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My WAG is 10 million, with a 10% override, with tight timelines.
Its a pure political threat to negotiate lower tariffs. That is all.
Yes, I hope Peter makes millions. As i said they are trying to do their best given the market. You have had the same opportunities to buy all the shares you want. Realistic and definitely are not words available in the oil industry vocabulary.
All about the tariffs... ie Ugandan cost...
http://www.upstreamonline.com/live/1414422/kenya-must-address-ugandan-concerns
GOOD NEWS, otherwise theyd get their buttocks kicked...
http://www.kbc.co.ke/kenya-uganda-oil-pipeline-deal-still-on-course/
Subject to change but a proposed 100 for 1 split is the proposal, shareholders meeting Dec 15, 2015.
I feel a buy out coming. No other explanation for Peters buying.
I got offical notice today of a reverse split 100 to 1. Welcome to 12 cents a share.
COULD BE THE FINAL NAIL IN THE COFFERS HERE:
http://qz.com/526532/kenya-has-a-billion-barrels-of-oil-that-might-not-be-going-anywhere/
Clearly, $13,000 a month is a meaningful investment amount to send a clear message of hope and a possibly, a lucrative future for the company.
What has the direct buying of shares by SO and PN resulted in?
Getting you to notice he thinks the SP is undervalued and talk about it everyday ad nauseum.
Bad news for pipeline through Kenya possibly, the perfect storm.
http://www.mediamaxnetwork.co.ke/people-daily/172497/proposed-pipelines-pose-threat-to-kenya-oil-route/
also, sounds like Sao Tome all over again. Turkana has the lowest literacy rate of any county in Kenya: to build a competent labour force will take the county more than a little time
http://allafrica.com/stories/201510021413.html
http://timesofindia.indiatimes.com/business/india-business/BPCL-eyes-10-in-Kenya-oil-block/articleshow/49110803.cms
Call them Peter they are looking for oil!
Shares in Tullow Oil shot up on Thursday after the Anglo-Irish independent secured a key lending agreement. Great news for kenya and us!
Magically trading appears. Must be under cyber attack again.
Are we delisted? Split? I see no trades no quote?
last time I checked March 31st and end of the first quarter are the same thing... lol
Have a half dozen margaritas and post us in the morning.
Thats why most of us are here Oldoil. This may be a buying opportunity even though it seems extreme to buy at such low levels.. everything about ERHC is extreme. lol Certainly a waste of time complaining and selling.
huh? http://saharareporters.com/2015/09/03/how-president-jonathan-agf-adoke-awarded-chinese-oil-company-linked-emeka-offor-3b
How President Jonathan, AGF Adoke, Awarded Chinese Oil Company Linked To Emeka Offor $3b "Judgement Deal" Days Before Leaving Office
A few days before the end of his tenure, former President Goodluck Jonathan and the Attorney General of the Federation (AGF), Mohammed Bello Adoke, connived to award more than $3 billion in crude oil to a Chinese oil company linked to a controversial businessman, Emeka Offor, SaharaReporters has reliably learned.
Seems ERHC's problems are small in comparison with some others!
Once an ally, Offor turns into a liability for Addax
A multi-billion dollar, last minute agreement under the previous government could cause serious trouble for China’s Addax.
The matter would not have made any waves in the Nigerian press if it hadn't been for the fact that Addax's leading ally in Nigeria, Emeka Offor, who was close to the former government, was identified as the man who facilitated the record transaction
Here’s why.
no membership.
While most of Wall Street tends to agree that a full oil recovery could take years, many do agree that things should start to improve by next year and will be in far better shape by 2017. In a new report, Stifel takes a stand and advises investors to not wait for a perceived bottom in oil to start buying the top stocks in the sector.
Stifel makes the case that with non-OPEC production declining the most in 24 years, and demand expected to stay on the five-year average, the impetus is there for an oil price recovery. While they expect oil prices to stay range bound between $45 and $55 for up to 18 months, it is pointed out that large-cap exploration and production stocks tend to recover before oil prices do. In addition, the oil rig count is now down nearly as much as it was during the financial crisis.
