Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
By all mean, take your time, we are going to live forever.
Trovoada, however, said that the government will only announce them at “an appropriate time”.
“There were bids, we’re waiting to open the proposals and evaluate them. I don’t want to say anything ahead of time”, Trovoada said.
The way I took to greatness, says Ntephe
Interview Nov 12, 2010 By Sam Umukoro
Peter Ntephe has a probing intellect and a limitless appetite for knowledge. He is also an example of the “10,000 – Hour Rule” theory promoted by Malcolm Gladwell in his book Outliers. Gladwell claims that greatness requires enormous time. Appointed Chief Executive Officer of ERHC Energy in April 2010, Ntephe has been involved in the company’s management since 2001.
“As chief Executive Officer he oversees the executive management of ERHC Energy and its subsidiaries. He is responsible for ensuring the group’s strategic objectives are met”. Ntephe holds a Master of Science degree from University of Oxford. He also has three degrees in law and a degree in management from Brunel University, London.
MOST CEOs have a winning or a success formula. What is yours?
I thank God for His Mercies because the formula is God. It’s really been God’s will that some things happened. Certain fundamental steps I’ve taken, if you have told me just a few days that I would have taken them, I would have told you that kind of thing wouldn’t happen. And things just happened in the coincidence of circumstances and I find myself being pushed up in the positive direction.
You talked about a leap of faith. Personally, there must also be a form of strategy like a game plan to say I want to be here in the next five years, ten years. I’m certain inevitably that you must have had a strategy, especially when you took a leap of faith. Something must have informed the leap of faith you took.
Peter Ntephe...there will be a lot of change in the next 50 years
It is always a crazy thing to change residence and go abroad especially when you’re not in your teens, or early twenties. It was a fundamental decision to make, because invariably to make that kind of move, most often, what you find is that you’re going to take some more steps back from where you were, except you’re going to a fixed job. But when you’re going because you want to try new challenges, you’re going to take one or two steps back from where you were.
You’re taking two steps back to move forward and you never know what you’re going to meet, no matter how you prepare for that kind of fundamental change in your life. So, you’re just acting in faith that what you project and plan would come to pass. You’ve left behind a lot of things that you can’t go back to, because things move on. So, you’re taking a risk in doing that.
Do you see Nigeria as an investment friendly environment considering some of the challenges here?
Yes. Nigeria is a risky environment to do business in so many ways and it’s also a very frustrating environment in some ways because things that are taken for granted. Elsewhere, simple things that are easy to achieve for simple infrastructural reasons, that make it easy to do business do not exist in Nigeria. Nigeria, by some measure is a difficult place to do business, but having said that, the rewards and profit margins in Nigeria are vast.
Even some of these problems I’ve talked about are investment challenges for people; light, water, roads, communications, each by itself represent investment opportunities for a certain investor and innovator. And we have seen that in telecommunications. What used to be a problem in the telecoms system in Nigeria, what used to be regarded as a problem has now turned out to be a very big investment opportunities for mobile phone companies. So even the problem themselves are opportunities for some savvy investors out there.
So I continue to see Nigeria as a place where foreign investment should be much greater. We ourselves should do a lot to attract foreign investors. The world is a global village now. We’ve left the days when we used to be worried about what foreign investment could do. That’s my personal opinion. I think it’s time now. We have a lot of Nigerians in Diaspora.
They are foreign investors as well. We should look at it in that context. But, back to your question, is Nigeria something that an investor should look at? I definitely think so and would say that without any hesitation whatsoever.
From your experience, what is more important to a business; capital, human capital or reputation?
Well, both are equally important. What kind of premium do they place in the reputation of the business? If people want to invest, they would do due diligence, and everything is about reputation. It doesn’t even matter if people have been convicted before.
It’s just about the reputation. What are the people saying about this business, about people running this business? Sometimes, huge investment opportunities are lost just because the views about these people or business are not very good and people don’t want to associate with them. And that is becoming even more important on the international stage where you can just type someone’s name on Google and a long list of things comes out, either good or bad.
