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Check your gmail account...
I gotta run but will be back in a few hours to check for a reply.
Check out the proximity of the Ukot/Usan discovery(s)...
on the first map in this link:
http://www.equatorialoil.com/pages/TechReview.html
Try digging around a little on the internet to see what they found.
I do like our picks, also...
We have blocks along a slope that entails both deep water as well as shallower water.
Edit: Oh, we got the sub salt also like you have indicated, LOL
"*STP said they were trying to reduce our rights/ we ended up with the first picks instead of 4&5 pick."
No one can say that at all!
The blocks were numbered according to prospectivity. In that regard, blocks 1, 2 and 3 would be considered the best blocks just as in the JDZ. If we would've had the first picks I would say we would have taken 2 of those blocks.
I'd bet a lot of money STP reserved blocks 1 thru 3. If EEL gets to choose 2 of those 3 blocks, did ERHC really get the first 2 choices. I think we were really only able to announce our choices first. STP made their choices first.
Also, along those same lines, why didn't ERHC choose blocks 4 and 5 in the same zone? I'd say subsequent laws affected our choices which was not supposed to happen.
I do realize prospectivity, like beauty, is in the eyes of the beholder.
Well, someone was pulling my leg then...
because that guy sure led me on to believe they could tell about how wide the reservoir was.
How would you explain APC knowing how big their find was before the well reached TD? Seimic?
The people I've been talking to have indicated they know within 3ft of how big a formation is.
It's also funny how when a field is developed very few of the wells are ever off structure. See Akpo....they drilled at least 20 wells on that formation pretty close to the edges.
I wish I knew.**
Make no mistake about it...
SNP and ERHC are hiding behind the guise of "further studying" drilling results to not disclose anything at this time!!!!!
I have no idea about DWD...
I'm talking about logging a well after drilling has reached TD.
I've never worked on a drilling rig but I've watched loggers work as soon as a well has reached TD. The guy reading the graph could tell us if they hit gas, oil or water as the tool was going down hole.
They also had a pretty good estimate of the thickness of the reservoir as well as the width.
Your understanding is incorrect.**
Been saying they new before the ship left...
and they actually knew before the logging unit started coming back up.
yep.**
The EEZ is flanked to the east by the...
Gabon salt basin.
See the bottom left image at the link below. It's a .pdf file so you should be able to zoom in on the image.
http://www.stp-eez.com/DownLoads/Posters/POSTER-2_PETROLEUM_GEOLOGY.pdf
Sub-salt is definitely in play in EEZ.**
~$147,000,000 U.S.**
This should be a direct link to the article...
http://www.telanon.info/economia/2010/02/08/2601/primeiro-leilao-dos-blocos-de-petroleo-da-zona-economica-exclusiva-devera-ser-realizado-em-marco/
Last sentence in the second to last paragraph.
Link to google translator (it's pretty good):
http://translate.google.com/#
I'm impressed...........
We actually released good news before the market closed.
National Petroleum Agency believes that the Exclusive Economic Zone National can bring surprises in terms of reserves of black gold National Petroleum Agency believes that the Exclusive Economic Zone National can bring surprises in terms of reserves of black gold
Economy Published by Tela Non Economy Published by Tela Non Close Close
Tela Tela Non Non
Email: abelveiga@voila.fr Email: abelveiga@voila.fr
Site: http://www.telanon.info Site: http://www.telanon.info
See his articles (1060) See his articles (1060)
, Monday, February 15, 2010, Monday, February 15, 2010
Luis Paquete, Technical Director of the National Petroleum Agency, compared the exclusive economic zone of Sao Tome as a virgin forest, where those who enter can do amazing discoveries. Luis Paquete, Technical Director of the National Petroleum Agency, compared the exclusive economic zone of Sao Tome as a virgin forest, where those who can enter the amazing discoveries. In an area with extension of 160 square kilometers, 19 blocks were delimited. In an area with extension of 160 square kilometers, 19 blocks were delimited. According to the Technical Director seismic studies in two dimensions indicate high concentration of hydrocarbons in the area. According to the Technical Director seismic studies in two dimensions indicate high concentration of hydrocarbons in the area.
