In what way(s) is he holding back the company.

I never got a grip on that statement, mentally.

What would have been different without him?

Would we have Chad & Kenya without him?

Doc.

Who is "WE"?


That is a joke, right? Haha...?
CEPSA has estimates, yes. How long do you think that takes, getting estimates. Years?

Peter Thuo also knows, and therefore the rest of the gang also.

But that is where the line stops. That's the whole point I'm making on the other board.

Why no disclosures in any way shape or form? Nothing, even less than Chad!

The answer lies in the question, in a way. CEPSA is not allowing ERHC to say the basic (Chad) stuff regarding the 11A prospects. Or ERHC asked private company CEPSA to take their time with the finalization of the data, for whatever reason.

One thing is for sure,, 99% of the analysis is ready.

Other thing is: general information could have been given, but was not.

Troy, I could 'French Kiss' you for that statement. :)

I find it ultra fascinating how this can be explained, him watching his baby drowning, from ashore, without interfering in any way whatsoever.

The fascinating thing is: one answer is applicable. There is a REASON that he is not helping out, while having more than the tools to do so.

Peter & board know.

Another interesting fact is: there are people buying tens of millions of shares of ERHC, these days. This is not Joe sixpack buying into the company, and also not the Shell's of this world.

Krom,

Come on, he knows.

http://www.pagetutor.com/trillion/index.html

"So the next time you hear someone toss around the phrase "trillion dollars"... that's what they're talking about."

They talk about E-H-R-E !

Forget about Microsoft... ERHC territory.

You are right Krom, no mention of the size of the closure, only that it is 'robust'. Poor Seek... :)


Taipan Resources Inc. Announces New Seismic Data Confirms Robust Closure at the 251 Million Barrel Badada Prospect

NAIROBI, KENYA, Mar 6, 2014 (Menafn - Marketwired via COMTEX) --Taipan Resources Inc. ("Taipan" or the "Company") is pleased to announce that BGP has completed an additional 196.2 km 2D seismic survey on Block 2B onshore Kenya. The new 2D seismic data acquired confirms robust closure at the Badada Prospect (formerly Pearl Prospect).

Taipan's 2D seismic data base over Block 2B now totals almost 2,500 line km. This includes the 440 km survey acquired in early 2013 and c. 1,850 km vintage data. The company also acquired 12,175 line kms FTG ("Full Tensor Gravity Gradiomety") data in 2013.

Processing of the 196.2 km of seismic data is now underway and is expected to be completed by mid-March. The data will be used to finalize the drilling location for Badada Prospect that is planned to be drilled later this year.

The Badada Prospect has been independently estimated by Sproule International Limited ("Sproule") to have Mean Gross Unrisked Prospective Resources of 251 MMBOE and High (P10) Estimate Gross Unrisked Prospective Resources of 498 MMBOE. The total estimated Mean Gross Unrisked Prospective Resources on Block 2B is 1,593 MMBOE based on 19 exploration leads(1).

Premier Oil plc is carrying Taipan through the cost of the work program on Block 2B for the first additional exploration period totalling a gross cost of up to 29.5-million. This includes the drilling and testing of the Badada Prospect. Taipan holds a 45% interest in Block 2B and is the operator during the exploration phase with Premier having the right to assume operatorship of any development.

1. Sproule International Limited ("Sproule") completed an updated independent assessment of the Company's prospective resources on Block 2B with an effective dated of December 31, 2013. The independent assessment was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

2IRAs,

I think this is the most important piece of information we need to get. An answer to that question could lead, imo, to a lot more clearity as to what is going on exactly.

Don't forget, when Offor disclosed 'support' for his own company, while not taking up his own responsibility as the major investor, there was no 'oil glut' whatsoever.

That ERHC is not trying, in any way, shape or form, to get him to participate, and instead ran to DELOITTE, is probably because ERHC KNOWS why Offor did (and does not right now?) participate.

Does Offor knew something about the prospects in 11A, back then, or even now? We can be clear about that: of course not.

CEPSA has resource estimates right now, I'm sure Offor does not have them.

