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Strassenheim recall Barry Morgan first REPORTED
ERHC was to GET A FREE CARRY with the following
OLD DEALS PXD AND NBL
BL 2 of 30% - 18.5% FREE CARRY
BL 3 of 20% - ?
BL 4 of 25% - 13.5% FREE CARRY
NEW DEALS ADDAX and Chinese
*BL 2 of 30% - ?
*BL 3 of 20% - ?
BL 4 of 25% - 26.0% FREE CARRY + $18 MM Cash
*I'm going to assume a bigger percentage than PXD offered + Cash
did I read it right a 117 MM market cap for EEL?
OT - Centurion Increases Bank Credit Facility
Wednesday December 28, 9:30 am ET
CALGARY, ALBERTA--(CCNMatthews - Dec. 28, 2005) - Centurion Energy International Inc. (TSX:CUX - News; AIM:CUX.L) is pleased to announce that it has increased the size of its existing credit facility with Standard Bank Plc. from US$40 million to US$150 million, of which US$100 million is now immediately available. The remaining $50 million will be available to Centurion based upon the company meeting certain conditions prescribed by Standard Bank Plc.
The credit facility has been put in place to give Centurion maximum flexibility to supplement the company's expected cash flow in funding its planned 2006 exploration and development programs or other acquisition opportunities that may arise.
Contact:
Said S. Arrata
Centurion Energy International Inc.
President and CEO
(403) 263-6002
Barry W. Swan
Centurion Energy International Inc.
Senior Vice President and CFO
(403) 263-6002
Scott Koyich
Centurion Energy International Inc.
Investor Relations
(403) 215-5979
Website: www.centurionenergy.com
they have some other properties and raised some cash at their offering. I am not the EEL expert.
I was just pointing out the emphasis on their tiny 4% of BL 1 while we enjoy Min 125% of 6 JDZ blocks w/ consortia of 2 Operators, hmmmm
And a handsome FREE CARRY in the the majority.
I also recall Centurium of Canada being excitied about their 7% of BL 4 - saying that tiny percentage could change the landscape of their company
HELLO 125% -
Hello, hello is there anyone out there? -
Afren with 4% of BL 1 is worth 117 MM Pounds
ERHC has Min 125% of JDZ
seems to be a disconnect in the market place
Big Developments within ERHC Energy
Click HERE for Updated Technical Analysis Charts
by Roy Martens
The long anticipated Production Sharing Contracts will be signed by the end of the month according to multiple sources.
Current Stock Quote for ERHE.ob: http://finance.yahoo.com/q?s=erhe.ob
For those unfamiliar with ERHC Energy, it may be helpful to read my previous report on the company:
http://silverinscripture.com/ERHCspecialreport.html
On Monday of this week, ERHC Energy opened at $.50/share. On Tuesday it was announced that Pioneer abandoned its partnership with ERHC Energy, and the stock gapped down, hitting a low of $.32/share. But within hours, ERHC stock amazingly filled the gap to close even for the day at $.47/share.
The primary reason for this stunning rebound was that later in the day news was released naming Sinopec, a Chinese oil giant, as ERHC’s new partner in place of Pioneer.
Shortly thereafter, Pioneer (PXD) was downgraded and the stock has fallen about 20% since the news hit the wires that they walked out on ERHC Energy.
Sinopec as ERHC’s new partner is huge news. Sinopec is China’s largest oil refiner and second largest oil producer, with a market cap of over $50 billion and a P/E under 9. It is the world’s 7th largest oil company, with 2004 revenues of over $74 billion and a net profit of almost $5 billion. It has about 400,000 full-time employees! This is definitely an upgrade from Pioneer, which had revenues of under $2 billion and a net profit of about $300 million for 2004.
http://finance.yahoo.com/q?s=SNP (Stock Quote and related Info)
http://www.chinadaily.com.cn/english/doc/2006-02/09/content_518505.htm
Nigeria – China Eyes Gas and E&P.
China, running low on oil resources and the world's fastest growing energy importer, is making a great effort to seek overseas supply sources. The country's three state-owned giants - China National Petroleum Corp. (CNPC), China Petroleum & Chemical Corp. (Sinopec), and China National Offshore Oil Corp. (CNOOC) - have all entered Nigeria's oil sector.
Read More here: http://www.allbusiness.com/periodicals/article/489751-1.html
In addition, Addax, ERHC’s partner in blocks 2, 3, and 4, is currently conducting its IPO which will raise over $400 million.
What follow are news releases updating the current situation. Important developments are bolded highlighted in red.
ERHC Energy Inc. Announces Replacements of Pioneer Natural Resources
Wednesday February 8, 12:30 pm ET
HOUSTON--(BUSINESS WIRE)--Feb. 8, 2006--ERHC Energy Inc. (OTCBB:ERHE - News) is pleased to announce that it has entered into a Memorandum of Understanding relating to Block 2 of the JDZ. A Consortium with Sinopec International Petroleum and Addax Petroleum has been formed under the terms of the MOU.
