Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
147,000k SELL + 100k + 47k cross
havn't seen that in a bit
I just remembered there are 710 MM Shares O/S
never mind
more 1000 / 1500 & 5k share trades hitting bid very odd
HILL is Parked on Bid for last couple days
small accumulation but no real aggression
NEWS !!! New Wave Media Announces Corporate Update and Uplisting Application
New Wave Media Announces Corporate Update and Uplisting Application
TORONTO, April 12, 2007 /PRNewswire-FirstCall via COMTEX/ -- New Wave Media Inc
-NWWV- is pleased to announce WagerPhone Inc. corporate updates on business
developments and decision on filing an application for Uplisting to NASDAQ
Bulletin board (OTCBB).
Wagerphone management headed by Marc Askenasi and his software implementation
team has been in South America for the last while and will be returning later in
the month and will schedule a conference call to update shareholders on upcoming
launches and joint ventures to be announced imminently. Wagerphone through its
joint ventures with Great Pacific Investments (GPI) and Kiro Corp S.A. (KIRO)
announced Jan 17,2007 have been working extremely hard and fast securing
strategic launch partners of its lottery platform products throughout Latin
America.
New Wave Media Inc has completed all its audits that include outstanding quarters
and annual for 2006 and will be filing within the next 3 weeks. Our attorneys and
advisors have decided to seek an appropriate market maker to aid and assist in
the upgrade of our listing with an application to the OTCBB. This process will
include filing documents which our attorneys are in the middle of now and will
complete within 30 days in which time we will select a market maker to aid in
this filing.
Armando Russo states "Marc and his team are working extremely hard and have some
exciting news for us to update our shareholders shortly. Our decision to make an
application to the OTCBB is the perfect time as our lottery platforms will be
generating revenue in 3rd Quarter if not sooner this year. This management team
we have put together is second to none and I'm sure our shareholders will see the
value of a great management team in a start up company like this. The market
place for our company is massive and we are fast becoming a known innovator and
leading technology player within it."
WP is focused on providing National and State Lotteries with a number of quick
and convenient methods to purchase lottery tickets and scratch cards via the
utilization of SMS, J2ME, Brew, WAP, Interactive Voice Recognition (IVR), and
Online technologies.
New Wave Mobile currently has 137,000,000 restricted and 117,000,000 free trading
shares for a total of 254,000,000 and the transfer agent is transfer Online of
Portland Oregon. Total authorized is 260,000,000 shares.
The company currently is not seeking any additional financing and also states
there is no convertible debt or any financing instruments outstanding at this
time.
This press release contains 'forward looking' statements within the meaning of
Section 21A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934 as amended, and are subject to the safe harbors
created thereby. Such statements involve certain risks and uncertainties
associated with an emerging company. Actual results could differ materially from
those projected in the forward-looking statements as a result of risk factors
discussed in New Wave Mobile reports that will be on file with the US Securities
and Exchange Commission.
http://www.wagerphone.com
SOURCE New Wave Media Inc.
Dennis Burns, (419) 951-4842
http://www.prnewswire.com
Copyright (C) 2007 PR Newswire. All rights reserved
Addax Petroleum announces Gabon acquisition
Tuesday April 10, 7:03 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
50 per cent interest and operator of Epaemeno license area, adjacent to existing operations
CALGARY, April 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 announced that it has entered into an agreement to acquire a 50 per cent interest in the Epaemeno license area from BowLeven plc ("BowLeven") who retains a 50 per cent interest.
Addax Petroleum will become operator of the Epaemeno license area which is immediately north of the Corporation's Maghena and Awoun license areas, onshore Gabon. The acquisition is subject to the consent of the Government of Gabon.
ADVERTISEMENT
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "The addition of the Epaemeno license area to our exploration portfolio in Gabon is in line with our strategy of building out from our existing properties and operating infrastructure. We are delighted to partner with BowLeven and, as the intended operator of Epaemeno, believe that exploration activity can be integrated effectively with our ongoing development and exploration activities in Gabon."
Under the terms of the acquisition, Addax Petroleum, in return for a 50 per cent interest in the Epaemeno license area, is obligated to pay the first US$10 million of BowLeven's share of exploration costs and, in the event a commercial development, the first US$8 million of BowLeven's share of development costs.
