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Pg 25/95 & 38/95 Sao Tome Mentioned
Defendant Jefferson Solicited Bribes in Connection with Disputed Oil Exploration Rights
in late 2001 in Washington DC Lobbyist A and Businessperson BC sought the assistence of Jefferson regarding a dispute over exploration rights worth an estimated $300-$500 Million off the Coast of Sao Tome
Jefferson instructed Lobbyist A that Jefferson was willing to assist in resolving the dispute over oil rights but that Family Member 2 would need to be compensated before Defendant Jefferson would intervene.
BusinessPerson BC sent an email to Lobbyist A proposing that Family Member 2 receive a 1/3 interest in oil exploration rights.
Jefferson, Lobbyist A and Business Person BC and company PIPCO signed an agreement to receive 50% of proceeds.
Jeffereson and PIPCO were formed and congressional staff member was listed as manager.
Pg. 9 / 95 Company B was a South African Business Unit, that among other things sought certain drilling rights in deep water oil reserves located in the territorial waters off the coast of the Republic of Sao Tome and Proncipe in the Gulf of Guinea.
Company B was represented by a person hereinafter referred to as BusinessPerson BC. A person hereinafter referred to as Lobbysit A was involved with these deep water oil reserves.
[sounds like our old pal Noreen Wilson - who we recently learned was co operating.]
Indictment Sought Against Rep. Jefferson
CBS News: Sources Say Corruption Charges To Be Brought Against Democratic Congressman
Rep. Jefferson Wants Papers Returned
Louisiana Congressman Turns To Appeals Court After FBI's Raid Of His Office Last May
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William Jefferson Retains La. House Seat
Congressman Defeats Fellow Democrat Despite Ongoing Bribery Investigation
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WASHINGTON, June 4, 2007
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Rep. William Jefferson, D-La., won re-election last year despite a looming bribery investigation. (AP)
Fast Fact
Jefferson has been under vestigation for allegedly accepting $100,000 from a telecommunications businessman, $90,000 of which was later recovered in a freezer in the congressman's Louisiana home.
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WHAT DO YOU THINK?
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Go To Comments
(CBS) Sources tell CBS News that authorities are seeking an indictment against Congressman William Jefferson, D-La., on more than a dozen counts involving public corruption.
Jefferson has been the subject of a ongoing probe in which FBI agents allegedly found more than $90,000 in cash in his freezer.
CBS News correspondent Bob Orr reports that the Justice Department is expected to unveil the charges later today.
This was the latest development in the 16-month international investigation of Jefferson, who allegedly accepted $100,000 from a telecommunications businessman, $90,000 of which was later recovered from a freezer in the congressman's Louisiana home.
Last year prosecutors and the FBI seized nearly 19,000 pages of documents and electronic files from his office.
Jefferson's attorney argued before a federal judge last month that the seizure was unconstitutional because, while FBI agents looked for documents related to a criminal bribery investigation, they also examined many other records related to Jefferson's work as a legislator, in violation of the constitutional principle that the executive branch may not use its law enforcement powers to infringe on the independence of the legislative branch.
The bulk of the Jefferson investigation has essentially been on hold since last summer because of the legal fight.
Jefferson, who has publicly denied any wrongdoing, won re-election last year despite the looming investigation.
© MMVII, CBS Interactive Inc. All Rights Reserved.
Addax Petroleum announces results of continued appraisal drilling at Taq Taq
Monday June 4, 8:18 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
Step-out appraisal well TT-06 flows at an aggregate rate of 18,900 barrels per day
CALGARY, June 4 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum") (TSX/LSE:AXC) today announced flow test results for the TT-06 well, the third appraisal well recently drilled on the Taq Taq field by Taq Taq Operating Company, the joint venture company formed by Genel Enerji A.S. ("Genel") and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area.
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Three reservoir intervals were tested separately and flowed at an aggregate rate of 18,900 bbl/d of light oil, measured gravity of 48 degrees API with low gas oil ratio. The intervals tested were a 105 meter perforated interval in the Shiranish formation which flowed at a rate of 15,380 bbl/d, a 51 meter interval in the Kometan formation which flowed at a rate of 2,020 bbl/d and a 10 meter interval in the Qamchuga formation which flowed at a rate of 1,500 bbl/d. Oil flow rates from the Shiranish, Kometan and Qamchuga intervals were restricted by 128/64", 40/64" and 32/64" choke sizes respectively. Evaluation of these flow test results is ongoing.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "The successful testing of our third appraisal and development well at Taq Taq is very encouraging and provides additional information to better our understanding of the field. We also anticipate that the recent constructive efforts of the Kurdistan Region and Iraq towards finalising a legal framework will enable the Corporation to generate a full development plan for the Taq Taq field. We believe that the development of the Taq Taq field can deliver excellent value to the people of the Kurdistan Region, to the people of Iraq and to our shareholders."
The TT-06 well is a step-out located approximately 3.6 kilometres north-northwest of the TT-05 well along the length-wise axis of the Taq Taq field. It is the first attempt to define the areal extent of the Taq Taq structure. The TT-06 well was spudded in early January and completed drilling in April at a total depth of 2,085 metres. Testing of TT-06 commenced in mid May, 2007.
Interpretation of data acquired from TT-06, including wireline and core data, confirms the presence of a significant and extensive fracture system as observed in the TT-04 and TT-05 wells in the Shiranish formation. Although restricted to a 40/64" choke size, the Kometan formation tested in the TT-06 well appears to have a lower fracture density and smaller fracture apertures, as compared to the TT-04 and TT-05 wells. In addition, the Kometan formation tested in the TT-06 well may have experienced formation damage which may have further restricted its test flow rate. The flow rate in the Qamchuga formation was limited by a 32/64" choke size to restrict the coning of water due to the proximity of the tested interval to the oil water contact. None of the tested intervals in the TT-06 well were stimulated.
The TT-06 well is the third of a six well drilling program by Genel and Addax Petroleum. The drilling of the fourth appraisal and development well, TT-07, is now in progress. The TT-07 well was spudded in late April and is located approximately 2.2 kilometres southeast of the TT-05 well along the length-wise axis of the Taq Taq field.
The Taq Taq field is located in the Kurdistan Region of Iraq some 60 kilometres northeast of Kirkuk, 55 kilometres southwest of Erbil and 120 kilometres northwest of Sulaimaniyah.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 124,000 bbl/d for April, 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Legal Notice - Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook" or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, and environmental matters. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
For further information
Mr. Patrick Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com
Mr. Mac Penney, Press Relations, Tel.: (416) 934-8011, mac.penney@cossette.com
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Mr. James Henderson, Press Relations, Tel.: +44 (0) 20 7743 6673, james.henderson@pelhampr.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
Mr. Alisdair Haythornthwaite, Press Relations, Tel.: +44 (0) 20 7743 6676, alisdair.haythornthwaite@pelhampr.com
whats it all mean for us? If anything,
who are our legal analysts
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20139 \ June 1, 2007
Securities and Exchange Commission v. O.J. Chidolue, Civil Action No. 1: 07-MC-00247 (D.D.C.) (filed June 1, 2007).
