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Addax drilling has a 80% success rate
they dont mess around
not at $410k / day
we are Golden
congrats to all longs - first oil is within reach
*Upstream* + BM = ERHC
ERHC sees all too
Aban Abraham to spin bit for Addax
By Upstream staff
Canadian driller Addax Petroleum said it hoped to start exploration off west Africa in the middle of next year after signing up the deep-water drillship Aban Abraham in a joint deal with China's Sinopec.
Addax and Sinopec are each operators of blocks in the joint development zone shared by Nigeria and Sao Tome in the Gulf of Guinea.
Under the deal, the Aban Abraham will drill up to 10 wells, including five firm and five optional bores.
Addax said the partners would pay a maximum day-rate of $410,000 for the drillship.
Addax holds stakes in Blocks 2, 3 and 4 in the joint development zone and in OPL 291 in Nigerian waters. It operates Block 4 and OPL 291 while Block 2 is operated by Sinopec. In addition to Sinopec, US-based explorer EHRC holds interests in both Block 2 and 4.
Under the agreement with Aban Offshore Limited, the Aban Abraham will drill at least three of the agreed wells in Block 4 and one on OPL 291, Addax said.
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08 March 2007 22:18 GMT | last updated: 08 March 2007 22:18 GMT
go Dan go Dan
is it an ERHC material event or not ?
HAL All are Good .. JDZ Technical Data
In 1999, Geco-Prakla (now WesternGeco) shot a 2D seismic survey of approximately 5,900km covering the major part of the JDZ and EEZ.
Interpretation carried out by WesternGeco has enabled the identification of 56 prospective structures within Blocks 1 to 9 in the JDZ, of which 17 were defined as prospects and 39 as leads.
WesternGeco used reservoir parameters similar to those known from nearby fields in Nigeria and Equatorial Guinea.
Combined recoverable reserves potential of the 17 prospects was estimated by WesternGeco to be 14.4 billion barrels of oil.
Our new JDZ Rig ...
http://www.rigzone.com/data/rig_detail.asp?rig_id=680
Rig Name: Aban Abraham
Rig Manager: Aban Loyd
Rig Owner: Aban Loyd
Competitive Rig: Yes
Rig Type: Drillship
Drillship Type: Dynamic Positioning
Rig Design: Gusto Engineering Pelican Class
Rated Water Depth: 6,900 ft
Drilling Depth: 19,350 ft
Aban Loyd Chiles Acquires West Africa Drilling NV
Aban Loyd Chiles Monday, February 06, 2006
http://www.rigzone.com/news/article.asp?a_id=29178
Aban Singapore Pte Ltd., a subsidiary of Aban Loyd Chiles Offhore Ltd., has acquired 100% holding of West Africa Drilling N.V., a Company incorporated under the laws of Netherlands Antilles, has entered into an agreement for the purchase of a drillship.
Upon completion of the drillship acquisition the rig will be named Aban Abraham. Aban Singapore Pte Ltd. has entered into a contract with operator for drilling four wells with an option to drill further four wells in West Africa.
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Related Companies
Company: Aban Loyd more info
Manages 9 Offshore Rigs
- Addax Petroleum Secures Drillship for Gulf of Guinea Program (3/6)
- Aban Offshore Completes Sinvest Offer, Now Holds 97% (2/19)
- Aban: Apexindo Talks Off with Medco (1/19)
Electick any comments on the Rig news today from Addax?
IMHO I thought it ranked up there with Award and PSC news
but it appears the market didn't like next yr's time frames
BTW I called ER today and spoke to a new gal who said she is Peter's new Admin - Who is Peter?
I guess they are making quick work of their larger office space
Thx Ruby
NEWS Link: http://tinyurl.com/359acy
Recall "THIS YEAR" was a quote a JDA Source told a poster for ALL BLOCKS ... lets see what happens
regardless most ERHC loyalists who discoverd this gem in 1999 like myself, some even earlier ...
will have NO PROBLEM waiting a few months longer to confirm the reasons we bought in the first place .......
