Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Market maker taking overseas orders?
Unless he is a Market Maker.
Emeka Offor might insist if the cash offer isnt adequate.
We havent considered a stock swap (in a while) with Sinopec, that may be the way to share in the potential of the EEZ and JDZ, of course that would be after a huge cash dividend to ERHC shareholders. They could retain AIM listing for ongoing Chrome operations and shallow local plays.
He is that good, take my word on that. That being said, no one knows the exact outcome, as there are many entities and unknowns involved. The Chinese are very good negotiators, but so are Nigerians! Let the show begin! Remember the man with the money makes the calls. The development of the EEZ and JDZ will be very expensive.
The Chinese have a very good way to control insider leaks, the kill them or life sentence anyone who does so. Read that somewhere. Thanks Mark, I know you have good info. Hope we get in a bidding war.
Were like a bunch of Rock Band groupies but we missed the bus to the concert...lol... nobody knows nothing. Just watch it unfold. Markly why are we using pictures now ??
" Tightly held " sums it up. With only 73,570 est. dollars changing hands today.
Our knuckles are white, our hair is greying and wallets are thin.
Time for a new " Michigan Song" it seems.
Bring on Phase 2 cause we missed Phase 1.
Can you find any JDZ news from Dana Gas? Dana Gas is/was not listed as a JDZ participant on any publications.
Just sharing info on current players.
Dana Gas Share Ownership in West Africa Officially Approved -thanks Kingpin.
Company Confirms Commitment to Emerging Offshore Petroleum Region
Sharjah, 22 January 2007:
Dana Gas, the first and largest regional private-sector natural gas company in the Middle East, with activities in the Middle East, North Africa and South Asia (MENASA) region, announced that it now officially owns a share in one of the blocks of an oil and gas rich offshore province in West Africa's Gulf of Guinea, one of the richest hydrocarbon sources in the world.
The Nigeria-São Tomé and Príncipe Joint Development Authority (JDA) have formally approved the change in share ownership of Hercules/Centurion interest in the Joint Development Zone (JDZ) Block 4, to Dana Gas. Based upon this approval, Dana Gas currently holds 10% participating interest in Block 4.
The JDZ is an emerging hydrocarbon province with world class prospects and moderate risk, located in the vicinity of several of the deep water Nigeria giant oilfields. Block 4 covers an area of 212,000 acres (857 km²) and is situated 10 km southwest of the recently announced OBO-1 discovery. Block 4 is operated by Addax, which is actively pursuing various drill ship options to secure a slot to spud the first of three commitment wells prior to the end of 2008. Dana Gas' share of the well cost is budgeted at US$ 6.1 million.
The 2008 Budget has been approved by the partners and final approval by the JDA was granted at the Management Committee Meeting held December 11, 2007 in Abuja , Nigeria .
“This is a major development for Dana Gas in Africa ,” said Rahid Saif Al Jarwan, Dana Gas General Manager. “We are very pleased that we have obtained the approval of JDA, which will have a significant impact on our business in the African Continent.”
The Nigeria-São Tomé & Príncipe Joint Development Zone (JDZ) is an area of overlapping maritime boundary claims that is being jointly developed by the two countries. The Heads of State of Nigeria and of São Tomé & Príncipe agreed on the joint development of resources in this region, with agreements ratified in February 2001.
Dana Gas, currently the sixth largest gas producer in Egypt , has recently exceeded 2007 production goals by producing 32 thousand barrels of oil per day equivalent, which continuous to bring significant development potential to Egypt . s
Looking for any news I can - Hercules is in Block 4
Feb 17, 2010 (M2 PRESSWIRE via COMTEX) --
Hercules Offshore, Inc. (Hercules Offshore) is a provider of shallow-water drilling and liftboat services to the oil and natural gas exploration and production industry. It provides contract drilling and marine services as well as provides shallow water drilling and lift-boat services to oil and natural gas exploration and production industries. The company carries out its operations through its subsidiaries namely, Hercules Drilling Company, LLC and Hercules Liftboat Company, LLC. Hercules Offshore principally operates in the Gulf of Mexico, United States, offshore Qatar, India, Venezuela and West Africa. The company is headquartered at Houston in Texas, US. ( http://www.bharatbook.com/detail.asp?id=116755&rt=Hercules-Offshore-Inc-Financial-Analysis-Review.html )
Global Markets Direct's Hercules Offshore, Inc. - Financial Analysis Review is an in-depth business, financial analysis of Hercules Offshore, Inc.. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed financial ratios of the company
Scope
- Provides key company information for business intelligence needs The report contains critical company information - business structure and operations, the company history, major products and services, key competitors, key employees and executive biographies, different locations and important subsidiaries.