Commission Files Subpoena Enforcement Action Against O.J. Chidolue
The Securities and Exchange Commission filed an application on June 1, 2007, in the United States District Court for the District of Columbia for an order to enforce an investigative subpoena served on O.J. Chidolue of Houston, Texas. The Commission's application and supporting papers allege that, on February 2, 2006, the Commission issued a formal order of private investigation authorizing its staff to investigate whether ERHC Energy Inc., a Colorado-incorporated, publicly-traded company operating out of Houston, Texas ("ERHC"), and others may have violated certain of the anti-bribery, books and records, and internal controls provisions of the federal securities laws. On November 15, 2006, the Commission served an investigative subpoena on Chidolue, requiring him to produce documents relevant to the investigation and to appear before the Commission staff for testimony. The Commission alleges that, despite a number of extensions of time granted to Chidolue, as of the date of the application, he has failed to produce the subpoenaed documents and has failed to appear for testimony. Accordingly, the Commission seeks a court order to compel him to produce the subpoenaed documents and to appear for testimony.
The Commission alleges that Chidolue, an attorney licensed and practicing in Houston, Texas, is counsel for Chrome Energy, LLC ("Chrome Energy"), a Delaware limited liability company also based in Houston, Texas. Chrome Oil Services Ltd., a subsidiary of Chrome Energy, is the majority shareholder of ERHC. The Commission further alleges that, in addition to Chidolue's legal representation of Chrome Energy, he also served, during at least a portion of the time period of 2005-2007, as the Secretary and a director of Chrome Management Services Inc. ("Chrome Management"). Chrome Management is a Texas corporation affiliated with Chrome Energy. The Commission's subpoena required Chidolue to produce, among other things, certain documents concerning the business activities of ERHC, Chrome Energy, and its affiliates.
A hearing on the Commission's application has not yet been scheduled.
http://www.sec.gov/litigation/litreleases/2007/lr20139.htm
whats will all the Odd Lot trades
33355
31645
18355
5645
More questions came from the JDZ slides than any other segment
1 question if you listen carefully was about BL 1 and the "HYPE around it"
His response was a bit optimistic & then defensive
JDZ - BL 1 "Was HYPED he agreed" !! But SCHRULL "was not disappointed" [he has seen the logs I'm sure] and "data still needs to be appraised - STILL NOT PUBLIC INFO" he said !
[why did he float this tidbit] ???
What does this tell us ????
2nd question was the Aug 2008 - "is this a firm date" one asked and he responded "yes" - however if there is any delay it comes from the RIG being ready on time - and he said "is was coming along NICELY" had pics of the new work being done on the rig
Exceo listen to Jeff Schrull - Addax Head of Exploration on the JDZ
we *IMO* are basically guaranteed oil
the question is not if - it's when
Aban Abraham is being dressed up for a big dance
JDZ Spud Date Aug 2008
4 wells are contracted to drill prior to us getting the new RIG
CVX BL1 - as we all know - more than meets the eye
Deep water W.Africa is a COMPANY MAKER for ADDAX
New !! Addax Presentation now posted
http://www.axisto.com/webcasting/investis/addax%2Dpetroleum/capital%2Dmarkets%2Dday%2D2007/
Jeff Schrull - Head of Exploration
Long history in W.Africa
Addax is very favourably positioned in W.Africa
WORLD CLASS oil provinces
ABAN ABRAHAM being fixed [refurbished] and ADDAX has KEY people to execute
August 2008 SPUD DATE - Continuous DRILLING !!!
5 Firm wells + 5 Optional wells
Country manager in Sao Tome placed
Still not sure what RIG Anadarko will use in JDZ BL3
JDZ Blocks - Studying Prospect inventory for drill targets
ADDAX Company Maker = JDZ / Deepwater
Chevron discovery in BL 1 lowered risk for JDZ 2,3,4
JDZ - BL 1 Was HYPED !! But SCHRULL was not disappointed and still needs to be appraised - STILL NOT PUBLIC INFO !!!!
JDZ Most Direct Hydrocarbons - many targets !!
LIVE Addax presentation now
materials will be available on the Corporation’s website at www.addaxpetroleum.com and the event will be available via webcast at:
Date: Tuesday, May 29, 2007
Time: 11:00 a.m. BST (local London time)
URL Address:
http://www.axisto.com/webcasting/investis/addax-petroleum/capital-markets-day-2007
perhaps some updates in todays presentation
from the Addax site they feel ...
http://www.addaxpetroleum.com/press_room/56
* a 79% chance of striking oil in the JDZ
Most Confident Area in Addax portfolio for a find
18 Prospects reviewed
* 2nd most studied area in Addax portfolio
286 MM bbls w/ 79% chance of success
* 2nd most potential for large reserves
conservative estimates IMO
of Note Starcrests OPL291 is first in reserves but only a 36% chance of a find
ADDAX presentation May 29
materials will be available on the Corporation’s website at www.addaxpetroleum.com and the event will be available via webcast at:
Date: Tuesday, May 29, 2007
Time: 11:00 a.m. BST (local London time)
URL Address:
http://www.axisto.com/webcasting/investis/addax-petroleum/capital-markets-day-2007
** NEW BOOK w/ Section on ERHC [apparantly]
"Untapped: The Scramble for Africa's Oil"
Thursday, May 17th, 2007
Watch Video / Audio here ...
http://www.democracynow.org/article.pl?sid=07/05/17/1350254
Historian and Journalist John Ghazvinian discusses his recent trip to Nigeria and the African oil boom. The U.S. now imports more oil from African nations than from Saudi Arabia. [includes rush transcript]
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We begin today's broadcast with a look at Africa and oil. It's a little known fact: the United States today imports more oil from Africa than from Saudi Arabia. More than $50 billion in foreign investment in African oil is expected over the next three years.
What has this oil boom meant for Africa's ordinary citizens? Our first guest spent a year reporting across the continent to find out. John Ghazvinian is a journalist who has written for publications including Newsweek, The Nation and Time Out New York. His new book is called “Untapped: The Scramble for Africa's Oil." The book compares the global competition for the continent's oil resources to the nineteenth century scramble for colonization.
John Ghazvinian has just returned from Nigeria, where oil has been the driving force behind a longstanding bloodshed. Protesters in Ogoniland have just ended their week-long occupation of a major oil pipeline hub that forced Royal Dutch Shell to cut their daily production by nearly 40%. In recent weeks, villagers demanding compensation and regional control over Nigerian oil have kidnapped at least 13 foreign workers, occupied a Chevron oilfield, and bombed other international oil pipelines. Two major US companies, Chevron and Hercules Offshore, are evacuating all their non-essential workers from the oil-rich country.
John Ghazvinian, Journalist who has written for publications including Newsweek and the Nation. His new book is "Untapped: The Scramble for Africa's Oil." He is a visiting fellow at the University of Pennsylvania.
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RUSH TRANSCRIPT
This transcript is available free of charge. However, donations help us provide closed captioning for the deaf and hard of hearing on our TV broadcast. Thank you for your generous contribution.