Black Gold and lots of it
Addax Petroleum and Sinopec, requires Aban to drill up to ten wells in total comprising five firm well slots and five optional well slots. Well slots will be allocated under a separate agreement between Addax Petroleum and Sinopec.
*****NEWS ADDAX SECURES RIG*******
Addax Petroleum Secures Deep Water Drillship
Tuesday March 6, 6:50 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
Exploration drilling campaign in the Gulf of Guinea deep water to start in mid-2008
CALGARY, March 6 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation" or "AP") (TSX: AXC - News), today announces that, through a wholly-owned subsidiary, it has entered into an agreement with Aban Abraham Pte Ltd ("Aban"), a wholly owned subsidiary of Aban Offshore Limited, publicly-quoted on Indian stock exchanges, for the provision of the Aban Abraham deep water drillship to start drilling operations as early as the second quarter of 2008.
Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I am delighted that Addax Petroleum has secured the necessary drilling capability on competitive terms. This contract will enable us to advance our plans to demonstrate the considerable value in our highly prospective Gulf of Guinea deep water exploration portfolio which we have assembled throughout 2006. Our contract with Aban will enable us to complete an extensive exploration and appraisal program which I believe has the potential to realise considerable value for Addax Petroleum, its shareholders and stakeholders."
The contract, which has been entered into jointly by Addax Petroleum and Sinopec, requires Aban to drill up to ten wells in total comprising five firm well slots and five optional well slots. Well slots will be allocated under a separate agreement between Addax Petroleum and Sinopec. It is intended that firm well slots will be allocated to Addax Petroleum to satisfy its minimum work commitments on operated blocks in the deep water Gulf of Guinea. The Aban contract anticipates that the Aban Abraham will start drilling operations as early as the second quarter of 2008 once it has completed a drilling campaign for a third party operator. Payments under the contract are based on a day rate charging structure and a maximum day rate of $410,000, to be allocated appropriately to Addax Petroleum and its relevant co-venturers.
Addax Petroleum holds interests in four deep water licences in the Gulf of Guinea. These are Blocks 2, 3 and 4 in the Joint Development Zone ("JDZ") between Nigeria and the Republic of Sao Tome and Principe and OPL291 offshore Nigeria. Addax Petroleum operates JDZ Block 4 and OPL291 and JDZ Blocks 2 and 3 are operated by Sinopec and Anadarko, respectively. Under the terms of the production sharing contracts for the Addax Petroleum operated properties, the co-venturers have committed to minimum work programs that include three exploration wells on JDZ Block 4 and one well on OPL291. The Aban contract ensures that Addax Petroleum, as operator on behalf of the co-venturers, will have the drilling capacity required to meet its minimum work program obligations. Addax Petroleum's deep water exploration portfolio is summarised in the following table:
Addax Petroleum's Gulf of Guinea Deep Water Exploration Portfolio
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Additional
Addax Interest
Petroleum Carried by Minimum
Participating Net Addax Well
Area Block Operator Interest Acres Petroleum Program
(%) (acres) (%) (gross)
-------------------------------------------------------------------------
JDZ 2 Sinopec 14.3% 24,500 7.3% 1
3 Anadarko 15.0% 24,700 10.0% 1
4 AP 38.3% 81,100 17.7% 3
Nigeria OPL291 AP 72.5% 230,600 27.5% 1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
About the Aban Abraham
The Aban Abraham is a deep water drill ship currently undergoing extensive refurbishment and modification at the Sembawang Shipyard in Singapore. The Aban Abraham was built in Holland in 1976 as a world class second generation drillship named the Pelerin. The drillship was operated from 1976 to 2002 in water depths of up to approximately 1,400 metres (4,600 feet) offshore west Africa, Norway, eastern Canada and Brazil and then cold-stacked until 2006 when purchased by Aban. When refurbishment is completed, scheduled for later this year, the drill ship will be capable of drilling in water depths of up to 2,100 metres (6,900 feet) having been upgraded from second generation to fourth generation capability. Once commissioned, the Aban Abraham will undertake drilling operations for a third party operator before starting drilling operations for Addax Petroleum.
