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.
OILPHANT-when can we RAISE the MAINSAIL again?
wasnt much available at .31 [I tried] and IMO there are greater powers PINGING our PPS in a TIGHT RANGE prior to any news - for obvious reasons [ maybe SEO would get cold feet if the pps was running to $1 again - the greed factor could take affect ]
Hopefully SEO knows our good name has been dragged in the mud enough for 10 lifetimes and must take action to remedy
IS THIS THE WEEK ??
yup = this is a homerun stock with the right leadership
- it has been since I first bot it 1999
SEO - we couldn't have done it with out you, but its time to step aside
$2 if true is just a start off
I hope for new management and new partners
I hope for name change - ticker change - BOD Change
Recall OILYs post that oil will still be oil but erhc will not be the same
Bring it on
ADDAX CEO and Nigerian PRESIDENT getting chummy
http://www.addaxpetroleum.com/press_room/latest_events
Abuja, September 25, 2006 - APC President & CEO JC Gandur and APC Chairman P. Dey meeting with Nigeria President Olusegun Obasanjo.
100k traded vs. 710 MM O/S joke
We all know you want to buy shares again Cheap
ART cant & wont happen - conflict of interest
BM is off / SEO is out
IT'S the Political season in Nigeria
Campaigns need to be FUNDED !!!
SEO must FUND the FRONTRUNNER !!!
SEO's buds want the $$$ already !!!
BIG OIL Smell blood in the water
MINNOW is CAUGHT !!!!
makes sense
OILPHANT ERHC has another partner ???
"There's another symbol on the sail. There's more to come."
is this a BUYOUT or new PARTNER ????
we need more CLUES !!!!!!!!
WHAT PRICE do they BUY IN AT ??????
***Europe likes the Upstream story !!
ERHC ENERGY (Berlin:ERH.BE)
Change: +9.76%
ERHC ENERGY (Frankfurt:ERH.F)
Change: +11.54%
USA .385-.39 - only 1 MM to $.40
just 1 MM to $0.40
Right - its a conflict of interest !!!
interesting the time line of the development of Starcrest and the Houston raid in May -
Regardless the PPS is reflecting positive developments are happening in lieu of the on-going SEO controversy
Offor also came under fire this week from Colorado-registered ERHC shareholders for appearing to commit a breach of fiduciary duty by diverting a commercial opportunity for his own benefit, preferring to press the interests of Starcrest rather than ERHC in Nigeria's Exclusive Economic Zone.
bye bye SEO - hey SNP/XOM/Addax any replacement ideas?
thx for the memories ....
ERHC & BM - Nigeria defiant over its awards Ministry says round followed 'routine practice' but potential future bidders stay wary
By Upstream staff
THE Nigerian Ministry of Petroleum has defended the way it awarded deep-water blocks outside of procedures dictated for last May's mini-round, suggesting "routine oil industry practice" was followed.
Majors bidding for the blocks remain unconvinced, clouding plans to hold another licensing exercise before the end of the year.
The acquisition by Addax Petroleum of Nigerian independent Starcrest's interest in OPL 291 was defended as "in line with the open and transparent bidding for acreage allocation in the 2005 round", according to ministry spokesman Peter Ogbonnaya. The same process will be adopted in future rounds, he said.
Minister of State for Petroleum Edmund Daukoru insisted Starcrest, in partnership with Taiwan's Chinese Petroleum Corporation, qualified to participate in the mini-round, winning OPLs 226 and 294 while Transcorp won OPLs 281 and 295.
India's Oil&Natural Gas Corporation/Mittal Energy tie-up won right of first refusal to OPL 291 but did not submit any bid, leaving the acreage stranded, Daukoru said.
This justified a request by both Transcorp and Starcrest/CPC to swap their own blocks for OPL 291, but Transcorp failed to pay the signature bonus, leaving the way clear for Starcrest/CPC to find $55 million and secure the block.
When CPC withdrew, Starcrest applied to replace its operating partner with Addax. Daukoru's explanation has left industry observers wondering why, if everything was above board, the director of the Department of Petroleum Resources (DPR) Tony Chukwueke was forced out of his job so abruptly two weeks ago.
Neither Transcorp nor Starcrest indicated interest in OPL 291 at the time, nor did they later apply on the floor of the conference to swap their own blocks for the acreage, said a senior executive present during proceedings.
Both companies are alleged to be associated with close business allies of the presidency and to have benefited from secret post-bidding manoeuvres, unwitnessed by other participants.