Donate - $25, $50, $100, more...
JUAN GONZALEZ: We begin today's broadcast with a look at Africa and oil. It’s a little known fact: the United States today imports more oil from Africa than from Saudi Arabia. More than $50 billion in foreign investment in African oil is expected over the next three years by the United States.
What has this oil boom meant for Africa’s ordinary citizens? Our first guest spent a year reporting across the continent to find out. John Ghazvinian is a journalist, who has written for publications including Newsweek, The Nation, and Time Out New York. His new book is called Untapped: The Scramble for Africa’s Oil. The book compares the global competition for the continent’s oil resources to the nineteenth century scramble for colonization.
AMY GOODMAN: John Ghazvinian has just returned from Nigeria, where oil has been the driving force behind a longstanding bloodshed. Protesters in Ogoniland have just ended their week-long occupation of a major oil pipeline hub that forced Royal Dutch Shell to cut their daily production by nearly 40%. In recent weeks, villagers demanding compensation and regional control over Nigerian oil have kidnapped at least thirteen foreign workers, occupied a Chevron oilfield and bombed other international oil pipelines. Two major US companies, Chevron and Hercules Offshore, are evacuating all their nonessential workers from the oil-rich country.
John Ghazvinian joins us now from Philadelphia, where he’s a visiting fellow at the University of Pennsylvania. Welcome to Democracy Now!
JOHN GHAZVINIAN: Good morning.
AMY GOODMAN: Before we talk about Somalia, Ethiopia and Sudan -- and what’s not often talked about is oil there -- let’s talk about the latest news out of Nigeria, out of the Niger Delta. What is happening there, John?
JOHN GHAZVINIAN: Yeah, as you say quite rightly, it’s actually more of the same, to be honest. The situation in Nigeria is now as bad as I think anyone can remember it. Many of your listeners and viewers will be aware of the struggles of the Ogoni in the 1990s against Shell, and so on. That was really child's play compared to what’s been going on in the last couple years in Nigeria, and ironically we hear less about it.
But, you know, I was just there a couple weeks ago. Just in the sort of four or five days I spent in the Delta, there were twenty-nine foreigners taken hostage, kidnapped by militants. You know, it’s the same story, basically. It’s a battle over access to oil money and for resource control, and it hasn’t gone away, and it’s not about to go away.
AMY GOODMAN: The fact that the United States gets more oil from Africa -- now, that’s a continent versus Saudi Arabia, which is a country. That’s not often recognized by our leaders, the continent versus country issue, but that’s still extremely significant. Give us the picture of Africa, where the oil is and where many are hoping it will be.
JOHN GHAZVINIAN: Yeah, actually, you know, the US, as you say, gets as much oil now from -- as we do from Saudi Arabia, but actually we’re going to be getting about -- you know, much more in the next few years. This is what’s significant is that by 2015, we’re going to be getting 25% of our imported oil from Africa. And, you know, this is why I wrote the book, really, because I feel like this is something we don't pay a lot of attention to. When we think of oil, we tend to think of the Middle East or other parts or Venezuela or other parts of the world. But Africa is becoming increasingly important for our way of life and our energy needs, and I think it’s important for people to have some idea what some of the issues are in some of these countries.
To answer your question, the big kind of African oil boom at the moment, or at least in recent years, has been along the west coast of Africa in the Gulf of Guinea, what some people like to call the armpit of Africa -- if you sort of picture a map of Africa, that sort of ninety-degree bend along the ocean there. You know, it’s a lot of deep water offshore discoveries that have really been coming on stream recently at places like Angola that are really up and coming. Angola has just joined OPEC a couple months ago. It’s the first new member of OPEC in more than thirty years, and it’s an African country, and it’s rapidly catching up with Nigeria. People are now talking about East Africa, that was possibly the next big margin, you know, the next kind of big oil boom for Africa. That’s much closer to China, so it has some obvious benefits there.
But the bottom line is that Africa, as a whole, is really deeply under-explored and kind of under -- it’s not really looked at as much as it could be. I mean, there’s exploration blocks the size of France that still haven’t been given away, and it’s a very hot and very exciting destination for the oil industry right now.
JUAN GONZALEZ: I’d like to ask you, in particular, about Nigeria. Clearly it’s become an increasingly big supplier to the United States, yet we have all of these enormous problems there, the attacks on oil facilities, the rampant apparent violations during the recent elections, and very little attention in the American press to what is happening in Nigeria, compared, for example, to all the attention that the press gives to Venezuela, where there is not this kind of, like, dislocation of the oil industry or questions about the legality of their voting process.
JOHN GHAZVINIAN: Yeah, I know, exactly. Nigeria is the fifth largest supplier of oil to the United States, which I think is something a lot of people are not aware of. We get a lot of our oil from Nigeria. You know, I don’t know why we don’t pay more attention to it. I think a lot of it has to do with the fact that a lot of international media organizations don’t have someone in West Africa. They often have someone in Johannesburg and Nairobi, and that’s it, really, especially in the English-speaking world.
But Nigeria is extremely important. You know, this is a country of 130 million people. One out of every six Africans is Nigerian. You know, as I say, it’s one of the biggest oil producers in the world. It has a large and very experienced army, and it’s a real anchor for American and British foreign policy in Africa, actually.
AMY GOODMAN: But in Nigeria, the way -- when it is covered in this country, the discussion is of the vandals, the criminals that are tapping into the oil pipelines, stealing the oil. Can you describe who it is who is organizing in the Niger Delta, John?
JOHN GHAZVINIAN: That’s a very good question, and if I knew the answer to that, I’d have a lot more insight than I do. I mean, the truth is that it changes often, and these groups splinter, and often, to be honest, a lot of criminal elements also kind of jump on the bandwagon. It really varies day-to-day, and it’s a very difficult and very complex situation to follow.
But in recent -- in the last year and a half, the big kind of group, the umbrella group that’s been getting most of the attention is a group called MEND, the Movement for the Emancipation of the Niger Delta. They’re kind of an Ijaw group. They have kind of inherited the mantle of the Niger Delta People's Volunteer Force, which was also an Ijaw group from a couple years ago. You know, like I say, things have moved on a lot since the days of the Ogoni and MOSOP, but to try to say who exactly is responsible for some of the vandalism or kidnapping, or so on --
AMY GOODMAN: John, their concerns? Talk about who is profiting from the drilling in the Niger Delta?
JOHN GHAZVINIAN: Yeah, this is at the bottom of the issue, basically, is that for more than forty years, international oil companies have, you know, pumped billions of dollars worth of oil out of Nigeria. $400 billion has gone into the pockets of the Nigerian government, and most of that money, frankly -- a lot of that money -- has been salted away into foreign bank accounts by corrupt politicians and then, of course, has gone away, disappeared in the form of profits to multinational oil corporations.
Who has not seen the profits from oil exploration is probably the real question, which is the people of the Niger Delta. You have people living in stone age squalor, in mud huts, you know, in swamps with no roads, no electricity, no running water. I spend a lot of time in the Delta, and I’ve seen the way people live there. And, you know, through their backyards you have thousands of miles of pipelines, ultra-modern, multi-million-dollar, air-conditioned, state-of-the-art facilities going up, and people just haven’t seen any benefits from the oil exploration. And over time, that has turned into a fairly nasty sort of militant insurgency, as I think shouldn’t surprise anyone, really.