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 90,000 bbl/d in 2006. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
35,000 at $.37 - great action LOL !!
it doesn't read that way at all -
there hasn't been "significant"
dilution to the O/S for a while
the major dilution came pre 2001 when Tirman printed shares to keep the co a float.
GREAT BB !! US$3 bring it on !!!
BTW 1 MM to .38 again
Great news Ruby STP getting with the program
True we have kept a decent Market Cap premium over the past 3 years but IMO is still low depending on how much Oil you believe ERHC is sitting on and what kind of deals are in store for us with just our exclusive rights ...
Agree 100% with Electick - the truck driver is driving us into the ground and leading us badly, not serving the shareholders and serving himself. New management is needed.
Recall we have 10 blocks - 3 Free carries which are worth a few sheckles - Inc. 2 x 100% STP Blocks
Many many bigger fish have been and continue to Knock on our tiny door ... We are in the hottest region of Sweet Crude perhaps in the world.
How much oil are we sitting on ?????
500 Million BBLS?
1 Billion?
2 Billion?
3 Billion?
4 Billion?
5 Billion?
do the math at $60+/bbl less the all taxes and expenses x 25 years or so
Rumors discussed have said ERHC had private offers on the table ranging from $1.50-$5
U still ok with $.35?
Related -Sao Tome and Addax mentioned
A flag-carrier for African ambition
By Upstream staff
In 12 years, Oando chief executive Wale Tinubu has built his start-up company into one of the largest listings on the Lagos Stock Exchange
Wale Tinubu is one of a new breed of Nigerian entrepreneurs impatient to see the country's troubled downstream sector liberalised and ready to enter the upstream game with gusto.
With operations strung along West Africa, his Lagos-registered Oando was listed last year on South Africa's Johannesburg Exchange.
The company was founded just 12 years ago with $500 and a licence to trade products in the Cawthorne Channel.
Oando is now one of the largest retail listings on the Lagos exchange, boasting an annual turnover of about $2.5 billion and a $50 million pre-tax profit.
“The downstream industry has boundaries but the upstream has none,”he says.
“We are targeting exponential growth in the wider region. We saw early on that the integration of upstream and downstream sectors was the future and the government is encouraging smaller players to enter a liberalised gas sector, building gas pipelines to open up industry in the interior.”
Tinubu believes the next wave of expansion in the Nigerian economy will come from indigenous upstream companies in the Niger Delta.
“There are vast opportunities in what is presently a foreign-dominated arena,”he says.
The company won two exploration blocks and a marginal field development licence in the Niger Delta in 2005.
Oando aims to use the upcoming round to bid for low-risk properties in the swamps and near-shore shelf, as opposed to deep-water properties.
“We're looking across West Africa, especially Equatorial Guinea and Sao Tome, but we're being careful not to over-stretch ourselves while we expand in-house capacity.”
The 39-year-old plans to double Oando's turnover once midstream assets are consolidated and the upstream business kicks in.
The company aims to produce 100,000 barrels per day before 2012 with a 1 million barrel reserves base.
Like his corporate role model Addax Petroleum, he plans to build on synergies developed in the downstream oil services market, while firmly planting Oando on the upstream map through a combination of drilling and acquisitions.
“We've never had an oil block before, so we're seeking strategic alliances for exploration and production and first class Nigerian professionals from all over the world to join us,”he says.
After finishing a masters degree in law at the London School of Economics , he worked for four years at the family law firm K. O. Tinubu&Co before breaking away at 25 to set up his holding company Ocean&Oil. Initially peddling products to oil-sector contractors from a 1000-tonne barge from Bonny Island to the Onne Free Port, he eventually built up a fleet of seven vessels turning over $500 million before entering the oil services market.
Now he is pushing to accelerate gas-sector liberalisation and the Gas Master Plan, on which Oando has collaborated with the federal government.
“Oando aims to help lay a nationwide gas grid within eight years and consolidate its regional presence,”he says.
