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Then the National Petroleum Agency (ANP)has another 60 days to review and approve from what I read.
Sinopec says to bid for Gabon oil blocks
Chinese oil group Sinopec will take part in a scheduled October 27 tender for 42 offshore oil exploration blocks in the central African country of Gabon, it said on Thursday.
REUTERS
He added that the group expected competition from several international oil majors for the assets.
Oil accounts for 60 percent of Gabon's revenues and the country produces up to 240,000 barrels per day. However output has been declining for more than a decade after hitting a peak of 350,000 barrels.
Gabon postponed the auction from its original May schedule, citing greater-than-expected international interest.
No, EEZ blocks up for auction, not our blocks.
The operator says we are commercial break through in block 2 and we are down?? Why? That is the question? market manipulating OTC BB gurus and no one telling new investors about our story because its been running the same for 10 years.... need a buy out or big release of some sort. NOW.
Why are we not on the Aim yet?
Listing on the AIM Market
ERHC’s Board of Directors has approved the procedure for application to list ERHC on the AIM market of the London Stock Exchange. The Company is proceeding to apply for the listing of ERHC Energy Inc. on AIM rather than listing a subsidiary and offering existing shareholders the option to exchange their shares for that subsidiary’s shares. The Company’s management and its advisers determined, after a re-evaluation of the options, that applying to list the parent ERHC Energy Inc. (rather than a newly formed subsidiary) would be the most expeditious and cost-effective route to a listing.
http://www.erhc.com/en/rel/258/
Recap - Nigeria- São Tomé & Príncipe Joint Development Zone
The analysis of information gathered during the unprecedented, 5-well drilling campaign in JDZ Blocks 2, 3 and 4 is continuing. As we reported earlier this year, the Joint Development Authority has granted the operators and other contracting parties a 6-month extension to Exploration Phase I, which is scheduled to expire in mid-September. During that period, the operators are expected to complete the analysis necessary to identify new potential hydrocarbon plays and develop further strategy for the Blocks. We remain proud of what this Company has achieved in the JDZ in conjunction with our operating partners. Our role, as the party that introduced and has effectively partnered with the operators who have carried out a highly technical yet safe and efficient drilling program in the deep offshore JDZ Blocks 2, 3 and 4, has been fundamental. We look forward to playing a similarly crucial role in other Blocks of the JDZ in which we are interested as well in the EEZ.
If you have questions, please ask the Company directly through investor relations representative, Dan Keeney (214.432.7556 or dan@dpkpr.com).
I thank you all for your continued interest in ERHC and your trust.
So much for "lacking in expertise" ....
http://english.sinopec.com/about_sinopec/our_business/exploration_oil_production/
Good find Krom, prayers are starting to be answered, there must be many of us turning to prayer. One answer of many to come.
btw Where is Sahalin?
In 2009, one of our main activity is on BOMU-1 well in JDZ-2 Block, Nigeria, including drilling-geology designing, engineering designing, analysis-while-drilling and researching on post-drilling reserve appraisal. The well gains a commercial oil & gas flow. It was the first breakthrough in oil and gas exploration in SINOPEC’S oversea deep water drilling operation.
Another is the “Sahalin” project, it gains progress as well. After re-interpretate the Veni 3-D Seismic Data, the well location of the North Veni-3 Well was proposed and thus lays a foundation of a grand discovery of oil & gas. Five research project such as “the 3D Seismic Data acquisition scheme and technical designing of Australia NT/P76 Block” have also been successfully fulfilled which made the follow-up favorable trap evaluation more reasonable.
China’s Sinopec has “golden opportunity” to expand oil assets in Angola [ 2010-09-06 ]
Johannesburg, South Africa, 6 Sept - Chinese state oil company Sinopec currently has a “golden opportunity” finally to expand its assets in Angola, getting closer to the positions held in the country by the large multinationals, said analyst Ana Cristina Alves.