The Technical Director of the National Petroleum believes in seismic data collected in recent years. The Technical Director of the National Petroleum believes in seismic data collected in recent years. Data that according to Luis Paquete, point to concentration in the area, where 19 blocks have been demarcated for oil exploration. Data that according to Luis Paquete, point to concentration in the area, where 19 blocks have been demarcated for oil exploration.
However confirmation of the actual existence of oil depends on the realization of the holes. However confirmation of the actual existence of oil depends on the realization of the holes. Something that will only be made after the auction, and the company win international tender in the right of exploitation. "Only when we have oil holes, so we can quantify them. Things will only be made after the auction, and the company win international tender in the right of exploitation. "Only when we have oil holes, so we can quantify them. What we have now is what are called resources. What we have now is what are called resources. Since there are structures that are likely to have accumulated there hydrocarbons, may be water, oil, gas, etc., "explained Technical Director of the NPA. Since there are structures that are likely to have accumulated there hydrocarbons, which can be water, oil, gas, etc..," explained Technical Director of the NPA .
In addition to the seismic data in two dimensions, the National Petroleum Agency makes available to companies interested in blocks of exclusive economic zone, a database is geological, geophysical are for study and evaluation, Luis Paquete assured. In addition to the seismic data in two dimensions, the National Petroleum Agency makes available to companies interested in blocks of exclusive economic zone, the database is geological, geophysical are for study and evaluation, Luis Paquete assured. "Our exclusive economic zone is an area blank. "Our exclusive economic zone is an area blank. And when you enter a forest there is always something to find out. And when you enter the forest there is always something to discover. So we think there are good prospects, reasons. So we think there are good prospects, reasons.
So after the first auction of blocks of EEZ, to be held next March, the National Petroleum Agency, said that the firms awarded the blocks, will have to produce holes to establish the resource type, and whether they are marketable. So after the first auction of blocks of EEZ, to be held next March, the National Petroleum Agency, said that the firms awarded the blocks, will have to produce holes to establish the resource type, and whether they are marketable. "A company that make the block, and sign the contract for production sharing, you have to do other work to better understand the area. "The company that make the block, and sign the contract for production sharing, you have to do other work to better understand the area. But we have to start studies of 2D serve as a benchmark," he emphasized, Luís Paquete. But The Game we have the 2D studies that serve as reference, "he emphasized, Luís Paquete.
The number of blocks to be placed on the market, the technical director of the National Petroleum Agency, has promised to be known soon. The number of blocks to be placed on the market, the technical director of the National Petroleum Agency, has promised to be known soon.
However, the Tela Non found that the 6 blocks that have the area A, painted in yellow are those with strongest seismic interpretation in terms of high concentrations of hydrocarbons. However, the Tela Non found that the 6 blocks that have the area A, painted in yellow are those with strongest seismic interpretation in terms of high concentrations of hydrocarbons. The 6 blocks are near the island of Principe, making maritime boundary with Equatorial Guinea, and the joint exploration area with Nigeria. The 6 blocks are near the island of Principe, making maritime boundary with Equatorial Guinea, and the joint exploration area with Nigeria.
The area B which is 7 blocks, is green, and is at the confluence between the two islands. The area B which is 7 blocks, is green, and is at the confluence between the two islands. In Area C, which is presented with the cream-colored or light brown, 6 blocks were delimited. In Area C, which is presented with the cream-colored or light brown, 6 blocks were delimited.
In terms of size blocks differ much from each other. In terms of size blocks differ much from each other. Block 1 is the smallest, has 3 thousand 292 square kilometers, while the block 19 has 9 thousand 145 square kilometers. Block 1 is the smallest, has 3 thousand 292 square kilometers, while the block 19 has 9 thousand 145 square kilometers.
Abel Abel Veiga Veiga
How can you trust anything promoted by the MSM?...
These clowns are a propaganda machine and all of them with the exception of Fox are losing viewers in droves.