“Where the West African gas pipeline reached landfall in Benin, Togo and Ghana, Oando aims to connect these hubs to the continent's interior. We're in an advanced stage of negotiations in all these countries.”
Oando has successfully migrated from coastal logistics to becoming a serious upstream player, eyeing swamp assets in the Niger Delta as a natural launchpad for aspiring exploration and production independents as foreign entities depart, despite the security risks.
“We have told the government there can be no military solution to the delta crisis,”he says.
“These youths must instead be integrated into the oil and gas sector, guarding installations.”Tinubu is irritated by what he sees as the slow implementation of reform and continues to agitate for the removal of fuel subsidies, which he says impairs industrial performance and constrains social spending.
“My motivations remain unchanged. I dream of creating Africa's first integrated oil and gas company, built to international standards.
“The Nigerian business climate is changing rapidly with the fiscal reform of public finances, reduced deficit spending and reserves nudging $45 billion, so it's up to the private sector to spearhead growth if we can kill of public sector corruption.”His tenacity has inspired others. Earlier this year he was acknowledged by the Swiss-based World Economic Forum as one of the Young Global Leaders for 2007.
“I am determined. I never give up and actually I see myself as a bit of an adventurer,”Tinubu says.
A jazz fan and avid reader of autobiographies by successful corporate leaders, Tinubu likes to ponder on the evolution of global events, devouring works detailing major battles that shaped the world.
He lives with his wife and five children on the Lagos lagoon in Ikoyi and enjoys swimming and watersports .
--------------------------------------------------------------------------------
23 February 2007 00:01 GMT | last updated: 23 February 2007 08:03 GMT
Currency Conversion Results Nigerian Naira
Symbol U.S. Dollar Exchange
Rate Nigerian Naira USDNGN=X 1 Mar 1
128.25
Currency Conversion Results
Symbol Nigerian Naira Exchange
Rate U.S. Dollar NGNUSD=X 1 Mar 1
0.007797
ERHC in Germany dont know if this was ever posted
http://deutsche-boerse.com/dbag/dispatch/en/isg/gdb_navigation/home?active=overview&module=InOve...
so much for the conspiracy theory
hurray for GREEN !! last $.037 up .025+
lets see how long it lasts - lol
UBSS now Best Bid
My Bad if true - my L2 may be playing games
the Day Low is .35 when I call in
day low on L2 is .345
still think games are being played for obvious reasons
this in not Insider Trading
IMO its PPS manipulation - much harder to claim
Crazy a 500 share trade went at .36 followed by a 300 share trade at .345 - the BID is .35 !!!!!!!!!!!
Folks They ARE F'ING w/US DONT BE FOOLED !!!!!!!!
Higher forces are making us look weak
Believe in your DD
MMs Playing Games Bid .35-.36 and traded at .345
same happened yesterday
Dont be fooled
Small 300 share trades are going thru BELOW the BID
Dont be fooled
I never said $6 - that was OILY
my guess would be $2-3 pre drilling where SEO gives up control and new management and BoD are put in place
Why else hasn't a new CEO/CFO been named - ?
our PPS with 10 Blocks in JDZ / EEZ
3 Full Carries
3 Solid PCSs with Strong Partners
Cash on hand
and with leaders like Mr. Ledbetter
are worth more than $0.35
thats EXACTLY why the 710 MM O/S havent sold this Penny Stock down to $.035 since SEO took over in 2001 with NO REVENUES and 3 EMPLOYEES
KEEP your EYE on the ASSETS and what is happening in the REGION
CAT BIRD SEAT RULES
1 MM to $0.38 !!! DONT let MM UBSS scare you
IMO he is there to make the PPS look soft so SEO doesn't have maximum leverage when Billion Dollar deals are being negotiated
all IMHO
Thx Electic - again you wont be getting my shares
Addax Petroleum presents at the RBC Capital Markets' Canadian Energy Summit
Friday March 2, 7:00 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
CALGARY, March 2 /CNW/ - Addax Petroleum Corporation (TSX: AXC - News; "Addax Petroleum" or the "Corporation") announces that Mr. Jean Claude Gandur, President and Chief Executive Officer, will be presenting at the RBC Capital Markets' Canadian Energy Summit in Banff, Canada on Thursday, March 8, 2007 at approximately 12:00 p.m. Eastern Time
Investors are invited to listen to the live webcast via the following link: http://www.wsw.com/webcast/rbc68/axc.to
The presentation slides will be available prior to the presentation on Addax Petroleum's website at www.addaxpetroleum.com.