You know, if that first Google page doesn’t say favourable things about a person or business, it’s going to put off investors. But what makes that reputation is the people who run the business, the human capital. In the world of international business, if you don’t have a good reputation, I’m sorry they are going to see that and you are not going to be accepted.
Considering your busy schedule as a CEO, how do you unwind?
I listen to music a lot and love football, I am an Arsenal fan. With all the highs and lows that Arsenal subjects you to in any season; my blood runs Arsenal (laughs). I’ve followed Arsenal for a long time, long before it became fashionable to become an Arsenal supporter. I’ve been an Arsenal supporter long before Kanu Nwankwo joined them. I love football. I watch it a lot. My TV channel is always set on football. I watch football all day, all night, when I’m not working.
Can you mention a particular book you’ve read and has a made a big impact on you?
A lot of books, but since you said one book. I remember reading No Longer At Ease as a student and it gripped me by what it captured, the changing era, the transition between colonialism and a new Nigeria, that concept of change gripped me.
It’s one of those books I always remember. I don’t know if it’s made a change in my life but it gripped me. I would later read Things Fall Apart and have the same feeling.
Nigeria just celebrated 50 years of independence. Do you see any remarkable difference in the next 50 years?
Definitely. It’s good to always challenge ourselves to do better, but I think perhaps we look at things a bit too negatively.
Don’t misunderstand me; I would be the first to acknowledge that we have a lot of problems. And sometimes I hit my head against the wall that why we even allow some of these things to happen. However, despite ourselves and all the negativity, I think we have come a long way in my lifetime. I’m not even 50 yet, but I think there would be a lot of change in the next 50 years.
Phone call between Abuja and Lagos
I remember roughly 10 years ago when to make a phone call between Abuja and Lagos for instance, you have to go to NITEL office and sit down. You would give your number and you wait, then they would call you to make your call.
I remember growing up, Soul Train was the in-thing back in the day, and we used to watch Soul Train four years after it was shown live in America. And now, we watch these things live. Despite ourselves, we’ve made progress. I grew up in an era where it was a military regime; I barely saw a civilian regime when growing up. Now we’ve had 11 years of civilian regime, of democracy.
And even with all the problems, we have people who are in secondary school now and don’t know what military regime is. They’ve never lived under a military regime and don’t even know what it is. So, I think that is a remarkable difference.
What’s your guiding principle?
My guiding principle has always been principles I think you would find in the Bible and Koran and all the good books as well. Do things with integrity, do unto others what I would like them to do unto me. And we might not even succeed sometimes. But I think I’ve always tried to do things right, and I believe in integrity. Secondly, a good name is always is better than riches. Also, I do strongly believe in God. I have a strong belief in the Creator.
http://www.vanguardngr.com/2010/11/the-way-i-took-to-greatness-says-ntephe/
Sorry Kingpin, I thought I saw it too...very good find, it indicates growth and activity at least. Another ERHC blunder...secrecy and silence must be a very difficult thing to maintain.
Really Kingpin ! Adding false misleading text? = BAN. I could have sworn I checked the link last night and the ERHC name WAS there. lol This is really geting weird.
Nice find Kingpin!
Good work Krombacher.
ot Something just happened : http://www.dailymail.co.uk/news/article-1327421/Allen-Stanford-beaten-jail-inmates-awaits-trial.html
West Coast = may hold 71.7 billion barrels of undiscovered oil, according to U.S. Geological Survey estimates.
License Tenders
Along the West African coast, Liberia, Gabon and Sao Tome & Principe are currently holding tenders for exploration licenses. The geology that stretches from Mauritania to northern Namibia may hold 71.7 billion barrels of undiscovered oil, according to U.S. Geological Survey estimates.
http://www.businessweek.com/news/2010-10-11/exxon-chevron-s-africa-ambitions-face-risk-from-state-curbs.html
Who can say if they are " being honest and looking out for their shareholders " we are common shareholders. PN has stated 100 times "looking out for their shareholders is thier primary goal" aka...Sir Emeka Offor and his friends and US. Wait for the prize, its coming.
They have come a long way in the 10 years Ive been here. Too bad things dont happen overnight.
Therein lies another reason for delay after delay. Tough negotiations for sure.