Faith in the ability of Abuja to conduct fair and open tendering before next April's elections has collapsed, as has morale at the DPR.
Junior assistant director of finance Chioma Njoku has been appointed acting director of the DPR, over the heads of more senior directors such as veteran upstream petrocrats Billy Agha and Olutoye Ibikunle who were deemed to be too close to Chukwueke.
Starcrest is owned by Ibo business magnate Emeka Offor and is under investigation by Abuja's Economic&Financial Crimes Commission.
Starcrest tried its luck with Sinopec after the deal with CPC fell through but the Beijing giant was unhappy with the tight time frame for concluding an agreement on OPL 294.
Addax persuaded Starcrest to instead pursue OPL 291 and in partnership with Starcrest managed to secure terms from the DPR exactly similar to the deal Addax had earlier signed with ERHC Energy in the Joint Development Zone.
At least 43% of ERHC equity is also owned by Offor, who has angled to acquire Starcrest by issuing additional ERHC shares a move that at one fell swoop would land him about 70% of ERHC stock in the most prospective frontier oil province in west Africa. Minnow ERHC enjoys a key position with Addax in JDZ blocks 2, 3 and 4.
Offor also came under fire this week from Colorado-registered ERHC shareholders for appearing to commit a breach of fiduciary duty by diverting a commercial opportunity for his own benefit, preferring to press the interests of Starcrest rather than ERHC in Nigeria's Exclusive Economic Zone.
Burgeoning disquiet among ERHC shareholders may yet result in a class action derivative lawsuit under US federal jurisdiction designed to prompt Offor to revaluate his acquisition strategy in the Gulf of Guinea.
A spotlight thrown on the world of Nigerian licence allocations at this juncture could dissolve all confidence in the country's upstream policy until a new administration takes charge next May.
--------------------------------------------------------------------------------
01 December 2006 00:01 GMT | last updated: 01 December 2006 00:01 GMT
Sao Tome eyes riches By Upstream staff
SAO Tome&Principe could net more than $700 million a year from oil production if output of 80,000 barrels per day is achieved before 2013, according to International Monetary Fund (IMF) analysts.
Revenue would be generated from prospects in its own Exclusive Economic Zone but mainly from the Joint Development Zone managed with neighbouring Nigeria where exploration by Chevron has begun on Block 1.
A IMF study noted that one of the main challenges facing the archipelagic republic was the need to administer potentially huge income from oil while strengthening the state's weak political and economic institutions.
--------------------------------------------------------------------------------
01 December 2006 00:01 GMT | last updated: 01 December 2006 00:01 GMT
Recall XOM walked from 2x25% in BL 2 & 4
ERHC was never supposed have what we do.
and now are coming back in at a premium ??
Sucka's !!!!!!!!!!
SEO / Deal or No Deal ???
http://www.nbc.com/Deal_or_No_Deal/game/dond.swf
SURE DOES !!! the management's silence signals something's brewing - [where is OILY when you need a new update]
perhaps his tie in with Equator being sought after by the big boys in BL 1 and [Exxon and Sinopec in eyeing BL 2] -
"HEY guys we're over here" + we have 10x more than Equator
perhaps its time for the MINNOW to step aside
hmm 30k at .39 perhaps OILY is CORRECT - move the INDIES out of the way for the SuperMajors
the Chief Press Secretary to the Minister of Petroleum Resources had however, defended the process as being right when he claimed that his ministry was satisfied with the manner Addax Petroleum acquired the working interest of OPL 291 as it was in accordance with oil industry standard.
.34-.36 Last .35 !!! sorry Joe you may have to wait for .28
thanks again Mark and Oily
Great UPDATE Mark - will be adding as well
Buy Low / Sell High - [Buy when you wanna BARF and Sell when there is Euphoria]
with 3 trips to $0.80+ every year for the past 3 years
ERHE will do it again - no worries
OVERDUE for news
$40 Mil in cash + 3 Block awards -w/more pending who ever has to sell here most certainly will regret it - just too much OIL
Sadly some folks may need cash and must sell out of despiration - VERY low volume indicates its an isolated seller and just lack of buyers
!!!!!!! NO WORRIES MATE !!!!!!!!
opps back from .31 to .33 [nice buy at .31]
if the US invades IRAN - China sides with Iran
no question bout it now
ERHE = UNDERVALUED
IMO this is no surprise to the regulars here. Thanks DADD for your ADDAX CEO clip - great to see our partners getting stonger and more credible - this can only help us along the way.
