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Dow Jones gonna get slammed today
perhaps a flight to quality on the OTC BB
!!!!!!!!!!!
Hope the FED Cuts Rates already
Thanks SEO !!
Sorry WD to see your buddy go but his time was due
There was simply no other way at this point
We will miss SEO and all the excitement that came with him
He Was a man of few words but ruled with an iron fist and got us the best deals in the JDZ possible
We are Grateful for SEO who saved ERHC when we were Sub Penny in 2001 - if not for him there would no ERHC and our rights would have certainly been in jeopardy
THANK YOU SEO for all you have done for us
WD this was the right move ...
it appears Angry Asian and S Freed were correct !!!
Certainly a BOLD Move Indeed
WD BOFA is at .23 - 2nd in line
- maybe he had the day off
lets see him at .53 before we get too excited
ok that makes sense so figure 2-3 million more to go ??????
anyone keeping tabs ???
I just cant see how SEO / management have "our" backs with all this nonsense going on behind the scenes
ok but explain the logic to sell at .2 vs. wait a year
and could be several times higher
just seems odd
Cannot concur - BOFA has been a net seller since as early as July 31 - 2 Weeks solid
Every day a [top] seller starting around $0.30
BOFA is a [new] MM seller here too
Why is he selling now ???? U'd think he'd be a buyer now
I cannot agree that he was blown out of some NYSE position or had Sub Prime credit exposure now has to sell ERHE at a 4 yr low to cover ???? NO - there is more to this it seems
Simply there are just too many shares O/S to account for everyone.. While I agree everyone has a right to sell - to sell so aggressively with such disregard for others is a painful problem for all of us
While i DO agree w/ Jbofthecloth it will pass
the big question is how much more does he have to sell ??
Electick will any deal get done at this point ??? or can SEO afford to wait till drilling and get the max possible deal
IMO this premium may be greatly reduced if he is still driving the boat
your thoughts thx
NOPE NOT a 52 wk LOW a 4 YEAR LOW
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=erhe&sid=0&o_symb=erhe&f....
NO WD - BOFA will do that for all of us
I am no basher - far from
still long - just unsure about how strong
since inception ERHC has only had hurdles to climb since the beginning and has always made out ok and looks like our BL 4 is improving and the co is moving forward
for a while many have said SEO should take a more limiting role or be in the background altogether however SEO is a fighter and will probably go to the mat on this deal
Cant see any buy in or buy out till big oil is found which is fine - just some more waiting till drilling
Bottom line is uncertainty and outcome of the investigations
and the apparant Right Wing machine on our every move
I missed that one - that's good though but still bothered by this ....
These investigations could also result in:
· loss of assets
most of us our down
most of us have been underwater for some time
most of us have been played with by management it seems
most just want the truth
most want the pps to go up and stay up
most want the O/S to decline
most want the SEC off our back
6 yrs later at .23 is not a victory but will dust off and re group and re load and hopefully be there for the victory party with more shares in hand and much higher pps
These investigations could also result in:
· third party claims against us, which may include claims for special, indirect, derivative or consequential damages;
· damage to our business, operations and reputation;
· loss of, or adverse effect on, cash flow, assets, goodwill, operations and financial condition, business, prospects, profits or business value;
· adverse consequences on our ability to obtain or continue financing for current or future projects; and/or
· claims by directors, officers, employees, affiliates, advisors, attorneys, agents, debt holders or other interest holders or constituents of ERHC.
Continuing negative publicity arising out of these investigations could also adversely affect our business and prospects in the commercial marketplace. In addition, these investigations have resulted in increased expenses to ERHC, including substantial legal fees and the diversion of management’s attention from our operations and other activities. If we incur costs or losses as a result of these matters, we may not have the liquidity or funds to address those costs or losses, in which case such costs or losses could have a material adverse effect on our business, prospects, operations, financial condition and cash flow.