- The report provides detailed financial ratios for the past five years as well as interim ratios for the last four quarters.
- Financial ratios include profitability, margins and returns, liquidity and leverage, financial position and efficiency ratios.
Reasons to buy
- A quick "one-stop-shop" to understand the company.
- Enhance business/sales activities by understanding customers' businesses better.
- Get detailed information and financial analysis on companies operating in your industry.
- Identify prospective partners and suppliers - with key data on their businesses and locations.
- Compare your company's financial trends with those of your peers / competitors.
- Scout for potential acquisition targets, with detailed insight into the companies' financial and operational performance.
To know more and to buy a copy of your report feel free to visit : http://www.bharatbook.com/detail.asp?id=116755&rt=Hercules-Offshore-Inc-Financial-Analysis-Review.html
CONTACT: Raju, Marketing Manager, Bharat Book Bureau Tel: +91 22 27578668 Fax: +91 22 27579131 e-mail: info@bharatbook.com WWW: http://www.bharatbook.com
((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
For full details on Hercules Offshore Inc (HERO) HERO. Hercules Offshore Inc (HERO) has Short Term PowerRatings at TradingMarkets. Details on Hercules Offshore Inc (HERO) Short Term PowerRatings is available at This Link.
Probably Oily taking his profits. Oily = market maker.imo
That 10 fold is why we are here Richard, welcome. Personally, Ive been waiting for 10 years though.
Mid, Problem is you talk and think way too much. Instead of constantly telling us how you feel please call Dan K and vent with him. Someone post his number please. Try writing to the BOD too. They will respond. You need someone who will listen.
http://www.nigeriasaotomejda.com/pdfs/Block%20Awards.pdf
Thanks, Obviously some names have changed. One question I have is why do over half these companies not have web sites or current news etc.. I cant find anything recent on any of them related to the JDZ. Who is A Hartman anyway?
Wow ! That would be very good news Oily, can you provide a LINK>
Otherise make sure you use IMO .
Have any of your predictions EVER come true or is this the first?
Conoil is in Block 4.
19.8 billion loan nigerian, how much is that in US currency?
Posted by: Southern Man Date: Monday, February 15, 2010 6:50:33 PM
In reply to: None Post # of 199122
At Equitorial Trust Bank (ETB), Conoil owes N19.8 billion; while Dangote Group owes N1.96 billion.
http://www.chairmanking.com/central-bank-nigeria-cbn-publishes-list-debtors-non-performing-loans-bank-phb-spring-bank-unity-bank-wema-bank-equitorial-trust-bank-etb-20091015/
Excellent point Longtimer, why didnt we see this sooner? All the partners (13 of them if you blend in Sinodax) have to pony up and share cost for the JDZ. ERHC is unique and has the free ride till production. Thats why we need to be quiet and let the cards fall where they may. There are 11 companies that have to make major decisions going forward. As I posted yesterday several "partners" have huge debts on their books. This explains the delays.
Block 2, JDZ Sinopec, Addax, Equator, ERHC, Foby Eng.,Hartman and Momo oil & gas.
Drum roll please.
If it is a painful low price bid, it has to be the Chinese.
Secretive Chinese? WHo knows... they sure dont want anyone to know yet!
West Gemini bags two-year gig
Norwegian rig player Seadrill has landed a two-year, $345 million contract for the ultra-deep water drillship West Gemini, which is currently under construction.
Upstream staff 12 February 2010 10:38 GMT
Seadrill declined to name the company involved, saying only that it is an international E&P operator and that drillship will get to work off West Africa.
The contract value, which includes mobilisation costs, equates to a dayrate of about $460,000.
The contract also includes an option to extend for a further year at the same dayrate.
The West Gemini is expected to be completed by early July.
Published: 12 February 2010 10:38 GMT | Last updated: 12 February 2010 15:54 GMT
At Equitorial Trust Bank (ETB), Conoil owes N19.8 billion; Bayelsa state – N5.97 billion; Globe Motors, which has Williams Anumudu as one of its directors – owes N3.032 billion; Premium Seafoods, which has Sunil Vaswani as a director, owes N3.321 billion, while Dangote Group owes N1.96 billion.
http://www.chairmanking.com/central-bank-nigeria-cbn-publishes-list-debtors-non-performing-loans-bank-phb-spring-bank-unity-bank-wema-bank-equitorial-trust-bank-etb-20091015/
Its business, Sinopec spent over 100 million, we spent 0. Guess who calls the shots.