The bottom line? The Stifel analysts feel that patient investors with a longer term view need to be buying stock now and not waiting for a perceived firm bottom to be in. It makes good sense, and prices may not get much better than they are now.
ok, That puts us at about 70 cents a share using 45 $ oil and only retaining 25% of 11A. Thats selling 10% now and assuming oil prices stay low... also assumes no expenses. It is possible for erhc to be at 20 cents next year 40 cents 2017 etc.. all with only Kenya as the bread winner. Not EEZ, Chad, JDZ.
200 million barrels would mean 2.25 billion in revenue eventually at only 25% ownership. Clearly there is hope.
Management has been in contact with Deerfield and intends to engage promptly in substantive discussions with Deerfield to modify the facility agreement, if possible, and avoid these technical defaults thereby permitting us to continue our operations. We cannot provide any assurance that Deerfield will agree to modify the facility agreement, whether any proposed modifications to the agreement would be on terms favorable, or acceptable, to us, or whether Deerfield will declare an event of default under the agreement and foreclose on our assets by enforcing their rights under the security agreement. If we cannot agree on modifications to the facility agreement, we may be required to cease operations or, alternatively, seek protection under federal bankruptcy statutes. Even if we can reach an agreement to modify the facility agreement in a manner that is acceptable to us, management believes that we will be required to identify additional sources of capital to continue our operations beyond December 31, 2015.
Thats the Kaboom I ve referring to. Our Estimates in 11 a alone are 635 million!!! sell 10 % of that and what do you have? DO THE MATH.
It was only AN EXAMPLE OF WHAT COULD happen. Seismic hasnt been out that long.
It was a wild ass guess, anything is possible, the KEY is the seismic and we are hearing 635 million barrels SO THAT is the sales pitch regardless of current oil prices, its enticing. This is CALLED HOPE its the key to the oil business, tools can only tell you so much. At least ERHC is still in business. There are always mergers-farm outs during low price down cycle. CEPSA is diverified and has wanted in Kenya for a long time. ERHC has pull many rabbits out of their hat, dont give up on them yet. We have no choice anyway.
BTW Stanford was a outstanding top notch investment company with very wealthy clients, with standard portfolios, exemplary reputation, its was the one investment, a so called CD that was manipulated. I think there was over 3000 people affected. It was never a guaranteed CD, thus the higher yield.
http://www.tmgof.or.tz/erhc-seeking-to-farm-down-additional-equity-in-onshore-kenya-block-11a/
So sell 10% for 20 million
How much money does ERHC need through the end of 2016 to survive.
What will a merger or buy out do for the company?
What will happen when oil is finally discovered?
Eye on the prize guys... we are still in the game as contorted as it may be
Kenya lock 11A:
The contracting parties plan to spud the first well at the Tarach-1 prospect by the end of the first quarter of 2016.
The Tarach-1 prospect is situated in the central part of the Tarach basin. It is a three-way structural closure trapping against a North - South trending normal fault.
ERHC holds a 35 percent interest in Block 11A.
The mean estimate of oil prospective unrisked resources for the prospect is 65 million barrels.
Mean unrisked prospective resources of all prospects and leads in Block 11A totals 645 million barrels.
This is a tough enviroment, which is beyond their control, just like Sinopec, CEPSA is very strong, this is good judgement by management to be with these partners. Could be worse. If 11 A is as good as we hope money will flow from Offor or someone, CEPSA may give terms even. What 645 million barrels at 40 with 35%? NINE BILLION!! boom 3 bucks a share.
Really SSC try to be a little hopeful, we are still in the game. Much better than not.
Good job Barksdale, let me know when it gets to 18 dollars a share so I can break even.
The governments of Kenya and Uganda have announced that they have agreed on the route to be taken by the crude oil pipeline that will transport oil from the Albertine and Lokichar basins. http://www.oilnewskenya.com/?p=3221
The announcement comes as Kenya’s president Uhuru Kenyatta continues his visit in Uganda where he has signed various bilateral treaties agreements with his Ugandan counterpart Yoweri Museveni.
According to an announcement by Kenyatta’s spokesman Manoah Esipisu the two leaders agreed subject to financing, security guarantees by Kenya, Hoima-Lokichar-Lamu oil pipeline starts as soon as possible.
The route decided favors the design submitted Tullow Oil and its partner Africa Oil starts from the Lokichar basin to Lamu .Three designs also had a start from Hoima including those by a consortium consisting of Tullow/Total/ CNOOC, while the rest are by Toyota Tsusho (Hoima-Manda Bay, Lamu)and Total (Hoima-Eldoret-Lamu/Mombasa).