STOP TRYING TO DODGE THE QUESTION OF ALL QUESTIONS

I'm not sure if you are right.

Put this Shell document through the translator:

http://geothermie.nl/fileadmin/user_upload/documents/bestanden/shell-venster_artikel__boren_voor_beginners_.pdf

Drilling takes on average 30 to 90 days. On average between 1500 and 3500 meters deeps (feet = times 3). These days there are sites being drilled up to 8000 meters deep.

Also:

http://www.google.nl/url?sa=t&rct=j&q=&esrc=s&source=web&cd=6&ved=0CFYQFjAF&url=http%3A%2F%2Fwww.researchgate.net%2Fprofile%2FRagnar_Tveteras%2Fpublication%2F228830599_Productivity_in_Exploration_Drilling%2Flinks%2F0912f50b51111ba82f000000.pdf&ei=UdXoVNOlJcXgOKOHgZgB&usg=AFQjCNFe05EBq4TOodJwxyDD9MfAp-QByQ&sig2=U_ZfbSrzwyNBB8svQGba0Q&bvm=bv.86475890,d.ZWU

At the same time, a disturbing decline in drilling efficiency - measured by the industry standard
drilling meters per day - can be observed. For instance, as shown by Figure 3, from 2004 to 2008
exploration drilling slowed down from an average 144 to 67 meters by day - a reduction of more
than 50 per cent. Although there are not studies on drilling efficiency available for many regions,
anecdotical evidence suggests that a decrease in drilling efficiency is a global tendency. For
instance, Society of Petroleum Engineers have scheduled a conference in Spain in September
addressing reduced drilling efficiency; ‘The number of meters drilled per day is falling
dangerously and continuously.’

I'm not sure if you can conclude that they are drilling nothing interesting.

"We do want to emphasize that other measures than drilling speed are necessary to identify value creation in drilling."

Doc.

Hi Dan,

Can you explain anything at all why Sir Emeka Offor isn’t coming to the rescue of his own company? He lost a trillion dollars on paper. He could have prevented that with only a minor cash infusion.

Why isn’t anything disclosed, anywhere and by anybody, regarding his 'sidelined' status, while speaking out his support of his own company? And why is ERHC so quiet about it, like they know the reason why he isn’t coming to the rescue? ERHC is undertaking no action at all to get information, it seems… why not?

Also nothing in the press about it…

The Doc.

Let's stop for a second here...

Take a deep breath...

Are you begging the MAJOR SHAREHOLDER to save HIS OWN company, revive his OWN trillion dollar paper loss, and please invest a few buck, which he can miss without noticing, so to turn this puppy back around to at least 15 lousy cents???

The Question of all questions: WHY IS OFFOR SIDELINED / WHY DID HE SIDELINE HIMSELF?

What is going on and why don't we read anything in the press about this?

Him being forced (out) by the SEC, would be in the news at some point in time, right?

Only the drill in 11A would normally put us at 15 cents, which is where we were.

Oil glut or not, if the financing is realized, we are in a different universum altogether.

If he is not allowed or unable to get concrete...

he starts his BS lingo.

What else can he do.

Only question is: why is ERHC not objecting to these already finalized numbers!!!???!!!

They know ANYTHING would be welcome to change the current share price perception.

Hi Dan,

Question: Is it ERHC's intention or desire that the resource estimates for block 11A are dislosed asap?

You said months ago that it would be an option indeed to disclose them.

The Doc.


Doc,

The term "As soon as possible," is easily interpreted in different ways, so I will just say that when the calculations of volumetrics are finalized and we are authorized to do so, ERHC will disclose that information. That is different from a resource estimate from NSAI, which is what I believe we had corresponded about previously. I don't know of any plans for an NSAI report.

Dan.

I get a kick out of the 75cent stock options...?

Of course it can...

You are right. I forgot again. The other guy was that Dutch teamleader for block 11A.

So SSC, and Troy... 11A will be drilled.

And... we have Will Mellows: https://ke.linkedin.com/pub/will-mellows-mcgi/2a/358/508

I can't get out buddy. Duh...

There must be a reason for this inactivity by Offor.

