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FWIW DOJ statutes
http://www.justice.gov/criminal/fraud/fcpa/guide.pdf
What Is the Applicable Statute of
Limitations?
Statute of Limitations in Criminal Cases
The FCPA’s anti-bribery and accounting provisions
do not specify a statute of limitations for criminal actions.
Accordingly, the general five-year limitations period set
forth in 18 U.S.C. § 3282 applies to substantive criminal
violations of the Act.207
In cases involving FCPA conspiracies, the government
may be able to reach conduct occurring before the
five-year limitations period applicable to conspiracies
under 18 U.S.C. § 371. For conspiracy offenses, the government
generally need prove only that one act in furtherance
of the conspiracy occurred during the limitations period,
thus enabling the government to prosecute bribes paid or
accounting violations occurring more than five years prior
to the filing of formal charges.208
There are at least two ways in which the applicable
limitations period is commonly extended. First, companies
or individuals cooperating with DOJ may enter into
a tolling agreement that voluntarily extends the limitations
period. Second, under 18 U.S.C. § 3292, the government
may seek a court order suspending the statute of limitations
posed in a criminal case for up to three years in order to
obtain evidence from foreign countries. Generally, the suspension
period begins when the official request is made by
the U.S. government to the foreign authority and ends on
the date on which the foreign authority takes final action
on the request.209
Statute of Limitations in Civil Actions
In civil cases brought by SEC, the statute of limitations
is set by 28 U.S.C. § 2462, which provides for a fiveyear
limitation on any “suit or proceeding for the enforcement
of any civil fine, penalty, or forfeiture.” The five-year
period begins to run “when the claim first accrued.” The
five-year limitations period applies to SEC actions seeking
civil penalties, but it does not prevent SEC from
seeking equitable remedies, such as an injunction or the
disgorgement of ill-gotten gains, for conduct pre-dating
the five-year period. In cases against individuals who are
not residents of the United States, the statute is tolled for
any period when the defendants are not “found within the
United States in order that proper service may be made
thereon.”210 Furthermore, companies or individuals cooperating
with SEC may enter into tolling agreements that
voluntarily extend the limitations period.
Leaps are not avaialble for HDY and I'm afraid that may be the time frame you are looking at on this one...
Duhhh, I just realized....
This is why they didn't want to have the shareholder meeting in April.
(sorry, needed a moment of levity today)
There are a lot of scenarios that could be playing out behind the scenes here.
It strains credibilty to think Tullow is making a play for the full concession, but money is money. Why carry all the risk without all the reward.
I'm currently wondering about their Ghana concession. They had an ambitious work plan scheduled for the West Leo this year BEFORE they commited to Guinea and their shareholders are pushing them to monetize the asset. I'm wondering if Tullow hasn't been asking for an extension on Guinea so they could complete work in Ghana. If Ray or the govt dug their heels in, Tullow may have been forced to play this hand.
Either way, ther can't be happiness among the partners at this point.
I've been busy readjusting my position this morning to cover my ass(ets) either way. Very reminiscant of what happened when the US Oil deal fell apart.
Stay tuned...
Well Marinetraffic has hidden their Sattelite AIS on the itineraries page to non subscibers so guess I shoulda kept my mouth shut about that one. I'm dependant on reported AIS for now but have a notification set up on a another service if there should be a reporting. West Leo should still be on station in the TANO/Jubilee area. I don't think it could slip out of the area without somone picking it up.
Hang tough, it always gets darkest just before it goes totally black. By HDY standards, it's barely shady right now. LOL
Wasn't he a friend of a friend of the copier salesman?
I jest, but if this ever becomes successful, it would make a great "B" movie.
http://www.linkedin.com/pub/dinesh-shukla/1b/232/a16
Hey TD, here's another one for your fleet.
BOURBON_ASTYANAX If you use the show track function, looks like it just made a pass near the West Leo. ship is listed as an Anchor Handling vessel. Not sure what to make of it as West Leo recently arrived at it's current site.
Nicely done. Thanx!
I had not seen that particular map before and it makes good sense now. I wonder if they might be on their last well for this assignment? Hmmmm....
How do I contact the DOJ? I found the guy they are looking for....
http://www.linkedin.com/groups/n-June-2013-there-will-2952912.S.206911379
From the short time I've been following Tullow's operations, I get the impression they include total time in their well estimates (mob to demob) including logging etc.
Since they are still saying April for a start up, we can presume that West Leo will continue to work the TEN field until then.
This morning saw a significant shift in the West Leo's location. Though still on site, too much movement to be attached to the string unless it's a reporting anomally.
On a side note, found the Ramform Viking (seismic ship) and Sanco Sea (support) working just south east of the Jubilee FPSO. Guess they are still mapping infill wells?