The Epaemeno license area covers approximately 331,100 acres (gross) and lies immediately north of the Maghena and Awoun license areas, onshore Gabon. Addax Petroleum holds a 92.5 per cent interest in the Maghena license area and a 40 per cent interest in the Awoun license area. The Maghena license area is operated by Addax Petroleum and contains the producing Tsiengui oil field. The Epaemeno license area production sharing agreement was awarded in late 2004. Limited exploration activity by previous companies has taken place on the Epaemeno license area including drilling of four unsuccessful wells between 1976 and 1991 and the acquisition of approximately 1,000 kilometres of 2D seismic data.
Work is currently being undertaken to re-process and re-interpret the 2D seismic data ahead of further seismic acquisition and/or exploration drilling.
About Addax Petroleum
Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on 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
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.: +1 (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
Echo that - the simple fact that the co. took the time and legal EXPENSE to change the corp. name and call in the old certs means they have something to say and probably didn't want to say it not having control of the shares
NOW they have control back and can account for the shares ...
Now they can speak / promote / release news / hype whatever and have a much better chance of success
hmmm doesn't everyone love an exciting story ??? http://www.wagerphone.com/ WOW !!!
hmmm isn't NWWV overdue for news ???
hmmm doesn't everyone LOVE a penny stock that runs
get ready ...
a Friend at Ameritrade still couldn't place Buy order on-line or by calling in
I think there are still 2-3 brokers who have not complied by giving up old certs
hearing there will be no deal for them this time
so they must buy back at some point - hopefully the tsfr agent will enforce this
should be fun
Thin to run to $.025
Addax / ORYX site updated
http://www.addax-oryx.com/uk/index.html
Upstream by Barry Morgan -- Nervous nation looking ahead to make-or-break elections this month
A total of 61 million registered Nigerian voters will head for the polls on 14 April to elect new state governors, kicking off a process in which every level of elected representation must face the ballot, with President Olusegun Obasanjo finally stepping down on 29 May, writes Barry Morgan.
If Vice President Atiku Abubakar does not vie for the top job, the election looks like a two-horse race between the ruling Peoples Democratic Party (PDP) candidate of Katsina State Governor Umaru Yar'Adua and former military head of state Muhammadu Buhari for the All Nigeria Peoples Party.
Abubakar faces disqualification if the courts back the Independent National Electoral Commission (INEC) decision to bar him on the basis of earlier accusations of corruption by the Economic&Financial Crimes Commission, headed by Mallam Nuhu Ribadu.
Presidential polls set for 21 April should technically have been delayed "until a convenient date" upon the death last week of former Ondo State Governor and Alliance for Democracy candidate Adebayo Adeferati, but INEC opted instead to maintain the timetable and let his party choose an alternative contender.
As polls loom, increasing numbers of wealthier Nigerians are jumping ship to avoid possible unrest, mostly to the UK if they can afford it. London estate agents testify to a boom in rented apartments from Nigerian families seeking to lie low until a new president is sworn in.
A backlash is expected if Abuja proceeds against indicted governors ahead of the transition, with armed political thugs instigating violence that could yet mar polls and provide the regime with an excuse to declare a state of emergency.
Local reports indicate Abuja has already sounded out foreign governments about extraditing elected officials who try to flee moves to arrest them in Nigeria.
Disaffection has spread beyond the oilpatch with critics asking why the regime has released ethnic Yoruba militant leaders but kept Ijaw and Igbo radicals behind bars. Clamour is mounting for the release of Niger Delta Peoples Volunteer Force supremo Alhaji Dokubu Asari and Movement for the Actualisation of the Sovereign State of Biafra (Massob) leader Chief Ralph Uwarzuruike.
The PDP has intensified its campaign in the Igbo states in a bid to shore up support in the hinterland, where disaffection is strongest, especially among supporters of Biafran War leader Chief Chukwuemeka Odumegwu Ojukwu, who heads up yet another opposition party.
Few would dispute Ribadu's assertion last weekend that "corruption is the biggest national emergency that (Nigeria) faces today", overshadowing demands for resource control and the rehabilitation of marginalised communities.
"We run the risk of destroying our democracy and economy as indeed it has come down to our community life: go and see how politicians buy party officials, the police and even the Electoral Commission," he said.
Referring to the state governors, Ribadu blasted their misuse of constitutional immunity from prosecution. "If you allow this for another four years we are done for. If you know how much they are sharing you will pity this country," he said.
He added that corruption was at the root of the crisis in the Niger Delta, which if left unchecked could degenerate into a civil war similar to that experienced in Liberia and Sierra Leone.
Meanwhile, foreign companies are streaming out of the oilpatch Wilbros left after sustaining an operational loss last year of $85 million leaving ill-equipped indigenous contractors to pick up the slack, according to Port Harcourt Chamber of Commerce Oil&Gas Group chairman Lucky Akhiwu.