ADDAX says Nigerian offshore is SAFE to do business and nothing to do with the civil unrest of the region. Seems excited about their [JDZ] W.African Off Shore prospects. The bigger risk is the political risk and he states the increased laws on disclosure and transparency are now in place.
NOTE - this doesnt pertain to ERHC
Our Current & Future Oil and Cash Assets are way undervalued. And as Addax says we are only 1 terrorist event to get to $100 BBL
Look at the 3 year chart we are at the bottom once again, quite familiar territory. 3 round trips so far, we have gone from low $0.30s to high $0.080s-$0.90s.
A traders dream and longs nightmare.
We will do it again, IMO good news will come soon enough, going forward I feel 2007 could be our year. It seems every year there are major events with ERHC wheather it be Pre Awards, Awards or PSCs - this year I feel drilling schedules and perhaps drilling, new management, buyin perhaps? A break in the DOJ case - Joe Shea seems to think it will happen as new evidence is hurting the credibility of the the Prosecuters case.
Are there better plays out there, absolutely
None have quite the enteraintment value - thats for sure.
Buy low - sell high
Equator offer By Upstream staff
London-listed Equator Exploration, headed by Wade Cherwayko, has received an unofficial takeover approach.
"The board is in the process of considering the merits of the offer and will give an update to shareholders in due course", the company said.
Industry sources have suggested the buyer could be a Middle Eastern player while other reports said BowLeven, a fellow London-listed oil company could be keen.
Equator operates assets in Nigeria including the Bilabri oil project and the Ownanare gas discovery and also has rights to several blocks in Sao Tome.
ADDAX CEO Jean Claude Gandur on TV about W.Africa, Nigeria, Addax and the future [its from June but - valid]
http://www.addaxpetroleum.com/press_room/on_record
click Play Movie
a Strong ERHC Partner in ADDAX can only help us
Blog says ERHE to be cleared - yippie
ADDAX is up again - NEW HIGHS - whats going on?
OBO 1 - Pre Drill consultant engineers ECL identified 13 prospects, with a total mean recoverable reserve potential of 3.8 Billion Barrels and a risked mean of 1.2 Billion
BB your OBO 1 file is Now on the Elephant Fields
http://finance.groups.yahoo.com/group/theelephantfields/files
on the Left menu click *Files*
Click *Nov 22 Report OBO 1.pdf*
No moves on Nigeria licensing
By Upstream staff
HOPES that Nigeria would unveil its latest licensing round at the Nigerian Association of Petroleum Explorationists conference in Abuja this week were dashed when senior industry officials, including Oil Minister Edmund Daukoru and Tony Chukwueke, the director of the Department of Petroleum Resources, stayed away from the event, writes Barry Morgan.
The delay came amid controversy over the recent award of offshore block OPL-291 to previously unknown local independent Starcrest, which has since sold a major interest in the block to Canadian-registered Swiss explorer Addax Petroleum.
The award added to concerns that high-profile discretionary awards of acreage are still occurring despite remonstrations by the Department of Petroleum Resources that all acreage should be transparently subject to open tendering.
Moves to hold back choice blocks from the upcoming round originally scheduled for last month but now delayed, according to some sources until at least Decemberhave further damaged industry confidence.
--------------------------------------------------------------------------------
17 November 2006 00:01 GMT | last updated: 17 November 2006 00:01
Africa´s Chinese checker
By Upstream staff
Africa, oil´s Cindarella, has finally been invited to the ball—and she now has many suitors.
A decade ago the continent´s states recognised a window of opportunity to attract new partners and shore up revenues.
From Senegal to Sierra Leone, Tanzania to Mali and Namibia, governments began to redraw their petroleum codes while a profusion of new minnows pushed to acquire smaller assets deemed marginal by major players in more mature provinces like Nigeria and Angola.
Fiscally attractive production sharing contracts began to replace the old concession regimes as nations competed to attract investorsand companies jostled to stay ahead of the curve, picking up vacant acreage in conflict-ridden provinces such as the Niger Delta, southern Sudan and the war-torn Cabinda enclave.
Previously ignored gas-prone provinces enjoyed fresh attention. LNG markets boomed while gas-to-power projects gained renewed favour with multilateral lenders. States began, with varied success, to clarify special incentives including regulations governing gas ownership and the monetisation of gas assets. Africa´s petrocrats offered suitable assurances regarding contract enforceability and respect for human rights.
