC. I am confident that I have taken ERHC to where it can stand on its own. "
About Chrome Group
Chrome Group is a leading multibillion dollar regional conglomerate based in Abuja, Nigeria with vast interests in oil and gas, insurance, destination inspection services, bio-fuels energy production, petroleum products trading, real estate, logistics and dredging services. Chrome Oil Services Limited, the pioneer company in the group has been doing business since the early 1990s and has handled key projects (as part of a consortium) like the turnaround maintenance (TAM)for the Port Harcourt refinery- Nigeria's largest refinery. In addition to its commercial business activities, the group engages in Corporate Social Responsibility (CSR) programmes through which it intervenes strategically in key areas of youth empowerment and promoting and sustaining a renewable and greener environment. The group employs over 800 staff worldwide. Chrome Group is also a non-racial and equal opportunity employer.
SOURCE Chrome Group
I am far from a riddler.. ok please explain
the alarm clock is set for November
There is a lot to be said during the up and coming CC..so stay tuned...
What does this mean? Help us out
No HATE brother Angry
just want the facts to be laid out as we all do and frankly tired of the riddles and games played by posters
you must admit your track record has been spotty at times
but in your defense this is THE MOST unpredictable company
Angry you stated July to have $$ on hand - it was August [close]
you mentioned the drop in pps was nothing to fear - you said November was going to bring some excitement
and you said the CC we would have much to discuss
JUST Spill it out !!!! why the riddles
MMMmmmmm Smells Good
No BOFA so far I smell the roaring $0.30s again
Wow !! Was that a full sentence ?
welcome news if true
Major news this week - IMHO
and yes I feel the pps was manipulated [or pegged in a range] as it was prior to all the past major pps run ups
too many coincidences with SEO out / settlement of lawsuits / hints of a deal in the works / potential pressure from the investigations / increased value of crude and the 1st EVER CC
this time it may run and NOT come back
from IV "Great news is brewing on the homefront. What I am hearing will be a very positive thing. The details around structure are still subject of some speculation and hope that they dont take us out before the real pay day."
Last Few days Highlights ....
a] COB SEO Resigns ....
after a 6 year run as Chairman of the ERHC Board, the Iron fist leader who saved ERHC in 2001 from demise, who helped to create the JDZ, who negotiated perhaps some of the best oil deals for a company in history, Sir Emeka Offor is stepping down as leader...
b] a new SEC filing indicating ERHC has settled old lawsuits [which they said they would defend] and provided shareholders details of a 2006 negotiation in which ERHC may assume an additonal 9% or 2% Free carry in rich JDZ BL 4.
c] DoJ/SEC/Senate Hearings all in the background
d] BOFA - Market Maker a Net seller ASKing [selling] since July a relentless seller - consistantly TOP ASK after a final 60k block trade has appeared to leave the scene for now. Note during this selling campaign the PPS hit a fresh 4 year low of $0.20 - reflecting a low market cap of only $150 MM
e] the pps rally from .20 to .295
ALL these wild events in the shadow of the companies FIRST EVER Conference Call with Shareholders scheduled for Tues.
Timing of these events certainly cannot be considered a coincidence
Q: What is the REST of the STORY - many questions remain
a new Suitor perhaps ? - New Management? -
Lots of rumor and gossip to consider. Some seasoned and respected posters claim there is more to this and plans are already set in motion which should be positive.
Final thought 07/30..............
"To explain in detail the specific steps the board has taken and will
take to protect the company, its assets and its shareholders.
I have reason to believe that the specific actions will be bold,
decisive and very positive.
I think bold action should be met with broad support by all
shareholders as a concerted and protracted effort to cleanse the
company of any blemish of wrongdoing and create a corporate climate
that investors will flock to.
I can't wait."
SFREED updates ....
Q: Can a new
> CEO or other Board members really do anything if SEO and friends
> control a majority?
>
> Or do you think SEO is also selling some of his stock and that's
> what will make the difference later?
A: In that past your assessment may have been true. However, promises
made to stock performance by Offor to his friends have worn very
thin. In addition, the attention his activities have brought on him
and have also brought unwanted attention on those with whom he does
business.
Q: regarding Starcrest: I was told that the Starcrest deal was put
> together in the first half of 2006, when erhc energy did not yet
have
> cash, and when erhc also did not have a mission statement that
> including obtaining other blocks - hence, why erhc was not
included.
> Can you comment on this?
A: Firstly, Starcrest did not have to put up any cash for the block.
The deal with Addax was done at the time the award made.
Secondly, the chairman of a public company has a fiduciary
obligation to provide the company all opportunity before himself or
his other companies. Full stop.
Q: While I question the probabity of opening up the Starcrezt-Addx deal to > ERHC in the face of probable Nigerian oppositon,
>
> I think a legal action on the part of major ERHC stocxholders and/or
> the ERHC BOD would put ERHC, the company, on the righteous side of US
> probes or ERHC/Offor/Chrome/NIgeria/Starcrest etc.