Don't let yourself distracted by me.

Troy, that is an older statement.

Dan wrote me on Februari 6th:

To my knowledge there has been no such confirmation from CEPSA. What we have disclosed is plans to drill prior to the expiration of the current First Additional Exploration Period, which runs through September 2016.

They have plans to drill within the first additional exploration period.

Period.

That is something else than saying, last year, "poised to proceed".

If they (CEPSA) had no plans anymore to drill, Dan would have not made that statement. He would have turned to his BS lingo instead.

Have you contacted Chrome about PN?

Normally I don't believe it conspiracy stories like what I'm about to say now...

But what I meant is: Peter Thuo is in the loop, is at the same information level as CEPSA is, as a partner.

Maybe some via via insiders are loading up shares?

More important is: why isn't ERHC objecting to non disclosure of the resource estimates? And why is Offor & Chrome not saying anything at all about their investment?

Indeed, but the decision to drill has been made.


Those conditions are not decisions that are in direct relation to a 'change of mind' is what I was explaining to SSC.

They are indeed conditions relating to getting a rig, getting government approval etc.

Thanks for your post.

The Doc.

My idea?

Well, I can tell you this: "Sadly, with the current oil environment and ERHC's financial condition, resource estimates short of anything far beyond expectations are probably not going to have the positive impact on share price as they might have a couple of years ago." is incorrect. Why? Because oil prices won't last that long at these levels, that is a certainty. And producing oil in our block is a few years away.

Also: ERHC also has the information CEPSA has, just as ERHC had the JDZ info. It was confirmed to me back then. Thuo knows, and is, of course, in the loop. So it is very unlikely that ERHC will be led to the slaughterhouse without giving a fight.

Also: resource estimates are absolutely ready. No doubt. Maybe some finetuning, but ready they are.

You want my opinion?

I'm almost certain that ERHC is chosing not to disclose those number, in an effort to NOT calm investor's minds. Normally, in a situation like this, a company would try everything they can. Everything!!

I do expext that buy-in companies, and also Deloitte, will DEMAND the resource estimates before doing any kind of business with ERHC, if block 11A is part of it...

Do I sound logical?

I think so.

Any idea why CEPSA does not disclose resource estimates?

SSC,
I knew you would be happy.
It looks like you have a different agenda than the average investor (in any stock).

I already said that you are technically correct.

But the message is very clear to most people. But obviously not all.

They would never have claimed that they have plans to drill, if it were only the (DUH) general intention to drill, an intention EVERY oil company has.

They also could have had an intention to do 3D seismic, at this point.

Is the fog up clearing up in your head? Or will we hear the usual...

Let me clear it up for you even more: during these oil glut times, disclosing that it is STILL your intention to drill within one and a half year... must mean something.

Otherwise they would have said that it is NOT there intention to drill within the timeframe.

Now, still not happy?

If not, then I will start to doubt your intentions.

L-O-L

By the way. Be sure that David Bovell did not make up his statement that SEO was looking to sell his shares for over $10,-

And now... he is letting his ownership of the company slide into the abyss....?

Hmmm....

SSC, that's a good one. Technically you are right indeed.

But, nice try in your constant negativity.

Hi Dan,

How are you? Did you read this in the article:

"Tullow, Houston-based ERHC Energy and Taipan Resources of Canada are the other explorers which have confirmed that they will continue with drilling this year."

Is this correct? CEPSA drilling this year, already confirmed?

Doc.

***

Hi Doc,

To my knowledge there has been no such confirmation from CEPSA. What we have disclosed is plans to drill prior to the expiration of the current First Additional Exploration Period, which runs through September 2016.

Dan Keeney.


SO SSC, YOU CAN SCRATCH THAT UTMOST IMPORTANT THINGY OFF YOUR LONG LIST OF WORRIES. YOU MUST BE HAPPY RIGHT NOW! REALLY HAPPY!!!

Show us, and pay more attention next time when it comes to all important information, instead of being caught up in your usual....

Justintimer...

You need to carefully READ what I'm writing.

I explained why the resource estimates can't 'suck'.

R-e-a-d.