An additional MOU was entered into by ERHC Energy Inc. and Addax Petroleum in Block 3 of the JDZ.
ERHC anticipates that there will be no delay in meeting the JDA timeline for the execution of the JOA and PSC for Blocks 2 & 3 of the JDZ.
JMC Demands Speedy Award Of PSCs Licenses
By Bssey Udo
Energy Editor
The Joint Ministerial Council (JMC) has directed the Joint Development Authority (JDA) of the Nigeria-Sao Tome Joint Development Zone (JDZ) to speed up negotiations on all Production Sharing Contracts (PSCs) to ensure that all agreements in respect of oil blocs awarded in the 2004 licensing round are signed before the end of the month.
Rising from its 11th meeting held in Abuja, the JMC, which supervises the JDA, reiterated its commitment and determination to pursue the rapid development of the petroleum and other natural resources in the JDZ.
The JMC is made up of the Ministers of Petroleum Resources and other representatives of the two countries involved in the management and development of natural resources at the JDZ, while the JDA is responsible for the administration of the affairs of the JDZ.
It considered other technical and administrative issues crucial to the development of the JDZ and rejected the report of investigation on JDZ second bid round conducted by an American-based law firm on behalf of the Attorney General of Sao Tome and Principe and expressed reservations over insinuations of impropriety leveled against Nigeria and Federal Government officials.
The Office of the Sao Tome and Principe Attorney General in an independent inquiry report had condemned the process of award of the oil blocs and called for the United States probe of the 2004 licensing round alleging "serious flaws" in the awards, particularly improper payments to officials and their families in contravention of country’s law.
In the report released late last year, the Attorney-General also observed that several of the companies chosen to explore the JDZ blocs lacked the requisite technical know-how and financial capacity to carry out the development of the acreages, while the procedures adopted in selecting the companies that won concessions did not meet the minimum standards required for the award of such licenses.
Noting the various stages of progress achieved in the negotiations on the Production Sharing Contracts (PSCs) for Blocs 2-6, the JMC ratified Addax Petroleum as operator for Bloc-4 as well as for it to replace Pioneer in Bloc-3.
Expressing satisfaction over the progress on the drilling of the first exploratory well OBO-1 in Block One without pollution incident or accident, the council acknowledged the urgent need for the Non-Hydrocarbon Resources Department of the JDA to commission a survey with a view to determining the inventory and commercial value of the non-hydrocarbon resources in the JDZ.
***UPSTREAM NEWS***
JDZ Blocks Lure Sinopec
By Upstream staff
CHINA'S Sinopec has agreed in principle to be operator of Block 2 in Nigeria and Sao Tome's Joint Development Zone (JDZ), writes Barry Morgan.
Sinopec's partners in the block will be ERHC Energy and Addax petroleum.
Pioneer Natural Resources had been offered operatorship of the block, but later withdrew.
In addition to the Block 2 deal, ERHC has signed a memorandum of understanding with Addax covering Block 3, from which Pioneer also withdrew.
It is understood the Nigerian authorities knew of Pioneer's pull out late last year, but gave ERHC time to find a new partner.
Production sharing contracts for most of the JDZ blocks on offer will be signed on 28 February, sources have said.
Negotiations for Block 2 may take longer as Sinopec's plan to join forces with ERHC and Addax Petroleum will need approval from Beijing.
JDA approves Addax as operator of oil bloc
February 9th, 2006
by Olusola Bello
A Swiss oil firm, Addax Petroleum, has been appointed the operator of bloc 4 in the Gulf of Guinea by the Joint Development Authority (JDA), the body administering the hydrocarbon resources in the Joint Development Zone (JDZ).
Addax replaces US independent oil firm, Pioneer Natural Resources, which has pulled out from the consortium with ERHC Energy, the US-based company in which Nigerian indigenous oil firm Chrome Energy has a majority stake.
President and chief executive officer of ERHC Energy Walter Brandhuber told reporters yesterday that Addax would be bringing to bear on the consortium its wealth of experience in oil exploration and production, particularly in Nigeria's offshore area.
"The JDA has approved Addax as the operator for bloc 4. The approval was given last week," Brandhuber said, adding that ERHC has conveyed to the JDA its readiness to sign the Joint Operating agreement (JOA) and Production Sharing Contract (PSC) for the bloc.
A spokesman for the JDA also confirmed the approval granted Addax. "I can confirm that both parties (Nigeria and Sao Tome) represented in the Joint Ministerial Council have now approved the Addax operatorship of bloc 4," said the spokesman.
By the JDA approval, Addax has now replaced all the major American oil firms in the consortia with ERHC Energy in exercising all the rights granted it by the JDA in the five oil blocks awarded last May.
Meanwhile, the Joint Ministerial Council (JMC) of the JDA yesterday, agreed to convene a meeting on February 28, in Abuja to consider and approve the Production Sharing Contract (PSC) guiding operations in the five oil blocks awarded last year.
The JMC, which consists of representatives from Nigeria and Republic of Sao Tome and Principe which began meeting on Tuesday, also rejected the judicial report purportedly issued by the Office of the Attorney General of Sao Tome and Principe, condemning the process of award of the blocks.