After a long stalemate, the analyst said in the most recent edition of the China Monitor of the Centre for Chinese Studies at Stellenbosch University, this opportunity has emerged via the new tender for oil blocks, which is due to take place at the beginning of next year.
The Chinese company has pre-qualification for the long-awaited tender as an operator and Sonangol Sinopec International as a non-operator.
However, the list of potential operators also includes Addax Petroleum, which Sinopec acquired in June 2009 for US$7 billion, which “increases the possibilities of Sinopec obtaining assets as an operator in Angola,” the analyst wrote.
As well as this the international economic climate, Alves said, also favours Beijing’s Angolan interests.
“This new reality has opened up a way for Chinese economic policy to return to the field to try to overcome Sinopec’s current stalemate in Angola,” said the analyst from the South African university.
China has been increasing its purchase of oil from Angola, which in the first half of this year was Beijing’s main supplier, but the assets owned by Chinese oil companies in the country are still modest.
After giving up on the “Sonaref project,” which brought together oil companies from both countries to build a gigantic refinery, Sinopec started adopting “more market-focused strategies” in expanding its assets in the country.
According to Laves, the most recent credit lines from Beijing, which increase support for Angola’s reconstruction by US$10 billion, can be interpreted as a “means of increasing Angola’s goodwill in opening up a new round of oil licenses.”Now, she said, the issue of Luanda being capable of keeping the new loans separate from participation in the oil sector is raised, and whether China will be able to reach its objective of having significant assets in the most-disputed deep sea oil blocks.
“This new wave of credit lines from China will probably secure some ground in this tender, however this will probably involve onshore or more marginal deep sea blocks,” she said.
According to the analyst, Sinopec’s expansion will continue to depend largely on financial and diplomatic support from Beijing.
In May 2006, Sonangol Sinopec International was granted three stakes in some of the most disputed deep water blocks: 20 percent of block 15/06, 27.5 percent of 17/06 and 40 percent of 18/06.
In 2004, it was granted half of block 18, an equal stake to the operator, British Petroleum.
The Angolan oil industry has attracted over the years large multinational companies from the sector, thanks to low operating costs and a high exploration success rate. (macauhub)
Nigeria, China business and government coruption is very much like the current administration. Its no better here.
http://www.google.com/search?q=sao+tome&rls=com.microsoft:en-us:IE-SearchBox&ie=UTF-8&oe=UTF-8&sourceid=ie7&rlz=1I7RNWE_en#hl=en&rls=com.microsoft:en-us:IE-SearchBox&rlz=1I7RNWE_en&q=political%20corruption&wrapid=tlif12834849291712&um=1&ie=UTF-8&tbo=u&tbs=nws:1&source=og&sa=N&tab=wn&fp=9471436a38449abf
News is our only hope, profit certainly isnt, the inevitable full or partial buy-out will come when all the "stars" align. In the meantime I am going Dove hunting, its opening day in Texas. GLTAL.
Thank you, I hope it pertains to our blocks as well.
Afren is IN for Phase 2 - block 1 - Scroll down
about 1/3 of the way.
http://www.investegate.co.uk/article.aspx?id=201008310700468206R
Hope, faith and God is what we need and the whole truth! Tiring of being left in the dark. Thanks for all the research you do Homeport.
Total Touts 72% Increase in Net Profit Total S.A.
Friday, July 30, 2010
Total reported second quarter and first half 2010 accounts.
Adjusted net income for the second quarter 2010 was 2,961 million euros (M€), an increase of 72% compared to the second quarter 2009 and 29% compared to first quarter 2010. Expressed in dollars, the increases were 60% and 19%, respectively.
The Board of Directors approved the 2010 interim dividend of 1.14 €/share for payment in November5, at the same level as the interim and final dividend payments for 2009.