"At the moment, for the expatriates having to stay and work in the delta, it is at a heavy risk and cost to their employers... militants are bringing the economy of the region to its knees," Akhiwu told local media.
All of this is a boost for for security advsers such as ArmorGroup and Erinys. Control Risks now has about 85 people in the Niger Delta working for oil company clients.
Energy Minister Edmund Daukoru conservatively put the nation's revenue loss since unrest began in the delta eight years ago at $7 billion, acknowledging that $10 billion worth of annual investment was at stake if the crisis was left to escalate.
Last week saw yet more abductions of foreign oil workers a Briton and a Dutchsecurity manager in separate incidents while the Petroleum&Natural Gas Senior Staff Association (Pengassan) deplored the employment crunch the crisis was causing, adding that several members had been killed and kidnapped in recent months.
A few well-publicised arrests are made and some arms are recovered, but the overwhelming impression of the industry is one of government helplessness in the face of unrestrained criminal elements.
--------------------------------------------------------------------------------
04 April 2007 23:01 GMT | last updated: 04 April 2007 23:01 GMT
OT - all should sign up at TheCapitalReport.com
as we wait & wait for ERHC to prosper I discovered a
penny promoter with major results ... and trust me I have seen many a promoter over 15 years.
current play RCAU 350% up in 7 days
last play 100% in 2 days
previous 400% in 2 weeks
previous 550% in 2-3 weeks
more $Capitol for us = more ERHE shares
roll the dice
and perhaps some last minute short covering offers to those greedy MMs
IMO co. is waiting to get confirmation of all transferred certs prior to releasing news.
I feel bad for those firms not complying
they will be buying / converting much at much higher levels
OT - Exxon, Aramco, China venture costs rise to $5 bln
BEIJING, March 30 (Reuters) - Saudi Aramco and U.S. giant ExxonMobil Corp.'s first big Chinese downstream oil venture has grown to $5 billion, much more than planned, the firms said on Friday as they closed the books on 12 years of talks.
When the venture with top refiner Sinopec Corp.(0386.HK: Quote, Profile , Research) was initially agreed in 2005, estimated investment for the refining and petrochemicals units in southeastern Fujian was $3.5 billion.
Since then, the partners have added a marketing venture with 750 filling stations and a network of terminals, while refinery costs have risen worldwide because of a tight contractor market and escalating prices for raw materials.
Speaking after a ceremony to commemorate final approval of the deal, Sinopec Corp.'s President Wang Tianpu told Reuters the cost difference was due entirely to the retail and wholesale operation. Aramco and Exxon Mobil declined immediate comment.
The deal is a coup for Exxon Mobil (XOM.N: Quote, Profile , Research), the world's biggest publicly traded firm, which gets a rare and coveted foothold in the second-largest oil market.
It also gives the top oil exporter Saudi Arabia a guaranteed customer for its future output.
But it may also mark the end of an era of cooperation with major Western oil companies and clear preference for deals with major resource nations, leaving firms without any downstream ties like Chevron (CVX.N: Quote, Profile , Research) or ConocoPhillips (COP.N: Quote, Profile , Research) in the cold.
"This (deal) was one of the few survivors from China's previous round of foreign cooperation," said Yan Kefeng, of Cambridge Energy Research Associates (CERA).
"The message is very clear now: new JVs will be geared towards such resource players like Venezuela, Russia, Kuwait."
China, an oil exporter 15 years ago, is increasingly anxious about its dependence on imports, now near the halfway point. Saudi Arabia supplies about 16 percent of its imported crude.
Last year it pledged a host of deals with Russian firms. Earlier this week Venezuela, which hopes eventually to sell more than 1 million barrels a day to China, agreed to open its oilfields to Chinese investment and to help build new refineries.
CHINA DOMINANCE IN FUEL MARKETING
Despite a flurry of interest in the 1990s, oil majors have also been slow to move in due to China's tight hold on domestic fuel distribution and retail prices.
The Fujian sales venture was only finally agreed after new rules opened the sector to foreign competition from 2007, Exxon Mobil's China head P.C. Tan told Reuters last week.
The changes were part of commitments China made when it joined the World Trade Organisation in 2001.
Sinopec's dominance is evident in its 55 percent stake in the Fujian sales firm. Exxon and Aramco each holds 25 percent of the refinery and petrochemical projects but a smaller 22.5 percent each in the marketing venture.