Ship spotting (a frustrating hobby)
Have been having trouble figuring support vessels for West Leo. Until today I had only seen the E.R. Aalesund list the West Leo as a destinantion.
Today we have a nice group of ships clustered near the West Leo, including; E.R. Aalesund, E. R. Narvik, and the Seacor Merchant (which lists Tweneboa_4 as a destination).
So who cares? I figure, in the abscence of data from West Leo, that one or more of its support ships might depart for Conakry early to start doing site work. I don't have a lot of time to watch all the ships in the area, so figured I would share what data I had if anyone is interested.
Based on the events in question occurring around 2006. I'd estimate the DOJ will know something by 2019-2020.
Slightly OT looking at TEN farmdown.
Since West Leo is currently working this field, I was reviewing some numbers.
"Tullow operates Deepwater Tano with a 47.175% interest, sharing ownership with Kosmos Energy (17%), Anadarko Petroleum (17%), Sabre Oil and Gas Holdings (3.825%) and the Ghana National Petroleum Corporation (15%)."
So Tullow is looking to farmdown this field and is looking for a partner to take up to 20% interest (I assume that means a full 20% of the project) in exchange for a FULL CARRY up to first oil. They estimate this to be a $4.6 Billion project, so Tullows share would be appr. $2.17 Billion.
"The TEN project contains 143-377 million oil reserves and 128-399 million cubic feet of gas reserves, with the field’s plateau production rate expected to be 80,000 barrels per day from an FPSO vessel in 1.5 km of water."
Bottom line is; Tullow expects to get a $2.17B investment for a 20% interest in 377mbbl oil 399mcft of gas in a partially developed field. I think this bodes well for HDY's potential if they can find and prove up a large discovery.
ref: http://www.ghanaweb.com/GhanaHomePage/business/artikel.php?ID=289878
Yes, this is well maintenance. Tullow is trying to improve the production on this field, as I believe they mentioned in their 3rd qtr update. This can involve any number of procedures and can be problematic if things don't go as planned. This is why there are more and more specialized "workover" rigs being brought online, so that drillships are not tied up with this work.
http://en.wikipedia.org/wiki/Workover
Looks like the West Leo has locked onto another well. Position has been pretty much fixed for a couple of days now. Would indicate another workover on the same field to my thinking.
New location just a few kilometers from where they were stationary from dec 20th through last week.
https://maps.google.com/maps?saddr=4.502262+-3.108682&daddr=4.584417+-3.152767&hl=en&ll=4.584638,-3.153076&spn=2.116191,3.556824&sll=3.842332,-1.252441&sspn=8.465612,14.227295&t=h&mra=ls&z=9
Hate to see them using a drillship for workovers, but realize that resources are short in that part of the world. Hope they are as successful with this one as the last so they can move on to bigger projects soon.
West Leo location (last 3 days): http://www.marinetraffic.com/en/ais/index/itineraries/all/mmsi:308367000/shipname:WEST%20LEO
Yup. the big question, is what next? Seems a tight schedule to try to do another well before April. There might be another workover to be done on the current field. Or we might get a surprise. Next update in about 8 hours. I will be watching....
Funny someone should mention West Leo on another board.
Last reported position was lat:4.583838 long:-3.155507. A significant drift from fixed postion appr lat:4.574 long:-3.178 reported for the last 30 days or so.
http://www.marinetraffic.com/en/ais/index/itineraries/all/mmsi:308367000/shipname:WEST%20LEO
Could be things are wrapping up at the Tano workover site. Don't think they would have a lot of downtime before the next assignmnet with day rates being what they are. Hmmmmmm....
Apologies, while not technically a gap up, the break between tues 5.98 close and wed 6.24 open followed by the quick run up was an indicator of over exuberance to me. As you said, it was due for some consolodation. So when it pulled back off the peak I sold a few and set a reentry point just above the previous day's close. Was just my little joke about "filling the gap" I suppose....
Yup, you could just feel that one coming.
Who is that guy that keeps talking about how this stock always fills the gaps? LOL
I played it conservatively and didn't hold out for the gap to fill, but still got a .72 spread on the shares I sold yesterday. Really, hardly worth the risk with the reduced share count I have for trading, but will take a few freebies when I can get them.
I'll be waiting for this to get a lot more "air" under it before I do anymore trading methinks.
Up .25 on 50K sh in the 1st 10 min on a gap up.
Not convinced the train is leaving the station this early, and still under a presplit buck, but this rally is starting to look playable to me. hmmmmm...
West Leo trackimg.
Just to add. You can get reasonably current data from Marine Traffic by going to the ship details page here: http://www.marinetraffic.com/en/ais/details/ships/308367000
Then select the "Itineraries History" link. This will provide the last couple of AIS sattelite check ins.
Rig has been steady on current location since 12/20/13.