Highlights since the beginning of the second quarter 2010
•Upstream production of 2,359 kboe/d in the second quarter 2010, an increase of 8% compared to the second quarter 2009
•Started up Yemen LNG liquefaction Train II and Qatofin ethane cracker in Qatar
•Launched development of the Islay field in the North Sea
•New discoveries on deep-offshore Block 15/06 in Angola and OML 136 in Nigeria
•Signed an agreement to acquire UTS and its 20% interest in the Fort Hills heavy oil project in Canada
•Added exploration acreage through acquisition of interests in a block on the pre-salt area of the Santos Basin in Brazil, in two permits in the Arafura Sea in Indonesia, in Block 72 in Yemen and on the joint development zone between Nigeria, Sao Tomé and Principe
http://www.macauhub.com.mo/en/news.php?ID=9961\
Commercial importance of existing hydrocarbons in Sao Tome and Principe to be known in due time [ 2010-08-16 ]
Sao Tome, Sao Tome and Principe, 16 Aug – The director of Sao Tome and Principe’s National Petroleum Agency (ANP) has stated that it is too early to ascertain the commercial importance of the hydrocarbons found in the island country’s Exclusive Economic Zone and in the Zone of Joint Exploitation with Nigeria.
Luis Prazeres told Portuguese news agency Lusa that in the case of the Joint Zone with Nigeria the operating oil companies must submit by the end of this month the “most recent report” on the commercial value of existing hydrocarbons.
At stake is the economic potential of the four existing blocs in the Joint Zone, operated respectively by the French-American Total/Texaco consortium (bloc 1), China’s Sinopec (bloc 2) and the Swiss-Canadian Addax consortium, subsidiary of Sinopec (blocs 3 and 4).
These companies began the prospecting phase in 2006 and the most recent drilling was carried out last December.
The most recent change in this area concerns the entrance of the French company Total in the consortium exploiting bloc 1, replacing the American company Chevron, in a commercial operation done three weeks ago which Prazeres called “one of the best things that could have happened”.
The ANP’s executive director justified the positive effect of Total’s entrance as opposed to Chevron’s “dragging out” the research process, as well as the fact that the French company is also operating bloc 130, which lies 30 km away in the Nigerian economic zone and is considered “one of the best oil fields in the Gulf of Guinea”.
Regarding Sao Tome’s Exclusive Economic Zone, Prazers said that the parties interested in competing for exploitation of the seven blocs put up for international auction last 2 March would only be known after 15 September.
After receiving the bids, the ANP has 60 days to analyse them and submit its report to the government, which will in turn take several weeks to make a decision. The companies will then be contacted and informed about the level of participation in each bloc. (macauhub)
60day$60mm exp/Deepwater Disc/poss Akpo tieback OBO-1
From spreadsheet online..... yep, Total agrees obviously. Great find guys. Very intereting spreadsheet. GLTAL
Oil volume 70-100mmbls
Four main play fairways can be proposed in the territorial waters of São Tomé and Príncipe and in the
JDZ:
• Distal toe-thrusts of the Niger Delta and more distal lower relief anticlines/swells. This play
fairway, with several recent proven successes at Agbami, Nnwa and Akpo, can be clearly
demonstrated to extend into the JDZ and STP waters. This structural style is illustrated on newly
acquired 3D in the JDZ.
• South of the toe thrust trend, drape anticlines over fracture zones occur. A number of large
fracture zones are observed trending SW - NE, causing structuring of the overlying sediments.
Stratigraphic traps in detached sand bodies are also demonstrated on the 2D seismic, where
channels fed from the Niger delta supply reservoir to the less structured region beyond.
• The 'Cameroon Trend' of volcanic islands consists of a series of Miocene anticlines, with a thick
Late Cretaceous-Miocene sedimentary section developed below outcropping Miocene-Recent
volcanics, including the seeping reservoirs, as shown in the photograph overleaf.
• The southeastern portion of STP territorial waters covers the outer continental margin of the
Gabon basin. A deepwater extension to the Ogooué Delta petroleum system can be proposed here,
with a major input of reservoirs likely during two Late Cretaceous lowstands. Trap types
Dont forget oil seaps on the shores of Sao Tome and what about all the seismic lines on the maps at ERHC.com especially block 4 seems to me they got the premium blocks! Block 11 doesnt have extensive data YET but, they have the location.