And Sinopec has called off talks with Exxon for joint fuel distribution in Guangdong, China's wealthiest province despite a preliminary alliance agreed in 2000 when Exxon bought into Sinopec's IPO.
Exxon sold its 3.7 percent stake in Sinopec in early 2005.
"There is no further plan for another joint venture with Exxon. The Guangdong venture has been called off," Sinopec Chairman Chen Tonghai told Reuters at the ceremony.
But he said talks were ongoing for a second joint venture refinery in eastern China's Shandong province with Aramco, exepcted to get about 25 percent stake in the 200,000 bpd plant.
The Fujian project will upgrade and triple the capacity of the existing Fujian oil refinery to 240,000 barrels per day (bpd) and build a facility to unload supertankers. It is due to start production in early 2009, processing primarily sour Arabian crude, a joint statement by the three companies said.
They will also build an 800,000 tonnes per year (tpy) ethylene cracker and associated chemical units.
ERHC Link .. Still there.. http://www.addaxpetroleum.com/operations/jdz
even Ken Ley would serve us better than who we got now
$0.35 trade YAHHHHHHOOOOOooooooo
Electick, any update on the potential suitors - still on track? [anyone out there interested in us ????]
Red, knowing CVX we wont hear the results till next April
But would much rather have Addax in there
Walldog, had a great point a while back that the sealed DoJ case has eroded several million dollars in market cap from us ..
what is the time frame an investigation can drag out with any news / updates either way - its coming up to a year and the wife is getting pissed that our PPS is sucking wind
EEZ blocks recall ERHC kept their 2x100% blocks in the EEZ since inception of the treaty. They have never been waived.
When ERHCs rights were renegotiated in 2001 and 2003 ERHC kept those 2 picks and they remained unchanged.
Their % of STPetro and JDZ rights were changed
So someone over there thinks they are valuable.
it will be interesting to see if STP once the blocks are divided up and set up [ I believe in May ] that ERHC et. all are given their blocks PRIOR to any official round launch
it would make sense so not to cloud the round
will also SOFTEN the BLOW of Signature Bonues or lack there of
since none are to be paid
recall the uproar from the JDZ of just several million missing from the STP coffers
now is the potential with 2x100% blocks with out Sig Bonuses for over $100 million !!!
sorry STP - but you will get it all back 10 fold in time
Hearing lots of news next few weeks and looking for
a 10x bagger to $0.20 on this one !!!
fingers crossed
look for big news next week and the week after
our time has come
he obviously was not bothered by the DoJ BS
I am under the impression the 2 positions will be filled when the new suitor steps in - is the only logical explanation
8 months without a CEO or CFO. Either:
a. We don't need anyone right now. [wrong]
b. We won't be needing anyone at all. [wrong]
c. We can't find the right people for the jobs. [perhaps but not in 8 months - we can attract Oil leaders like JB but not a President? out of 100's of potential candatites]
d. No one is willing to take the job. [Totally Wrong]
Any other options?
Agree - Good times to come !!!
We have a product that will have growing demand for years and years.
Oil $prices are only rising as supply declines and demand keeps rising. NOTE the planet may go to 9 Billion people in the next 30 years - keeps more pressure on OIL demand.
We are in the hottest zone - with major proven fields
We have strong partners
We have the connections to get more
We have a successful Oil man in JB
Potential new Nigerian assets to come
STP round later this year
Buy_In factor still exists
New CEO/CFO will arrive with new suitors or on their own
DoJ will vanish eventually
Confidence will be restored
We have ample $cash on hand
This low VOL says not to worry
We will run again
Buy Low - Sell Much Higher
Texas UBSS has been the leader up and down last few months mostly down - held support at $.40 for several months - lately more on the ASK
NITE led the rallys up in 2005, 2006
not enough action either way to make a major statement
Rig deal clears way in the JDZ
By Upstream staff
China's Sinopec has struck a deal to charter the Aban Abraham drillship for a multi-well debut exploration campaign in the deep-water joint development zone between Nigeria and Sao Tome&Principe, writes Iain Esau.
Sinopec and Geneva-based Addax Petroleum, one of its partners in Block 2, secured the rig and expect to take on the Aban Offshore-owned drillship in the second half of 2008.
Initially, one wildcat will be drilled in Block 2, said minority partner Equator Exploration. However, up to nine further wells could be drilled across blocks that Addax and Sinopec operate.
The agreement covers five firm wells and five optional probes.
The estimated duration of the contract is 300 days for the firm wells, which could increase to 600 days if the optional wells are declared.
The drillship has been chartered for a maximum of $410,000 per day.