" Of course, the big question is, how much do they forfeit their rights for? If we knew the answer to that question, then we could get a good valuation of the JDZ blocks. "
Total pursuing 'aggressive' upstream growth strategy in Africa
By: Jade Davenport
4th November 2010
TEXT SIZE French oil company Total was pursuing an "aggressive" upstream growth strategy in Africa, involving an accelerated development programme in the Gulf of Guinea and a much expanded exploration programme.
Addressing delegates attending the Africa Oil Week in Cape Town on Thursday, president of Total's Africa business Jacques Marraud des Grottes said that the company was not only relying on its core production areas to sustain the business, but it would also develop new plays.
The main focus of the asset portfolio development strategy was the Gulf of Guinea.
Currently, Total operated three floating, production, storage and offloading (FPSO) units and one FPO in the Gulf of Guinea.
This would be increased to nine FPSOs and two FPOs by 2017, said Des Grottes.
The first project expected to come into production was the 220 000 bl/d Angolan offshore Pazflor FPSO project. Production was scheduled to begin in 2011.
Second to come into production would be the Nigerian offshore 180 000 bl/d Usan project. First production from the FPSO was expected in 2012.
The other project under development was the Angolan offshore CLOV project. This FPSO would have a production capacity of 160 000 bl/d and would come into production in 2014.
Total was also mulling the development of three other projects including the 200 000 bl/d Engina project in Nigeria, Block 32 in Angola and the Monos project in the Congo.
Des Grottes enthused that it was a huge portfolio, which would increase Total's African production significantly in the next seven years.
In 2009, Total's equity production in Africa averaged close to 750 000 barrels of oil equivalent a day, accounting for 33% of the group's total production.
In terms of exploration, Des Grottes said that since 2008, Total had increased the acreage under exploration by 20% and was considering other new horizons.
The newest areas to be added to Total's exploration portfolio included Cote d'Ivoire, Uganda and Egypt.
Total signed an agreement with Yam's Petroleum at the end of October to acquire a 60% interest in the Ivorian C-100 deepwater exploration project.
Covering an area of nearly 2 000 km2, the CI-100 block was located off the Cote d'Ivoire coast in water depths ranging from 1 500 to 3 100 m. Exploration work would include a new 1 000 km2 3D seismic survey, which would complete coverage of the block. First drilling was expected to start in 2012.
Des Grottes continued that Total was excited to join Tullow Oil and China's CNOOC in their exploration of Lake Albert in Uganda.
"The JV between Tullow Oil, Total and CNOOC could be seen as a dream team to explore, develop and produce a reserve in Uganda for the benefit of the country and all stakeholders," said Des Grottes.
Total had also re-entered Egypt and had recently been awarded a 90% interest in Block 4 (El Burullus offshore East) on which it was expected to be the operator pursuant to the approval by the relevant authorities. This permit, located in the Nile basin where a number of natural gas discoveries had already been made, covered an initial four-year exploration period and provides for the commitment to conduct 3D seismic work and to drill exploration wells.
They have many times.
•The operators of Joint Development Zone (JDZ) Blocks 2, 3 and 4 continue to analyze information gathered during the Joint Development Zone drilling campaign and discussions are underway among the interest holders in the Blocks regarding how to proceed.
. The analysis of information gathered during the 5-well drilling campaign in JDZ Blocks 2, 3 and 4 is continuing. With the authorization of the operators, ERHC has released preliminary findings that biogenic methane gas was discovered across all three Blocks.
There seems to have been a little confusion about these preliminary findings and I want to be clear that ERHC management is as excited about what we have accomplished as we were several months ago. It is not unusual for initial oil and gas exploration in a previously unexplored area to have surprising findings that prompt questions about existing models. The challenge is to use those findings to guide future drilling decisions and maximize the likelihood of success.
Energy Inc. Updates Shareholders on Progress
HOUSTON, September 21, 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 issued the following update on Company activities from Peter Ntephe, chief executive officer.
To ERHC Shareholders:
I am pleased to update the ERHC Energy family on the company’s recent progress.
