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maestro, excellent post, and, for once, I completely agree with you and find your tone appropriate.
Magic
I have stated here on more than one occasion that I thought it related back to the STP AG request, but that I hoped it turned out to be about Dollar Bill. I stand by that opinion, but wouldn't it be great to be able to shove it in Ken's face!!!
Magic
Art, wouldn't that be a wonderful little piece of news to shove in Ken Silverman's smug face if it was released as such by the Justice Dept!!!!!
Posted by: Meridian
In reply to: None Date:5/19/2006 2:09:45 AM
Post #of 79402
CHCR, OR NORMA, AGAIN YOU PROOF TO BE LIAR.
Posted by: petrotsar
In reply to: LowFloatGoat who wrote msg# 55268 Date:5/25/2006 11:31:02 AM
Post #of 55293
LowFloatGoat. The discussions started with my opinion that I think that sinopec got in way too cheap compared to angola. The Afren website basically proofs my point as the entry price of Sinopec and Addax. I do not disagree with you. I disagree with Dadd.
petrotsar born on same day as Meridian's last post in Jail, where he asked to have his account canceled.
Gravity sucks!
On the other hand, if it didn't, we'd all just fall right off the face of the earth and drift in space.
Magic
FWIW, IWatch is showing 26% institutional trading today. Could be a lot of reasons for that, but I prefer the first one that comes to mind.
Magic
Welcome hermit. It appears you have a good grasp of the situation as it relates to your risk tolerance. Others may differ based on their greater or lesser tolerance. Having owned this stock for over 3 years, I can say that the relative risk is, imo, much less now than it has been many times in the past.
Enjoy the ride!!
Magic
kownski, can you elaborate on those well head pressure readings for us non-oilfield folks?
TIA, Magic
If you really have that many shares, which I question, you are unbelievably, irresponsibly and negligently uninformed about this investment. If you have heirs, they would have grounds for having you declared incompetent to manage your affairs.
JMO, Magic
maestro, where ya been?? No posts for 10 days!
Just curious, thought ya might have gotten suspended or somethin!
Magic
tamtam, re your mail, I have no source of info on that.
Magic
I think some are missing the mark on our sale of rights to Sinopec and Addax. The award of 51% of block 4 was made to the consortium, which included ERHE's preferential 25% right. Thus, Addax and ERHE both had an interest in 26% of the block. The deal was then struck, whereby ERHE sold Addax its part of the shared interest in 26% of the block, plus a portion of its exclusive 25%. Similarly for Sinopec.
Magic
Kobi, you are correct as far as you go, but the fact is that Addax will be allowed to recover it costs expended in carrying us from our "cost oil". So will Sinopec, with 6% interest added. It is clearly stated such in the 10Q.
Thus, we will not be liable for any cost for dry holes, but our shares of the costs if there is oil will be deducted from our portion of the "cost oil", but we will receive our portion of the "profit oil" from day one of production.
I thought we all hashed this out a couple of months ago.
Magic
Strass, the 15M is not all gone. A large portion of it is just an accounting charge to expense the equity based portion of the finders fees and consultant's charges. Look at the cash flow statement. Also look at the balance sheet for cash-on-hand.
Of course, we had some debt and accrued expenses incurred in the negotiating, etc. It is my quess that it is unlikely that expenses (g & a) would exceed $2M per quarter going forward, tho some capital expenditures resulting from acquisitions, etc could be possible.
Magic
There is NOT yes a lawsuit with Lakeshore, there has only been written demands for shares from them. The 10Q specifically says no litigation has yet been filed.
Pup, just to be clear, are you saying there is no second well drilled yet? Not even possibly by DWP rather than DWD?
Magic
So that would be the F formation on the Afren map.
Tapco, I believe Oilphant has edited his post now to the include the word "end", to clarify that the drilling is now taking place at the "farwest end" of B1.
Thanks, Magic
Or do you mean they are starting a 3rd well?
I think you meant to say far west of Obo-1, rather than B1, or did you???
I've always thought the same, Random, tho I haven't bothered to send Matt (IHub Admin) a message about.
How ya doin?
Magic
Manti, you really are my lost twin!
Agree, wholeheartedly, as I have posted previously.
Magic
Lots of knotty knickers around here today.
Magic
Fishdog, if you or anyone else wishes to set up such a network, and will consider allowing me to join, please email me at magicatlast@yahoo.com and I will provide my name and private email addresses.
Magic
Fishdog, if you or anyone else wishes to set up such a network, and will consider allowing me to join, please email me at magicatlast@yahoo.com and I will provide my name and private email addresses.
Magic
Dangit mart, now you've got me going! You just said you thought it was good news because it did not involve the SEC, but in your original email post you said:
"being from england i dont know what the SEC is but Mr Brandhuber dont mention em"
I suppose these two statements may not be as inconsistent as they appear, but you gotta admit they seem to conflict.