Ophir Energy is in Block 3 of the JDZ too. Seems they like the 2 Trillion number but also say it will take time to develop. Its all good news and long term wealth in West Africa Deep water!
Oil or Chinese?
Are you physically challenged and can only type elusive shorthand? Perhaps paralyized?
Your very welcome.
http://www.foreignpolicy.com/articles/2010/02/10/chinas_new_free_market_energy_policies
This is huge news here:
BEIJING, Feb. 11, 2010 (Xinhua News Agency) -- The US Securities and Exchange Commission (SEC) has introduced a new rule to allow the listed oil firms to add proven but undeveloped reserves into their financial reports.
Under the new rule, the additional oil and gas reserves of Chinese oil firms would greatly strengthen their financial reports.
PetroChina the Chinese oil firms listed on New York Stock Exchange, are expected to show larger reserves in their 2009 results. (PTR.NYSE; 00857.HK; 601857.SH), Sinopec (NYSE:SNP) (SNP.NYSE; 00386.HK; 600028.SH) and CNOOC (CEO.NYSE; 0083.HK),
Market analysts should be able to make a better judgment of Chinese oil firms' net asset value, though investors may ignore the new rule. (Edited by Lin Fanjing, linfanjing@xinhua.org)
http://www.istockanalyst.com/article/viewiStockNews/articleid/3856379
Nigeria / Sao Tome & Principe Joint Development Zone (JDZ)
JDZ Concessions :
Block 1 – Block 2 – Block 3 – Block 4 – Block 5 – Block 6 – Block 7 – Block 8 – Block 9
JDZ Operators and Partners:
A. & Harmattan - Addax Petroleum - Addax Sub – Afren – Anadarko – Broadlink – Chevron – Conoil - Dangote Energy Equity Resources – DNO - Equator Exploration – Equinox - Equity Energy Resources EER - ERHC Energy - Esso E & P Nigeria - São Tomé "One" Ltd - Filthim-Huzod Oil & Gas - Foby Engineering - Godsonic Oil & Gas - Hercules Oil (Centurion) - International Commerce and Communications (ICC) - Momo Oil & Gas - Oil Exploration Consortium (OEC) - ONGC Videsh - Ophir Energy - Overt Oil - Sahara Energy Fields - Sinopec (China Petrochemicals)
JDZ Oilfields and Prospects:
Bomu - Lead 10 - Cantagalo - Caue - Eyo - Eyo SE - Gandu - Kainji - Kainji West - Kina - Kina South - Lead 5 - Lemba - Malanza - Oban - Obo - Ofo - Oki - Oki Central - Oki East - Osun - Pague - Principe - Singi - Strat 1 - Strat 2 - Sundy - Uba Budo
Nigeria Oil and Gas Map Concessions & Licenses - Printed Edition
Latest Update: January 2010
http://www.nigeria-oil-gas.com/nigeria_oil_and_gas_map_concessions_&_licences_-_printed_edition-110-1-2-c.html
There is a long list of companies involved with our assets:
http://oilandgasstakeholders.blogspot.com/2009/09/list-of-nigerian-operators-oil-gas.html
Nigeria's oil reserves to dry in 2040
Read Last Paragraph
By Economic Confidential
The oil reserves in the Niger Delta currently 31 billion barrels will dry and disappear by the year 2040. Activities of militant groups in the region, ineptitude leadership and rapid depletion of ore, a major component for the exploration are contributory factors that may see the end of Nigeria’s oil.
Regulatory and monitoring organs in the country including the Nigeria National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) are concerned about the development.
A very reliable source in one of the agencies meanwhile confirms this development to the Economic Confidential. Some of the agencies especially NNPC and RMAFC have undertaken visitations and mounted various campaigns on need for the diversification of the economy to other sectors and on the necessity for passage of Petroleum Industry Bill (PIB) into law.
The RMAFC had toured some states to verify existing and abandoned oil wells and other prospective areas for exploration. It also provided each state in the federation with lists of abundant mineral and natural resources in its location which could be tapped for more revenue to their Internally Generated Revenue and the Federation Accounts.
The Economic Confidential gathered that minerals and hydrocarbon deposits have life-span and can be negatively affected if there are fewer activities to extend the life indices through intensive exploration to augment the resource base.
Members of the Federal Account Allocation Committee (FAAC), which comprises commissioners of finance, accountants general of states, NNPC, Customs and Federal Inland Revenue Service are being told on the need for new investment and diversifications of the economy because the would soon run out of oil for export and local consumption.