"Each company can only choose 1 block in each area, explained the technical source of the National Petroleum Agency."
Third article down currently.
http://translate.google.com/translate?hl=en&sl=pt&u=http://www.telanon.info/&sa=X&oi=translate&resnum=1&ct=result&prev=/search%3Fq%3Ddiario%2Bdigital%2Bsao%2Btome%26hl%3Den
Shareholders have a preemptive right not to...
have their ownership diluted. Any new shares authorized must first be offered to current shareholders by federal law.
Without a doubt!!!!!!....
They knew the day the well was logged. Probably the day after drilling reached TD.
I've watched wells being logged a few times and we were being told what was encountered as the graph was printing out in real time.
Green is oil, red is gas...
Look up Obo-1 and other maps in the Ibox.
A "tender offer" is required by law before...
a hostile takeover can be attempted.
That sentence you are talking about tells me...
that there will be no buy in or buy out. ERHC would sell the JDZ assets and start all over again with the EEZ assets.
You ready to take another ride?
The shares being listed as owned by Offor...
are direct and indirect ownership (i.e. Offor owns his personal shares as well as the Chrome shares). A year or so ago, Offor transferred the 200 million or so shares to Chrome and he kept the difference in his personal name.
It's a related party/identity of interest thing.
Very old news and yes, you're reading it wrong.**
Very little but some 3D has been done....
See below:
http://www.pgs.com/Data_Library/West-and-South-Africa/Sao_Tome_and_Principe/EEZ/
Since each zone has more than 5 blocks...
I don't see why not. Not such limits were placed on our picks in the agreement.....And the agreement clearly states that ERHC's picks are immune to further laws created by STP.
Also, using the map in your post, I'd like ERHC to end up with Blocks 2, 3, 5, 6 or 7.
Edit: My money also says we will end up with 2 of those blocks!
If the yellow zone is auctioned off first, we will end up with one of these blocks: 2, 3, 5 or 6. My druthers want block 3 or 6 the most.
PGS broke down the seismic for ERHC in the JDZ...
and pretty much ranked the blocks for us.
Since PGS performed the first seismic in the EEZ, my guess is PGS has already done the same thing in the EEZ.
Block 7 is ultra deep water and...
Block 10 isn't far behind. I'd rather Block 13 than either of those.
Keep your eye on the prize...
I'd like to see ERHC exercise their 100% picks and get two of these blocks: 2, 3, 5, 6, 11 and 12. Exxon absolutely wanted these blocks plus they are in shallower water.
Each 100% pick in the EEZ is more valuable than the JDZ rights combined.
After ERHC exercises its rights in the EEZ.....let the auction begin!
Your answer may be in Kingpin's post...
Afren wrote down the carrying value of the Eremor field $6 million which probably represented their total investment in such.
Would you buy a field, if you could, with 10 million barrels of proven undeveloped reserves for $6 million. Wouldn't you at least explore the idea.
If you owned that field and weren't planning on doing anything with it, how much would you take to just let it go.
I think Afren would let it go for less than what they have in the field if it's just dead weight on their balance sheet.
It absolutely puts ERHC in a better negotiating position...
by letting potential suitors know that the company is pursuing its going concern option "full steam ahead" and they better come to the table with good faith in mind.
If elephants are discovered you can...
pull the cord and bail out anytime you wish. Why do you feel the company needs to sell out before you can recognize your gains? Why should all investors be required to monetize their investment because a few would like to?
The company did exactly what it should've done in carrying out its fiduciary duty to investors, IMO. Considering the climate of world economies at that time, sitting on the cash was the prudent thing to do. All major companies started converting assets to cash when the economy turned bad. I do not know of any company that started taking on debt in large amounts considering their balance sheets.
There will probably be a downward slide in share price in the short term as is the case in almost all acquiring companies. It will rebound!
I have no idea, Sir.**
Let me put it to you this way...
Anytime you have 4 trillion of anything.......you gotta lot!
If that discovery were on land it would be produced for its gas only. Dat's a lot of gas.
Nigeria's Oil & Gas Fields - Total's Operations.