No Midtier,

I've posted articles that point out that Kenya has an advantage of low cost drilling, high quality oil etc.

Look up the articles.

CEPSA will drill, so ERHC has no worries on that front.

How much share does he have, 400 mill?

Times 10 cents = $40.000.000,- ?

Now why did he not participate, even if it were just for Keyna, which is going to get drilled by CEPSA?

I cannot fathom that he is prohibited. Seek is not willing to explain his point of view in this, only refering to old posts.

I can only come up with the reason that he is buying up shares? But even that would not make very much sense imo. He has more than enough share to even worry about others also making a profit here.

Regarding Krom' quote:

No he is not I'm sure. If he is, even then, smart people around him would have told him to better fund with just a few million.

So, we can say with certainty: something else is going on.

We would almost forget that CEPSA is going to drill, and that the shareprice before that announcement was at around 15 cents.

Now I ask you guys:

Who thinks that CEPSA does not have somekind of resource estimates? If not, that would imply that CEPSA made a desicion to DRILL without a firm, conservative outlook.

If so, that would put a questionmark at WHY CEPSA left block 12B, quoted as to having to little analysis.

So, that would not make sense.

Again: is there anybody here, especially the naysayers, who thinks that the resource estimates do not exist for drilling locations in block 11A?

And now for the $64.000,- question: why are the resource estimates not being disclosed to the public?

And why does ERHC not massively protest for not disclosing those figures?

Because any number will certainly have an influence on our shareprice, no doubt. One can argue with the naysayers, about the impact of disclosing those numbers, an impact they will have.

Just a reminder: CEPSA already said drilling will take place. So the resource estimates cannot dissapoint in the sense that they suggest NON COMMERCIALITY.

So finding funds, in any way, shape or form would be more succesfull if resource estimates were known to the public. Even Midtier would agree with that.

So again: why aren't those figures disclosed yet. They ARE ready, no doubt, despite the official statement that they are still analyzing.

I'm not suggesting any conspiracy theory here, but I do ask myself, and you guys, especially the naysayers, WHY AREN'T THEY DISCLOSED? And why does ERHC not speak out against it. And why did the CFO buy, even his latest purchase, so 'high'?

The Doc.

No he is not I'm sure. If he is, even then, smart people around him would have told him to better fund with just a few million.

So, we can say with certainty: something else is going on.

We would almost forget that CEPSA is going to drill, and that the shareprice before that announcement was at around 15 cents.

Now I ask you guys:

Who thinks that CEPSA does not have somekind of resource estimates? If not, that would imply that CEPSA made a desicion to DRILL without a firm, conservative outlook.

If so, that would put a questionmark at WHY CEPSA left block 12B, quoted as to having to little analysis.

So, that would not make sense.

Again: is there anybody here, especially the naysayers, who thinks that the resource estimates do not exist for drilling locations in block 11A?

And now for the $64.000,- question: why are the resource estimates not being disclosed to the public?

And why does ERHC not massively protest for not disclosing those figures?

Because any number will certainly have an influence on our shareprice, no doubt. One can argue with the naysayers, about the impact of disclosing those numbers, an impact they will have.

Just a reminder: CEPSA already said drilling will take place. So the resource estimates cannot dissapoint in the sense that they suggest NON COMMERCIALITY.

So finding funds, in any way, shape or form would be more succesfull if resource estimates were known to the public. Even Midtier would agree with that.

So again: why aren't those figures disclosed yet. They ARE ready, no doubt, despite the official statement that they are still analyzing.

I'm not suggesting any conspiracy theory here, but I do ask myself, and you guys, especially the naysayers, WHY AREN'T THEY DISCLOSED? And why does ERHC not speak out against it. And why did the CFO buy, even his latest purchase, so 'high'?

The Doc.

More severe penalties, for what?

You have a point. But why should he not be allowed to invest in his own company!?!

Doesn't also make sense...

Mine of course.

Hi Dan,

"Tullow, Houston-based ERHC Energy and Taipan Resources of Canada are the other explorers which have confirmed that they will continue with drilling this year."

Is this correct? CEPSA drilling this year, already confirmed?