The campaigns have also gone to governors and federal legislators on the need for early passage of PIB because the future of Nigeria’s oil, according to the campaigners, depends largely on new oil bill that would promote continued investment in new oils and security of facilities in the Niger Delta region.
At another forum in Abuja recently, a General Manager, Planning, National Petroleum Investment Management Services (NAPIMS) Victor Briggs stated that that Nigeria is not investing in new oil discoveries whereby all the revenues from oil goes to the Federation Account directly without reinvesting into oil fields.
The situation is worsen by the fact that Nigeria’s oil production continued to fall due to inadequate explorations and the crises in the Niger Delta region which produces the bulk of crude oil the country exports. A statistics has shown that while the nation was producing 2.3million barrels of crude oil per day in 2005, it went down to as low as 1.1 million barrels a day in 2009. The needless attacks by the militants also pushed up the cost of repairs and replacements of damages facilities from an average of $2.2 million in 1999 to about $400 million last year in 2009.
The crisis is not only affecting the quantum of revenue to the national purse but also what oil producing states that usually received huge allocations from the Federation Account due to the derivations principle. Some non-oil producing states are even receiving more in the monthly allocation than those in the Niger Delta.
In the disbursement figures made in January 2010 from the Federation Account, exclusively obtained by the Economic Confidential showed that while Bayelsa and Edo states received the sum of N4.29 billion and N3.48 billion respectively the non-oil states of Lagos and Kano states received N9.16 billion and N6.49billion respectively. Going by reported discovery of oil in commercial quantities, in African countries, including Ghana, the government is not only looking towards diversification strategies, it is exploring potentials of Public Private Partnership (PPP) to explore the possibility of oil reserves in each geopolitical zone without its direct involvement. This is to avoid the mistakes of the past when the NNPC undertook oil exploration in the North in the 80s, especially in Bauchi, Borno and Gombe states before it stopped in 1999 for what a source blamed on political exigencies.
Few years ago a northern conglomerate, New Nigerian Development Company (NNDC), bid for and won licences for four oil blocks in Northern region's sedimentary basins which comprises the Lake Chad Basin and the Benue Trough. The company had contacted oil giants in Russia and Australia on the prospect of exploring the large quantity of gas reserve in the areas to power an independent power project (IPP) and fertilize plants.
The only Yoruba land that presently has oil wells and a beneficiary of Derivation Fund is Ondo State. Apart from being in contentions with Delta State over 250 oil wells granted to it during Obasanjo’s period, it has substantial oil reserves in Ilaje reverine community.
Also in Igbolands a Chinese owned multinational oil company has discovered oil in substantially commercial quantity onshore in Awo Omamma, Oru East local government area of Imo state. The state also has some abandoned oil wells in Ohaji-Egbema and Oguta councils. The crude in the state has remained untapped as a result of kidnapping and criminal activities of some youths similar to the experience in the Niger Delta.
Abia state is another Igboland that has gas deposits and oil wells some of them are sources of disputes with neighbouring Rivers State. There is an official report undertaken which will soon be submitted to the Federal Government by a constitutional body mandated to authenticate and verify claims of gas deposits and oil wells.
While other oil countries are harnessing and investing their revenues into other sectors within and across their boundaries, the future of Nigeria after its oil might have disappeared, depends on its partnership with a tiny neighbouring country, So Tomé and Principe having signed an agreement to explore and produce oil in the waters between the two countries. The area known as the Joint Development Zone (JDZ) contains over 15 billion barrels of oil that are yet to be tapped and which would be administered by their established Joint Development Authority (JDA). http://www.triumphnewspapers.com/nigeh1022010.html
M&A back on track?
By James Harris on February 10 2010
David Smith, partner at law firm Fasken Martineau, talks to James Harris about M&A activity and signs of economic recovery.
Deal activity among life science and mining companies picked up after the first quarter of 2009. ‘There was a period of about four months last year when nothing was happening, and then the M&A market took off. For cash-rich companies there were plenty of bargains to be had last year,’ observes David Smith, partner in the London office of international law firm Fasken Martineau.
The London office generally focuses on mid-market deals on the Alternative Investment Market (AIM), although this year the firm also worked on the English law aspects of Sinopec’s acquisition of petroleum company Addax for $8 billion (£4.9 billion), believed to be the largest deal in the sector by a state-owned Chinese company to date.
For Smith, an upsurge in interest from Chinese acquirers is highly likely: ‘Given the relative strength of the Chinese economy compared with the rest of the world, it’s getting cheaper and cheaper for them. Chinese companies are active acquirers, and in our experience they seem to be focusing strongly on Africa.’