Joint Development Zone
With ERHC’s assent, support and participation, the operators of Joint Development Zone (JDZ) Blocks 2, 3 and 4 are currently negotiating the terms for entry into Exploration Phase II with the Joint Development Authority (JDA). ERHC has 22 percent interest of JDZ Block 2, 10 percent interest of JDZ Block 3 and 19.5 percent interest of JDZ Block 4.
The contracting parties’ commitments on Exploration Phase I of JDZ Blocks 2, 3 and 4 were successfully met with the drilling of five wells in the three blocks between August 2009 and January this year. Natural gas was discovered in at least three wells (you can review more information about each of the Blocks at www.erhc.com/jdz). The operators’ analyses of the well outcomes, while still ongoing, are informing the parties’ negotiations with the JDA on terms for entry into Exploration Phase II (or a further extension of Exploration Phase I).
We are highly encouraged by the decision to negotiate entry into Exploration Phase II. In meetings with Sinopec Corp. (NYSE: SNP), operators of JDZ Block 2, and its subsidiary, Addax Petroleum, operator of JDZ Blocks 3 and 4, ERHC has been a strong advocate for advancing to Exploration Phase II and we consider the current negotiations to be a very positive development.
Potential outcomes of the negotiations could be to enter into Exploration Phase II or further extend Exploration Phase I. An agreement could come at any time.
We also expect these negotiations to address the issue of a number of small interest holders in each Block either defaulting on their financial obligations or choosing not to proceed with Exploration Phase II. The interests of the defaulting or withdrawing parties will be available in the first instance to the remaining parties and thereafter to interested new players in the Blocks.
We have no way of knowning why they gave a gift of shares to someone, when a JV will happen with EEZ and what really lies in our blocks in the JDZ. One thing for certain is that this stock is undervalued.IMO EEZ prospects alone are excellent. The prize is there, its only a matter of time.
There must be very good reasons for the long wait. You have political issues, tax changes, over 10 different oil companies to deal with, three government entitites, new seismic data, previously vast unexplored areas, complex structures, legal parameters and negotiations with foriegners etc..
ERHC might be doing all they can. They certainly want to see our assets developed. They cant share everything that happens in the office with shareholders. They do not control the share price but are trying to list on AIM for stabilization.
Prayer and patience or sell and move on are your only options.
Life sure has gotten clearer since I put middy on ignore.
São Tomé Exclusive Economic Zone
ERHC has a 100 percent working interest in Blocks 4 and 11 of the São Tomé and Príncipe Exclusive Economic Zone (EEZ) free of signature bonuses.
The close proximity of São Tomé and Príncipe’s offshore waters to the proven hydrocarbon systems in the adjacent territorial waters of Gabon, Cameroon, Equatorial Guinea and Nigeria suggests the potential for hydrocarbons, which is further supported by seismic data and petroleum seeps seen on the island of São Tomé. Seismic data for EEZ Blocks 4 and 11 contain highly prospective structures. ERHC believes the EEZ has all the necessary components of a successful petroleum system. The region is at present unlicensed (1st Licensing Round is scheduled to conclude in September) and undrilled, providing an excellent frontier exploration opportunity.
10/30/10 5:50 PM
Luanda
Angola and Sao Tome and Principe sign co-operation agreements
Luanda – The republics of Angola and Sao Tome and Principe signed on Friday, in Luanda, a co-operation agreement in the area of heath and a memorandum of mutual consultations on diplomatic and political areas.
The agreements were signed by the Angolan Foreign Affairs minister, Assunção dos Anjos, and the Foreign minister of Sao Tome, Manuel Salvador dos Ramos, after a meeting of technical committees of two countries held in Luanda.
After the signing of the protocol, minister Assunção dos Anjos said to reporters that these agreements guarantee that the two countries that have historical ties are projecting their future with consistence.
The Angolan minister said that the two countries want to promote human development and co-operation in areas like crude-oil.
The Sao Tome minister said that he is satisfied because there are others documents to be concluded in order to increase co-operation.
Manuel Salvador said these documents can be signed during the next meeting of bilateral commission of the two countries.
He adds that his country wants Angola as an interactive partner that can contribute to his country’s development based on tranquillity, peace and friendship.