Of course last time I posted something in this regard, the link I was using went away, but hopefully we can keep a few eyes on it.
West Leo on the move! Headed for Ghana. Just one more stop on her dance card before Guinea campaign begins.
https://maps.google.com/maps?saddr=4.69187+%2F+-4.2674&daddr=4.502262+%2F+-3.108682&hl=en&ll=4.425829,-3.166809&spn=2.116653,3.556824&sll=4.502262,-3.108682&sspn=2.116432,3.556824&mra=ls&t=m&z=9
(edit)At the shareholder mtg Dec 5th. At appr 17:10 Ray says "... will move to Ghana to continue it's drilling program for Tullow. Then it will move to Guinea..."
I am trying to locate a recording or transcript of the previous comments he made about the West Leo's schedule.
mebbe I should just call Tullow and ask...
>>OK found it, at the IPAA conference Ray did in fact say that the west Leo would be going to Ghana to do a workover after finishing the well in Cote D'Ivoire. Thanks TD
Speaking of the West Leo. Having reached depth on the Paon-2x well looks like they are wrapping things up at the site. Midnight position was appr 700ft off the drilling position reported the last few weeks. So allowing a bit more drift now. Expect them to be moving soon which raises a question.
In an earlier presentation, when Ray announced the West Leo would be drilling the Fatalla prospect, he said that after finishing PAON-2 it would be in for a refitting in Ghana then on to Guinea. At the shareholder meeting this month he said it would be going back to Ghana to continue the drilling effort there before continueing to Guinea.
Anyone have any info as to what drilling Tullow has scheduled for Ghana in the immediate future?
Fair enough. Lol I was just throwing it out there for perspective. I'm in for the long haul, oil or dust. If it has another run up prior to drilling I will sell some into it, but will buy back on the inevitable pull back. With so many sellers waiting for a run up it will probably be muted.
I've got no idea what my overall break is on this one (shares sold, money spent, new shares bought)prolly a little below water but my current taxable cost basis is just silly at todays' levels...
Blackrock in at $16 ($2) and $40 ($5). What do you think they would take?
I'm sure they've hedged, loaned, adjusted, and otherwise squeezed some value out of their holdings, but the fact that they are are still pretty much all in says something. (even if it just says "$25 mil is chump change to us!")
Small news and updates.
Not a lot being released publicly.
West Leo seems to have gone "dark" but it still trackable history wise. Still on location at PAON-2. If things are going well they should be near target. Who knows how much follow on work there will be at the wellsite.
Found this older PR re. the port improvements at Conakry:
http://www.portfinanceinternational.com/categories/emerging-economies/item/1056-productivity-increase-and-works-on-schedule-at-conakry
Looks like there should be shorter lines and less congestion at the port fo rthe next drilling.
Shareholder meeting looming. Anxious for information and updates. Personnaly believe the early date was done to protect the board until after drilling is completed. With the current mood this might have been a risky move LOL. I don't see any alternates being put forth so status quo should be the order of the day.
Trading seems to be in fits and spurts. Everyone waiting to see who pulls the trigger first?
GLTA
Thanx TD <eom>
I've had this problem, but the market cap has always either gone down to where I'm no longer overweighted, or gone up to where I could take some profit. LOL Good Luck.
Wildcatter story (slightly OT)
So as it happens the wildcatter breaks his last drill bit. So he sets off in his truck to retrieve a fresh one.
The day passes and just before sunset he reappears pushing a wheel barrow with a new bit. His foremans asks him "What happened to the truck?". "Had to sell it to pay for the bit." he replies.
"How are you going to get home?" the foreman continues. The wildcatter looks at him, smiles, and says."Hell, I sold the house to pay for the rig."
HDY management has been pretty consistent about not selling off percentages until they've developed the acreage as far as they can without doing so. There have certainly been offerings/dilution to improve the concession along the way. All of the law suits and distractions are a moot point at his stage of the game, as none of them are to be resolved prior to the next drilling. If there is a discovery, the company will be able to fund expenses with minimal dilution and secure some type of funding for further development and exploration (farmdown or debt). If not, the amount to be raised for legal woes will be lost in the amount needed to continue operations.
This is the nature of the beast and I wouldn't want it any other way. I'm willing to accept this level of risk in return for an unhedged piece of the reward if it is coming.
While I wouldn't be surprised to see an offering prior to completion of the next well just to secure future viability, I don't think it would be large enough to have a significant impact on the end results.
Fatala (Eos) and Paon-2
Now that Tullow has confirmed that drilling operations did commence on Oct 24th, shortly after the West Leo arrived on site, I think it is noteworthy that they: drilled an exploration well in Q1 of 2013; made a discovery; analyzed the data; began drilling an appraisal well in Q4 of the same year.