Interesting report here http://www.npagroup.com/oilandmineral/offshore/pdf/sao%20tome%202010.pdf
Check this out!! http://www.pgs.com/upload/241750/saotome_eez_a3ds_0410_std.pdf
Its those OTC BB market rapers charging a premium for one 300,000 buyer probably. Anyone have trade details?
I remember seeing lots of seismic lines in Block 4 and some in Block 11, look at the maps.
http://images.energy365dino.co.uk/standard/115539_09aaaf505f8745e1a7c7.jpg
http://www.erhc.com/attachments/wysiwyg/1/EEZ.jpg
http://www.equatorexploration.com/images/full_image_seismic.jpg
http://www.erhc.com/attachments/wysiwyg/1/EEZ_Small.jpg
Obviously they selected the 2 closest blocks to the shoreline and with the most surveys. Also, new Pipelines would go right through 4 or 11 to outer blocks.
btw Thanks Pete!
How do you insert an image?
Africa
Angola
Eni discovered a seemingly vast (massive) oilfield – being tipped as one of the country's largest – with last month's Cabaça Southeast-1 well, in Block 15/06. The firm said the well found a gross 450 metres of oil zones, holding crude of high quality. The discovery – in 470 metres of water, about 100 km offshore – is likely to support a new production hub in the block, Eni said. Cabaça Southeast is the sixth commercial discovery in the block, where only seven wells have been drilled since Eni and partners took the area, having bid $0.902bn, in 2006 (see p24). The firm is planning the first production hub for fields in the western part of the block and is studying the second hub for the northeast part. Interests are Eni, 35%, Sonangol-Sinopec, 20%, Sonangol, 15%, Total, 15%, Falcon, 5%, Petrobras, 5%, and Statoil, 5%.
Cameroon
http://www.pennenergy.com/index/petroleum/display/4631666153/articles/pennenergy/petroleum/offshore/2010/07/eni-makes_massive.html
Total Restarts Akpo Oil Field After Accident
http://www.thisdayonline.com/nview.php?id=179804
Where is the OWO-1 site?
In West Africa, the Mahogany #5 appraisal well encountered 75 net feet of pay in Jubilee-equivalent sands. This was the final well in the East Jubilee appraisal area in the West Cape Three Points Block, where Anadarko holds a 30.9-percent working interest. Subsequent to the end of the second quarter, Anadarko and partners announced another significant discovery in the Deepwater Tano Block at the Owo prospect. The Owo-1 well encountered approximately 174 net feet of high-quality oil pay. The discovery continues to enhance the gross resource potential of the West African Cretaceous trend, where Anadarko holds an interest in more than 8 million gross acres spanning four countries' offshore waters. The company plans to continue its active exploration and appraisal program of this trend through 2010 and 2011.
8/3/10 8:08 PM
Sao Tome
Sao Tome opposition wins poll, seeks coalition government
Principe - Sao Tome and Principe's opposition ADI party won Sunday's Parliamentary election, according to provisional results, but fell short of a majority so will have to seek coalition partners to form a government.
If the results are confirmed, the current prime minister will have to step down, potentially leading to a period of instability in the tiny Gulf of Guinea island nation, which hopes to become an oil producer in the next eight years.
The ADI won 26 of the 55 seats in Parliament, ahead of Prime Minister Rafael Branco's MLSTP-PSD, which won 21 seats, and the PCD, which won seven. President Fradique de Menezes's MDFM-PL party won just one seat.
ADI leader Patrice Trovoada is expected to be the next prime minister, but Branco will remain in his post until the results are confirmed, a process that is expected to take several weeks.
The ADI announced on Monday that it would enter into talks with the PCD over forming a coalition to run the country for the next four years.
There was no trouble after the last parliamentary elections in 2006, but a number of governments have since fallen, there have been mutinies by police, and rows between coalition partners in government.
