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Does anyone know when CPNE earnings will be released? Last quarter it was on the 14th.
Up to $0.38 What a ride!
Remember post 83999
Recap of vary old article
MPE has two of those letters.
Take a look at this, Transocean just came out with update on Fleet Status and Rates.
http://library.corporate-ir.net/library/11/113/113031/items/223168/RIGFLTFeb2_2007.pdf
One could not buy 1,000,000 shares at $0.40.
Emeka Offor: Whose Front is He?
A little old,
Written by Jonathan Elendu and Sowore Omoyele
Thursday, 01 December 2005
If he were American or European, he would be on the Forbes list of the 400 richest people in the world. He estimates his net worth at three billion dollars ($3 billion), although a recent report obtained by Elendureports.com, puts his net worth at about six billion dollars ($6 billion). This former “Julius Berger truck driver” claims to have been a former petty contractor until fortune smiled at him. He reportedly was given a nineteen million naira contract in 1983, and thus opened the gates to unimaginable wealth.
Emeka Offor
According to documents obtained by Elendureports.com, business tycoon Emeka Offor is being investigated by a branch of the American government. Another business mogul, Wahab Folawiyo, may also be under investigation. What do these two men have in common besides stupendous wealth? They are both friends of Pres. Olusegun Obasanjo. And they are both oil men.
Emeka Offor is one of the major financiers of the President’s party, the Peoples Democratic Party (PDP). In the last election cycle, he donated two hundred million naira to the Obasanjo re-election campaign. He is also reputed to have sponsored the former Governor Mbadinuju of Anambra State, some members of the National Assembly and Anambra State House of Assembly for elections in 1999. He allegedly parted ways with Gov. Mbadinuju because the Governor refused him unimpeded access to the State’s Treasury. This parting with Offor led to Mbadinuju losing the nomination of his party for re-election in 2003.
Offor owns a chain of companies including, Chrome Oil Services, African Express Bank (Afex Bank), Chrome Radio Station, Chrome Air, and Environmental Remediation Holding Company (ERHC). Chrome Air is on retainer with the Central Bank of Nigeria. Offor also sits on the board of several companies, including Niger Insurance.
Documents obtained by Elendureports.com indicate that the bulk of Offor’s business is with the Nigerian Government. These documents show that Emeka Offor may have made most of his wealth from inflated contracts and speculate that he may be laundering money for some highly-placed government officials. Existing records show that Offor was a front for the late Gen. Sanni Abacha. His first major government contracts came from the Abacha regime.
Offor’s company, Chrome Oil Services, handled the Turn-Around Maintenance (TAM) on two federal government owned refineries in Port Harcourt. Claims have been made that Nigeria may have been fleeced of at least one hundred million U.S. dollars by Chrome Oil Services. Even with all the money invested in the Turn-Around Maintenance, the two refineries have yet to perform at optimal levels. On November 23, 2004, Offor appeared before the Senate Committee on Petroleum Resources (downstream sector) to explain the non-completion of the TAM. He was rude and disrespectful to the committee members. They have yet to summon him since then.
The documents in our possession accuse Offor of being involved in “about 20 other serious cases of corruption, influence peddling, abuse of office, involvement in illegal acts and cover-ups, harassment and intimidation of political and business opponents, procuring law enforcement agents to act unlawfully, infringement of transparency rules and regulations of government.”
A document prepared by one of the Nigerian security agencies credits Emeka Offor, his business partner, Gidado Idris, and some others as being the people who destroyed the Oil Mineral Producing Areas Development Commission (OMPADEC) through their business practices. Their imprints are also found on the struggling National Fertilizer Company of Nigeria (NAFCON), as well as Eleme Petro-Chemical Company.
There are allegations that Offor used his closeness to Vice-President Atiku to ‘corner’ the multi-billion dollar Yola/Bauchi NEPA transmission line. He has already been paid a significant part of the contract fees as mobilization fees. Offor, in a published report, denied Atiku’s involvement in the deal. Sources at the Vice-President’s office, who spoke to Elendureports.com, told us that Atiku and Offor were not, and have never been, close friends, “Although the Vice-President introduced Offor to the President, Offor is closer to the President than Atiku. In fact I can tell you that Offor has not been close to the Vice-President since 2001, except for during the campaigns when the entire people in the VP’s campaign entourage spent a night at Offor’s country home.” The Vice-President denied having any business dealings with Offor. According to the source, “The Vice-President swore that he has never done any oil business since becoming the Vice-President.”