Yet all of this activity was predicated on two key assumptions. Firstly, that burgeoning economic growth in Asia and tightened supplies to the West, especially the US, would sustain the strategic importance of Africa as an oil supplier.
This has held true. The CIA predicts that some 25% of US oil imports will come from Africa before 2015 and efforts are under way to strengthen military support bases from Djibouti to Sao Tome in the Gulf of Guinea.
Secondly, it was assumed that international initiatives to assist African states resolve perennial communal and ethnic conflicts would bear fruit. So far this looks unlikely. Tensions have heightened in Nigeria´s Niger Delta while efforts to pacify hotspots in the Democratic Republic of Congo, Somalia and southern Sudan appear still-born.
Moreover, the ability of the West to influence events looks set to be further undermined by Asian players—South Korea, India but especially cash-rich China—to boost reserves and lock in supplies for the long term.
The aggressive tactics employed by Beijing´s oil giants to secure upstream positions in exchange for investment in downstream and other strategic sectors have convinced African leaders they can disengage with the West on corrupt practices and human rights issues.
Chevron and Petronas this year had to climb down ina dispute with N´Djamena over the alleged non-payment of taxes, leaving the more powerful ExxonMobil to stand firm over original contract terms governing its Doba Basin development.
President Idriss Deby´s brazen expression of hope that Chinese companies would one day become the biggest producers in Chad left no one doubting his source of inspiration.
Former US Assistant Secretary of State for Africa Walter Kansteiner this month spoke fearfully of a“tsunami”of Chinese trade sweeping Africa, just days before a ground-breaking China-Africa Summit was convened with 48 heads of state in Beijing, resulting in 16 bilateral deals worth $2 billion.
China´s trade with Africa this year is pegged at $50 billion and will double by 2010. Beijing´s 7% share of the African market has overtaken the US while Chinese companies have invested $4 billion in Sudan alone.
China receives 522,000 barrels per day from Angola, now its largest trading partner on the continent, and aims in future to boost oil imports from E&P assets acquired in Angola, Kenya, Chad, Niger and Nigeria.
The Nigerian government is ratifying four blocks for China National Petroleum Corporation in exchange for a $2 billion refinery in Kaduna. The China National Offshore Oil Corporation, having already bought into Total´s Akpo field development last year, is seeking rights of refusal on four more blocks in the 2006 bidding round scheduled to kick off in mid-November.
Asian players have boosted signature bonuses expected during licensing exercises. Nigerian director of the Department for Petroleum Resources Tony Chukwueke notes that while nine blocks netted $9 million in 1990, this figure ran to $1.2 billion for 20 blocks in 2005 while 2006 looks set to be a bumper year.
Few believe China´s presence will help improve human rights in Chad or Sudan, where CNPC enjoys a strong partnership with the state oil company and the Greater Nile Petroleum Company.
Individuals close to Beijing´s politburo have also teamed up with companies linked to Sudan´s rebels, raising the spectre of a new tier of Chinese indies joining the African safari. Some 4000 soldiers from Peoples Liberation Army help guard an oil pipeline in Sudan that supplies 7% of Beijing´s total oil imports
Beijing has yet to sign up to the Extractive Industries Transparency Initiative or the so-called Equator principles encouraging“greener”financial practices while both the World Bank and IMF are worried that easy access to cash and a rapid build-up of debt may scupper modest gains in good governance.
“China separates business from politics,”said Chinese deputy foreign minister Zhou Wenzhong, a feature not inconsistent with an upsurge in sales of military equipment to Africa. So, for the continent´s despots and their successors, it is business as usual.
--------------------------------------------------------------------------------
17 November 2006 00:01 GMT | last updated: 17 November 2006 00:01 GMT
for now phoneman will just ADD to the speculation
here is an update Sunday Nov. 12, 2006
UPDATE 2-UAE's Centurion Energy International Inc. Announces Sale to Dana Gas PJSC for Approximatley CDN $1.15 Billion
[BTW - IMO This is a HUGE number for a SMALL COMPANY]
Dana Gas shares closed flat at 1.69 dirhams ($0.460) on Sunday ahead of the announcement on Centurion.
ABU DHABI, Nov 12 (Reuters) - United Arab Emirates firm Dana Gas <DANA.AD> said on Sunday it has agreed to acquire Canada's Centurion Energy International (CUX.TO: Quote, Profile, Research) for C$1.15 billion ($1.02 billion) to expand into the upstream gas sector.