I would love to see this scenario repeated in Guinea and I'm impressed with the efficiency of the operations. If they were fortunate enough to make a discovery at Fatala, we could see proven reserves by the end of next year in theory. (I have no knowledge of West Leo's future schedule)
Regarding the selection of Fatala over Sylli for the inintial well. This does not mean Sylli is not a good resevoir, or is lacking in some quality. It could very well be that the resevoir formation on Fatala might be a more conducive to recovery. E.G. They may feel that Fatalla could be exploited with fewer wells resulting in faster recoveries or lower costs. That may just be optimistic thinking
OK, think I've pinned it down.
I found PeterJ's post with the April location, which was prior to the Paon-1x discovery being announced in June.
Based on that, this map link shows A) as the April location B) as the 10-22-13 midnight location C) as the 10-22-13 Noon location and D) as this morning's location.
https://maps.google.com/maps?saddr=4.8155951+%2F+-4.28267&daddr=4.46823+%2F+-2.822384+to:4.56181+%2F+-3.4278+to:4.69472+%2F+-4.269767&hl=en&ll=4.891204,-3.441467&spn=2.115253,3.556824&sll=4.641913,-3.552528&sspn=4.209429,2.411499&mra=ps&t=m&z=9
It looks as though West Leo has arrived on location from Ghana and near a speculated location for a Paon-2 appraisal well. based on the scale of the sketch in this article:
http://seekingalpha.com/article/649901-another-catalyst-for-anadarko-paon-discovery
Although it would seem they need to be a bit more west of their current location. This is just speculation on my part but would be nice to think they are getting a start on Q4 drilling.
Yeppers, this is the only one I could find that shows the relationship to Abidjan: http://www.drillingcontractor.org/wp-content/uploads/2012/06/web_Paon-1X-Discovery-Map.jpg
I'm trying to locate a post with the previous coordinates from back in March to determine if they are still hanging around the same area or if this would more likely be the Paon-2 well, which was scheduled for Q4 2013 or Q1 2014 depending which report you read.
Try their AIS satellite site.
Limited functionality without $ubscription, but you can see last 24hrs of data.
Here is what I've put together for last 2 days. More movement than could be accounted for by drift on a satellite location system IMHO.
Time (UTC) Position Type Port Area Latitude Longitude Speed Course
23-10-2013 12:45 Last reported Guinea Gulf 4.694716 -4.269767 0.1 90
22-10-2013 11:49 Midday position Guinea Gulf 4.561811 -3.4278 4.8 277
22-10-2013 00:15 Midnight position Guinea Gulf 4.468233 -2.822348 0.1 200
Link: http://new.marinetraffic.com/en/ais/home/oldmmsi:308367000/zoom:10/olddate:lastknown#
Got a ping on the West Leo today.
Shows underway at 4 1/2 knots course 281deg (slightly n of due west) past the western border of Ghana. Shows Destination as J24 (?). See if it updates, stops in Cote de Ivoire, or what. Still pretty close to coastal waters.
SHM, preemptive, defensive, of transformative?
Our normal SHM is in the Feb time frame so this is not terribly early in that context. It does, of course, come close on the heels of the last event.
So is the timing of the meeting strategic as it was for the last one? Perhaps the board feels no one could mount a challenge to the current directors in a such a short time frame. This buys them time until after a potential discovery when there are fewer disgruntled shareholders.
Perhaps it is simply a defensive move, if the share price were to get into listing problems again there would not have to be another split vote before drilling is completed.
There is speculation of a merger, why not even a takeover bid? Well, with major institutional and ultra long individual investors well under water (I too bought during the $40 secondary offering,) that would be a really hard sell without the blessings of Blackrock. How many shares of HDY would we have to give per share of a merger partner with the curent valuation of the concession? (and who's board is going to approve a 800%- 1600% premium)
IMHO there is more likely to be propsals to be voted for that are more related to compliance, company structure, or future funding that need to be addressed prior to drilling.
Normally I cringe at sloppy reporting but...
The timeline on these "investigations" is a wonder.
It's been documented that the US government had FCPA concerns about HDY prior to 2009. Now, 4yrs later, they "start" an investigation relatede to the 2006 PSA from 7yrs ago.(a PSA which has already been renogiated in good faith) Really does make one wonder how long it will take them to conclude. I suspect this must be a peripheral investigation stemming from some other matter, otherwise it would have been out in the open or concluded years ago.
Thanx Bob! <eom>
"very significant follow-up prospectivity recognised to the east."
On previously mentioned slide 39 Tullow has chosen to leave 2 of the shallower water leads outlined north of the Sabu site. While the statement is rather general in nature. I think these leads might still be in play based on their relationship to EOS.
If one of these leads were to be next on the development list HDY could easily fund their share wouldn't you think.
I may be reading too much into this.