APS Review Gas Market Trends - August 10, 2009
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Elf Petroleum Nigeria Ltd, part of Total, has seen its production capacity rise to 230,000 b/d - with the coming on stream of the Amanam-Kpono production system. Amenam-Kpono reached a plateau of 125,000 b/d in 2004; but only 82,000 b/d of the production stream is involved in the 60-40 JV between NNPC and Elf, while Amenam-Kpono is operated under a PSC. Elf should expand its capacity for the JV to more than 400,000 b/d by 2011/12, with most of Amenam-Kpono excluded. Amenam alone can produce up to 125,000 b/d (see below).
About 130,000 of Elf's capacity remains shut in due to the unrest in the Niger Delta, where it operates, so its actual output now is 100,000 b/d.
Obagi was Elf's first discovery in Nigeria in 1964. For many years it was its main field producing 60,000 b/d of the Bonny Medium type. But Obagi began to deplete in the early 1990s. Now Elf's fields lie onshore and offshore. Some old depleting fields have been replaced by offshore fields: Afia, on stream in March 1995; Odudu, on stream in June 1995; Ime, on stream in October 1995; Edikan, on stream in January 1996; and Ofon, a major field found in August 1995 in shallow waters near the company's Odudu offshore terminal and on stream in December 1997 with a capacity of 60,000 b/d which would eventually rise to 100,000 b/d.
Elf's crudes are blended into an Odudu grade similar to Bonny Light - the latter being produced by a Shell-led JV in which Total has 10% (see OMT). Total exports from the Odudu terminal, close to Mobil's Qua Iboe and Oso. Obite, a major gas field, has been developed at the cost of $500m and feeds the Shell-led Bonny LNG complex of NLNG. Total has a stake in the NLNG venture (see gmt7NigrGasExpAug17-09).
Total's Amenam field contains reserves of around 1 bn barrels of oil equivalent. Amenam/Kpono combines two connected offshore fields. Amenam, 125,000 b/d, is in Total's PSC Block OML99 in the south-eastern part of the Niger Delta 35 km off the coast. Kpono is in ExxonMobil's adjacent Block OML70. After a two-year dispute, in March 1998 Elf won the contest as the Nigerian regulators gave the French major the right to be the operator of Amenam/Kpono with a 31.2% stake. Now NNPC holds 60% in this and ExxonMobil only has 8.8%. Development of Amenam/Kpono has cost $1 bn. Its FPSO vessel serves Total's other fields and is linked to Odudu through a 30 km pipeline.
Completion of the second phase of Amenam/Kpono for delivery of gas to NLNG Trains 4 & 5 in 2006 was a priority for Elf. Among other projects is development of a deep-water field owned by Sapetro, a Nigerian company, for which Total is the technical operator under a service deal. Total is also upgrading its Obite-Rumuji gas pipeline.
In early 1999 Elf sold to Canadian Occidental, now Nexen, 20% in five Nigerian tracts, two deep-water blocks: OPLs222 and 223, and three onshore areas. Chevron and ExxonMobil are Total's other partners in these, with each holding 30%. In OPL222 Elf had in 1999 found Ukot under 1,800 feet of water.
Total on Aug. 1, 2005, said it had found more oil in the Usan field. Two appraisal wells, drilled at around 110 km offshore and in water depths of around 800 metres, helped confirm an eastern extension of Usan. In 2004, a western extension of Usan was confirmed by two other appraisals. The field was found in 2002. Total is developing the field with 35 subsea wells connected to a 2m-barrel floating storage tanker. The offshore facility will process around 150,000 b/d.
Akpo, a big gas/condensate field in commercial production since early 2009, has a peak capacity target of 225,000 b/d. It is in OPL246, the most prospective deep-water block off West Africa, and has more than 1 bn barrels of recoverable condensate and 4 TCF of gas. Akpo is near the boundary of the Joint Development Zone (JDZ) set up by Nigeria and Sao Tome. It may extend into the JDZ. Its development has cost over $5 bn. Its partners in this are CNOOC, China's largest offshore oil firm (45%), the local firms Oando (30%) and South Atlantic Petroleum, NNPC and Petrobras (13%). Akpo's gas will be exported to Europe and the US in LNG form. South Atlantic is owned by Theophilus Danjuma, a former Nigerian defence minister (see background in gmt6NigrFieldsAug6-07).