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.
isnt Godsonic, Feltang, Lakeshore, Starcrest, ERHC
ALL= SEO
Note 3- Sao Tome Concession
On April 28, 2005, ERHC and its then consortium partner Noble Energy International, Ltd. (“Noble”) entered into a Memorandum of Understanding with Godsonic Oil Company Limited (“Godsonic”), an independent bidder for interest in Block 4. The Memorandum of Understanding stated that if ERHC/Noble received more than a 26% bid-interest award in Block 4 in the Nigeria and São Tomé e Príncipe Joint Development Zone (“JDZ”) from the Joint Development Authority (“JDA”) established pursuant to the Treaty between The Federal Republic and The Democratic Republic of São Tomé e Príncipe, ERHC/Noble would transfer the excess over 26% to Godsonic; on the other hand, if ERHC/Noble received less than a 26% bid-interest award in Block 4 from the JDA, Godsonic would transfer whatever Godsonic received in the Block to ERHC/Noble.
In June 2005, the JDA awarded ERHC and its then consortium partner Noble a 35% bid interest in Block 4 of the JDZ, in addition to the option interest of 25% which ERHC had exercised in the Block.
In October 2005, Noble withdrew from participation in Block 4 and Addax Petroleum (Nigeria Offshore 2) Limited (“Addax”) replaced Noble as ERHC’s consortium partner. By a Letter Agreement of October 24, 2005, ERHC and Addax undertook to transfer a 9% interest, out of the 35% bid interest, to Godsonic subject to Godsonic meeting financial and other conditions.
In November 2005, ERHC and Addax entered into a Participation Agreement dated November 17, 2005 (the “Participation Agreement”) whereby ERHC undertook to assign a 42.3% interest (the “Assigned Interest”) in Block 4 to Addax. Under the Participation Agreement, ERHC’s “Retained Interest” would be 17.7% in Block 4. The Participation Agreement stated Addax’s cash payment obligations to ERHC to be $18 million, which was paid in February and March 2006.
he also called a major buying opp at .80+ many moons back
there was some back and forth if he was a Pumper or not
jury is still out
the flip side here is that it takes a SEC investigation for Mgnt. to be upfront w shareholders
MM BOFA still a seller !
thats about ALL U got right Mr. Mysterious
Zulual..... see Addax's lastest presentations for the latest ........
http://www.addaxpetroleum.com/investors/management_presentations
June Report Pg. 9
Also,,,, from ERHC we have 20% Free Carry of JDZ BL 2&4 and 10% of BL 3 for starters not including EEZ and other JDZ Blocks .......
In 1999, Geco-Prakla (now WesternGeco) shot a 2D seismic survey of approximately 5,900km covering the major part of the JDZ and EEZ. Interpretation carried out by WesternGeco has enabled the identification of 56 prospective structures within Blocks 1 to 9 in the JDZ, of which 17 were defined as prospects and 39 as leads. WesternGeco used reservoir parameters similar to those known from nearby fields in Nigeria and Equatorial Guinea.
Combined recoverable reserves potential of the 17 prospects was estimated by WesternGeco to be 14.4 billion barrels of oil. The scope of the WesternGeco report was to interpret and map seismic data, highlight prospectivity, and calculate volumetrics.
ERHC Energy has access to the data under the terms of a data use license with WesternGeco
Our plans for the JDZ remain as presented. We expect to commence drilling as early as August 2008 - and we have 5 firm slots and 5 options on the Aban Abraham drillship.
Regards,
Craig
Craig.Kelly@addaxpetroleum.com
--------------------------
Sent from my BlackBerry Wireless Handheld
--------Original Message -----
Sent: 07/06/2007 05:42 PM
Subject: JDZ and Addax
To:Craig Kelly
Craig
A JDA top official is saying Addax may drill JDZ Blocks in April 2008 vs. August 2008 as indicated in your latest investor presentation
stated by Jeff Schrull on May 29th [Addax Capital Markets Day]
Spec Speaka any Englis
Full Release - Addax Petroleum announces Second Quarter 2007 results
Tuesday August 7, 7:18 am ET
<< - Funds Flow From Operations increased by 46 per cent and net income increased by 74 per cent - Working interest gross oil production increased by 54 per cent, to an average of 123,000 barrels per day - Continued exploration success offshore Nigeria and step-out appraisal success at Taq Taq >>
CALGARY, Aug. 7 /CNW/ -
Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC) today announced its financial and operational results for the quarter ended June 30, 2007. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.