The drillship is owned by India-listed Aban Offshore and is currently undergoing extensive refurbishment and modification at Sembawang Shipyard in Singapore.
The upgraded vessel will be designed to drill in water depths of up to 2100 metres.
Before the Sinopec/Addax contract begins, the unit will be deployed by Kosmos Energy and Pioneer Natural Resources on an extensive West African drilling programme.
--------------------------------------------------------------------------------
16 March 2007 00:01 GMT | last updated: 16 March 2007 00:01 GMT
we all know it is irrelevant till drilling
does make for exciting speculation BUT
considerding the source - ?
OT Interesting the #1 opposer today to Al Gore
was JOE BARTON: CAREER PROFILE (SINCE 1989)
Top Contributors
1 Anadarko Petroleum $111,700
2 TXU Corp $89,950
3 Lockheed Martin $86,450
4 Burlington Northern Santa Fe Corp $84,061
5 National Cable & Telecommunications Assn $83,849
6 AT&T Inc $79,559
7 National Auto Dealers Assn $72,600
8 National Assn of Realtors $68,550
9 BP $60,350
10 Lyondell Chemical $55,250
11 Textron Inc $52,900
12 American Medical Assn $51,817
13 National Assn of Broadcasters $49,550
14 United Parcel Service $49,390
15 Comcast Corp $49,000
16 National Rifle Assn $48,898
17 Texas Industries $48,750
18 American Institute of CPAs $48,499
19 National Assn of Home Builders $47,800
20 Exxon Mobil $43,750
Q: will SEO's name show up on the EFCC list?
Cant wait for OILY's big news tomorrow LOL
The market was heavily frontrunning the big chatter
regardless we need some news to reverse gravity here
ERHC is a major KEY to their future success
Addax Petroleum announces 2006 results
Wednesday March 21, 7:29 am ET
Funds Flow From Operations increases by 77 per cent
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
TORONTO, March 21 /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 year ended December 31, 2006. 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 Audited Consolidated Financial Statements for the year ended December 31, 2006 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: "I am delighted to report that Addax Petroleum's first year as a publicly-traded company has also been our most successful year, both operationally and financially. Addax Petroleum's business in Nigeria, our core area of operations at the time of our initial public offering in February 2006, performed above expectations and has been the key contributor to our record 2006 results. 2006 was also a year of successful expansion of Addax Petroleum's business; we established a significant position in the Gulf of Guinea deep water, diversified our production and reserves base into Gabon through the acquisition of Pan-Ocean and demonstrated the considerable potential of the Kurdistan Region of Iraq through testing of the Taq Taq field. I believe that the performance of all of our business units in 2006 has delivered, and will continue to deliver, value for Addax Petroleum and our shareholders."
Selected Financial Highlights
<<
- Petroleum sales before royalties in 2006 amounted to $2,029 million,
an increase of 66 per cent over petroleum sales before royalties of
$1,219 million in 2005. Petroleum sales before royalties contribution
from the acquired business of Pan-Ocean Energy Corporation Limited
("Pan-Ocean") was $74 million, representing less than 4 per cent of
the year's sales. An increase of 20 per cent in average crude oil
sales price to $63.40 per barrel (/bbl) as compared to $52.85/bbl
realized in 2005 contributed significantly to the year on year growth
in petroleum sales before royalties.
- Net income in 2006 was $243 million ($1.70 per share), an increase of
18 per cent over net income of $206 million ($1.76 per share) in the
previous fiscal year.
- Funds Flow From Operations for 2006 increased 77 per cent to
$829 million ($5.80 per share) compared to $468 million ($4.00 per
share) in 2005.
- Consideration for the acquisition of the petroleum properties,
including license signature and farm-in fees, in 2006 amounted to
$1,740 million including a cash consideration of $1,441 million to
acquire the business of Pan-Ocean on September 7th, 2006.
- During 2006, the Corporation completed two public offerings of its
common shares which in aggregate realized net proceeds of
$665 million for the Corporation. The two public offerings were (a)
the initial public offering followed by the TSX listing of common
shares in February and (b) a follow-on issue of subscription receipts
in August, subsequently converted into common shares, in connection
with the funding of the acquisition of Pan-Ocean.
- Bank debt increased in 2006 by $750 million to $830 million in
connection with the funding of the acquisition of Pan-Ocean.
Presently, the bank debt is drawn under a 5-year, $1.5 billion
facility.
The following table summarizes the selected financial highlights.