The Sao Tome attorney general late last year released a report alleging "serious flaws" in the way the blocks were awarded. He said several of the companies chosen to explore the JDZ blocks lacked the technical know-how and the financial muscle to carry out the work, and that the procedures used to select the companies which received concessions contained serious flaws and did not satisfy the minimum standards required for the award of such licences.
The tiny archipelago island also picked holes in the preferential rights granted ERCH Energy in many of the blocks. ERCH Energy is a quoted company on the New York Stock Exchange in which a Nigerian indigenous oil company, Chrome, has major equity interest. The country said it would lose about $58 million in expected income if the award to ERHC was allowed to stay.
A Joint Ministerial Council meeting of the Abuja-based Joint Development Authority, set up to administer licensing of offshore exploration acreage shared by Nigeria and Sao Tome, ended Wednesday with a date set for the signing of contracts covering five blocks awarded in the recent second licensing round.
"The JMC meeting has just ended and they have agreed to meet again on the 28th (February)... The PSCs should be signed on either the 28th or the 29th (sic)," a spokesman for the JDA said.
The JDA has been under pressure to set a date for the signing of the contracts--covering blocks 2, 3, 4, 5 and 6 - awarded in bidding round plagued by allegations of corruption, delays and political wrangling in the tiny island nation of Sao Tome.
Dallas-based Pioneer Natural Resources Tuesday said it had notified the JDA that it was withdrawing from participation in blocks 2 and 3 in the latest blow to the round conducted last May.
Both Noble Energy and Devon have also pulled out of negotiations.
BRINGING IN SINOPEC
ERHC President and CEO Walter Brandhuber told Platts Tuesday that ERHC had lined up China's Sinopec for block 2, in which it and Pioneer had a 65% stake and were the operators.
"We are currently discussing and putting final touches to agreements that will see Sinopec join the ERHC/Addax consortium in block 2. We have also indicated this to the JDA, but until we sign a final agreement, then we can make presentation to the authority," Brandhuber said.
An industry source familiar with the Joint Development Authority said Wednesday said that the replacement "is under consideration." "A decision will be taken in due course," he said.
The industry source also said Swiss-based Addax Petroleum may take equity in block 3, where Pioneer and ERHC had a 25% stake.
The JDA recently approved Addax Petroleum's replacement of Noble Energy as ERHC's partner and operator in block 4.
Noble Energy and ERHC were awarded a stake in block 4 after Noble offered a front-end bonus of $57-mil along with a pledge to drill three wells during the first exploration phase of four years. Its rival, Anadarko, had offered a much higher bonus of $91-mil, but committed itself to drilling fewer wells over a longer period of time.
The second licensing round, which attracted signature bonuses totaling $283-mil, saw ERHC Energy, which is controlled by Emeka Offor, a wealthy Nigerian businessman, granted preferential rights to equity stakes varying in size from 15% to 30% in six offshore blocks based on the company's agreement with Sao Tome as compensation for exploratory works carried out earlier.
SAO TOME ATTORNEY-GENERAL REPORT
The JDA spokesman said Nigeria's oil minister Edmund Daukoru and Sao Tome representatives at the JMC meeting had "disowned" a report by the Sao Tome attorney-general concerning alleged irregularities in the contract awards.
"It is not the official position of the government of Nigeria or the government of Sao Tome," he said.
The report published Dec 9 by the Sao Tome attorney-general's office said several of the companies awarded blocks lacked the technical know-how and the financial muscle to carry out the work, and that the procedures used to select the companies did not satisfy minimum standards.
The attorney-general has also called for a US investigation of the award of oil blocks to ERHC, claiming the US minnow's participation in the round deterred qualified companies from the bidding.
ERHC has denied the allegations and said the company had no contact with any Sao Tome officials throughout the bidding process.
The award of second batch of blocks attracted signature bonuses totaling $283-mil. Under the terms of a treaty signed in 2002, Nigeria, which is already Africa's largest oil producer, will take 60% of all oil and gas revenues, with Sao Tome receiving 40%.
--Jacinta Moran, jacinta_moran@platts.com
For further research please see:
erhc.blogspot.com
http://erhc.blogspot.com/
Investors Hub
http://www.investorshub.com/boards/board.asp?board_id=1909
ERHC Energy
http://www.erhc.com/
The Next Elephant?
What if I were to tell you that there exists another company that believes it has an equivalent amount of oil to ERHC (3 billion barrels), is in the process of forming an alliance with a very large Chinese corporation (perhaps even larger than Sinopec), and is also planning to acquire their full 100% rights to a large (several billion pound) zinc mine capable of being brought into production later this year?!
Feel free to read that very long sentence one more time to fully digest the information.
Then consider that this ‘under the radar’ company has a market capitalization of a mere $10 million!
Perhaps it’s just too good to be true, and that’s why I am still conducting research and engaging in communications with the company’s representatives in order to make a more informed decision.