ADVERTISEMENT
This announcement coincides with the filing with the Canadian and UK securities regulatory authorities of Addax Petroleum's Financial Statements for the quarter ended June 30, 2007 and related Management's Discussion and Analysis. Copies of these documents may be obtained via www.sedar.com, www.londonstockexchange.com and the Corporation's website, www.addaxpetroleum.com.
A conference call will be held for analysts and investors at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time today, Tuesday August, 7. Full details can be found at the end of this announcement.
CEO's Comment
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "Once again we have delivered strong and solid quarterly results. I am delighted to report further production growth which, together with good cost discipline, enables us to continue delivering strong financial and operational performance. We believe that we have excellent reinvestment opportunities, demonstrated in the quarter by our exploration successes offshore Nigeria and step-out appraisal success at Taq Taq. We continue to build a platform for growth for Addax Petroleum. During the quarter, we increased our capital base through a well-received convertible bond issue and completed our secondary listing on the London Stock Exchange which I expect to be an important contributor to our objective of maximising shareholder value."
Selected Financial Highlights
- Petroleum sales before royalties in the second quarter of 2007
amounted to $753 million, an increase of 44 per cent over petroleum
sales before royalties of $523 million in the second quarter of 2006.
The growth in petroleum sales before royalties arose predominantly
from increased petroleum sales volumes as the average crude oil sales
price increased slightly by 1 per cent to $68.21 per barrel (/bbl) as
compared to $67.85/bbl realized in the corresponding period in 2006.
- Net income in the second quarter of 2007 was $101 million, an
increase of 74 per cent over net income of $58 million in the second
quarter of 2006. Net income per share increased by 59 per cent to
$0.65 per share (basic) in the second quarter of 2007 compared to
$0.41 per share (basic) in the corresponding period in 2006.
- Funds Flow From Operations for the second quarter of 2007 increased
46 per cent to $287 million compared to $196 million for the
corresponding period in 2006. Funds Flow From Operations per share
increased by 32 per cent to $1.85 per share (basic) in the second
quarter of 2007 compared to $1.40 per share (basic) in the
corresponding quarter in 2006.
- In May, the Corporation successfully issued $300 million of senior
unsecured convertible bonds due in 2012.
- Also in May, the Corporation was introduced to the Official List and
to trading on the Main Market of the London Stock Exchange.
The following tables summarize the selected second quarter and first half
financial highlights.
-------------------------------------------------------------------------
Selected second quarter financial highlights Quarter ended
June 30
---------------
$ million unless otherwise stated 2007 2006 Change
-------------------------------------------------------------------------
Petroleum sales before royalties 753 523 44%
Average crude oil sales price, $/bbl 68.21 67.85 1%
Net income 101 58 74%
Earnings per share, $/share (basic) 0.65 0.41 59%
Average shares outstanding (basic), million 155 140 11%
Funds Flow From Operations 287 196 46%
Funds Flow From Operations per share (basic),
$/share 1.85 1.40 32%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Selected first half financial highlights Half Year
ended June 30
--------------
$ million unless otherwise stated 2007 2006 Change
-------------------------------------------------------------------------
Petroleum sales before royalties 1,380 917 50%
Average crude oil sales price, $/bbl 63.09 63.95 (1%)
Net income 180 114 58%
Earnings per share, $/share (basic) 1.16 0.85 36%
Average shares outstanding (basic), million 155 134 16%
Funds Flow From Operations 550 370 49%
Funds Flow From Operations per share (basic),
$/share 3.55 2.76 29%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Selected Operational Highlights
- Average working interest gross oil production in the second quarter
of 2007 was 123.0 thousand barrels per day (Mbbl/d), an increase of
54 per cent over second quarter 2006 average oil production of
79.9 Mbbl/d. Nigeria production increased by 30 percent to
104.1 Mbbl/d compared to 79.9 Mbbl/d in the corresponding period in
2006. Gabon contributed 18.9 Mbbl/d in the second quarter of 2007 (no
contribution in the second quarter of 2006). Total oil production
during the quarter was 11.2 MMbbl, as compared to oil sales volumes
of 11.0 MMbbl during the quarter.