-------------------------------------------------------------------------
Selected financial highlights Year ended/
as at December 31
$ million unless otherwise stated 2006 2005 Change
-------------------------------------------------------------------------
Petroleum sales before royalties 2,029 1,219 66%
Average crude oil sales price, $/bbl 63.40 52.85 20%
Net income 243 206 18%
Earnings per share, $/share 1.70 1.76 (3%)
Average shares outstanding 143 117 22%
(basic & diluted), million
Funds Flow From Operations 829 468 77%
Funds Flow From Operations per share, $/share 5.80 4.00 45%
Property, plant & equipment 2,083 487 328%
Total assets 2,978 867 244%
Long-term debt 830 80 938%
Shareholders' equity 1,168 298 292%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Selected New Business Highlights
- During 2006, Addax Petroleum concluded a number of strategic
acquisitions which have established a considerable exploration
presence in the Gulf of Guinea deep water play, expanded the Gulf of
Guinea shallow water position in Nigeria, established Addax Petroleum
as a significant developer and producer in Gabon and increased and
extended participation in the Taq Taq property in the Kurdistan
Region of Iraq.
- New business highlights in 2006 include:
Gulf of Guinea Deep Water
- acquisition of various working interests in Blocks 2, 3 and 4 of
the Joint Development Zone ("JDZ"), an offshore area operated
under treaty between Nigeria and Sao Tome and Principe, and in
OPL291, offshore Nigeria. The Corporation operates JDZ Block 4
and OPL291 and holds a net acreage position of 360,900 acres in
the Gulf of Guinea deep water.
Gulf of Guinea Shallow Water
- acquisition of a 40 per cent participating interest in the Okwok
property, offshore Nigeria and close to OML123, the Corporation's
largest producing property. Addax Petroleum is Technical Adviser
for the Okwok property. Appraisal drilling during the second half
of the year added working interest gross proved plus probable
reserves as at December 31, 2006 of 9 MMbbl at Okwok.
Gabon
- acquisition of the business of Pan-Ocean, a TSX listed company,
positioned the Corporation as a significant, growth-oriented
company in Gabon. The acquired portfolio combines existing
production with large development potential and considerable
exploration upside in both operated and non-operated properties.
As at December 31, 2006, the Corporation's working interest gross
proved plus probable reserves in Gabon were estimated to be 98
MMbbl.
Kurdistan Region of Iraq
- in November, the Taq Taq production sharing agreement was amended
to reflect revised terms and an increase in Addax Petroleum's
effective interest to 36 per cent in the Taq Taq field and an
extension of the Taq Taq license to include a potentially large
undrilled exploration prospect, Kewa Chirmila. As at
December 31, 2006, the Corporations's gross working interest
proved plus probable reserves in Taq Taq were estimated to be 40
MMbbl.
Selected Operational Highlights
- Average working interest gross oil production in 2006 was 90,050
barrels per day (bbl/d) an increase of 38 per cent over 2005 average
production of 65,280 bbl/d. Production contribution from Pan-Ocean,
which was acquired in September, 2006, was 3,750 bbl/d, or 4 per cent
of the annual average.
- Working interest gross proved plus probable reserves, as estimated by
Netherland, Sewell & Associates, in accordance with NI 51-101,
increased 80 per cent to 354 MMbbl as at December 31, 2006 from
197 MMbbl as at December 31, 2005.
- Capital expenditures increased by 109% to $773 million in 2006 from
$370 million in 2005, excluding acquisition considerations, farm-in
fees and license signature fees. Development capital expenditures
totaled $573 million in 2006, an increase of 65 per cent over 2005
development capital expenditure of $348 million. Exploration and
appraisal capital expenditures increased to $200 million in 2006 from
$22 million in 2005.
- Development project highlights in 2006 include:
Nigeria
- conversion of Oil Prospecting License OPL90 to Oil Mining License
OML126
- the start-up of the first development well on the Nda field on
OML126 within six months of approval by the Nigerian authorities
of its field development plan;
- safe and successful change-out of the OML123 FPSO whereby the
Knock Taggart FPSO was replaced by the larger Knock Adoon FPSO;
- bringing on-stream of 13 additional development wells, 7 in
OML123 and 6 in OML126; and
- ongoing surface facilities development at the Oron and Adanga
fields on OML123.
Gabon (since September 7th)
- commissioning of the Addax Petroleum-operated onshore production
and export pipeline system from its Maghena property;
- bringing on-stream of two horizontal development wells on the
onshore Tsiengui and Obangue fields; and
- ongoing installation and commissioning work offshore on the non-
operated Avouma field, which commenced production in early 2007.