The nation of 160 000, which depends on its cocoa industry for the bulk of its revenues, launched the bidding process for seven of its 19 exclusive oil blocks in March with bids due from oil companies in mid-September.
Angola is now China’s leading oil supplier.
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100804/BUSINESS/708049892/1005
Be nice to see a real report like this... VAALCO Energy, Inc. (EGY) issued an operational update on its oil and gas exploration and development activities in the offshore area near Africa.
Gabon
VAALCO Energy, Inc. is drilling the Southeast Etame No. 1 well, which is located offshore Gabon. The original well was drilled to a depth of approximately 9,000 feet and found sixteen feet of net oil pay in the Gamba sandstone formation.
VAALCO Energy, Inc. has just completed a sidetrack well to the original well, and also found net oil pay. The company estimates that the size of the net oil pay is approximately 90 feet.
VAALCO Energy, Inc. reported that it would conduct further study of the formation to determine the commercial potential of the well, and the best method of developing it.
VAALCO Energy, Inc. has leased the Sapphire Driller, an offshore drilling unit, and will start drilling the Etame 7H, another well to delineate the prospect. The company said that the well would be completed in the fourth quarter of 2010. Futures prospects for the company include the South Tchibala field, where the company will test the Gamba and Dentale formations in the Omangou prospect.
RATE: VAALCO Energy, Inc. is the operator of the Etame Field, and holds a 28% interest in the field. The company’s partners on the Etame Field include Addax Petroleum Etame Inc., Sasol Petroleum Etame Limited, Sojitz Etame Limited, PetroEnergy Resources Corp. and Tullow Oil Gabon SA.
For more information on the company, go to http://www.vaalco.com/
Its just "deep water depression" syndrome, give him a break its been a long long descent into this information abyss.
I agree, cheap entertainment until the show begins Sept 14 2010.
I hope Vegas survives with out us till then.
Correction, Asset purchase, there is a high probability of purchasing income producing assets.
Maybe they will execute the shares to purchase timely investment opportunites in a year or two or 3. Not an issue. Just a backup plan and good planning on the part of management. imo
ssc, after eleven years of patiently waiting for discovery here, I will do what ever I want next year... it our (longs) turn to be right. lol .. Best of luck to all.
Well, my expert outlook is. I have experienced a devine vision that relects a 3 dollar share price by Christmas from ERHC. Thats my expert outlook and hope. JMHO. Ten bagger!
A stumble may prevent a fall
All good things come to those who wait
Everyone must row with the oars he has
Every path has its puddle
God tempers the wind to the shorn lamb
One of these days is none of these days
Revenge is a dish best served cold
Worry often gives a small thing a big shadow
http://www.ft.com/cms/s/0/20516b6c-9374-11df-bb9a-00144feab49a.html
Asian buyers circle oil minnows
By Miles Johnson
Published: July 19 2010 22:31 | Last updated: July 19 2010 22:31
In the new “great game” for global energy control, London’s listed oil and gas companies are relatively small gambling chips.
But for Asia’s energy hungry national oil companies, the number of chips left on the table worth playing for is dwindling.
This month, Korea National Oil Corp, South Korea’s state oil company, announced a takeover approach for Dana Petroleum – sending the FTSE 250 explorer’s shares surging higher and sparking renewed speculation over the next possible UK target.
more ...see link
Afren Acquires EER’s Licence In OML 115
Written by Isaac Aimurie, Abuja
Sunday, 18 July 2010 19:27
Afren plc says terms have been agreed upon acquire Energy Equity Resources Oil and Gas' residual/licence interest in OML 115, offshore South East Nigeria.
With this agreement,Afren's net licence interest in OML 115 has increased from 32.5 per cent to 40 per cent through acquiring EER's outstanding interest and Afren will pay EER a contribution towards its back costs, to acquire their 7.5 per cent outstanding interest in OML 115.
This increases Afren's interest to 40 per cent., with Oriental Energy Resources ("Oriental") retaining a 60 per cent interest. Afren's commitment is to drill one exploration well on the field by the end of Q1 2011.