- Continued exploration success in OML137 offshore Nigeria, where oil
and gas discoveries were made at Ofrima North and, at the start of
the third quarter, Udele West, and step-out appraisal success at the
Taq Taq field in the Kurdistan Region of Iraq.
- Capital expenditures, excluding new business acquisition
considerations, farm-in fees and license signature fees, increased by
52 per cent to $261 million in the second quarter of 2007, up from
$172 million in the second quarter of 2006. Development capital
expenditures totaled $174 million in the second quarter of 2007, an
increase of 28 per cent over second quarter 2006 development capital
expenditure of $136 million. Exploration and appraisal capital
expenditures increased to $87 million in the second quarter of 2007
from $36 million in the second quarter of 2006.
- Throughout the second quarter of 2007, the Corporation directly
operated six drilling rigs: three offshore Nigeria, one onshore
Nigeria and two onshore Gabon, and through its joint venture company,
Taq Taq Operating Company, one further drilling rig in the Kurdistan
Region of Iraq.
- Development project highlights in the second quarter of 2007 include:
Nigeria
- four new development wells were drilled, all on OML123 and all
four new wells were placed on production during the quarter;
- surface facilities development was ongoing at the Oron and Adanga
fields on OML123.
Gabon
- two development wells were drilled on the Corporation's onshore
license areas;
- a total of three new wells were placed on production, all onshore,
comprising the two development wells drilled in the quarter and
one previously drilled well;
- surface facilities development was ongoing at the onshore Maghena
and offshore Etame license areas.
- Exploration and appraisal activity and highlights in the second
quarter of 2007 include:
Gulf of Guinea Shallow Water (Nigeria and Cameroon)
- two exploration wells were drilled offshore Nigeria in the
quarter, both on OML137 resulting in the two discoveries, Ofrima
North and Udele West, the latter at the start of the third
quarter;
- as reported on July 12, 2007, the Ofrima-2 exploration well,
drilled on the Ofrima North structure, discovered a 140 feet gross
oil bearing interval which, based on static pressure data
measurements, is anticipated to be a light oil of approximately
39 degrees API, and three gas bearing intervals with individual
gross gas columns of 29, 43 and 158 feet. A second exploration
well, Udele-2, discovered seven gas bearing intervals with
individual gross gas columns of between 41 and 113 feet, 542 feet
in aggregate. Both discovery wells were suspended and the
Corporation intends to re-enter each well to carry out flow tests
over selected intervals later in the year.
- in Cameroon, the Corporation recently contracted for a drilling
rig to start exploration drilling on the Ngosso license area later
in 2007.
Gabon
- the Corporation has started a 3D development and appraisal seismic
survey over the southern portion of the Maghena license area. The
Corporation is working to extend seismic acquisition to cover the
southern portion of the adjacent Awoun license area, operated by
Shell Gabon and in which the Corporation has a 40 per cent working
interest. The Corporation anticipates that the 3D survey, once
acquired, processed and interpreted, will provide valuable
information in the further development, appraisal and exploration
of this area which contains the Obangue, Koula and Damier fields;
- as reported on April 10, 2007, the Corporation acquired a 50 per
cent interest in and operatorship of the Epaemeno exploration
license area, which lies immediately north of the Corporation's
Maghena and Awoun license areas onshore Gabon. The Epaemeno
acquisition is subject to the consent of the government of Gabon.