Under the deal Dana Gas would acquire "all of Centurion's outstanding common shares for C$12.00 per share, representing an equity value of approximately C$1.15 billion on a fully-diluted basis", the company said in a statement.
Centurion shareholders will meet to approve the acquisition in early January 2007, it added.
Calgary-based Centurion, an oil and gas firm operating in Egypt and West Africa, said in October it was in talks with an unnamed firm about a possible transaction, sending its shares up nearly 5 percent. Its shares closed on Nov. 10 at C$11.08.
"We are pleased to offer Centurion shareholders full value for a company that meets perfectly Dana Gas's stated objective of acquiring E&P (exploration and production) operations with production and clearly identified exploration prospects for future growth," Dana Gas said.
It said the offer price represents a premium of 36.4 percent over the trading price of Centurion shares on Oct. 30, the last trading day before Centurion said it received an approach from a third party. It also represents a 55.9 percent premium to Centurion's volume weighted average share price for the 20 trading days up to that date.
Dana Gas was set up to deliver gas to utilities and industrial users in the UAE. With an agreement to import Iranian natural gas delayed, Dana Gas's third-quarter earnings came entirely from investments and financing activity. Continued...
UPSTREAM ENTRY
Centurion produces about 32,000 barrels of oil equivalent a day and aims to pump 38,000 by the end of 2006.
Earlier this year, Centurion's stock was under pressure following disappointing drilling results in its Egyptian operations. Investors had been closely watching the fifth of a five-well drilling programme as part of a joint venture with Royal Dutch Shell Plc (RDSa.L: Quote, Profile, Research), analysts have said.
"Together, the two companies (Dana Gas and Centurion), will provide the region with a strong indigenous private-sector player to develop the natural gas resources of the wider Middle East," Centurion Chairman and Chief Executive Officer Said Arrata said in the statement.
Dana Gas said in addition to existing production and associated cash flow from producing fields in Egypt, there were growth opportunities from exploration assets in Egypt and exploration properties in Tunisia and a joint development zone shared between Sao Tome and Nigeria.
Dana Gas also aims to expand into gas transmission and distribution, including liquefied natural gas (LNG) trading, as well as gas-related industries and petrochemicals.
Last month, a consortium including Dana Gas signed a deal to develop an LNG terminal in Pakistan at a cost of $200 million.
© Reuters 2006. All Rights Reserved.
Our new JDZ partner = http://www.danagas.ae/
Are these DOTS supposed to be connected ??
Could this mean a Drill Ship ??
OILPAHNT on 10/31
"Here comes Pathfinder.
CALGARY, Alberta, Oct 31 (Reuters) - Centurion Energy International Inc. (CUX.TO: Quote, Profile, Research), a Canadian junior oil company with operations in Egypt and West Africa, said on Tuesday it is in talks with an unnamed company about a possible transaction.
Centurion, whose shares have jumped 18 percent in the past week, gave no assurances a deal would result from the discussions. Nor would it predict what a transaction might eventually look like.
The company said the talks began with an unsolicited approach from the third party."
http://www.investorshub.com/boards/read_msg.asp?message_id=14422289
wasn't Oily's clue UNITED ARAB EMIRATES
Looks like we have a new partner in BL 4
now this ...
http://www.investorshub.com/boards/read_msg.asp?message_id=14723433
CenturionEnergy.com
Operations: Sao Tome/Nigeria JDZ
Awarded 10% (9.5% net) in Block 4 of Sao Tome / Nigeria JDZ
$US 90 million gross signature bonus
212,000 acres (16,000 net)
World class exploration acreage
Several elephant size structures mapped on 3D seismic
3 exploration phases:
- phase 1 : 4 years;
- phase 2 : 2 years;
- phase 3 : 2 years.
The Operator plans to drill an exploratory well in the second half 2007.
AMS they ring the dinner bell and you come a run'in
wzebra he has like 3 Million shares I think maybe more
how much does he need?
[you will retort to say you cant have enough of a good thing]
[recall Memon got the boot prior to WB - so is probably pissed with SEO, so why would he buy more]
but I question the timing of the filing with the increased buzz of better days ahead.
[geez hard to think there could be worse days ahead]
Good Catch nh Interesting why MEMON would file to unload NOW at the yr. low ????????? [or are better days ahead]
why not 3 motnhs ago
why not in May with Awards PCSs
Why not last year?
if we see more filings come out - we know that is a good sign