Total says Nigeria remains core area despite delays in oil reform
Cape Town (Platts)--4Nov2010/817 am EDT/1217 GMT
French oil major Total has no intention of reducing investment in African countries, in particular Nigeria, despite uncertainty over planned reforms to the energy sector, a senior executive said Thursday.
"We have a lot of investments on the go. Nigeria is a core area for us to invest," Total's head of Africa, Jacques Marraud des Grottes, said on the sidelines of an energy conference in Cape Town.
Des Grottes also said none of the group's projects had been delayed bythe stalled passage of the Petroleum Industry Bill, a key piece of legislationwhich will change the fiscal and regulatory framework in the OPEC member.
"No major investment has been suspended for that reason," he said.
In Nigeria, it brought the Akpo field on stream in March, 2009, and production is expected to peak at 225,000 b/d.The group intends to put the Egina field in the same block OML 130 into production in 2015, Des Grottes said. Total is equally developing the Usan field on OML 138, which will pump
first oil in the second half of 2011.
Industry sources say the uncertainty around the fiscal issues in the Bill is already stalling development of major discovered resources and discouraging companies from undertaking the aggressive exploration programs they launched
under the 1993 production sharing contracts.
But the government regards the PIB as an instrument to reposition Nigeria's hydrocarbons industry and bring it up to international standards, and insists it will be investor friendly.
Total, which first entered Nigeria in 1962, pumped out 235,000 b/d from the nation last year.
CONSOLIDATING ANGOLA PROJECTS
Although des Grottes confirmed it was selling its 5% in ultra-deepwater block 31 (see story at 1035 GMT), Total is not reining in its efforts in Angola, des Grottes said.
Its $9 billion development plan for Pazflor, offshore Angola is on track to produce first oil in the fourth quarter of 2011, targeting 220,000 b/d.
Pazflor is Total's third production hub in the prolific block 17 where the Girassol and Dalia fields are already producing, and will bring total output for the block to 700,000 b/d.
Next up in Block 17 will be the Clov project, with drilling scheduled to start in 2012 and first oil expected in 2014, adding a further 160,000 b/d to the group's total output, des Grottes said.
The project incorporates four fields -- Perpetua, Zinia, Acacia and Hortensia -- spanning 148,263 acres (600 sq km) on the eastern edge of the block. In the ultra-deepwater, Total expects to pump first oil from Block 32 in 2016. Total holds a 30% operating share in the block.
Total will shortly get its 33% of blocks 1-2 and 3A operated by Tullow Oil on Lake Albert, marking it debut in Uganda. "The joint venture with Tullow and CNOOC could be seen as a dream team to produce, explore in Uganda and benefit all stakeholders," des Grotte said.
The company will help build a pipeline linking future oil production to the Kenyan city of Mombasa.
MAKES FORAY INTO SAO TOME
The group made its foray into the offshore Joint Development Zone shared between Nigeria and Sao Tome and Principel in July when it agreed to buy Chevron's 45.9% stake in block 1.
In October, Total agreed to buy a 60% interest in the CI-100 license from Yam's Petroleum. Yam's Petroleum retains a 25% interest and Cote d'Ivoire's national oil company Petroci holds the remaining 15%.
The transaction has been approved by the Cote d'Ivoire authorities.
--Jacinta Moran, jacinta_moran@platts.com
Similar stories appear in Oilgram News
See more information at http://www.platts.com/Products/oilgramnews/
Seems shareholders should be able to see some details, good idea, would the CPA be forthcoming?
They dont control the PSP. Have you ever considered the growth talk and expenses involved were on attorneys advice to show a "going concern" and basis for some business plan. The intent looks good to investigators and potential suitors. IMO they are just trying to "quack like a duck". While waiting.
If you dont like the way PN is "waiting", talk to his boss and fellow shareholder Sir EO. Apprarently, some dont comprehend we simply dont know enough to judge. If EO says they arent doing what their suppose to be doing he will replace them.
They have ceased the investigations and had 5 very expensinve wells drilled. That is what they are there for. Expect major reductions in expenses soon. If NOT, it is indicative of a timely pay day.