AMY GOODMAN: Talking to John Ghazvinian, journalist, who has written for many publications. His new book is called Untapped: The Scramble for Africa’s Oil. He has just returned from Nigeria. When we come back, we’ll talk about US multinational corporations versus China, and areas, countries like Ethiopia, Somalia and Sudan. Stay with us.
[break]
AMY GOODMAN: Our guest is John Ghazvinian. His book is called Untapped: The Scramble for Africa’s Oil. Juan?
Addax Petroleum announces start of trading on the London Stock Exchange
Thursday May 24, 3:00 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
CALGARY, May 24 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC - News), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, announces that its common shares have today been admitted to the Official List of the UK Financial Services Authority and have commenced trading on the main market of the London Stock Exchange ("LSE") ("Admission") under the ticker symbol "AXC".
- Addax Petroleum is one of the largest independent oil and gas
companies listed in London when measured by market capitalization,
production and reserves
- Market capitalization of approximately GBP 2.9 billion
(CAN$6.3 billion)
- Q1 2007 average production of 116,000 barrels of oil per day (bbl/d)
- On track to deliver average production of 127,000 to 133,000 bbl/d
for 2007
- 2P reserves of 354 million barrels (MMbbl) at December 31, 2006
- 3P reserves of 480 MMbbl and unrisked prospective resources of
1,307 MMbbl, both at December 31, 2006
- 2007 capital expenditure budget totaling $1.2 billion
- Assets in Nigeria, Gabon, Cameroon, Kurdistan Region of Iraq and the
Nigeria-Sao Tome and Principe Joint Development Zone
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I am very pleased that Addax Petroleum now trades on the main market in London. Our LSE listing will provide investors with an additional venue for trading the Corporation's shares and we believe that it will increase the Addax Petroleum's visibility and expand its investor base. Although secondary-listed, Addax Petroleum's shares trade on the SETSmm platform, which we believe will enhance their liquidity in London.
Given the size the Corporation has achieved and the growth still to come, we felt that a secondary listing in London would be an excellent complement to our primary listing in Toronto. We believe the LSE offers strong financial markets and extensive knowledge and support of internationally focused exploration, development and production led strategies."
The primary listing for common shares of Addax Petroleum will continue to be the Toronto Stock Exchange where they currently trade. The Corporation is not issuing any new common shares in connection with Admission and the Corporation will continue to have 155,077,530 common shares of no par value outstanding upon Admission, each of which carries the right to one vote at every meeting of the Corporation's common shareholders. The Corporation does not hold any shares in treasury. Accordingly, in conformity with rule 5.6.1 of the UK Financial Services Authority's Disclosure and Transparency Rules (the "DTRs"), this figure (155,077,530) may be used by shareholders (and others with notification obligations under the DTRs) as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, Addax Petroleum under the DTRs.
Citi is the financial advisor, Freshfields Bruckhaus Deringer is the legal advisor and Pelham Public Relations is the public relations advisor to the Corporation in connection with Admission.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 116,000 bbl/d for the first quarter of 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Important Information
Addax Petroleum announces admission to the London Stock Exchange
Tuesday May 22, 7:44 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
This press release constitutes an advertisement within the meaning of the Prospectus Rules of the UK Financial Services Authority, is not a prospectus and has been prepared solely in connection with Admission (defined below). Investors should not acquire common shares of the Corporation (defined below) except on the basis of the information contained in the prospectus published by the Corporation in connection with Admission. Copies of the prospectus can be obtained from the Corporation at its registered office at 3400 First Canadian Centre, 350 - 7th Avenue S.W., Calgary, Alberta, Canada T2P 3N9.
Admission to the Official List of the Financial Services Authority and to trading on the Main Market of the London Stock Exchange as a secondary listing
CALGARY, May 22 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC - News), today announces that it has published and lodged a copy of its prospectus ("Prospectus") prepared in connection with the admission of its common shares to the Official List of the UK Financial Services Authority and to trading on the main market of the London Stock Exchange ("LSE") ("Admission") with the UK Financial Services Authority.
ADVERTISEMENT
It is expected that Admission will become effective and that dealings on the LSE's main market under the ticker symbol "AXC" will commence at 8:00 am on May 24, 2007, subject to the receipt of final approval.
The primary listing for common shares of Addax Petroleum will continue to be the Toronto Stock Exchange where they currently trade. The Corporation is not issuing any new common shares in connection with Admission and the Corporation will continue to have 155,077,530 common shares outstanding upon Admission.
The Prospectus will be available for inspection shortly at the UK Financial Services Authority's document viewing facility situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS (Tel: +44 (0) 20 7066 1000). Copies of the Prospectus will also be available shortly via the Corporation's website at www.addaxpetroleum.com.
Citigroup is the financial advisor, Freshfields Bruckhaus Deringer is the legal advisor and Pelham Public Relations is the public relations advisor to the Corporation in connection with Admission.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 116,000 bbl/d for the first quarter of 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Important Information
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, exchange or transfer any securities of Addax Petroleum. The value of Addax Petroleum's common shares can go down as well as up and past performance cannot be relied on as a guide to future performance.
Legal Notice - Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook" or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, and environmental matters. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
For further information
Mr. Patrick Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
Mr. Mac Penney, Press Relations, Tel.: (416) 934-8011, mac.penney@cossette.com
Mr. James Henderson, Press Relations, Tel.: +44 (0) 20 7743 6673, james.henderson@pelhampr.com
Mr. Alisdair Haythornthwaite, Press Relations, Tel.: +44 (0) 20 7743 6676, alisdair.haythornthwaite@pelhampr.com
Addax announces results of exploration potential study
Tuesday May 22, 7:44 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
Unrisked prospective oil resources estimated to be 1,307 MMbbl, approximately 3.7 times the Corporation's Proved plus Probable reserves
CALGARY, May 22 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC - News), today announces the results of a prospective oil and contingent gas resources report prepared by Netherland, Sewell & Associates Inc., independent oil and natural gas reservoir engineers ("NSAI" and the "NSAI Resources Report"), issued in connection with the Corporation's previously announced intended secondary listing on the London Stock Exchange. The NSAI Resource Report evaluates the Corporation's identified prospective oil resources and contingent gas resources. The NSAI Resource Report is contained within the UK listing prospectus which is available at www.addaxpetroleum.com.
ADVERTISEMENT
As at December 31, 2006, NSAI estimates working interest best estimate unrisked gross prospective oil resources for the Corporation to be 1,307 MMbbl and the corresponding risked estimate to be 670 MMbbl. In addition, NSAI estimates working interest best estimate gross contingent gas resources for the Corporation's properties to be 1,583 Bcf. The prospective oil resources and contingent gas resources are in addition to the Corporation's proved, probable and possible reserves as reported by the Corporation on January 18, 2007.