Gulf of Guinea Deep Water (Nigeria and JDZ)
- technical studies are ongoing to evaluate exploration prospect
drilling locations.
Kurdistan Region of Iraq
- as reported on June 4, 2007, a successful step-out appraisal well,
TT-06, was drilled and tested at an aggregate rate of 18.9 Mbbl/d
from three separate intervals. The TT-06 well was drilled
approximately 3.6 kilometres north-northwest of the crestally-
located TT-05 well;
- during the second quarter, the TT-07 well was spudded
approximately 2.2 kilometres southeast of the TT-05 well location.
Presently, the TT-07 well is being prepared for flow testing, the
results of which will be announced following the completion of
testing;
- recently, the TT-08 well was spudded approximately 1.1 kilometers
north of the TT-05 well location with the objective of appraising
the flank of the field;
- a 2D seismic survey commenced over the Kewa Chermila area and was
recently concluded, following which a 3D seismic survey was
started over the Taq Taq field.
- Operating netbacks in the second quarter of 2007 increased by 4 per
cent to $51.17/bbl compared to $49.17/bbl in the second quarter of
2006. Unit operating expenses in the second quarter of 2007 decreased
by 18 per cent to $5.75/bbl compared to the second quarter 2006 level
of $6.99/bbl, reflecting unit cost improvements on the upgraded
replacement FPSO on OML123 offshore Nigeria.
The following tables summarize the selected second quarter and first half
operational information.
-------------------------------------------------------------------------
Selected second quarter operational highlights Quarter ended
June 30
---------------
2007 2006 Change
-------------------------------------------------------------------------
Annual average working interest gross
oil production (Mbbl/d)
Nigeria (offshore) 96.6 76.1 27%
Nigeria (onshore) 7.5 3.8 97%
Nigeria sub-total 104.1 79.9 30%
Gabon (offshore) 6.4 - -
Gabon (onshore) 12.5 - -
Gabon sub-total 18.9 - -
Total 123.0 79.9 54%
Prices, expenses and netbacks ($/bbl)
Average realized price 68.21 67.85 1%
Operating expense 5.75 6.99 (18%)
Operating netback 51.17 49.17 4%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Selected first half operational highlights Half year
ended June 30
---------------
2007 2006 Change
-------------------------------------------------------------------------
Annual average working interest
gross oil production (Mbbl/d)
Nigeria (offshore) 94.4 76.6 23%
Nigeria (onshore) 6.6 3.5 89%
Nigeria sub-total 101.0 80.1 26%
Gabon (offshore) 6.4 - -
Gabon (onshore) 12.2 - -
Gabon sub-total 18.6 - -
Total 119.6 80.1 49%
Prices, expenses and netbacks ($/bbl)
Average realized price 63.09 63.95 (1%)
Operating expense 6.72 7.05 (5%)
Operating netback 46.75 45.51 3%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Dividend
The Board of Directors of the Corporation has declared a dividend of CDN$0.05 per share for the second quarter of 2007. The dividend is payable on September 13, 2007 to shareholders of record on August 30, 2007. A dividend of CDN$0.05 per share was declared and paid in the second quarter of 2007 relating to the first quarter of 2007. In accordance with Canada Revenue Agency Guidelines, dividends paid by the Corporation during the period are eligible dividends.
AOG Shareholding in Addax Petroleum Corporation
As reported on July 20 and July 31 last, the Corporation's largest shareholder, the Addax & Oryx Group Ltd. ("AOG"), has reduced its shareholding in Addax Petroleum to approximately 55.5 million shares, representing approximately 36 per cent of the Corporation's issued shares. The reduction in AOG's shareholding in the Corporation took place when some shareholders in AOG exchanged their shares in AOG for shares in the Corporation already held by AOG. The beneficial interests of the Corporation's executive management in Addax Petroleum remain unaltered as a result of the reduction of AOG's shareholding.