But if it turns out that this stock is ‘for real’, then you can expect an in-depth report to be released as soon as is possible on my part. I am very excited because this company could be one of the most undervalued stocks in existence today.
On that level, it seems almost unfair to compare this company to ERHC Energy, because despite its very bright prospects, ERHC has a market capitalization of over $300 million and is connected with Africa, a more politically unstable area that where the unnamed company is located (Australia). But all that aside, ERHC Energy, with the rights to 2-4 billion barrels of oil and likely much more*, still appears to be in an excellent position to multiply an investment many times over. It’s just that in relation to this unnamed company, it doesn’t pack the same potential punch because of its much larger market cap.
*ERHC has preferential rights to other lucrative areas in the Gulf of Guinea which have not yet auctioned.
To get an idea of the value contained in ERHC, let’s assume full production to be 100 million barrels of oil per year between ERHC and its partners, Addax and Sinopec. Cut this figure in half for taxes (50 million). Cut this figure in half again for the partner’s share (25 million). Cut this in half again for production and administrative expenses (12.5 million). Obviously this is a very crude guesstimate, but the leftover 12.5 million barrels of oil times at an oil price of $60/barrel is equivalent to $750 million dollars. At a P/E of 10, that equates to a $7.5 billion dollar market capitalization, or in other words, a share price of over $10 assuming no further dilution*. At yesterday’s closing price of $.475/share, this represents the potential to multiply one’s money by a factor of 22. But don’t expect this to happen overnight. It will be several years before full production occurs.
*It seems unlikely that any significant amount of new shares will need to be issued for the following reasons:
No dilution occurred within the past 12 months
ERHC Energy’s partners are expected to pay for all the rigging and drilling expenses.
There is still the possibility that PSC’s could be further delayed, but I’m of the opinion that this time the JDA and JMC of Nigeria and Sao Tome and Principe mean business. Even so, anticipated PSC signings are still several weeks away, and there might not be any significant market action until then, meaning more buying opportunities at lower prices. But perhaps equally likely is the possibility that the share price rises to the $.70 trading range in anticipation of awards. Only time will tell, and I’m willing to wait.
Disclaimer: I own shares in ERHC Energy. I have not been paid by them to write this report. This information must not be construed as specific investment advice. I am not a licensed financial advisor. I urge you to conduct your own due diligence before investing in any stock or commodity.
Art the good news is he is obviously not interested in selling sub $1 as he has registered the same amt. several times and has had 2,3 times to sell around $.80-$.90
so maybe he knows more than we do or perhaps he is just a stupid investor
look familiar ? John assumed PSCs would be signed in Oct. Nov
1-Sep-05 COLEMAN, JOHN A
3,550,000 Direct Planned Sale $1,455,5001
he is guessing they will be signed Feb 28th
IMO this time he will be right
LETS PRAY there are 3.5 MM shares of buying to take him out
or we will have a repeat of the Awards fiasco
-----------------------------------------
02/09/2006
FILER: COLEMAN JOHN A
TITLE: Officer
BROKER: NFS LLC
RESTRICTED SHARES TO SELL: 3,550,000 DATE REGISTERED: 02/09/06
APPROXIMATE DATE OF SALE: N/A
-----------------------------------------
ihub moderators : based on info from Strategyone
please escort Mongo1071 off ihub
this is beyond bashing and is borderline criminal
no one can possibly spend so much time and effort to discredit a public company of which they do not own
unless they are PAID BASHERS
was just raising the possibility as PUP commented they were pissed and they cant be happy to see their PPS sink now $43 ouch !!!
PUP do they have any legal grounds to sue ? I assume ERHC has a clause[s] in their Participation Agreements and MOU that they can entertain additional bids from other players
and perhaps offer the current now past bidders PXD or NBL the opportunity to match it
appears they simply go out bid
Nigeria,Sao Tome JDZ :Addax to operate bloc 4
By Hector Igbikiowubo
Posted to the Web: Friday, February 10, 2006
http://www.vanguardngr.com/articles/2002/nationalx/nr310022006.html
THE Joint Development Authority (JDA), the body administering hydrocarbon resources in the Nigeria, Sao Tome Joint Development Zone has approved Swiss oil firm: Addax Petroleum as the operator of oil bloc 4 in the Gulf of Guinea.
Addax replaces US independent oil firm, Pioneer Natural Resources which has pulled out of the consortium with ERHC Energy, the US-based company in which a Nigerian indigenous oil firm: Chrome Energy owns majority stake.
Mr. Walter Brandhuber, President and Chief Executive Officer of ERHC Energy told reporters yesterday that Addax is expected to bring to bear on the consortium, its wealth of experience in oil exploration and production particularly in the Nigerian offshore area.
“The JDA has approved Addax as the operator for bloc 4. The approval was given last week,” Brandhuber said, adding that ERHC has already written to the JDA its readiness to sign the Joint Operating Agreement (JOA) and Production Sharing Contract (PSC) for bloc 4.
“I can confirm that both parties (Nigeria and Sao Tome) represented in the Joint Ministerial Council have now approved the Addax operatorship of bloc 4,” a spokesman for the JDA pointed out confirming the approval granted to Addax.