The said documents in Elendureports.com’s possession state that Emeka Offor and Vice President Atiku were also implicated in a recent revelation about a mysterious Shell Petroleum Development Company (SPDC) signature fee deposit from the sale of OPL 245. Malabu Oil and Gas, a Dan Etete company, were the original owners of OPL 245, but it was later revoked by the Obasanjo Government, and later sold to SPDC. The entire OPL 245 transaction is tainted by controversy as Malabu and Etete sued the Obasanjo Government in a U.S. court for two-and-a-half billion dollars ($2.5 billion). Some interest accruing from the signature fee paid by SPDC is said to have been paid to some U.S. Congressional contacts. Emeka Offor is said to have recapitalized his bank, the Apex bank, with some of the money.
Sources also told Elendureports.com that Offor is very close to the former Nigerian National Petroleum Corporation (NNPC) chief, Jackson Gaius-Obaseki. Sources told us that Offor and the Vice-President met last at the President’s office. The Vice-President had gone to present documents to the President concerning Jackson Gaius-Obaseki. The said documents show that Obaseki had salted away about six hundred million dollars ($600 million) in various bank accounts. This revelation led to the President’s firing of Obaseki. However, the President refused to release the file with the documents that show the details of Obaseki’s bank accounts.
The reason the U.S. Government is investigating Offor is for a company he acquired—the Environmental Remediation Holding Corporation (ERHC); it was registered in 1986 by some Americans in Colorado. Chrome Energy, LLC (registered in Houston, TX) owns about 51.1% of ERHC. There are many allegations swirling around Offor’s involvement with this company. There have been claims by some foreign organizations that Offor’s shares in this company were donated to him as a way of enticing Nigeria into a deal with Sao Tome and Principe. Another report speculates that Offor’s shares may actually belong to the Vice-President. As stated earlier, the Vice-President denies any business involvement with Offor.
Another allegation is that the Federal Government of Nigeria arm-twisted the original owners of ERHC and Sao Tome into giving Offor the controlling shares in the company. One thing is certain: Offor’s ownership of ERHC makes him the number one player in the emerging oil industry of Sao Tome and Principe. The Offor-ERHC-Obasanjo deal was said to have incensed U.S. oil giant, ExxonMobil, as they were still carrying out seismic studies in Sao Tome.
According to documents in Elendureports.com’s possession, ERHC’s “sole asset is an oil and gas exploration concession in Sao Tome received pursuant to an agreement which became effective in July 2002. The company's focus is to exploit its only asset. The agreement with the Government of the Democratic Republic of Sao Tome & Principe concerns oil and gas exploration in Sao Tome, an island nation located in the Gulf of Guinea off the coast of central West Africa, as well as in a joint development zone between Sao Tome and the Federal Republic of Nigeria. The agreement was embodied in a consent award issued by the arbitrator as a result of the satisfaction of several conditions, including the ratification of a treaty between the Federal Republic of Nigeria and the Democratic Republic of Sao Tome & Principe.”
The company’s statement of accounts indicates that until 2003, ERHC did not have any assets, but had a debt portfolio in the millions of dollars. How did a company that is in debt up to the tune of about thirty million dollars ($30 million) and with one staff member acquire a lucrative oil deal in Sao Tome and Principe? Why did Offor buy this company and end up paying more than seventy-five percent of the company’s debts? The company’s statement of accounts for the year ended 2004 indicate that ERHC lost about four million dollars ($4,000,000.00) during the accounting period. Why did the Federal Government of Nigeria not use the Nigerian National Petroleum Corporation (NNPC) for this deal?