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 90,000 bbl/d for 2006. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
Legal Notice - Forward-Looking Statements:
Basically to keep your eye on the assets and positive progress is going on behind the scenes - see his previous posts
nothing specific at all
just all seems good
and Not to Sell if you do he will be buying
I think he insulted the moderator again and thats why the deleted post
300 shares hit the bid at 3 Mins to close
it Appears MM UBSS [a European firm foreign]
is making ERHE look worse than it has to
Note an earlier trade of 100 shares
[who sells 100 shares really???]
HMMMM .... why would anyone to want to make the pps look weak. Unless there are potenital suitors who know SEO wants the moon and stars ...
perhaps they are looking at the moon and want to remove a few stars ...
good luck to them
Sounds good E thx - A monkey would say our total assets are worth more than $0.35
so sorry bud I wont be selling to you here
North of $2 - we'll talk - hopefully soon
100 shares hit the bid at $.352 appears someone is trying to F with us
However cant keep a good thing down
L&S
Electic any updates ?? Thx in Advance
Bubgar - you took 1 for the team we are all grateful
for the record I would call your broker and speak to the trading desk manager cause at the least you should have got .36 fill
the MMs are crooks - always put a limit order in
with the DOW down some folks got a Margin call or got a Stop Sell order filled - only 700k traded thats not even 1% of the O/S - total joke
sorry if anyone had to sell at a loss
my $.33 Buy order was not filled
always tomorrow - all this market turmoil makes OIL more valuable
Thx Mark for your efforts Good Job !!!!!!!!
we are on our way
Bravo Walldog - speaking of which
Sao Tome and Principe to begin oil exploration in its exclusive area [ 2007-01-30 ]
Sao Tome, Sao Tome and Principe, 30 Jan – Sao Tome and Principe is set to begin, at the end of 2007, oil exploration in the archipelago’s exclusive area, with the support of the World Bank, the director of the Sao Tome oil agency said Monday in Sao Tome.
Arzemiro dos Prazeres “Kapala” told Macauhub that a process was underway to reassess the seismic survey of the area carried out by a Norwegian company, Petroleum Geo-Service (PGS), which is the basis for an agreement between both parties signed in February 2001.
PGS’s surveys showed that geological structures that may “contain” hydrocarbons totaling 10,870 square kilometers in deep waters in the seas off the archipelago, in a survey begun in 2001.
Dos Prazeres “Kapala” said that the reassessment process of the seismic data would be the responsibility of British Geological Survey, which would be assigned to discover the limits and spread of potential oil blocs in the area.
He noted that, “technically everything points to the end of 2007 or beginning of 2008,” for the launch of an international tender to sell the potential blocs in the Sao Tome and Principe exclusive area.
In this process, Sao Tome and Principe also has the assistance of the `World Bank as part of a program to boost technical skills in the area of oil signed in 2003.
As well as its exclusive area, Sao Tome and Principe also has a joint exploration area with Nigeria base don a treaty stating that Nigeria receives 60 percent of revenues while 40 percent goes to Sao Tome.
Less than a week ago, US oil company Chevron Texaco announced it had struck oil, as yet without any commercial guarantee, in a bloc located in the joint area between Sao Tome and Principe and Nigeria, the signing bonus of which netted the two countries US$120 million.
As well as revenues from the Chevron Texaco bloc, Sao Tome and Principe also expects revenues of a further US$28 million from the signing bonus from three joint area blocs. (macauhub)