By the JDA approval, Addax has now replaced all the major American oil firms in the consortia with ERHC Energy in exercising all the rights granted it by the JDA in the five oil blocs awarded last May. The consortia included the ERHC/Devon/Pioneer in Bloc 4.
Meanwhile, the Joint Ministerial Council (JMC) of the JDA yesterday, agreed to convene a meeting on January 28, 2006 in Abuja, to consider and approve the Production Sharing Contract (PSC) guiding operations in the five oil blocs awarded last year.
Nigeria has a right to choose an investment package that will foster "good economic relations, government to government, with another country that promises to do major infrastructure projects," Daukoru said.
well put
***UPSTREAM NEWS*** **ERHC** *JDZ*
JDZ Blocks Lure Sinopec
By Upstream staff
CHINA'S Sinopec has agreed in principle to be operator of Block 2 in Nigeria and Sao Tome's Joint Development Zone (JDZ), writes Barry Morgan.
Sinopec's partners in the block will be ERHC Energy and Addax petroleum.
Pioneer Natural Resources had been offered operatorship of the block, but later withdrew.
In addition to the Block 2 deal, ERHC has signed a memorandum of understanding with Addax covering Block 3, from which Pioneer also withdrew.
It is understood the Nigerian authorities knew of Pioneer's pull out late last year, but gave ERHC time to find a new partner.
Production sharing contracts for most of the JDZ blocks on offer will be signed on 28 February, sources have said.
Negotiations for Block 2 may take longer as Sinopec's plan to join forces with ERHC and Addax Petroleum will need approval from Beijing.
--------------------------------------------------------------------------------
10 February 2006 00:02 GMT | last updated: 10 February 2006 00:02 GMT
if the Company is successful in negotiating PSCs in Blocks 2, 3 and 4, the Company expects to receive funding from its partners that will support its operations.
WOW !!!!!!!!!!
BL 4 $18 MM from ADDAX
BL 3 $?
BL 2 $?
-----------------------
? guesses accepted
ADDAX up to $22 nice opening day !!! up 15%
Nodak it TRADING NOW at $20.80 IPO was $19 or something
ADDAX is NOW trading ca; AXC or on yahoo http://finance.yahoo.com/q/ecn?s=AXC.TO
trading at $20.60 CDN
ADDAX is NOW trading ca; AXC or on yahoo http://finance.yahoo.com/q/ecn?s=AXC.TO
trading at $20.60 CDN
probably a good buy considering what we know
got confirmation LOOK for a BM tonite
so SPEC we have to WAIT for $100 /share ? LOL
thanks for the news
Stockhocker I called the co. they said yest. morning they were expecting to release news w/in 24 hrs
that was yest. morning
I assume they wanted the official JDA blessing on the Chinese
- its coming IMO
The JMC meeting continues today Daukaru wants this done
I think everyone now does too !!!!
says 4/5 or 5/5 to be signed THIS MONTH !!!
ERHC "news will come in 24 hours"
overdue for good news from the JDA and ERHC !!
I asked a industry journalist about the Chinese ..
reply "yes they are confirmed, apparently nigerians knew six weeks ago !"
spoke to ERHC says to look for a PR w/in 24 hrs
and didn't Seemed bothered or worried about PXD
IMO I got the FEELING
shareholders will approve !!! like Addax and Noble
also Said Walter is the RIGHT MAN FOR THE JOB !!!!!!
also IMO expects the 5 blocks to go forward !!
all with a grain of Salt
translates as .. The governor is -tomense still related that the meeting she will be debated as the auction of five blocks of oil of this zone in the direction of if concluding the celebration of the agreement of allotment of production with the company concessionaires
or
The ruler are-tomense referred even if in the meeting will be debated the second auction of five blocks of oil of this zone in the sense of conclude the celebration of the output share agreement with the companies concessionaires
Daukoru will be there dont need Obasanjo
anyone please translate "The ruler are-tomense referred even if in the meeting will be debated the second auction of five blocks of oil of this zone in the sense of conclude the celebration of the output share agreement with the companies concessionaires"
Homeport, more focus on the contracts on that story
and it reads as if they are attempting to conclude the process
Fingers crossed for tomorrow - if confirmed and subsequent JDA Press Release follow, clearing the way for contracts in short order, we could start our long awaited accent back towards the 52 wk high and I predict post awards we will fly by
Too many "IF"s need some more "WHEN"s
the emphasis of that story seems to focus on the JDA budget - while discussions of the blocks is secondary
?
otcstockexchange.com: Stock Watch Alert -- ERHE
OTCStockExchange.com ERXX, USXP, ERHE, UDTT
2/3/2006
Rochester, NY, Feb 03, 2006 (M2 PRESSWIRE via COMTEX) --
OTCStockExchange.com's "Stock Watch Alert" this morning are Eco-Rx (Pink Sheets: ERXX), Universal Express Inc. (OTCBB: USXP), ERHC Energy, Inc. (OTCBB: ERHE), Universal Detection Technology (OTCBB: UDTT).