Perhaps the information excerpted from the documents in our possession will shed some light on this matter, “About 4 billion barrels of crude are believed to lie beneath those waters. Without a drilling rig to its name, ERHC could reap hundreds of millions of dollars from its holdings. The company was formed and run by a number of minor U.S players and was able to pay the Sao Tomeans a small sum for the contract. The contract ran into trouble when it was realized that these prospective oil leases would have no value until an international treaty was made between Nigeria and Sao Tome, delineating the territorial boundaries between the two countries. A visit to Sao Tome by the American head of the company proved useless. The U.S. owners were persuaded by Offor that he could arrange that Nigeria set out such a treaty, using his friends Obasanjo and Atiku. The company agreed to sell its shares to Offor, while retaining a number of shares in their own name. They didn’t so much sell the shares as donated them in exchange for Offor agreeing to be liable for the debt. In mid-2001 Offor acquitted a 75% stake in EHRC. A few weeks later the Government of Nigeria and the Government of Sao Tome signed a treaty delineating their borders. Now the oil leases (which promised a 5% of the revenue stream to Chrome) now had a putative value.
This ability to start to sell the oil leases attracted other players. Obasanjo was pushing two companies for the Joint Development Zone (JDZ). These were the Nigerian branch of Norwegian PGS, headed by Otunba Onabanjo (father-in-law of Obasanjo’s second son) and Yinka Folawiyo Petroleum, run by Wahab Folawiyo (close friend of Obasanjo). Atiku was happy with Chrome as it was widely believed that he actually owned the Chrome shares and Offor was his nominee.”
Howard F. Jeter, a former ambassador, retired U.S. State Department official and friend of Pres. Obasanjo, is on the board of ERHC. Jeter also serves as an executive of Goodworks International, LLC, a lobbying firm owned by Amb. Andrew Young and Carlton Masters. Goodworks International lobbies the American Government on behalf of Nigeria.
The last coup d’etat in Sao Tome was both a diplomatic and business opportunity for President Obasanjo. The President intervened and brokered a peace deal between the coupists and the ousted Sao Tomean President. There are reports that the ousted President was accompanied from Libreville by two plane loads of military men to retake power in Sao Tome. This singular act re-established Pres. Obasanjo and Nigeria as indispensable in Sao Tome’s march to petro-wealth. Emeka Offor is reputed to have sponsored Pres. Meneze’s for the Sao Tomean presidential election in 2001.
Elendureports.com contacted ERHC at their Texas office. We were informed by a receptionist, who gave her name as Jane, that Emeka Offor did not maintain an office there. She refused to give us information as to how to contact Emeka Offor. She refused to answer more questions and abruptly hung up the phone. The Securities and Exchange Commission refused to confirm or deny that ERHC is under investigation.
Emeka Offor’s deals have astounded many investigators as he seems to operate in almost all of Nigeria’s economic nerve centers. It is widely believed that Chris Uba, the self-acclaimed political godfather of Anambra State, is playing from Offor’s playbook. Their influence on the Obasanjo Administration makes them members of the elite class of ‘sacred cows’ in Nigeria today.
http://www.africananews.com/cover/200512/emeka_offor.htm
If the offer to purchase shares is made to Sir Emeka Offor directly, then the company does not necessarily have knowledge and so has no obligation to disclose.
Day is not over
700,000 share traded in the last 30 min, and up $0.04.
No trades since 10:48 EST after 763,000 prior to that!!!
Very, very strange
400,000 SHARES UP $0.04 IN 1ST 1/2 HOUR IS NOT BAD.
Not 100% but since block % and partners are all different it should have been set up seperately.
It is a little complicated but here goes;
Each JDZ block % owned by ERHC Energy is already in a separate corporation owned 100% by ERHC. If we were to sell block 2 we could exchange stock with the buyer, x amount of buyer stock for 100% ERHC block 2 corp. and immediately dividend out all that stock to the ERHC Corp. shareholders. The ERHC shareholders would still own their ERHC shares plus have as a dividend x shares of the buyer. With a little tax magic the dividend is tax free.
So with $3.1 million in net current assets, and generating $2 million per quarter in free cash flow, they can afford to buy a little stock back, Thank you CPNE!
In the third quarter NMKT made $1,378 million on $18.9 million in sales. This is a 7.3% margin, very good in the business they are in.