CEO's Comment
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "The independent assessment by NSAI of our prospective oil and contingent gas resources clearly demonstrates the upside potential of Addax Petroleum. We have built and continue to build a true E&P company that has a balance of both significant cash flow generating production and high impact exploration potential. We have also assembled the capabilities required, including a high quality exploration team, for us to develop and realize on the substantial upside identified in the NSAI Resource Report."
The NSAI Resources Report was prepared for the Corporation at the direction of Addax Petroleum's Technical and Reserves Committee, using assumptions and methodology guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGEH") and in accordance with National Instrument 51-101. In this context, the prospective oil resources are defined as those quantities of oil estimated to be contained in accumulations yet to be discovered while the contingent gas resources are defined as those quantities of gas estimated to be potentially recoverable from known accumulations but are not currently economic. All prospective oil resource estimates referred to in this press release denote, if discovered, recoverable quantities reported as the most likely or best estimates and limited to the Corporation's working interest after giving effect to government back-in rights, where applicable. All contingent gas resource estimates referred to in this press release relate to the Corporation's working interest in its producing Nigeria license areas and denote discovered recoverable quantities prior to giving effect to government back-in rights, if any.
Selected Prospective Oil Resources Highlights
In undertaking its assessment of prospective oil resources, NSAI relied upon the prospect, lead and work-in-progress inventory developed by Addax Petroleum as at December 31, 2006. At that time, the Corporation's prospect and lead inventory was more developed in some license areas and less so in others. The Corporation considers its exploration prospect inventory to be well developed for its shallow water and onshore Nigeria license areas, to be partially developed for its Cameroon and deepwater Gulf of Guinea license areas, to be predominantly undeveloped in its license areas in Gabon and yet to be developed the Kurdistan Region of Iraq. Development of a complete exploration prospect inventory for each license area includes the acquisition, processing, interpretation of seismic or geological mapping of prospects.
The following table summarises selected prospective oil resources information as at December 31, 2006:
-------------------------------------------------------------------------
Best Estimate
Number of Overall Prospective Oil Resources
prospects Chance of -------------------------
Area reviewed Success Unrisked Risked
-------------------------------------------------------------------------
acres % MMbbl MMbbl
Shallow water
-------------
and onshore
-----------
Nigeria
-------
OML123 90,700 29 61% 179 110
OML124 74,100 2 44% 36 16
OML126 178,300 3 39% 94 37
OML137 209,800 4 36% 137 50
Okwok 9,000 - - - -
Sub-total 561,900 38 48% 446 214
Shallow water
-------------
Cameroon
--------
Ngosso 70,300 9 70% 37 26
Sub-total 70,300 9 70% 37 26
Deep Water
----------
Gulf of
-------
Guinea
------
JDZ (2,3 &
4) 130,300 18 79% 286 225
OPL291,
Nigeria 230,600 2 36% 456 164
Sub-total 360,900 20 52% 742 389
Gabon
-----
Onshore 317,200 3 35% 17 6
Offshore 973,300 12 55% 65 36
Sub-total 1,290,500 15 51% 82 42
Kurdistan
---------
Region of
---------
Iraq
----
Taq Taq 105,800 - - - -
Sub-total 105,800 - - - -
-------------------------------------------------------------------------
Total 2,389,400 82 51% 1,307 670
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Since December 31, 2006, Addax Petroleum has undertaken exploration activity on its OML123 and OML137 license areas, offshore Nigeria. On OML123, the Corporation successfully explored and appraised the Antan prospect, whereas on OML137, the Corporation is currently drilling the Ofrima North prospect and has encountered gas and oil zones.
Selected Contingent Gas Resource Highlights
In respect of contingent gas resources, the NSAI Resource Report is limited to the Corporation's producing license areas in the shallow water and onshore license areas in Nigeria. They are categorized as contingent because the commerciality of the gas resources and the Corporation's rights to produce the gas resources have yet to be established.
The following table summarises selected contingent gas resources information as at December 31, 2006, including associated gas liquids quantities:
-------------------------------------------------------------------------
Contingent Gas Resources(1) Associated Gas Liquids(2)
(Bcf) (MMbbl)
-------------------------------------------------------------------------
OML123 974 14.7
OML124 362 22.7
OML126 69 0.0
Okwok 7 0.0
-------------------------------------------------------------------------
Total 1,412 37.4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) includes deductions for plant fuel and extraction of gas liquids
(2) includes LPG and C5+
The Corporation is presently in negotiation with Nigerian government authorities for the development of the contingent gas resources from the Corporation's license areas.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 116,000 bbl/d for the first quarter of 2007. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Important Information
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, exchange or transfer any securities of Addax Petroleum. The value of Addax Petroleum's common shares can go down as well as up and past performance cannot be relied on as a guide to future performance.
Legal Notice - Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook" or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, and environmental matters. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
For further information
Mr. Patrick Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Mr. Mac Penney, Press Relations, Tel.: (416) 934-8011, mac.penney@cossette.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
new ERHC SEC filing http://biz.yahoo.com/e/070515/erhe.ob8-k.html
invester beware of Message Boards
more specifically posters stating opinion as fact
the on going dilemma w/ERHC is we have very few facts and very little direction
I blame management
ERHC Ihub board moderators....
The "rules of the road" are fairly simple in principle. Conduct yourself generally as you would at a gathering where polite people might attend. Watch your language. Avoid rudeness and flame wars. Stay on topic and stick to posts relevant to the board on which you are participating. Otherwise, behave legally, morally and ethically.
If someone posts something as FACT knowing it is false
what are the implications?
Oilphants posts are troubling as they come accross as FACT when - these FACTS do not PRESENTLY exist so should be considered as opinon - however the poster does not indicate it as opinion.
If a poster is to state IMO or IMHO we can determine the difference - this is not the case here
please clarify the rules of the road
why would ERHC need Jefferson we have SEO?
This story contradicts other press/opinions stating there was no help given by Jefferson .... "Jeferson was Helpful to ERHC" ?
http://www.nola.com/timespic/stories/index.ssf?/base/news-2/1178605095217930.xml&coll=1
Wilson said that Jefferson didn't do much to help Global Environmental Energy, but said he was helpful with another firm she had invested with, ERHC Energy, a small Houston-based firm. The Houston company won offshore oil development contracts off the Nigeria and Sao Tome and Principe coasts
Last year, the company's Houston offices were raided by the FBI, but Justice Department officials have declined to say whether the raid was related to the Jefferson investigation.
In December, an attorney for Allison Anadi, a Southern University criminal justice professor, said that Anadi testified before the Virginia grand jury and was asked about a World Conference of Mayors meeting in Nigeria in 2001. Jefferson was a participant at the meeting, according to news coverage in the Nigerian newspaper, The Guardian.
During the meeting, the mayors discussed a proposed power plant and refinery in the Nigerian state of Akwa Ibom, according to the Nigerian news reports. A company called Chasewood Consortium had the rights to develop that project, although financing apparently fell through.
Chasewood was listed as a partner with Global Environmental Energy Corp. in several Global news releases.
Jefferson's attorney, Bob Trout, did not return phone calls seeking comment.
