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maps of NEEZ
Thank you CobraJet. Got a lot of info from that site. Will keep me busy for awhile.
maps of NEEZ AND STPEEZ
for future reference, I would like to think about possible awards to erhe in these two zones. does anyone know of a map of these zones that shows where the blocks are, and also is there any seismic data available ?
no debt relief for Nigeria or Sao Tome:
imo the blogster made a good point today:
"The significance for ERHE investors of the decision not to grant debt relief to Nigeria and Sao Tome is that both those nations will have to be more focused on earning royalties from projects such as those in the Joint Development Zone. The fact that they won't get full debt relief, however, doesn't foreclose the possibility of some debt relief down the line. The decision also indicates the United States believes that Nigeria and Sao Tome are likely to prosper mightily in the future from their oil resources, and that, too, is good for ERHC Energy."
erhe like an option without an expiration date
does anyone agree with the idea that at this price erhe is priced like an option, an option on a company that could have over 1 billion barrels of reserves in a few years. since it is a stock, it has no expiration date, so you can afford to just wait for the ship to come in.
what are the possible consequences of a review of the recent awards ? could they possible reverse the awards ? I don't think so. what do you think ?
who's dumping shares ??
does anyone agree with this: Chrome Oil is dumping millions of shares in a slow, systematic bleed to drive the price down so they can buy them back cheaper and allow Nigerian politicians who couldn't buy before to get in at a cheap price. They don't have to report this to the SEC since they are not a US company.
rigzone article on block 4:
http://www.rigzone.com/news/article.asp?a_id=22958
the New Yorker article referenced above at
http://www.newyorker.com/printables/archive/030728fr_archive02
is a great read. I copied it to a word processor and went thru it word for word, highlighting important sentences. if you want to get away from the day to day noise of this situation and get a better perspective of what this is all about, this article is a must read.
the fact that xom has also said they will not participate in improving Nigeria's natural gas problems also points to a serious case of sour grapes.
I've been looking at the value of proved reserves for other companies today, eg Noble, which just had an annual meeting, and their proved reserves come out to about $7.30 per barrel with their market cap of 5.8 billion and a share price of around 65.00. stock price today is actually 75, so value per barrel is even more. I am trying to figure out what erhe will be worth in 3 years or so. Estimates of reserves of greater than 1-2 billion barrels would give a stock price well above 10.00. I know others have already done this kind of calculation. What I am trying to do is compare projections for what erhe might get out of jdz to what other companies like nbl actually have already proven. From all their wells all over the world, nbl only still has only a total of 795 mmboe proven reserves. So anything over 1 billion for erhe would make it a major company. Estimates as high as 2.2 billion barrels would put it way up there. Hopefully the estimate of 14.4 billion barrels in the jdz will not prove too overly optimistic.
my sentiments exactly
headline from upstreamonline:
Gulf of Guinea blocks awarded
31 May 2005 17:41 GMT
Sao Tome and Nigeria have awarded five offshore oil exploration licences, after a controversial five-month delay between the countries due to corruption accusations
Another influential African publication has carried the story. You have to register to read it, but registration is free.
http://www.petroleumafrica.com/WS/coverStory/read_cs.asp?ID=270
For companies waiting to hear if they were successful in their bidding for the five oil blocks put on offer by the Nigeria-Sao Tome and Principe Joint Development Authority, the wait may soon be over. According to an official from the JDA, winners of the five blocks will be announced before the end of the week.
The Joint Ministerial Council (JMC) of the JDA met in April and decided on the winners that had been approved by Nigerian President Olusegun Obasanjo and his counterpart Fradique Des Menezes of Sao Tome and Principe. According to the official, the winners are chosen based on competence and ability to operate in deep offshore waters.
ExxonMobil reserved its 25% options on two blocks among the five on offer in the 2004 bid round because it could not be given the operatorship of the blocks in line with its wishes. American oil firm ERHC Energy, in which indigenous firm Chrome Energy has a major stake, had similar options which it exercised and validated with the JDA.
Nigeria, Sao Tome to Announce Winners of Oil Blocks 17 May 2005 21:29 GMT
... the winners that had been approved by Nigerian President Olusegun Obasanjo and his counterpart Fradique ... blocks in line with its desire. American oil firm, ERHC Energy in which indigenous firm ...
http://www.einnews.com/nigeria/newsfeed.php?nid=10976&afid=73
try this link instead. the headline is in the left column, several stories down about stp approving the awards.
the story is dated 21:29 GMT today
http://www.einnews.com/nigeria/news.php?wid=55029570
this is a link to a late breaking story on a very reliable news source out of Nigeria. i don't have a subscription, so i can't read the story, but the headline sounds really good. does anyone have a subscription ?
maybe we should have a Survivor Sao Tome.
the shifting alliances there remind me of a tv reality show
here is a link to the Lusa article:
http://www.lusa.pt/print.asp?id=SIR-7004555
They are Tomé, 16 May (Lusa) - THE minister of the Natural Resorts of Saint Tomé and Prince, Arlindo Oak, said today to the Lusa that presented this morning the dismissal of the charge by feel pressured in the conduction of the trial about the exploitation of oil.
Arlindo of Oak said to have presented the letter of dismissal to the prime minister, Damião Vaz of Almeida, by alleged understanding climate absence in the trial of adjudicação of blocks of oil in the zone of joint exploitation with the Nigeria.
"Itself is not going to work" affirmed Arlindo Oak, face to the denunciations of irregularities in the oil-producing negotiations.
"There is demasiada pressure" in the trial, underlined.
The resignation of Arlindo of Oak arises two days after the President are-tomense, Fradique of Menezes, to have placarded his distance of the charge of president of the National Advice of Oil of Saint Tomé and Prince by similar reasons.
The "auto-distance" of Fradique of Menezes arose five days after the Movement of Liberation of Saint Tomé and Prince - Departure social Democrat (MLSTP-PSD), in the power, to have accused the President of to be violating the law-chart of the prescriptions of oil in own benefit.
To main parliamentary opposition - Departure of the Convergence Democrat (PCD) denounced Thursday I lose control and disorganization in the last oil-producing negotiations with the Nigeria.
The denunciation of irregularity in the adjudicação of blocks of oil was public tornado in the capital of Saint Tomé através of the RDP- Africa by alleged favoritismo of oil-producing, in the which some managers are-tomenses are stock holders, involving figures near to the President of the Republic.
The denunciations of irregularities arose few days after the last meeting in Abuja (Nigerian capital) of the ministerial advice assembly of oil between Saint Tomé and Prince and the Nigeria, having the archipelago been represented by the minister of the Natural Resorts, Arlindo of Oak.
RCN.
very funny
I agree. My account is with Scottrade and I can't place a stop order on ERHE. Does anyone know what brokers would allow this ? Probably not.
ERHE awards due this week.
Is it possible that the visit of Nigerian President Obasanjo to the White House this week is timed to coincide with the announcement of awards in the JMZ ? This would provide a major photo-op for the announcement. In fact it would seem odd to me if this visit were not directly connected to the awards. If this is the case, we may need to wait a few more days, but the extra coverage would certainly be worth it. If this subject is already on the agenda, it would seem undiplomatic of ERHE shareholders to bombard the White House with a lot of emails demanding that it be put on the agenda.
Joe Shea's Blog for today.
What do you all think about it ?? Is he going off the deep end or is there real cause for concern ??