Do you actually believe that much money was spent on OBO-1 and those tests were not performed?
No change in fully diluted share count. Still = 202,283,097
By: tongatx
02 Nov 2006, 04:09 PM EST
Msg. 102270 of 102379
Jump to msg. #
Deep Venture to Work Offshore West Africa for ExxonMobil
Petrolia Drilling Thursday, November 02, 2006
Larsen Oil and Gas Ltd (Aberdeen), as drilling contractor for the drillship Deep Venture, has on behalf of Venture Drilling AS, agreed to a drilling contract with ExxonMobil.
Operations are to be offshore West Africa in water depths of up to 4000' and in various country locations.
The contract duration is for 18 months with a commencement date anticipated in the first quarter of 2007. The contract has a potential gross value in the range of US $200 million - $220 million (excluding direct tax in the various countries where the drillship will operate). The last 12 months of the contract is subject to approval by the relevant government authority in the area of operation.
The Deep Venture will mobilize from Argentina to Cape Town for drydocking in order to carry out a 5 year survey.
Venture Drilling AS is a company owned 50/50 by Sinvest ASA and Petrolia Drilling ASA.
Interesting, from THE BLOG
December 07, 2005
Chrome Energy Is Refinery Bidder With Asian Group
An article in the staid and reliable Guardian of Nigeria this morning reveals that it was Chrome Energy, the Cayman Islands-headquartered owner of 300 million shares of ERHC Energy, that made one of only two timely bids for the Port Harcourt Refining Company, Nigeria's largest refinery, and that the government of rebellious Rivers State has a stake in the bid not revealed in yesterday's ThisDay Online story.
Including the state-owned Rivgas Petroleum and Energy Co. in the consortium led by Chrome may be a stroke of genius, because thorny relations with that state and its activist ethnic communities has led to huge costs for Shell, Chevron and other multinationals who need the state's ports, pipelines and processing facilities to maintain a steady flow of oil abroad.
Also included in the consortium according to the Guardian is an oil services company named Starcrest Energy, which is headquartered at a private residence (with a small swimming pool) in a Plano, TX, suburban tract home. Little is known about that firm.
Art, please pay attention;
They paid $4.4 million for 25% equity holding in Hercules Petroleum Limited, making Hercules a wholly owned subsidiary because they already owned 75%.
So they paid $4.4 million for 25% of Hercules making 100% of Hercules worth $17.6 million. Hercules main asset was 2% of block 4, so if 2% of block 4 is worth $17.6 million then 100% is worth $880 million.
Dane; Thank you
Exactly;
What I am saying is if just block 4 is worth $.21, a $.37 cent current share price is crazy.
Block 4 only = $.21 per share.
I like the following;
In mid-August 2006, Centurion increased its stake in Block 4 in the JDZ to 9.5%, an increase of 2%. In order to acquire the additional interest, Arrata stated to the press that they would purchase a 25% equity holding in Hercules Petroleum Limited for a cash consideration of US$4.4 million, making Hercules a wholly owned subsidiary.
So they paid $4.4 million for 25% which owned 2% stake in block 4, this gives block 4 a value of $4.4/.25/.02 = $880 million x 17.7% ERHE participating interest = $156 million or $.21 per share, and this is for very unproven reserves with no free carry.
If it was not for Oily, who would give this board any interest at all?
So AA, where is it?
FWIW. Spoke with source and she said that indeed there is major news out. Just got back from Tee-ing it up. I will search like crazy. Hold on, and dont count out her children. Be back in a bit.
It does not work like that.
They would buy in 425,000 shares at $6.12 per share total of $2.6 billion. They would then own 425 million shares of a company with 1.139 billion share outstanding. They would own 37% of ERHC.