. . . . . . .
Bruce Alpert can be reached at bruce.alpert@newhouse.com.
Addax Petroleum announces private placement of convertible notes
Thursday May 10, 2:35 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
Up to US$300 million due 2012
CALGARY, May 10 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC - News), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announces its intention to privately place up to US$300 million in principal amount of Convertible Notes due in 2012 (the "Notes"). This amount includes an overallotment option (in respect of up to US$25 million in principal amount of Notes) that the Corporation has granted to Citigroup Global Markets Limited and UBS Limited, the joint lead underwriters of the offering, which option can be exercised until May 25th 2007.
ADVERTISEMENT
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "Addax Petroleum is in the high growth phase of our corporate evolution. We have significant, profitable investment projects within our current portfolio and, through our new business origination efforts, believe there to be a good flow of opportunities in our strategic geographic areas upon which to capitalize. This offering will help to fund this growth opportunity and introduce a new investor class to Addax Petroleum."
The Notes to be issued by the Corporation will be convertible into Common Shares of the Corporation and are expected to have an annual coupon in the range of 3.75 to 4.25 per cent and an initial conversion premium of 35 to 40 per cent. The final coupon and conversion premium will be determined at pricing which is expected to occur later today. The Notes will be issued at 100 per cent of their principal amount and, unless previously redeemed, converted, or purchased and cancelled, will mature in 2012. In that regard, the Notes will be redeemable commencing slightly more than 3 years from the date of issue upon the occurrence of certain defined events.
The Notes will include a Net Share Settlement option, allowing the Corporation to settle investor conversions by repaying the par value of the Notes in cash, and delivering only the difference between the value of the underlying shares and the par value in shares. In doing so, Addax Petroleum retains the option to reduce the potential dilutive effect of the Convertible Notes instrument.
The net proceeds of the issue will be used for the Corporation's general corporate purposes.
The Notes are expected to be issued on or around May 30th, 2007. An application will be made for the Notes to be admitted to listing and to trading on the Professional Securities Market of the London Stock Exchange. The Corporation's Common Shares are listed and traded on the Toronto Stock Exchange (the "TSX").
There will be no public offering of the Notes which will be offered solely on a private placement basis in denominations of US$200,000. The issuance of the Notes is subject to regulatory approval including by the TSX.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa having increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 116,000 bbl/d for the first quarter of 2007.
the problem with that implies SEO is still around
that's a problem because as long as he is
he IMO is a liability to us
he cannot get the respect of Wall Street
and thus must step aside or we may never reach our full potential
Now they really HAVE to show us the money - lol
"ERHC is looking beyond the JDZ to assess other available opportunities for feasibility of participation."
Thanks Dan - would have preferred it at 9am but beggers cant be choosers!!!
Antlizzie - they Want More property IMO
dont have enough
they have downplayed what they have in BL 1, now must scramble before the drill bits roll
Related, Interview Kent Watts CEO Hyperdynamics HDY:AMEX
http://www.wallst.net/audio/audio.asp?id=3353
Hyperdynamics Corp.
HDY - Hyperdynamics Corporation, through its subsidiaries, engages in the exploration and production of oil and gas in offshore Guinea, West Africa.
West Africa Oil and Gas
largest offshore concession 31,000 Sq mile
HOTTEST REGION in the World for oil
They are looking to Farm Out to several groups
CEO feels they are undervalued vs. what they own
geez - SEO where's your interview ???? lol - as if ,,,,
Addax Petroleum Announces First Quarter 2007 Results
Tuesday May 8, 8:00 am ET
First Quarter Funds Flow From Operations increases by 50 per cent
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
CALGARY, May 8 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC - News), an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East, today announced its results for the quarter ended March 31, 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 securities regulatory authorities of Addax Petroleum's Financial Statements for the quarter ended March 31, 2007 and related Management's Discussion and Analysis. Copies of these documents may be obtained via www.sedar.com and the Corporation's website, www.addaxpetroleum.com.
CEO's Comment
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "We have had a very good start to 2007. Our first quarter financial performance has been strong, based on solid operating netbacks and operational performance that is delivering growth in line with our expectations. In addition to operational delivery, our exploration and appraisal results have been encouraging. Our efforts to demonstrate and realize value in our exploration portfolio, including on currently producing license areas, at Taq Taq and the deep water Gulf of Guinea, are progressing well. I am also very pleased to have recently concluded our first new business acquisition of 2007, which was in Gabon and complements our existing business there. I look forward to concluding our secondary listing on the London Stock Exchange in the near future, which I believe will be an important contribution to our objectives of maximising value for our shareholders."
Selected Financial Highlights
- Petroleum sales before royalties in the first quarter of 2007
amounted to $627 million, an increase of 59 per cent over petroleum
sales before royalties of $394 million in the first quarter of 2006.
The growth in petroleum sales before royalties arose from increased
petroleum production and sales, partially offset by a 3 per cent
decline in average crude oil sales price to $57.86 per barrel (/bbl)
as compared to $59.41/bbl realized in the corresponding period in
2006.
- Net income in the first quarter of 2007 was $79 million
($0.51 per share), an increase of 39 per cent over net income of
$57 million ($0.44 per share) in the first quarter of 2006.
- Funds Flow From Operations for the first quarter of 2007 increased
50 per cent to $263 million ($1.70 per share) compared to
$175 million ($1.36 per share) for the corresponding period in 2006.
- The Corporation's $1.0 billion acquisition facility was refinanced
with a $1.5 billion five-year term facility, subsequently
successfully syndicated and increased to $1.6 billion.
- The Corporation was added to the Standard & Poor ("S&P")/TSX
Composite Index and the S&P/TSX Capped Energy Index, effective
March 19, 2007.
The following table summarizes the selected financial highlights.
-------------------------------------------------------------------------
Selected financial highlights Quarter ended
March 31
--------
$ million unless otherwise stated 2007 2006 Change
-------------------------------------------------------------------------
Petroleum sales before royalties 627 394 59%
Average crude oil sales price, $/bbl 57.86 59.41 (3%)
Net income 79 57 39%
Earnings per share, $/share 0.51 0.44 16%
Average shares outstanding (basic & diluted),
million 155 128 21%
Funds Flow From Operations 263 175 50%
Funds Flow From Operations per share, $/share 1.70 1.36 25%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Selected Operational Highlights
- Average working interest gross oil production in the first quarter of
2007 was 116 thousand barrels per day (Mbbl/d), an increase of
45 per cent over first quarter 2006 average oil production of
80 Mbbl/d. Gabon contributed 18 Mbbl/d in the first quarter of 2007
(no contribution in the first quarter of 2006) and Nigeria production
increased by 22 percent to 98 Mbbl/d compared to 80 Mbbl/d in the
corresponding period in 2006.
- Capital expenditures increased by 20% to $216 million in the first
quarter of 2007, up from $180 million in the first quarter of 2006,
excluding new business acquisition considerations, farm-in fees and
license signature fees. Development capital expenditures totaled
$146 million in the first quarter of 2007, a decrease of 16 per cent
over first quarter 2006 development capital expenditure of
$173 million. Exploration and appraisal capital expenditures
increased to $70 million in the first quarter of 2007 from $7 million
in the first quarter of 2006.