A: I agree completely. We may not be able to take a peice of Block 291, but we must try for reason you state. At worst we get a settlement
out of Offor - the return of some of his shares, perhaps. That is
more in control of US authorities.
it is odd to see ADDAX fall to $29 from $42 on strong quarterly results and indicated positive guideance to analysts on the cc
perhaps insiders knew a big dilution was coming
also wierd how Addax has not responed to any of my e mail questions to them this week
usually the are quick to respond
this week ...unresponsive ........
the saga continues ....
WHAT !!!!!! ?????? $ < 5!/20
60k and BOFA GONE !!!!!!!!!
BB Re post - certainly very interesting
anyone recall the last time ERHC cleared up all outstanding lawsuits ........ Hint right before the 2nd Licensing round ...... and the stock ran from .30 - .90
Anybody find these settlements interesting?
"In October 2006, Lakeshore Capital Limited (“Lakeshore”) filed an arbitration claim against ERHC seeking $4,400,000 for the alleged value of 4,500,000 shares of ERHC common stock and for a warrant to purchase 1,500,000 shares at an exercise price of $.20 per share, including interest and costs. Lakeshore claimed it was owed this sum for services previously rendered under a contract with ERHC. This claim was settled for ERHC's payment of $250,000 to Lakeshore and the arbitration was discontinued with prejudice."
"In July 2007, ERHC and Godsonic commenced negotiations over relinquishment by Godsonic of any claims by Godsonic to entitlement to a 9% interest in Block 4. A provisional settlement agreement has been reached on payment of $250,000 accrued this quarter to Godsonic in consideration of relinquishment of all claims by Godsonic, with the condition that if settlement is not completed by August 30, 2007, the settlement is null and void and of no effect. If the settlement is not completed, litigation might ensue between the parties."
//////////////////////////////////////////////////////////
.....Three months ago (from the previous 10Q) ERHC stated,
"During October 2006, Lakeshore Capital Limited (“Lakeshore”) filed an arbitration claim against ERHC seeking $4,400,000 for the alleged value of 4,500,000 shares of ERHC common stock and for a warrant to purchase 1,500,000 shares at an exercise price of $.20 per share, including interest and costs. Lakeshore claims it is owed this sum for services previously rendered under a contract with ERHC. ERHC has filed an arbitration response disputing Lakeshore’s claim and intends to vigorously defend itself in the arbitration and any other legal proceedings."
Hmmmmm....what happened to change their plan of action from "vigorously defending" to settling for a fraction of the amount. More importantly, why would Lakeshore be willing to settle?
BOFA is certainly a fly in our Chardonnay
IS DAVID IVANOVICH a total #$*#$ or what?
Whos pocket is this guy in ...
Surely there is more important business news out there .....
http://www.chron.com/disp/story.mpl/business/5061458.html
at least he recognizes this ...
Offor, a wealthy man with powerful political connections in Nigeria, was instrumental in pushing Nigeria and São Tomé to resolve a long-running border dispute and create an offshore development zone, where international oil companies could bid for the rights to drill. As the two countries were creating the joint development zone in early 2001, Offor's Chrome Energy bought its controlling stake in ERHC.
Electick sounds like it was the best move for all
look forward to great news to come
thanks for sharing as usual
"The sharks are circling looking at a tasty meal"
Any idea who ?
Moderator please RE Post Electicks post
he is a valued poster and did not say anything negative or insulting
his post said WOO HOO the Dead Wood is Gone
no CEO yet - stay tuned for more news soon
Fri or Monday for SURE !!!
today wouldn't be the best day with the Markets going nutz
Fri - Monday work better
30 stocks on my screen all RED
except for 1
WD - AGREE 100% -
SEO doesn't make bad deals
more news coming IMO as Sfreed and others have hinted
also hard to rally when the Dow is Down 250 pts
since July we have Seen MM BOFA top ask
he got out of the way of all the buying this am 1,000,000 shares
only to come back at Top Ask again after all the shares went thru....
Q: Does BOFA really want to sell ??
Q: is he there just to make the pps look bad
I dont get it - he is offering but apparantly not interested is selling ?
perhaps we are being PINGED in a trading range for the deal makers in the back ground
BOFA was TOP BID now Top ASK ???
make up your mind geez
English please -Dutch translation..... Your elephant-tree in your garden will grow fast.
About that, that heaps we. According to me has he self withdrawn because one not really with proofs of omkoping wanted to come.,. Faces loss to prevent will the DOJ stop to torment him (and the business, are earnings).
me just 1 - the $6 PPS !!!!!!
Who's ready for a new Team CEO/PRES/CFO/VP
new BoD perhaps ..........
my Grandfather always said "CHANGE is a GOOD thing"
must not be feared but Embraced !!!!