Summit of achievement
The firm also represented AIM-listed drug discovery company Summit Corporation in its restructuring programme, which involved the disposal of Zebrafish to Evotec for £500,000 and the £950,000 sale of Dextra Laboratories to New Zealand Pharmaceuticals.
‘It’s all part of the repositioning that takes place in a recession. It makes you concentrate on what your core business should be,’ says Smith. ‘The company, which had previously experienced funding difficulties, has repositioned itself and is now a revitalised business with two years of working capital in its bank account.’
The London office of Fasken Martineau, which was originally a Canadian firm, houses 29 of the firm’s 298 partners. There are ten partners in the corporate team, which typically works on deals with a value of up to £300 million.
While many law firms have been forced to slim operations this year, Fasken Martineau has added 12 lawyers to its London office and opened a Paris office by merging with Gravel, Leclerc & Partners. As Smith notes, the merger is designed to strengthen the firm’s presence in France, but also to develop its French-speaking Africa practice.
This is a growth area for the firm that is intended to complement its existing African practice in which its Johannesburg office plays a key role.
Money talks
As companies start to consider making an acquisition, Smith notes that it has never been more important to have a sizeable war chest: ‘If you’re a seller and you have the choice between dealing with someone with cash and someone who needs access to capital markets to raise money for a bid, unless there is a very good premium in the price, you’ll go for the party with cash.’
In terms of AIM, Smith concedes that the market has posed challenges over the past year, particularly for early-stage concerns in life sciences and mining: ‘Companies in these sectors [often] don’t have cash flow. It was almost a question of chance if they hit the recession with cash in their pocket, and those without cash have found it hard. Share prices have been hammered, so most of those businesses able to raise money have had to do so at a substantial discount.’
Funding requirements brought AIM-listed Rift Oil and Canadian oil and gas producer Talisman together. After making gas discoveries in Papua New Guinea, Fasken’s client Rift Oil had embarked on the search for a joint venture partner to develop the project, bringing it to the attention of Talisman, which acquired Rift Oil for £110 million.
‘It was a typical deal. The only due diligence issue was that one of the exploration licences from the government was up for a routine renewal; without it, the business wouldn’t have been able to continue, but it came through and the deal could go ahead. The buyers were keen, had their own cash resources and could move quickly,’ says Smith.
After a difficult year, attracting companies from overseas is critical to AIM’s resurgence. Says Smith, ‘It will take time for small-cap markets to recover across the world. Share prices on AIM have recovered fairly strongly, though, and there have been a reasonable amount of secondary fundraisings, but it remains to be seen whether there is genuine investor appetite for IPOs.’
Although the figures aren’t overly encouraging, Smith is optimistic: ‘These things are cyclical and AIM just hasn’t been through a cycle like this before. The closest it came was the dotcom crash in 2001, and that wasn’t a global recession, it was focused on the technology sector.’
http://www.mandadeals.co.uk/the-magazine/cover-stories/1148728/manda-back-on-track.thtml
100,000,000 recently spent.
Waiting this long takes its toll on everyone, go fishing -something, good job tryoty!
We arent alone, there are others waiting for information and analysis :
ERHC
HERCULES
CONOIL
OVERT
OPHIR
EQUINOX
EER
DNO
MOMO
HARTMAN
FOBY
EQUATOUR
We are not alone in the dark!
Feel better now ?
Mid was right, ( first time..lol ) it did say non interest bearing, I would hope that was a temporary park during the melt down. If they were with offshore Stanford they were getting about 5 to 6 % with the 5 million. Obviously that turned out to be risky. Rates are very low as most know. Ill guess they will lose 3.5%....depends.
They never said ZERO interest, just a decline, get with it man.
"At some point" is the reason for the low sp. There is a good possibility that we may have to wait for Sinopec (or another operator) to continue exploration to the extent where it makes commercial sense. This is a vast previously unexplored area that will take time to develop. This first 100 million dollar exploration is only the beggining.
The operator (Sinopec) has to tell the JDA what their phase 2 plans are 30 days before the expiration of the March 2010 deadline. The plans do not have to be publicized though and to make matters more frustrating they can file an extension.
Who knows? We may get production from the EEZ before the JDZ.
In either case, I just hope Ime still alive to see one or both happen. Maybe the IRA plan is a smart idea.
EHRC will have plenty of cash from EEZ sales ie..jdz in the near future plus the AIM ipo and potential financing from local banks.