The OML 115 licence in the prolific Eastern Niger Delta, the company said, surrounds the Okwok field and extends to within approximately 2km of the Ebok field that is currently under development.
Upon successful exploration and appraisal drilling, Afren expects to be able to deliver significant production and operational synergies between the three fields.
According to Chief Executive Of Afren, Osaman Shahenshah, "Since the original acquisition of an interest in OML 115, we have carried out extensive technical work, identifying greater potential both in the D series reservoir intervals and most recently, the up dip potential of the deeper Biafra and Isongo sands, as established by the Ebok Deep well. This acquisition we are announcing today further aligns Oriental and Afren's involvement in this area."
Also, Chairman of Oriental, Alhaji Mohammed Indimi, said: "We are pleased to strengthen Oriental's existing partnership with Afren through this transaction. Significant progress has been made on the Ebok - Okwok - OML 115 area over the last twelve months and we look forward to realising the full potential of this emerging production hub in south east Nigeria."
Total asked Sinopec to keep results quiet for a while?
Ya think?!
FAST TRACK - IT STARTS!!
Court bars Addax Petroleum from depleting banks’ accounts on N2.3 billion suit .
Thursday, 15 July 2010 00:00 Olugbenga Soyele .MR. Justice Okon Abang of the Federal High Court, Lagos, has restrained Addax Petroleum Development Nigeria Limited (APDNL), from depleting funds in its accounts in four commercial banks below $15.8 million (USD), pending the determination of a suit filed by an oil firm, Peacegate Oil and Gas Limited.
Specifically, Mr. Justice Abang barred all the directors and managers of Addax Petroleum from dissipating or depleting the accounts of the company maintained at First Bank, Citibank, Zenith Bank and Equitorial Trust Bank (ETB) until the matter was favourably disposed off.
The judge, further ordered that the enrolment copy of the order and the originating summons be served together on the respondent (Addax Petroleum).
The court, however, directed the plaintiff (Peacegate Oil) to file an undertaking to indemnify the respondent in damages should it later turn out that the order ought not to have been made.
The order was predicated on a suit by Peacegate Oil against Addax Petroleum over an alleged refusal by the firm to pay a debt estimated at about $15.8 million (USD) despite repeated demands.
In an affidavit in support of the suit sworn to by an official of the plaintiff, Aletor Uhomaobhi, the oil firm stressed that by a letter of intent dated October 28, 2008, Addax Petroleum offered it a contract for “Hire of Security Vessel”, adding that 90 days was mutually agreed as the valid period of the contract.
In consideration for executing the work, the respondent agreed to reimburse the plaintiff for the work performed during the validity of the letter of intent in accordance with the rate and price mutually agreed by parties.
The plaintiff added that pursuant to the agreement, it delivered three vessels to the respondent namely; Peacegate Rescuer, Peacegate Seahawk and Peacegate Dove.
According to the plaintiff, the three vessels were purchased from Denmark and United States of America respectively at the rate of $9.5 million (USD). He added that it also incurred several expenses ranging from permits and approvals from the Nigerian Navy and other relevant authorities, as well as berthing charges.
The plaintiff pointed out that it incurred other expenses, but that the respondent only paid the cost of mobilization for two out of the three vessels, and refused to pay the agreed contract sum till date despite repeated demands.
While arguing the matter, lawyer to the plaintiff, Mr Ade Oyebaniji told the court that the majority shares of Addax Petroleum had been acquired by a foreign firm known as Sinopec Limited.
He alleged that the said Sinopec Limited had perfected plans to wind up the operations of Addax Petroleum in Nigeria and equally transfer the funds of the company from Nigeria, thereby making it impossible for his client (Peacegate Oil) to recover its money.
This is one reason to have a AIM listing, valuations are better understood and less manipulative games.
Many reasons why but, a few are, its not deep water, its previously been drilled and studied far more than the complex vast JDZ.