- Exploration and appraisal activity and highlights in 2006 include:
Gulf of Guinea Shallow Water (Nigeria and Cameroon)
- 3D seismic acquisition, processing and interpretation on OPL225,
offshore Nigeria and Ngosso, offshore Cameroon, preceding
expected exploration drilling in 2007;
- a four well exploration and appraisal campaign on the Okwok field
all of which encountered oil and tested at oil rates up to 1,220
bbl/d. Two of the wells drilled were suspended as potential
future oil producers;
- an additional three exploration wells were drilled, one on
OML123, which encountered significant gas columns but no oil, and
two on OML126, which were unsuccessful;
Gulf of Guinea Deep Water (Nigeria and JDZ)
- building an expert in-house sub-surface interpretation and
drilling technical team following the establishment of our Gulf
of Guinea deep water position in JDZ Blocks 2, 3 and 4 and OPL291
offshore Nigeria. Subsequently, in March 2007, the Corporation
contracted the services of a deep water drillship to commence
drilling in mid-2008;
Kurdistan Region of Iraq
- drilled and tested the first new well on the Taq Taq field,
TT-04, and commenced drilling of the second new well, TT-05. The
TT-04 well tested at an aggregate flow rate of 29,790 bbl/d from
three separate zones;
- Operating netbacks in 2006 increased 20 per cent to $44.97/bbl
compared to $37.43/bbl in 2005. Unit operating expenses increased
slightly to $6.33/bbl, an increase of less than 1 per cent over the
2005 level of $6.29/bbl.
The following table summarizes selected operational information
-------------------------------------------------------------------------
Selected operational results Year ended/
as at December 31
2006 2005 Change
-------------------------------------------------------------------------
Annual average working interest
gross oil production (bbl/d)
Nigeria (offshore) 82,460 61,790 33%
Nigeria (onshore) 3,840 3,490 10%
Gabon (offshore) 1,650 - -
Gabon (onshore) 2,100 - -
Total 90,050 65,280 38%
Prices, expenses and netbacks ($/bbl)
Average realized price 63.40 52.85 20%
Operating expense 6.33 6.29 1%
Operating netback 44.97 37.43 20%
Working interest gross oil reserves (MMbbl)
Proved 182 109 67%
Proved plus Probable 354 197 80%
Proved plus Probable plus Possible 480 279 72%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>
Dividend
For information purposes, the Corporation declared and paid aggregate dividends in 2006 of CDN$0.10 per share. 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
In February, 2007 the Corporation completed the drilling and flow testing of the TT-05 well on the Taq Taq field in the Kurdistan Region of Iraq. The TT-05 well tested at an aggregate oil rate of 26,550 bbl/d from two separate zones. In March 2007, the Corporation together with Sinopec entered into an agreement with Aban Offshore Limited for the provision of a deep water drillship to start drilling as early as the second quarter of 2008 on JDZ Block 4 and OPL291 where the Corporation is the operator and JDZ Block 2 where Sinopec is the operator.
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.
Electic whats your GUESS on time frames
now with Drilling not till mid 2008 for Addax and best guess early 2008 for APC SEO may have some more time to Squeeze our potential suitors for more $$$$$$
your thoughts
Naked Shorting Special ...
Thanks Art Great News and Great DD
Nice- Addax does expect to find a few 200 million barrel fields in the JDZ and Opl 291 but they would be plesantly surprised to find any one Elephant Field of between 500 million and one billion barrels.
Full Steam Ahead with the JDA/JMC Thx
Everyone seems to be gearing up !!!
you forgot news of STP EEZ Round and potential new ERHC assets
I am betting on the buyin - now with a RIG on the way the coals under the feet of our suitors are heating up
Sorry Nick
If nothing else look at our Addax partner. Giving us Big $$$ and a free carry, now comitting a RIG of HUGE Expense and risk exposure to drill our blocks
anyone know ADDAX's drill success %
80% +
Buy low - hold maybe - sell much higher
OT - When Halliburton Co. said it would move its corporate headquarters to Dubai, the nation's biggest oil field service company was acknowledging a major structural shift taking place in the global energy market.
Why Dubai? Because the city, a growing hub for Western business and investments sandwiched between Saudi Arabia and Oman, is surrounded by the world's biggest proven oil reserves.
And the need to spend more time tending to the needs of the region's biggest producers is a now a pressing part of the business for Halliburton and others in the industry.
The region's vast reserves are also spurring an investment wave from big oil and gas users, such as Dow Chemical Co.