Maybe you ought to forward that email to me after all so I can clear your name.
Magic
mart, thanks for the post. I accept it as being legitimate.
The importance is that it defines the intent of the investigation. I am comfortable in knowing that the probe is a result of the STP AG's request. Since you were not here at the time, in early Dec. 05, the Attorney General of Sao Tome wrote a report alleging some sort of irregularites in the original award of exploration rights to ERHC. There were no specific allegations of illegality, just a lot of inference. The report is widely held to be an effort by Exxon to push us out of the JDZ.
The STP AG sent a copy of his report to the US Dept of Justice asking for an investigation. Subsequently, the governments of Nigeria and Sao Tome officially disavowed all of the allegations and the report in its entirety.
It would appear that, beauracracy being what it is, the DOJ is just getting around to conducting the requested investigation, not-with-standing the fact that it has become moot by virtue of being disregarded by the STP government. It is my belief that this is a "courtesy" investigation, intended to demonstrate to the government of Sao Tome (with all their oil) that the US values their friendship and will accomodate their request.
Since the hinted-at activity inferred in the STP AG's report ocurred, if at all, prior to the by-out by Offor, the statute of limitations would probably have expired on any activity that may have taken place. Further, if there were any improper payments, gifts, etc by Offor, it would have most likely been done by him individually or thru one of his Chrome entites, which would not directly involve ERHC. The only exception would be a transfer of shares. As long as legitimate activity (work) was performed for those shares, I don't believe there would be a problem for us, tho if those same persons retained the shares and then acted with improper bias in a subsequently acquired governmnet postion, that individual might have a conflict of interest issue, but that does not constitute improper action by ERHC.
Hope this helps clarify the importance of your post. I am not at all concerned, even relieved, to know the intent of the investigation.
Thanks, Magic
Rather than trying to teach you to cut & paste without being able to actually SHOW you, you could forward the email to me at " magicatlast@yahoo.com " and I will post it here. You have my solemn oath that I will not divulge your name or email address, should you choose to accept this offor. I have exchanged emails with several posters here who, I hope, will vouch for my integrity.
Magic
mart, did you "cut & paste" it, or retype it verbatim? If you retyped it, can you cut & paste it for us? I would very much like to believe you are legitimate.
Thanks, Magic
instruct, will you please pay attention just once? ERHE is NOT on the pinksheets, it is on the OTCBB. Thus, use the following link to look at the data:
http://www.otcbb.com/asp/Info_Center.asp
I'm not sure what your obsession is with pinksheets, but please get over it and use the correct exchange, rather than continuing to post erroneous and misleading information.
Thank you,
Magic
PS: It will continue to be quoted on the OTCBB unless the 10Q remains unfiled after June 15th, at which time it would be delisted from the OTC and quoted on your beloved pinksheets.
I, for one, hope mart is telling it straight, tho I have my doubts. From day one, I have said that I thought the sw was a "courtesy" investigation resulting directly from the STP AG's request. I am confident that the result of such an investigation would be a report back to the STP AG which says something along the line of: "We have investigated the matter per your request and, after diligent actions, including a search of the company's offices, are unable to find any evidence of improper activities by ERHC Energy or their officers/employees relating to the contractual rights acquired by ERHC in your jurisdiction." (Note to Lead Agent: you have my permission to use the preceding wording verbatim)
JMO, Magic
Spec, "hoping" or "have heard" ??
A plot of the transactions so far today looks like a pattern test of a greener loaded with dimes!! Looks like somebody got zapped on a market order for 90K. Just pick a price, and you'll find it shortly.
Magic
I suspect that the lawyers, as much or more so than the accountants, are struggling with the precise wording for the 10Q. It could also be that the wording and content in the subsequent events section is being submitted for approval by one or more of our current or prospective partners. If one lawyer doesn't think the disclosure is sufficient, and someone elses lawyer thinks it contains too much information, the negotiation to achieve an acceptable level of disclosure could be difficult, and could even reach "standoff" levels. I have been involved in such impasses on other matters several times, and it takes some creativity to get past it.
JMO, Magic
We get the E Thursday:
http://www.otcbb.com/asp/dailylist_detail.asp?d=05/16/2006&mkt_ctg=OTCBB
tam, I use an email notice service:
http://www.secinfo.com/
You'll need to register, etc.
Magic
ralph, that is for the Annual Report, not the quarterly (10-Q).
Magic
Not looking good for the 10Q filing today. They usually hit within 5 min of the bell. Dangit!!
Magic
That would be a welcome novelty - go for it!!!
Magic
Considering the number of Texans we have here, I just can't understand why someone in/near Houston wouldn't drive to the federal bldg and check the file on the search warrant. Could it be that some have and are not sharing the info here???
Magic
Yeah, and before 10:48 tomorrow am!!! LOL
Magic