- Throughout the first quarter of 2007, the Corporation operated seven
drilling rigs: three offshore Nigeria, one onshore Nigeria, two
onshore Gabon - of which one was subsequently released - and one in
the Kurdistan Region of Iraq. A second full-time land rig was
contracted into Gabon at the end of the first quarter and is
currently being assembled in readiness to start drilling during the
current quarter.
- Development project highlights in the first quarter of 2007 include:
Nigeria
- development drilling activity comprised drilling six new
development wells, three on OML123, one on OML126 and two on
OML124;
- of these six new wells, the OML123 and OML124 wells were placed on
production while the new OML126 development well is awaiting tie-
back;
- ongoing surface facilities development at the Oron and Adanga
fields on OML123.
Gabon
- three development wells were drilled on the Corporation's onshore
license areas;
- a total of five new production wells were placed on production
comprising two of the three new wells drilled in the quarter, a
further two previously drilled onshore wells and one development
well in the non-operated offshore license area;
- ongoing surface facilities development at the Maghena and Etame
license areas.
- Exploration and appraisal activity and highlights in the first
quarter of 2007 include:
Gulf of Guinea Shallow Water (Nigeria and Cameroon)
- five exploration and appraisal wells were drilled offshore Nigeria
in the quarter, three on OML123 and two on OML126, resulting in
the discovery and successful appraisal of a new accumulation,
demonstrating extensions in two producing fields, and one
unsuccessful exploration and appraisal well;
- in OML123, the Antan-1X exploration well discovered a new
accumulation which encountered three oil-bearing reservoir
intervals with approximately 104 feet of aggregated net pay. One
of the three reservoir intervals was tested and flowed at a rate
of approximately 470 bbl/d of 15 degrees API oil. The true flow
potential of the interval was not reached because of sand control
measures implemented during the test. The Antan discovery was
successfully appraised by the Antan-2X well, a down-dip step-out
well approximately 0.8 kilometers from the Antan-1X well, which
encountered approximately 41 feet of net oil pay in aggregate; the
well confirmed the oil water contact in one of the Antan-1X well
intervals and discovered oil in two deeper intervals that were not
recorded by the Antan-1X well. The Antan-2X well was not tested;
- successful field extension appraisal wells were drilled on the
Ebughu and Okwori fields in OML123 and OML126, respectively.
Subsequently, three development wells have been drilled, two of
which are on production and one awaiting tie back.
- the fifth exploration and appraisal well, on the Nda West prospect
in OML126, was unsuccessful;
- the Corporation relinquished 50 per cent of the OPL225 exploration
license area pursuant to the terms and conditions of the relevant
production sharing contract. OPL225 was subsequently renamed as
OML137;
- in Cameroon, there has been no field or drilling activity. The
Corporation plans to start exploration drilling on the Ngosso
license area later in 2007 and drilling rig selection is on-going;
Gabon
- one successful exploration and appraisal well was drilled on the
previously discovered but undeveloped onshore Autour field. The
well is presently suspended, awaiting flow testing;
- the Corporation, under the terms of the Panthere NZE license area
production sharing contract, relinquished the Mokabou and Pomarin
areas and retained the Autour area.
Gulf of Guinea Deep Water (Nigeria and JDZ)
- technical studies are ongoing to evaluate exploration prospect
drilling locations;
- as reported on March 6, 2007, the Corporation has contracted the
Aban Abraham, a deep water drillship, to be available as early as
the second quarter of 2008 in the Corporation's deep water license
areas.
Kurdistan Region of Iraq
- as reported on March 1, 2007, the TT-05 well tested at an
aggregate rate of 26.6 Mbbl/d from two separate intervals;
- the TT-06 well was spudded approximately 3.6 kilometres north-
northwest of the TT-05 and presently the TT-06 well is being
prepared for flow testing, the results of which will be announced
following the completion of testing;
- recently, the TT-07 well was spudded approximately 2.2 kilometres
southeast of the TT-05 well location.
- Operating netbacks in the first quarter of 2007 increased by
2 per cent to $42.05/bbl compared to $41.24/bbl in the first quarter
of 2006. Unit operating expenses increased to $7.84/bbl, an increase
of 10 per cent over the first quarter 2006 level of $7.13/bbl. Unit
operating costs in the first quarter of 2007 reflect the relatively
high current unit operating cost associated with the Corporation's
operations in Gabon.
The following table summarizes selected operational information.
-------------------------------------------------------------------------
Selected operational highlights Quarter ended
March 31
--------
2007 2006 Change
-------------------------------------------------------------------------
Annual average working interest
gross oil production (Mbbl/d)
Nigeria (offshore) 92.1 77.1 19%
Nigeria (onshore) 5.8 3.3 76%
Nigeria sub-total 97.9 80.4 22%
Gabon (offshore) 6.3 - -
Gabon (onshore) 12.0 - -
Gabon sub-total 18.3 - -
Total 116.1 80.4 45%
Prices, expenses and netbacks ($/bbl)
Average realized price 57.86 59.41 (3%)
Operating expense 7.84 7.13 10%
Operating netback 42.05 41.24 2%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Dividend
The Board of Directors of the Corporation has declared a dividend of CDN$0.05 per share for the first quarter of 2007. The dividend is payable on June 14, 2007 to shareholders of record on May 31, 2007. A dividend of CDN$0.05 per share was declared and paid in the first quarter of 2007 relating to the fourth quarter of 2006.
Recent Developments
Since the end of the first quarter, the Corporation has made a number of announcements, including:
- On April 10, the Corporation announced the acquisition of a
50 per cent interest in and operatorship of the Epaemeno exploration
license area, onshore Gabon. The Epaemeno license area lies
immediately north of the Corporation's Maghena and Awoun license
areas; and
- On April 22, the Corporation announced its intention to undertake a
secondary listing of its shares on the London Stock Exchange.
Outlook
The Corporation's outlook for 2007 is in line with guidance provided to date. Addax Petroleum expects annual average working interest gross oil production to approximate 127 to 133 Mbbl/d from its Nigeria and Gabon operations.
The Corporation will host a management presentation to financial analysts on May 29, 2007 in London and intends to provide further guidance for 2007 and future years at that time.
Legal Notice - Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate'', "believe'', "intend", "expect", "plan", "estimate", "budget'', "outlook'' or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, and environmental matters. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
Non-GAAP Measures
Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from operating activities before changes in non-cash working capital. Management believes that in addition to net income, FFFO is a useful measure as it demonstrates Addax Petroleum's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Addax Petroleum also assesses its performance utilizing Operating Netbacks which it defines as the per barrel profit margin associated with the production and sale of crude oil and is calculated as the funds flow from operations per barrel sold, prior to corporate charges. FFFO and Operating Netback are not recognized measures under Canadian GAAP. Readers are cautioned that these measures should not be construed as an alternative to net income determined in accordance with Canadian GAAP or as an indication of Addax Petroleum's performance. Addax Petroleum's method of calculating this measure may differ from other companies and accordingly, it may not be comparable to measures used by other companies.