How much skill does it take to wait for a buy out or developement. What is there to do....really!
We will all be surprised some day when they announce several majors with sinopec are buying ERHC, they just cant justify
Sir E Offor's asking price .... YET. Its a vast largely unexplored area. It only a matter of when. Then you will understand managements moves clearly.
http://cpifinancial.net/v2/News.aspx?v=1&aid=6413&sec=Market/%20Commodities/%20Forex
Sinopec wins JDZ license extension = More time to study & negotiate.
Published: Oct 15, 2010
Offshore staff
HOUSTON -- ERHC Energy says the Joint Development Authority (JDA) has approved a six-month extension of Exploration Phase I in Joint Development Zone (JDZ) block 2 in the Gulf of Guinea.
The extension will allow operator Sinopec to complete all studies needed for further exploration.
Last month, ERHC supported the application by Sinopec, its technical partner, to enter into Exploration Phase II pending completion of these studies. Instead, the parties reached agreement with the JDA to extend Phase I -- a similar decision was delivered in September to the participants in JDZ blocks 3 and 4.
ERHC has 22% of JDZ block 2, 10% of JDZ block 3, and 19.5% of JDZ block 4. It says the contracting parties’ commitments for Phase 1 for all three blocks are complete with the drilling of five wells in the permits between August 2009 and January 2010.
Gas was discovered in at least three of the wells.
The JDZ lies approximately 180 km south of Nigeria in the Gulf of Guinea, one of the most prolific hydrocarbon regions in the world. Intensive exploration efforts over the last 35 years in and around the Niger Delta Basin, in particular, have led to a succession of large discoveries, notably the Bonga, Agbami and Akpo discoveries in Nigeria and the Zafiro and Alba discoveries in Equatorial Guinea.Addax Petroleum made a significant addition to its high quality asset base between 2005 and 2007 when it acquired substantial positions in four highly prospective exploration blocks in the Joint Development Zone (the JDZ).
JDZ area description
Covers an area of approximately 8.5 million acres (34,500 km2) with water depths ranging from approximately 1,500 m in the northern part of the JDZ to over 3,500 m at its south western sector
São Tomé Exclusive Economic Zone
Anyone have a guess as to what these blocks are worth?
ERHC has a 100 percent working interest in Blocks 4 and 11 of the São Tomé and Príncipe Exclusive Economic Zone (EEZ) free of signature bonuses.
The close proximity of São Tomé and Príncipe’s offshore waters to the proven hydrocarbon systems in the adjacent territorial waters of Gabon, Cameroon, Equatorial Guinea and Nigeria suggests the potential for hydrocarbons, which is further supported by seismic data and petroleum seeps seen on the island of São Tomé. Seismic data for EEZ Blocks 4 and 11 contain highly prospective structures.
ERHC believes the EEZ has all the necessary components of a successful petroleum system. The region is at present unlicensed (1st Licensing Round is scheduled to conclude in September) and undrilled, providing an excellent frontier exploration opportunity.
Shell to Sell More Nigerian Onshore Oil Fields
http://www.bloomberg.com/news/2010-10-28/shell-to-sell-more-nigerian-onshore-oil-fields-invest-elsewhere.html
These blocks “may be more valuable to others, particularly if they have Nigerian indigenous owners and the greater involvement of the local community,” Henry said. “Many of them have potential significant resources in place, but today, relatively low production and low level of infrastructure.”
ERHC announces JDA's approval for extension of Exploration Phase I in JDZ Blocks
Posted on: Fri, 01 Oct 2010 02:30:37 EDT
Symbols: ADXTF, ERHEE
Oct 01, 2010 (Datamonitor via COMTEX) --
ERHC Energy, an oil and gas
company focused on exploration and development, has announced that the Joint Development Authority has approved a six months extension of Exploration Phase I in Joint Development Zone Blocks 3 and 4.
The extension will enable the contracting parties to complete all studies needed for further exploration in the Blocks. Earlier in September 2010, ERHC supported Addax Petroleum, ERHC's technical partner and the operator of Joint Development Zone (JDZ) Blocks 3 and 4, in applying to enter into Exploration Phase II pending the completion of the studies.