"The Middle East, in terms of reserves and production capacity, is becoming the center of gravity for the industry," said Peter Jackson, senior director of oil industry activity at the Cambridge Energy Research Associates (CERA).
"The focus of expansion in production capacity is moving eastward from the homeland of Houston," Jackson said. In Halliburton's case, the deployment of key staff to the Middle East amounts to a "shift in emphasis perhaps more than a shift in personnel."
On Sunday, Houston-based Halliburton said it would open a corporate headquarters office in Dubai, where its chief executive Dave Lesar will move in order to beef up customer relations with national oil companies. See earlier story.
The stakes are clear. Jackson, who authored CERA's study of global oil production through 2010, said the Middle East already accounts for 30 million barrels per day of crude oil and natural gas liquid production capacity -- a third of the world's capacity.
Global production capacity is seen rising to 110 million bpd by 2015, Jackson said, with the bulk of the gains coming from the Middle East and nearby regions in Africa and the Caspian Sea -- all located within time zones far closer to Dubai than Texas.
Meanwhile, production in the United States is in decline, dropping from about 7.2 million bpd in 2007 to 6.3 million bpd by 2015, Jackson said.
This trend can't be ignored by Halliburton (HAL : Halliburton
HAL32.19, +0.17, +0.5%) , which derived 50% of its oilfield service revenue last year in North America and only 38% from the Middle East, according to its 2006 earnings report.
Other U.S. companies in the oil service sector, including New York-based Schlumberger (SLB : Schlumberger Limited
have been aggressively building up overseas operations, boosting revenue abroad while a glut of natural gas has dampened drilling and slowed earnings at home.
"Halliburton has been seen as lagging some competitors because of overexposure to North America," said Brian Niemiec, a commodity and energy analyst at Susquehanna Financial Group. "Even though you'll get some kind of political backlash,
I think it's a fairly smart move."
By geographic region, North American revenue fell 4% to $1.6 billion in the fourth quarter from the third quarter.
Internationally, revenue rose 11%. See Halliburton earnings.
"With more international exposure going forward, Halliburton will get more growth out of the oil business rather than being bogged down by natural gas," said Niemiec. Such a move could also give Halliburton an edge over competitors like Schlumberger, he added.
Increasingly, the plum service contracts are coming from national oil companies, which are now looking far beyond their own borders for additional reserves.
While petroleum-poor nations like China and India are racing to secure supplies to fuel their booming economies, many of the big Middle East producers are leveraging their resources to build up downstream industries such as petrochemicals.
'Next Freeport, Texas'
The region's petrochemicals boom has also brought in investments from companies like Dow Chemical (lured by cheap raw materials and proximity to their Chinese manufacturing customers.
"Countries like Saudi Arabia, which are rich in resources, are providing incentives for various chemical companies to come in and invest in chemical infrastructure of their countries," said Mark Eramo, vice president of olefins and derivatives for Houston-based Chemical Markets Associates, Inc., or CMAI.
By 2011, the petrochemical industry will add an additional 35 million metric tons of capacity for its benchmark ethylene product -- and more than 50% of that additional capacity is under construction in the Middle East, says Eramo. Today, petrochemical factories can produce about 121 million metric tons of ethylene.
One attraction for chemicals companies is cheap ethane, a building block for chemicals that make plastics. Middle Eastern oil companies are capturing ethane from the natural gas that's produced alongside their crude oil operations. What sells for about 60 cents a gallon in North America, Saudi Arabia is selling for about 6 cents a gallon, says Eramo.
"The real incentive to being there is the low cost ability to produce the product," he said.
Dow Chemical is in the midst of negotiating over a proposed joint venture with Saudi Aramco, the world's largest holder of oil reserves, to make petrochemicals out of natural gas liquids.
Company executives say the complex, which would be added to a current refinery in the eastern Saudi province of Ras Tanura, could some day rival the petrochemical chemical capabilities of the U.S. Gulf coast.
"This site will become the Freeport, Texas of the emerging world," said Geoffery Merszei, Dow's chief financial officer, in February.
XOM70.87, -0.25, -0.4%) , which also has a chemicals division, is studying taking part in a $3 billion petrochemical complex in Qatar. Chevron Phillips Chemical Co., a joint venture between Chevron Corp.
OT just Heard Haliburton is moving their headquarters to Dubai - UAE
maybe they will be in the MPE Building
Well Put - Bravo
no delay when more drill results from 1,2,3,4 come back they will re launch and command a hefty Sig. bonus
STP will launch their first round later this year
so lots to look forward to