SINOPEC SHANGHAI PET (Other OTC:SPTJF.PK) Delayed quote data
Last Trade: 0.42
Trade Time: Aug 21
Change: 0.00 (0.00%)
Prev Close: 0.42
Open: N/A
Bid: N/A
Ask: N/A
1y Target Est: N/A
Day's Range: N/A - N/A
52wk Range: N/A
Volume: 0
Avg Vol (3m): N/A
Market Cap: 0.00
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SINOPEC SHANGHAI PET Last Trade: 0.42
EOD .37 buys out ERHC
.37 shares of ERHE = 1 share SINOPEC
or 2.7 shares SINOPEC for each share ERHC
At current price = $1.134 I hope SINOPEC is undervalued
Thanks Oily, I for one appreciate your posts.
Jack was discovered in 2004 with a test drill, then further explored in April, May 2006. Sounds like OBO-1 is on the same time frame.
For A procedural case such as bribery, there is a lot of clerical work. The average fee, partners and clerks, would be less than $300 per hour. $1,000,000 buys 3,333 hours of work.
I could never understand why someone would post sell, sell, sell over and over again if they did not want to buy at lower prices.
Perhaps the buy-out is for blocks 2 - 4? Addax pays $2.3 Billion for 100% of ERHE interest in those blocks. The payment works out to approximately 88 million Addax shares which ERHE does a tax free distribution, each ERHE shareholder gets 1 for 8 and we keep our ERHE stock for the future blocks 5 - 9 and the EEZ. Offor becomes the largest shareholder of Addax.
I'm not sure what information everyone wants, I think being quite means more than most press releases.
1) I know they are in negotiations over something, and they have probably signed letters of intent, with confidentiality agreements. Neither party can announce nor leak information until agreement has been reached, then they can announce publicly to all.
2) ERHE will announce a drill rig when one is found that beats the 4th quarter 2007 date announce by Gomes.
3) On the raid, they gave out a press release that says all we need to know, and all ERHE knows. I am sure that when ERHE receives further information we will know.
4) The Annual meeting will be Oct or Nov
5) The quarterly report reflected all financial transactions prior to 3/31/2006, the deals made greatly enhance our value and I for one do not think any consultant has been paid too much considering the results.
6) We will get the 2nd quarter report within the next month.
I would rather they not say anything until they have something to say.
What more do you want?
This is the best part:
10. No later than 10 days from the date of this Order, the United States shall provide
ERHC’s counsel with a copy of the Affidavit filed in support of the Search
Warrant executed on ERHC’s premises on May 4, 2006;
Now we will know.
Why would ERHE need Jefferson's help? Perhaps Jefferson was seeking ERHE help?
Perhaps the structure is so large that drilling the center would only prove what they know. You drill an exploritory to find out what you do not know.
This does not look good.
PLAINTIFF'S ORIGINAL COMPLAINT Page 11
149901
rules and regulations of the Texas Railroad Commission, and/or was deliberately reckless in so doing.
41. In total, there are 23 wells that are not properly permitted, and for which Mr. Cole improperly included in Energytec’s reserves for 2004. As a direct and proximate result of Mr. Cole’s deliberate and/or reckless acts and omissions, Energytec’s reserves have been substantially overstated by virtue of, among other things, Energytec’s numerous violations of the rules and regulations of the Texas Railroad Commission. In addition, Mr. Cole improperly allowed the commingling of production from permitted and non-permitted reservoirs, and the third-party engineer engaged to prepare Energytec’s reserve report for 2005 is unable to assign reserves to both the permitted and non-permitted reservoir. As a direct and proximate result of Mr. Cole’s deliberate and/or reckless acts and/or omissions, Energytec’s reserves will be substantially understated by virtue of, among other things, Energytec’s numerous violations of the rules and regulations of the Texas Railroad Commission.
42. As a direct and proximate result of Mr. Cole’s actions and/or omissions in the Talco/Trix-Liz Field, leases were severed by the Texas Railroad Commission, resulting in a loss of income to the Company and its working interest owners and the compliance issues involving the Company’s properties were brought to a critical point, costing the Company millions of dollars in regulatory compliance costs and expenses. On the dually completed wells, Energytec was permitted to produce only from the D zone. Mr. Cole, however, dually completed these wells in the A and B zones in various wells through out this field without filing one permit, which means that the company did not have a conclusive formation test on the A and B zones. The impact to the reserves is two-fold: (i) Energytec cannot count the reserves in 2005 associated with