Instead, the agreement was reached with the Joint Development Authority (JDA) to further extend Exploration Phase I to enable completion of the studies before commencement of Phase II.
Peter Ntephe, CEO of ERHC, said: "To date, there has been a tremendous amount of work carried out to update volumetrics of the resources, analyze geochemical samples, interpret sample analysis and reevaluate play concepts, but more time is required to conclude the study program. ERHC acknowledges the commitment and efforts of the Operator as well as the continued support and cooperation of the JDA."
You can bet they are concerned, but the market controls the SP not management. SEO and his numerous friends have millions of shares and they all care, but it is the market Not management that can move the market. Oil & Gas developement News comes from other sources NOT erhc offices. Fluff PRs are not advisable.
Lack of oil and gas, delays, incomplete drilling report from Operators and complaining on this venue are the reasons for drop in sp. IMO
I am long term very optimistic and while management could always be better on the other side of the fence, until you wear there shoes EVERYDAY you really have no idea, how they perform. This is a complicated game ERHC is playing and a buy out/JV could come any day or 5 years from now.
Bickering and blaming doest change the fact we own rights to a vast ocean that has never been explored. It take time to develop the picture. Until the picture is clear of what we own, we will be waiting. We are silent partners and always have been. Only thing ERHC BOD can do is try to conserve, raise cash and wait.
NO one expected it to take this long. Hopefully they will release positive JDZ results& plans and EEZ news soon.
Threatening mangement gets you nothing. Support is what they need.
GLTAL
OK then how about some information on the EEZ
You know EEZ bidding is ending in a little over 2 weeks.
OR some information on the AIM listing
They have told you they have applied and spent considerable time and money for the move...erhc.com end of year
OR updates on how the NSAI work is progressing
They have no control over this and even if they do it will be released based on all parties involved- which is a lot.
OR maybe shedding some light on why they had the apparent stupidity to float 10 million shares on the market at these low prices ?
Gift? They dont have to tell you now or ever.
Clearly the "wait for operator and results" path ...
ERHC to extend exploration phase I in JDZ Block 2
Published Oct 15, 2010 E-mail Print
ERHC says that the Joint Development Authority (JDA) has approved a 6-month extension of Exploration Phase I in Joint Development Zone (JDZ) Block2. The JDZ lies in the deepwater between Nigeria and Sao Tome and Principe in the Gulf of Guinea. The extension will enable Sinopec Corp., the operator of the Block, to complete all studies needed for further exploration.
Last month, ERHC supported Sinopec Corp., ERHC's technical partner, in applying to enter into Exploration Phase II pending the completion of the studies. Instead, agreement was reached with the JDA to further extend Exploration Phase I to enable completion of the studies before commencement of Phase II. A similar decision to extend Exploration Phase I in JDZ Blocks 3 and 4 was announced in September.
ERHC has 22 percent interest of JDZ Block 2, 10 percent interest of JDZ Block 3 and 19.5 percent interest of JDZ Block 4. The contracting parties' commitments on Exploration Phase I of JDZ Blocks 2, 3 and 4 were successfully met with the drilling of five wells in the three blocks between August 2009 and January 2010. All the wells were completed within time and according to budget. Natural gas was discovered in at least three of the wells.
Mid- Has management players changed since you bought in? NO
That's what their there for, pretty impressive considering how it all started, the competition and previously totally unexplored ultra deepwater blocks. Now get the EEZ drilled and we are golden. Patience.
ERHE secured block award assets.
Weathered major political chaos.
Kept the assets after years of investigations.
Got excellent Legal support
Signed JV partners
Drilled 5 wells
Waiting on development - we never had the money to develop ourselves.
Private offering - major accredited investor applications even to join the Antigua Investment, dont belive magazine articles, there were more hoops to invest in the so called "cd" than youve ever seen. Tough to get in. Now you understand. Rates were about 5% when I looked at it. It was never a garanteed fund but presented as speculative with accredited investors ONLY. Yes, maybe a ponzi but SEC ruined a long run... well never know if it was a losing deal cause the SEC ruined it overnight.