Outlook
The Corporation's outlook for 2007 is in line with guidance provided to date. Addax Petroleum expects average working interest gross oil production to approximate 127 to 133 Mbbl/d from its Nigeria and Gabon operations in 2007. Capital expenditure in 2007 is forecast to total $1,150 million, a decrease from $1,178 million, with $340 million allocated for exploration and $810 million for development expenditures. Forecast capital expenditures are allocated as follows: $750 million is forecast to be spent on Nigerian producing assets, $30 million to be spent on Nigerian non-producing assets, and $240 million to be spent on Gabon producing assets, $90 million on Taq Taq and $40 million on other assets, primarily on JDZ and Cameroon.
the timing of the 2 events was Extremely Similar
However I get the feeling the DoJ is taking a back seat to the SEC Crap going on -
its a Natural Response/Reflex when someone describes what ERHC has - the potential - then learns the facts - no revenues for 10 years - 1-4 employees, Nigeria, CEO with a controversial history
Lets just hope the Senate is curious how we pulled it off and thats it.
However I do think the SEC+ Big Oil has their eye on SEO and are pulling all the stops to get at something
Tryoty - one of the CC questions i Submitted is What is the Cash Burn rate from our Legal Team[s]
- We are not exactly Flush - with no revenue
Looks Like BofA is back selling $.255
jdz/eez Beyond all of the diligence in course in the zone '' off-shore'', widespread studies recently give equally count of eventual existence of the crude in the zone '' on-shore'' of the Country.
Hey is BofA back on the .26 ASK ??
WD true BIG OIL Has a Foul Stench to all this ....
however if ERHC is a front for Nigerian Politicians than they may have a case against SEO
- appears he has done it before .....
see priors ......
http://investorshub.advfn.com/boards/read_msg.asp?message_id=21643232
AC - sure consolidate the drilling / operations questions - there is some overlap - The FAB question was mine and I wanted to know more if the shares are in Friendly hands ???? - WD was correct in that SEO transferred from his own wallet
BTW - THANKS for all your help with the CC Questions
Thanks *Note "JDZ GIANTS Still to Be Found" pg 39
AC Hotfries / Tryoty Please ADD to the CC questions - thx
Question : in the recently awarded OPL 291 W.African Block awarded to ADDAX / STARCREST Nigeria Energy -
Why did our Chariman feel the need to go thru Starcrest vs. ERHC
Clearly it appears our COB is serving his own interests vs. the interests of loyal shareholders
Please clarify
Question : please clarify the 50+ Million Transfer of Shares in a settlement transaction to First Atlantic Bank - ERHC in one statement said the claim had no merit and then transferred millions of shares to FAB. What was the reason for this and are those shares held in "Friendly" hands?
Question : As drilling approches 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 JDX blocks are drilled to hear news on the results
Question : how is the optional 5 wells determined - what are the criteria and do you feel these additional wells are likely
Question : what is the cash burn rate from our legal fees
Question : 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.
Huh - ?
more from S.FREED .... 07/31
Re: Conf Call
Thanks.
Given the continual price decline in the face of various
prognostications by a few posters, including myself, it is
understandable that people doubt anything said by anyone.
I probably would have been better off saying sell the moment the DoJ
went in last year, but I'd not have been believed.
Anyway, based on what I know, positive changes are afoot. I can't
detail because not all the details are available.
BOFA Gone !!!
I'm not sure how us/SEO out of JDZ helps big oil at all
I think this is a giant pressure game to get SEO to sell cheap
But again sell to whom?? - how does big oil benefit??