Sign-up for our FREE Stock Alerts at http://www.otcstockexchange.com !
Eco-Rx (Pink Sheets: ERXX - http://finance.yahoo.com/q?s=ERXX.PK ) Eco-Rx, a producer of proprietary air purification products utilizing high-intensity ultraviolet radiation (which destroys over 99% of airborne pathogens), announced that it is in discussions with its contract manufacturing partner in order to establish distribution of its products and technology in the Pacific Rim.
The Pacific Rim offers a huge market opportunity for Eco-Rx products and for licensing its technology for inclusion in third-party products. Key markets include: Japan, China, Korea, India, Australia and New Zealand. Additional market opportunities exist in the remaining Rim countries. Eco-Rx's contract manufacturing partner, GFL Lighting Group, located in Shanghai, China, was established in 2001, formally uniting ten individual companies that had been cooperating closely for many years. Each company has its own core competency in different sectors of the industry and taken as a whole, the contributions of each member leads to a stronger, more integrated manufacturing resource. GFL Group is certified to ISO 9001 management system standards and owns and operates a UL certified laboratory. GFL currently produces and markets an extensive line of high-quality commercial and domestic lighting products, replacement lamps and lamp components, along with electronic components and complete assemblies for contract customers.
To enter the Pacific Rim market, which predominantly uses 220/240 volt appliances, Eco-Rx has initially developed a derivative of its current Rx 400. The capabilities of this derivative product are the same as its domestic counterpart. Additionally, smaller units specifically styled to meet the needs of the Asian market are in development. These will encompass the same technology and will have the same ability to kill germs as the larger domestic units. While initial marketing efforts will be directed toward the commercial and consumer segments, the technology is adaptable to the control of various animal-based diseases.
As an additional part of Eco-Rx's international effort, Eco-Rx has already filed for patent protection in the key Pacific Rim countries as well as in Europe.
Universal Express Inc. (OTCBB: USXP - http://finance.yahoo.com/q?s=USXP.OB ) Universal Express Inc., subsidiary Luggage Express today posted its print ad for viewing on its Website at http://www.usxp.com/usatodayad.pdf.
These advertisements will be in the New York Post and U.S.A. Today newspapers in targeted markets prior to Sunday's game.
"As other media outlets comment on this creative marketing approach, Luggage Express will attract new customers and introduce its services to the American traveler," concluded Richard Altomare, CEO and Chairman of Universal Express, Inc.
ERHC Energy, Inc. (OTCBB: ERHE - http://finance.yahoo.com/q/pr?s=ERHE.OB ) ERHC Energy, Inc., an independent oil and gas company, engages in the exploration, exploitation, and production of oil and gas reserves in the Gulf of Guinea offshore of central west Africa. It has rights to working interests in exploration acreage in the Joint Development Zone between the Democratic Republic of Sao Tome and Principe, and the Federal Republic of Nigeria, as well as in the territorial waters of Sao Tome.
Universal Detection Technology (OTCBB: UDTT - http://finance.yahoo.com/q?s=UDTT.OB ) Universal Detection Technology announced that it has signed an agreement with Security Solutions International (SSI), a Miami, Florida corporation providing counter terrorism training through several highly qualified colleges, security companies and individual presenters, for sales and distribution of BSM-2000 in the United States on a non-exclusive basis.
According to the terms of the agreement SSI shall use its best efforts to market UDTT's BSM-2000 bio-terrorism detection machine to its customers and clients in the United States. UDTT has agreed to pay SSI a pre-defined commission on all sales generated through SSI as its sole form of compensation. UDTT shall be solely responsible for supporting all products distributed by SSI in the US at its own expense.
"SSI has substantial presence in the homeland security market and is active in providing training to law enforcement and various other government agencies. We hope that SSI's contacts and relationships will provide us with additional meaningful opportunities in the markets and with these agencies," said Nima Montazeri, UDTT's Vice President of Strategic Development.
"As a leading training company for US Homeland Security, SSI is committed to selecting partnerships with product companies that can really have an impact on the War on Terror. UDT's BSM-2000 provides a real-time biological weapon detection device -- something we have been searching for on behalf of our customers. We believe that with UDT's strength in technological innovation and our own client base in the First Responder community that the partnership will be a winning proposition for both sides," said Henry Morgenstern, SSI's president.
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BB NITE and TD have been mostly on the BID leading the charge higher from $0.30
ARCA has been a Net seller but a friendly seller not really hitting bids
IMO it was the STP news of ADDAX being approved that caused the buying over this week - this issue was a thorn in our side for weeks
Now we wait for JMC Meeting and confirmation of Signing dates and subsequent PR of Signing dates and IF RELEASED
we should head back to $.90 before even 1 contract is signed IMO
lots of rumors flying around lately !!!
also hoping for some pleasant surprises along the way
buy low sell high
Rambus it was not clear "Scheduled JMC Abuja meet still awaits confirmation "
Mark just got Verbal Confirmation
wanted to see if official confirmation was made
HOMEPORT .. can you confirm w/ Lusa Marks update that the meeting is confirmed for Mon-Tues!!!
apparently they had to confirm all attendies ????