The last design by Lapsset the development authority overseeing the Lamu Port Southern Sudan-Ethiopia Transport (LAPSSET) Corridor started from Juba in Southern Sudan through Lokichar and Moyale to the Lamu port.
“We are very pleased that the governments of Kenya and Uganda have agreed on the routing of the export pipeline and look forward to working with all stakeholders to move the joint oil development project forward,” says President and CEO of Africa Oil Keith Hill.
The announcement follows that by Uganda’s Ministry of Energy and Mineral Development that it had awarded United Kingdom’s Ramboll a contract to conduct an early-phase study for the “Hoima–Kampala Refined Petroleum Products Pipeline” in Uganda, East Africa.
The project concerns a proposed pipeline to be constructed to transport products of crude oil refinement from Uganda Oil Refinery in Hoima to a distribution terminal to be constructed in Buloba, app. 17 km west of Kampala with the total length of the pipeline/corridor is app. 210 km.
The 1300km pipeline is expected to take about three years to construct in time for production expected to commence in the year 2020 and will cost about $3 billion. It is expected that the pipeline could also serve Kenya and Uganda northern neighbor South Sudan which currently relies on Sudan for its exports amidst suspicions among the two states.
“The decision by the Governments of Uganda and Kenya with regard to the pipeline route will allow this significant project to move into a new technical and commercial phase,” said Tullow Oil CEO Aidan Heavey.
The pipeline could also service Ethiopia where oil exploration continues without luck despite similarities between Kenya’s Lokichar basin and various basins in the country
In May to Ministry of Energy and Petroleum principal secretary Joseph Njoroge said the search for the builder for the pipeline running from Uganda’s Hoima region through Lokichar in Turkana all the way to the Kenyan coast would commence in six month
Addax Petroleum Corporation (Addax) is an international oil and gas exploration and production company. It is a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec Group), an integrated energy and chemical company. Addax specializes in activities related to the exploration, development and production of oil and gas with focus on Africa, the Middle East and North Sea. Addax has operations in Nigeria, Gabon, Cameroon, and the Kurdistan Region of Iraq. It has working interest ranging from 12% to 100% in 870,000 net acres in Nigeria; 69,600 acres in Joint Development Zone (JDZ), 1,097,400 acres in Gabon; approximately 121,000 acres in Cameroon; nearly 235,100 acres in Iraq and North Sea. The company has service offices in Switzerland, the US and the UK. Addax is headquartered in Geneva, Switzerland.
http://www.fastmr.com/prod/1034867_addax_petroleum_corporation.aspx?afid=701
Still listing the JDZ
Chad,
Mercom Oil ( MMO ) ERHC Energy Joint Venture in Chad/Cameroon
Jul 24, 2015
U.S-based oil and gas exploration firm, ERHC Energy, it has retained the services of Deloitte Corporate Finance (DCF) to advise on the company’s oil assets in Kenya and Chad for possible joint ventures amid drop in global oil prices. One deal on the table apparently is a $5m joint venture with Mercom Oil a London listed investment company with assets in Chad. The deal rumoured to …
Mercom Oil ( MMO ) new investment in Chad after major Discovery,Chad Hopes To Triple Crude Output By 2015.
Jul 21, 2015
All is virtually set for Niger to begin exporting oil through Chad and Cameroon in 2015. This follows an agreement reached with Chad on the laying of a pipeline from Niger through its territory as a follow-up to an earlier accord with Cameroon for Niger crude oil to be exported at Kribi on the Atlantic coast through the current Chad-Cameroon pipeline run by COTCO. Making the
http://oilandgas.einnews.com/country/chad
The alternative was to shutdown the company 2 years ago! Would you have preferred that?
ERHC Energy Inc. Announces Formal Closure of All Government Probes
“Today’s announcement is the culmination of six long years of work aimed at protecting ERHC’s oil and gas interests and advancing the interests of our shareholders,” said ERHC President and CEO Peter Ntephe.
This attack was a SIX year battle that demolished the reputation of the stock.
Its amazing they even survived this attack, let alone the JDZ failure, Stanford failure, financial crisis. It has been one tough road for ERHC, we are overdue a break!