Doc.

Hi Doc,

To my knowledge there has been no such confirmation from CEPSA. What we have disclosed is plans to drill prior to the expiration of the current First Additional Exploration Period, which runs through September 2016.


But I don't rule out that CEPSA will be drilling indeed this year. After a very thorough examination they will want to drill right away imo. Remember: wasn't the CEPSA teamleader already on the ground?

What about the Gulf of Guinea assets?

Our legacy offshore assets in the Gulf of Guinea remain. We have not ruled out their being of continuing strategic importance to the company, even as we review their feasibility in current conditions. It is clear, however, that deep offshore exploration remains a challenge to even the biggest of companies. The possibility of getting in technically and financially capable operating partners in the short-to-medium term will, therefore, be a strong factor in deciding how we handle the offshore assets.

So you are not ready to close the book on the Joint Development Zone?

We are currently carrying out an assessment of future exploration possibilities. Just last week, we had a very important meeting with the Joint Development Authority on the state of affairs in our Blocks. While a commercial discovery has not been made, contrary to the expert expectations prior to drilling, the important geoscientific data and understandings gained through the drilling campaign will better inform future exploration in those Blocks.

Any regrets about how the JDZ was explored?

We could not be more proud of the exploration work in our JDZ blocks. We ran a classic and most efficient exploration campaign in JDZ Blocks 2, 3 and 4. ERHC attracted world-class, deep-water operating partners and formed successful consortia that carried out the most comprehensive exploration campaigns in the region till date. Over a short, six-month period, we drilled five deep-water wells across the three blocks, all the wells coming in under budget and without incident. We discovered biogenic methane gas in at least three of the wells.


I don't think they are lying here.

"Oil has slumped from over $100 (Sh9,000) a barrel to around $48 (Sh4,320) in a few months, forcing firms to dump activity in most markets, notably excluding East Africa."

"Tullow, Houston-based ERHC Energy and Taipan Resources of Canada are the other explorers which have confirmed that they will continue with drilling this year."

“The issue is management of risk so that would be the same under any oil price scenario,” said Dr Ridge. Tullow’s local exploration is at the expense of French Guiana, Mauritania and Norway.
“The reduced exploration programme will predominantly focus on a number of high-impact, low-cost exploration opportunities in East Africa.
‘‘While this is a challenging time for our sector, Tullow is fortunate to benefit from world-class, low-cost and high-margin assets, strong and growing cash flows and a broad, diversified funding position,” said Tullow chief executive Aidan Heavy a week ago.
Last June Swala sold an 8.33 per cent interest in the block to CEPSA, while Tullow sold a 16.67 per cent stake giving the Spanish oil and gas firm a 25 per cent interest for an undisclosed amount.

In exchange CEPSA would inject Sh660 million for drilling a well and an equal amount should there be need for further drilling.

CEPSA decided against continuing with the joint exploration and Swala sought legal redress. The matter was later settled out of court in December.
Swala also sold a stake in its Tanzanian operations through an initial public offering on the Dar-es-Salaam Stock Exchange (DSE) in mid-2014.
Firms are largely continuing with exploration programmes in Kenya this year, offering a lifeline to the nascent industry that is also supporting local firms which offer support services.

Courtesy: Kayakbob

I agree with you that it could go very fast at a certain point in time.

CEPSA drilling will be the main event. Has it ever happend that resource estimates were NOT disclosed before drilling started?

Link please... :)

Troy, CEPSA will indeed drill.

And yes, there are resource estimates.

And yes, CEPSA will drill

And no, CEPSA does not care about ERHC in the sense that they wish us bad things.

CEPSA just wants to make money. They are a business. 'Stalling' is a word they will never use.

Maybe they will go ahead at a slightly lower pace, because of the oil glut, but it will take enough time to get oil to the market.

CEPSA is going to invest $30.000.000,- , at least that is.

Don't you want to know about the resource estimates they have?

They will be disclosed in the near future.

You're right. I'm sorry.

:)

But it's a short time span they need to bridge. Within this year things will change substantially I'm sure. On the world market and ERHC in particular.