Looks like they have !!!
please confirm if possible thx - !!!!
NIGERIA NEEZ : Towards A Credible Future Licensing Round
“The business of oil exploration and production is not for all comers. That is the essence of technical pre-qualification. Where there is political will to face up to those more powerful than you, to tell them to their faces that they cannot go on commercial bid because they are not technically pre-qualified, then throwing every bidder together to throw in figures is bound to create problems.
“Transparency is about having a clear basis for evaluation that is open and known to everybody, and the result opened and declared to everybody. Transparency is not about playing to the gallery. Transparency is not about a winner being declared on the basis of its offering the highest bid.
“In the end, it may well be that we have carried transparency too far that some of the babies would have been thrown away with the bath water. If the whole idea was to get people to throw around high figures, then the purpose of the 2005 bid round may have been defeated.”
Austin Avuru, Managing Director, Platform Petroleum Limited, was giving a critical appraisal of the Nigeria 2005 oil and gas licensing round during a two-day capacity building workshop in Lagos by the Nigerian Extractive Industries Transparency Initiative (NEITI) last December.
This was almost two weeks before the deadline for the payment of signature bonuses offered by winners of 44 of the 77 oil blocs offered by the Federal Government under the Nigeria 2005 bid round.
Since the conclusion of the commercial bids conference last August, controversy has dogged its path, resulting in the Production Sharing Contract (PSC) signing ceremony being postponed a record three times.
Even when it held last week, how the manifest contradictions affected the credibility of the entire process was palpable, with only two of the 19 that met the December 15, 2005 deadline for the payment of the signature bonuses, concluded the deal, out of 23 that met the October 14, 2005 deadline for the submission of the mandatory performance bonds.
Though not a few agreed the open electronic bidding process adopted during the bid was a marked departure from the on discretionary awards of the past, the poor turn out of events could not have exonerated Avuru’s appraisal more - that it lacked the basic ingredients of a credible bid.
Last week, as stakeholders in the industry met to review the exercise ahead of the fresh awards planned for later in the year, it was clear a lot of things went wrong with most critical aspects of the bid process.
Said one top industry operator, who pleaded anonymity, “If one is to run a transparent process, it means one must have set rules that are understood by all participants -the umpire and the players. It does not matter who sets the rules, but once the rules are set, all parties must abide to the letter,” he said.
To him, transparency does not mean beaming an aspect of the process on national television for the whole world to see (like the commercial bidding), while the other aspects are subjected to political manipulations.
Under the rules of any credible bidding process, he argued that there should be a technical pre-qualification of all prospective bidders, to evaluate their technical and commercial capacity to operate an oil bloc, from where a shortlist of all those qualified to bid would be drawn up, to help run away from those that, even if they are given the bloc, would not be able to pay the signature bonus.
“The purpose of pre-qualification is to ensure that those that advance to the commercial bidding stage are credible enough to assure everyone that if they win they will perform,” he explained, saying during the last bid exercise, after the credible bidders went through the rigorous process of compiling materials for technical pre-qualification, managers of the process, for lack of the political will to resist pressures from powerful political figures, abandoned the rest of the process. “What happened was that everybody who applied was practically given a chance to submit a commercial bid. The same thing happened with the selection of the Local Content Vehicles (LCVs), which is not supposed to be an all-comers affair.
“When they threw the bid open and every Tom, Dick and Harry walked in there, especially in the deepwater bidding round, what one finds today is that 80 percent of the credible bidders, including multi-national companies that have proven capacity and resources to do the work, stayed away from the bid. Some of these blocs that people were posting $150 million bids for, were up for $2-5 million in 2000 bid round five years earlier, and people did not even take them up. When you allow people who do not understand the business to submit such ridiculous bids, you end up wasting the country and everybody’s time and resources. Once you lump serious and unserious bidders together you are just trying to pollute the environment, and you wont even know who the unserious ones are,” he pointed out.
To discourage bidders posting unrealistic signature bonuses, he said government should impose a demand for a non-refundable deposit of at least 10 percent of the bid price offer to be paid within say five working days of the offer, such that if at the expiration of the deadline for the payment of the full amount he fails, the deposit would be forfeited as penalty.
He faulted the inclusion of the right-of-first-refusal in the bid process, saying the clause, which he claimed was engineered by some powerful people in government, adversely affected the transparency of the entire process.
His observations were not significantly different from those of industry stakeholders, who during their meeting in Lagos identified the controversial granting of the right of first refusal to some bidders and incessant adjustments to the bid rules as some of the fundamental flaws that infringed the integrity of the entire bid process.
Recommending that there should not be room for modifications to rules post announcement, the stakeholders demanded for information on short-listed local companies after their assessment by the relevant government agencies, while LCVs should be encouraged to meet international industry standards..
Other modifications they demanded in future bids included that bidding companies be given 90 days prior to bid round to select a LCV from a list of government pre-qualified local companies that would be made to also give financial undertakings that they will contribute their own equity in the licenses, failing which the award could be withdrawn.