Analyst Conference Call
Financial analysts are invited to participate in a conference call today Tuesday, May, 8 at 11:00 a.m. Eastern Time with Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and shareholders may participate on a listen only basis. To participate in the conference call, please dial one of the following:
To listen to the conference call, please call one of the following:
Toronto: 416 644 3415
Toll-free (Canada and the U.S): 1 800 731 5319
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 21227718 (followed by the number sign) until Tuesday, May 22, 2007.
For further information
Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41 (0) 22 702 94 03, michael.ebsary@addaxpetroleum.com
Mr. Patrick Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Mr. Mac Penney, Press Relations, Tel.: (416) 934 80 11, mac.penney@cossette.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
Nigerian militants blow up 3 oil pipelines -group
Tue May 8, 2007 5:26am ET
By Estelle Shirbon
ABUJA, May 8 (Reuters) - Fighters from the rebel Movement for the Emancipation of the Niger Delta (MEND) destroyed three major oil pipelines in Nigeria's southern delta on Tuesday, the group said in an email statement.
The MEND said the Italian oil firm Agip's (ENI.MI: Quote, Profile , Research) Brass terminal, which normally exports about 200,000 barrels per day (bpd), had been affected by the attacks. Agip spokesmen could not immediately be reached.
Industry sources said they had detected oil spilling from pipelines feeding the terminal in two locations on the Brass river and expected Agip to shut down the facility or reduce throughput as a safety measure during clean-up and repairs.
The MEND, which demands local control of oil wealth in the impoverished delta, threatened to blow up more pipelines between now and May 29, when the outgoing Nigerian government is due to hand over power to its successor.
"Today ... at 0100 hours Nigerian time (0000 GMT), fighters of the Movement for the Emancipation of the Niger Delta attacked and destroyed three major pipelines in Bayelsa State of the Niger Delta," said the MEND's spokesman, who uses the pseudonym Jomo Gbomo.
"Two of these pipelines were within the territory of Akasa and the third in Brass. They reported an immediate power outage at the Agip Brass terminal on the destruction of the pipeline in Brass," he added. Continued...
© Reuters 2007. All Rights Reserved.
what happened to the FUN that was coming
did the Goal Posts move again
Spec YeeeeeeeeeHAW !!! Giddy Up !!!
Equator and Peak keep talking
By Iain Esau
London-listed Equator Exploration remains in talks with Nigeria's
Peak Petroleum Industries, its partner in OML 122 off Nigeria, over
outstanding cash calls.
In March, Equator said it was in talks with Peak about its failure to
pay $31 million of unpaid bills related to activities on the Bilabri
oil development.
Peak wholly owns OML 122 and, under the terms of its development deal
for the field off Nigeria, was due to pay 60% of costs after Equator
funded the full costs of the first two wells in the development
programme.
Two months ago, Equator gave Peak until 27 April – its first
extension - to pay the sum due but, with a resolution still awaited,
has now extended the deadline for negotiations to 7 May.
Equator said one option is for Peak to take a carried interest from
the AIM-listed player for the whole of the Bilabri project in which
case Equator would receive a higher portion of the future revenues.
Bilabri is being tapped via a BW Offshore-owned floating production,
storage and offloading vessel and is due on stream this year.
Meanwhile, Equator said it remains "in very active discussions with
an interested party, which may or may not lead to a transaction being
concluded".
----------------------------------------------------------------------
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30 April 2007 14:05 GMT | last updated: 30 April 2007 14:05 GMT
Thanks Oily - your posts and riddles are always welcome
How much longer - seems your Tuesday date slipped
sure looks Like a Match !!! - what was the EEL latest about News on or before May 7th - financing and new operations etc,
http://uk.finance.yahoo.com/q/bc?t=5d&s=EEL.L&l=on&z=m&q=l&c=erhe.ob
Sao Tome featured in this months Men's Journal
http://mensjournal.com/toc/index.html
anyone subscribe ??
MJ EXPEDITION
Surfing's Unknown Origins | pg. 192
It's conventional wisdom that surfing originated in Hawaii. But did the sport also arise independently on a remote African island? A pioneering journey in search of lost waves. BY DANIEL DUANE
Press Release : Addax Petroleum Corp
Addax Petroleum announces successful syndication and increase to senior debt facility
Monday April 30, 7:46 am ET
Facility increased to $1.6 billion
CALGARY, April 30 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC - News) announces today the successful syndication of its previously announced 5-year senior secured reducing revolving debt facility. Due to the high level of interest from participating financial institutions and continuing growth of Addax Petroleum, the facility size was increased from $1.5 billion to $1.6 billion. The syndicate was led by BNP Paribas, Natixis and Standard Chartered Bank and consists of 25 international financial institutions.
Commenting on this successful syndication, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "We are pleased with the confidence that the banking community has shown in our business and future prospects. By increasing the loan size and syndicating to such a large group, we are delighted to see the broad level of support for our company within the banking community".
First Quarter 2007 Financial Results
Addax Petroleum is planning on announcing the financial results for the quarter ended March 31, 2007 prior to TSX market open on May 8, 2007.
Except as otherwise indicated, references to "$" and to "dollars" refer to the currency of the United States of America.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on West Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 bbl/d for 1998 to an average of approximately 108,000 bbl/d for the fourth quarter of 2006. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Legal Notice - Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook" or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, and environmental matters. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
For further information
please contact: Addax Petroleum: Mr. Patrick Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, craig.kelly@addaxpetroleum.com
Mr. Mac Penney, Press Relations, Tel.: (416) 934-8011, mac.penney@cossette.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41 (0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
--------------------------------------------------------------------------------
Source: Addax Petroleum Corporation
Electick - Deal or No Deal
http://ragingbull.quote.com/mboard/boards.cgi?board=ERHE&read=103055
Dont agree - we haven't seen this kind of price action sub $.40 since Feb./Jan + plus all the strange trading combined with the all "CLEAN" signal + and SFREED is my hero
Dont think the suitors want to wait till drilling to place their bids
lets wait n see
Homeport I asked Dan Keeney if any news was pending Friday and there was none...perhaps our quarterly report soon....
so the rise in SP on Friday was solely due to a group who felt the pps was low enough for entry. ODD the strange trading over the past 20 days as we have all witnessed - with an increase of VOL and multiple larger block trades going thru.
That said ....
BayTownOil
SFreed
Oilphant
all said the fun was about to begin. Hmmmm
We heard a top legal firm gave us the all clear re. DoJ
a Buyin has been a constant rumour for a while
another rumor of us securing our own OIL producing property?
we know our assets are WAY undervalued
could be nothing or could be everything
IMHO - a suitor is coming to take his piece of our pie and SEO has agreed to finally move on or sell a majority interest
that is the only logical explaination for a lack of CEO/CFO in all this time as the new company will implement their own crew to steer us.
so .... ADD IT UP >>>>>
IMO looking for $2+ short term !!!
and we'd still be undervalued
we are finally starting to move with ADDAX now $42
http://www.addaxpetroleum.com/operations/jdz