Total in February 2009 began developing Usan, a major deep-water oilfield. Found in 2002, Usan is at a water depth of 2,461 ft in OML-138 about 100 km off the coast in the eastern delta. Its development includes a FPSO vessel with a storage capacity of 2m barrels. First production is expected in late 2011 with peak output of 180,000 b/d. The associated gas will be reinjected in the reservoir. The partners in his JV are Total (20%), Chevron (30%), ExxonMobil (30%) and Nexen (20%).
Total in October 2008 launched the onshore OML58 upgrade project, in which it holds 40% with NNPC having 60%. OML58 is in Rivers States, about 85 km north-west of Port Harcourt. Its Obite field and gas treatment plant has been on stream since December 1999. The upgrade is to raise its capacity from 10.6 MCM/d to 15.6 MCM/d and increase the field's oil and condensate output by around 15,000 b/d to 140,000 b/d from 2011. The project will comply with Abuja's "Flare Out" regulations, improve safety and extend the life of existing installations as well as enhancing oil recovery. It will develop more than 280m barrels of oil equivalent. Phase-II of the project is under evaluation in order to develop additional proved and probable reserves (about 230m boe) using these upgraded facilities. The objective of the project is to contribute to meet the growth of domestic demand for gas in Nigeria in line with Abuja's expectations, as well as to supply gas to NLNG. In line with Total's commitments, the upgrade project will contribute significantly to Nigeria's local content policy - over 90% of the total man hours worked on the project will be performed locally.
Total in December 2008 found 40? API oil in the south-eastern corner of OML102, offshore south-eastern Nigeria, about 15 km from the Ofon Field, in a water depth of 70 metres, where the French major holds 40% and NNPC has 60%. The Etisong-1 well was drilled to 2,207 metres and produced from turbiditic reservoirs more than 6,000 b/d during the test. That was the first step of an exploration and appraisal programme for 2009-10 to demonstrate the feasibility of a new development pole on OML102, combining the Etisong main discovery and surrounding structures.
Total on Nov.4, 2008, said it had signed an agreement with OMEL Energy Nigeria Limited (OENL) and OMEL Exploration and Production Nigeria Limited (OEPNL) to acquire interests of 25.67% in deep-water OPL285 and 14.5% in deep-water OPL 279. OENL remains the operator for OPL285 and OEPNL is the operator for OPL-279. The Nigerian company EMO Exploration and Production Limited is partner in both blocks.
Covering an area of around 1,170 sq km, OPL285 is about 80 km offshore near the Bonga field in water depths ranging from 400 to 900 metres. OPL279 is some 100 km offshore near the Erha and Bosi fields in water depths ranging from 800 to 1,800 metres, with the area being about 1,125 sq km. For each block, the first exploration period, which ends in 2012, includes acquisition and processing of 500 sq km of 3D seismic and the drilling of one exploration well. In the second five-year exploration period, which is optional, the work commitments will cover the acquisition of a further 500 sq km of 3D seismic and the drilling of two exploration and/or appraisal wells.
Total in March 2008 signed an agreement with Nigeria's Conoil Producing Ltd to farm into deep-water OPL257 with a 40% interest. Conoil remains the operator with 50%, and a local company holds the remaining 10%. Abuja has approved this. Covering an area of 372 sq km, OPL257 is some 150 km offshore, in water depths ranging from 1,600 to 1,800 metres. It lies south of OML130, where Total's Akpo and Egina fields are located, and north of the Joint Development Zone (JDZ) administered by Nigeria and Sao Tome & Principe. Total will be the technical adviser. Conoil began its activity in 1984 and currently operates six licences in the Niger Delta.
http://www.entrepreneur.com/tradejournals/article/205637136.html