While also recommending that signature bonuses be made to be market/driven, they advocated signature bonus to be made a biddable item with no requirements for minimum amount, and bidders compelled to attach certified cheques or deposits in bank drafts to their bids in the amount equivalent to at least between 20 and 50 percent of the signature bonus offered for the bloc. Winners who do not pay their offered signature bonuses within the deadline set for the PSC signing, they said, should automatically be made to lose their deposit and rights, while the Minister of Petroleum should be made to exercise his prerogative to accept or reject lone bids.
news Icon - Market Watch > ?
ART try http://finance.yahoo.com/q/ecn?s=ERH.F .. then click summary
ERHC up 15% in Europe this AM !!!!!!!!!
***UPSTREAM NEWS*** ERHC
Top-level meeting set to ease JDZ blocks gridlock
By Upstream staff
Final resolution of the continuing uncertainty surrounding the allocation of key blocks in the Joint Development Zone administered by Nigeria and Sao Tome&Principe may come when the Joint Ministerial Council (JMC) meets on 6-7 February in Abuja, writes Barry Morgan.
The JMC will set a date for the official signing of PSCs for blocks 2, 3, 4, 5 and perhaps also Block 6.
Most controversial has been the swift action of preferential rights holder ERHC Energy to sign a memorandum of understanding with Addax Petroleum replacing Noble Energy, which pulled out of a joint operatorship agreement for Block 4.
Addax had not even bid the block and critics in Sao Tome castigated Nigeria for its swift approval of the deal, arguing that second-highest bidder Anadarko Petroleum should have been consulted first.
Sao Tome finally approved the deal last week, enabling the JMC meeting to be brought forward a few days. It is understood from Joint Development Authority sources that "no big issues remain to be overcome and the matter is in its concluding stages", with PSC signatures expected shortly after the JMC.
To underscore the urgency of the process, President Fradique de Menezes flew into Abuja for talks with his counterpart Nigerian head of state Olusegun Obasanjo this week.
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03 February 2006 00:02 GMT | last updated: 03 February 2006 00:02 GMT
***UPSTREAM NEWS*** ERHC ADDAX APPROVED !!
Top-level meeting set to ease JDZ blocks gridlock
By Upstream staff
Final resolution of the continuing uncertainty surrounding the allocation of key blocks in the Joint Development Zone administered by Nigeria and Sao Tome&Principe may come when the Joint Ministerial Council (JMC) meets on 6-7 February in Abuja, writes Barry Morgan.
The JMC will set a date for the official signing of PSCs for blocks 2, 3, 4, 5 and perhaps also Block 6.
Most controversial has been the swift action of preferential rights holder ERHC Energy to sign a memorandum of understanding with Addax Petroleum replacing Noble Energy, which pulled out of a joint operatorship agreement for Block 4.
Addax had not even bid the block and critics in Sao Tome castigated Nigeria for its swift approval of the deal, arguing that second-highest bidder Anadarko Petroleum should have been consulted first.
Sao Tome finally approved the deal last week, enabling the JMC meeting to be brought forward a few days. It is understood from Joint Development Authority sources that "no big issues remain to be overcome and the matter is in its concluding stages", with PSC signatures expected shortly after the JMC.
To underscore the urgency of the process, President Fradique de Menezes flew into Abuja for talks with his counterpart Nigerian head of state Olusegun Obasanjo this week.
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03 February 2006 00:02 GMT | last updated: 03 February 2006 00:02 GMT
How did the Institutional Buying Interest fair over the last 3 days ?
**it wasn't the RB and Ihub crowd doing all that buying**
does anyone have some fresh stats I would bet its up !!
this is a new buying crowd ...
a group who
a] knows Chevron is getting some initial readings I'm guessing they are impressive
b] knows PSCs are days away
c] knows of potential JVs or suitors for ERHC going forward
d] this could get interesting if EO is tight in Cash with his banks etc.
regardless SOMETHINGS UP !!!!! our PPS
HomePort what do you make of this ?
Saotomean President holds bilateral talks with Obasanjo
Abuja, Nigeria, 02/01 - Sao Tome and Principe President Fradique de Menezes arrived in Abuja late Tuesday for bilateral talks with his Nigerian counterpart Olusegun Obasanjo, Nigerian presidential spokesperson Remi Oyo said.
She said the talks at the Presidential Villa dealt with the strengthening relations between their two countries.
Though details of the discussions were not disclosed, PANA learnt that the disagreement between the two countries over the award of oil blocks in their Joint Development Zones (JDZ) was expected to feature prominently.
A report published recently by Sao Tome`s Attorney General`s Office had alleged that several of the companies that were awarded blocks in the JDZ lacked the technical know-how and the financial muscle necessary to carry out the work.
The report also claimed that the procedures for the selection of the companies that won the oil concessions were seriously flawed and did not satisfy the minimum standards required for the award of such licences.
http://www.angolapress-angop.ao/noticia-e.asp?ID=412918