If they keep pushing SEO/Nigeria this way
- Nigeria is bound to push back
so perhaps Big oil has other interests in mind [pipelines/property/acerage etc] ??
lets hope for a settlement for already
ADDAX conf. call Tues August 7th 11 AM EST
Conference call details:
Date: Tuesday, August 7, 2007
Time: 11:00 a.m. Eastern Time/4:00 p.m. London, U.K. time
To listen to the conference call, please call one of the following:
Toronto: 416 644 3418
Toll-free (Canada and the U.S): 1 800 732 6179
Toll-free (U.K.): 00 800 0000 2288
Toll-free (Switzerland): 00 800 0022 8228
A replay of the call will be available at (416) 640-1917 or (877) 289-8525, passcode 21240077 followed by the number sign until Tuesday, August 21, 2007.
OJ those 10-16 Million share VOL days are far and few imbetween
Front Page of LA Times
STP Pres cancelling JDZ Round 1
The PXD news and Sinopec rebound
there are a few more - sure was exciting
Basically the large core holders are holding tight and continue to hold
OF NOTE* it only took a couple weeks to run from the $0.20s - $0.80s - when the wind was at our back
We'll be back
this may be a repost but was in the story posted earlier
new Call For JDZ Probe Reeks Of Same Old News
A little-known outfit called Publish-What-You-Pay has joined forces with the R. Dobie Langenkamp crew to call for more investigations of the 2004 Licensing Round awards in the Nigeria-Sao Tome and Principe Joint Development Zone, the Vanguard daily reports from Nigeria this morning. (friends, this is an old report)
As usual, ERHC Energy is the scapegoat instead of ExxonMobil and Anadarko Petroleum, the two companies whose lawyers fomented the report Sao Tome President Fradique de Menezes calls a "whitewash" and "incomplete."
The Vanguard headline uses the word "indicted" in the sense of "accused of," not as Westerners familiar with the grand jury system use it, to formally accuse persons and bind them over for trial.
The probe, undertaken by an attorney closely associated with house lawyers for Exxon and Anadarko at the Energy Law Institute and the Tulsa University School of Law - some of whom were his students and other were earlier his classmates - is a brute-force attempt to wrest control of Block 4 from a small Nigerian-owned firm that spent $11 million setting up the Joint Development Zone when few others were interested in Sao Tome's oil prospects. Exxon has used all of its influence to try to destroy the very hardy chairman of ERHC Energy, Sir Emeka Offor, but to date has failed.
Meanwhile, the report ignores bribery allegations subject to the Foreign Corrupt Practices Act that have been leveled at both companies in hearings before the Senate Commerce Committee. The corruption charges stemming from their projects in Equatorial Guinea encompass almost all the players in the Joint Development Zone except ERHC Energy. In addition, ExxonMobil has been charged with evading hundreds of millions of dollars in taxes and operating unlicensed, illegal airports in Nigeria.
Nonetheless, the probe tries to make Offor the bad guy, when in fact he is rather more circumspect than his major-league competitors.
The error-ridden report admitted at the end that it had found no evidence of wrongdoing on Offor's part, but apparently never looked at the efforts by Anadarko to add ExxonMobil as a partner in its bid for the coveted Block 4 of the JDZ after the deadline for bids had lapsed. ExxonMobil sent 24 big-time investment bankers and lawyers to Abuja to argue their case, but the arguments fell on deaf ears and now may never be revived.
VOLUME is the key indicator - in fact after the raid last May 2006 you can count the Million+ trading days on just a few hands
so the big guys continue to and are holding as they have held tight for years
there is been little new news to attract new buyers and a handful of bad news to scare off new ones and some traders/flippers as we compete with the broader market at all time highs ...
Fundamentally nothing has changed except speculation about our CEO and his dealings.
conversely one can argue we have never been in a better position i.e. / Legal team / better Investor Relations / Cash on hand / Block Partners / RIG Slot Secured / Imminent Drilling / Drilling Success rate of Addax / new Discoveries in the Region / new EEZ Round / CVX OBO 1 mystery / increasing Demand/Price of Oil / FRN & JDA continued support
the April highs of 2004, 2005 & 2006 we will be seen again
RED- please remind us again what happens to
[elephants and penny stocks]