List the positive accomplishments over the last 10 years.
PLEASE
At the time it wasnt too high, considering the assets were high profile real estate etc... the fund was never garanteed and the rates were not much higher than a regular bank CD. Keep in mind this was a speculative long stable performing investment fund from a hugely credible financial institution. Their track record was impressive as was the entire organization.
Mid, I am sure the ERHC investment managers are just as happy about the SEC stopping Stanford and ruining 50,000 other investors day too. They were in 140 countries. Wake up man, Sheite happens even to the best of the best. The rates were not double digit and obviously high as you state. That is a lie. Dont beleive all you read.
BTW the INTEREST RATE was NEVER garanteed, investors knew this.
ERHC owns assets that are being developed by others, there hands are tied in many repects, thats been the game from day one and you know it. Absolutely no similarities to HDY. NONE.
CD rates were NOT double digits. They were slightly above the norm with almost 13-17 year history as I recall. There was one bad office in Tennessee. NO ONE saw it coming.
They were just a few others who thought their money was safe with Stanford. Get your facts straight, Stanford was a very reputable, top notch financial firm. I guess Middy would have seen this coming?
The Stanford Financial Group, which provides wealth management services to customers in some 140 countries, is under FBI investigation. On February 26, its Chief Investment Officer was charged with obstructing a separate investigation by the U.S. Securities and Exchange Commission.
According to Forbes' annual list of the richest people in the U.S. Stanford Financial says it caters to roughly 50,000 wealthy investors, mostly in the U.S., the Caribbean, and Latin America
Stanford Financial Investors File Suit Over Frozen Assets
Investors with bank accounts linked to Stanford Financial Group which were frozen amid an ongoing federal probe into an alleged $8 billion investment fraud by the firm have filed a lawsuit saying the government had no right to freeze their assets.
The suit, filed in U.S. District Court in Houston, alleges that the SEC, the U.S. Marshals Office, and the Dallas attorney appointed as receiver of Stanford Financial during the probe have produced no evidence that owners of seized accounts have done anything wrong to warrant freezing of their assets.
The government’s seizure of accounts linked to Stanford Financial holdings, which began on or about February 16, 2009, was carried out in a “reckless and negligent manner,” according to the investors’ lawsuit. The investors are seeking unspecified damages.
Authorities are investigating charges that Allen Stanford and two of his top corporate officers offered for sale fraudulent certificates of deposit in Stanford International Bank. The scam netted the company billions of dollars from thousands of investors around the world, according to investigators. Authorities are working to recover as much of the stolen money as possible.
Stanford has not been charged with a crime, but he remains a primary focus of the government’s probe of his vast financial empire.
Investors Left Out in the Cold
When word broke of the fraud charges against Stanford, investors in the United States, Europe, the Caribbean, and Latin American scrambled to withdraw their funds from accounts tied to the disgraced financier. For some, it was too late, leaving them unable to access funds used to pay mortgages, college tuitions, and other expenses.
Among those who said they had accounts frozen in the Stanford investigation were New York Yankees players Johnny Damon and Xavier Nady, who despite being paid millions each season to play baseball, were left unable to pay for dinner or buy property.
But not all Stanford’s victims are well-paid professional athletes or millionaires, according to the investors’ lawsuit. Catherine Coulter, who runs a rescue organization for greyhounds in Houston, said she cannot access financial donations from supporters, since the funds are held in a Stanford bank account. Coulter said she is concerned about how she is going to meet payroll for her organization or feed the 50 dogs in her care, according to the lawsuit.
Also among those unable to get money out of Stanford-controlled accounts are thousands of Stanford Financial employees, who have not been paid for weeks. Some employees were paid last week as the court-appointed receiver in the fraud case authorized payroll payments to go out, albeit a few days late.
Help is on the Way?
Stanford investors frustrated by the seizure of their accounts and employees desperate for paychecks may get relief soon. Officials controlling the company during the federal investigation have said that many accounts linked to Stanford Financial, those with less than $100,000, will be released soon.
That may come as small consolation to investors who are struggling to pay bills without access to their frozen accounts, but at least it is some good news.
Its a gift.