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impressive list of publically traded clients
http://www.malone-bailey.com/pubclients.htm
Stockhocker I think you're RIGHT Seizmic/Testing first and drilling to follow - JULY DRILLING IS UNLIKELY - my bad
upatnight - story says PSCs are still being negotiated and there is another meeting in 20 days ....
BL 5 NEWS - Drilling next July , PSC Dec. ?
Developing 5th Atlantic Block due next year
TEHRAN (PIN) -- According to the current prediction, there is a lot of crude oil in the fifth Atlantic block, which is being explored and developed by Oil Exploration Operations Company and ICC.
Director of trade department of Oil Exploration Operations Company told Petroenergy Information Network that the block is located among Nigeria, Sao tome, and Gabon, adding, “Shares of involved companies amount to 10 percent for Nigerian Sahara Naft Company, 15 percent for another Nigerian company[ assume ERHC ] and 75 percent for the Iranian ICC.
Hushang Nassiri added that according to negotiations with ICC, OEOC is to do seismography operations by using Pezhvak ship and also interpret relevant data.
He stated that to reduce project’s risk, Oil Exploration Operations Company only receives 50 percent of expenses it will undertake during the project and the remaining half will be considered as the company’s partnership share.
“Negotiations have been carried out between Oil Exploration Operations Company and ICC and final results will be reached in another session, which is to take place in about 20 days,” he noted.
The official stated that according to current plans, exploration and development in the said block, whose contract has been signed with Nigeria, will start next July.
Managing director of Oil Exploration Operations Company had previously told Petroenergy Information Network that survey, reservoir studies, seismography and drilling operations are among exploration activities related to the said block.
Hassan Mohammadi Moqaddam also noted that primary estimates have put costs of exploration and development at the fifth Atlantic block at about $40 million.
OEOC parent Company http://www.nioc.com/index.html
Oil Exploration Operations Company (OEOC) BL 5
http://www.oeoc.ir/
Oil Exploration Operations Company (OEOC) is amongst the most experienced Iranian companies in the oil and gas industry who has completed many projects in hydrocarbon reservoir exploration operations.
OEOC has been a subsidiary of NIOC- Exploration Directorate; prior to the year 1999; and all its activities has been guided by that organization. In 1999 because of new government policy regarding separation of the management and the operating sections, the Oil Exploration Services Company was born, aiming at continuing specialized oil exploration operations with the help of its experienced and professional personnel as well as its modern equipment and machinery.
Since then, OEOC has been able to find its proper place in oil exploration industry by trying to achieve up- to -date knowledge of the modern Geophysical technology and upgrading its equipment. In April 2003, in an annual ceremony, and in harmony with the nature of its activities, the company changed its name to Oil Exploration Operations Company (OEOC). About 400 representatives of Iranian as well as foreign companies were present at the gathering and the speakers introduced the company and its activities since its creation.
OEOC has four different directorates, namely; Exploration operations, Technical operations, Financial and Non-industrial services directorates.
our [75%] partners in BL 5 OEOC/ICC related
Iran unveils N3.2b investment in oil, gas sector
By Taiwo Hassan with Agency Reports
http://www.guardiannewsngr.com/energy/article06
NOV 13
IRANIAN Government has concluded plan to invest $100 million (N3.2 billion) in Nigerian oil exploration operation.
This may not be unconnected with the Iranian's government bid to expand overseas operations and thereby sealed some contracts with the Nigerian government for oil exploration operations in the West African country.
Already Iran's Oil Exploration Operation Company Limited (OEOC) has submitted a number of international bids among which the contract for oil exploration operation in Nigeria has been finalised, a source from the Iranian company disclosed.
Available information revealed that if the bid were successful, the development operation contract would also be awarded to the Iranian project developer for the construction and drilling of the project. Also, this will be the first foreign contract by the company and will be in collaboration with an international enterprise, ICC, and will be in form of a consortium.
"The exploration operation of the contract is valued at $100 million and if successful, the development operation contract will also be given to the Iranian project developer. Being its first foreign contract, the company will undertake the projects in collaboration with an international enterprise, ICC, in the form of a consortium," said the source.
Meanwhile, the International Energy Agency has forecasted that oil prices could rise a further 50 per cent by 2030 if Saudi Arabia does not muster the political will to invest billions of dollars in new production.
In an interview with the group's Chief Economist, Mr. Fatin Birol said that Saudi Arabia might not make the investment needed to ensure production meets strong demand growth in China and India.
"It is not a problem of availability of reserves or capital. We need to be sure that the increase in production will be high enough and a sustained production capacity increase policy is in place. That will need sustained political will, he said.
Saudi Arabia has plans to invest US$14 billion to raise output capacity from 11 million barrels a day to 12.5 million bpd by 2009, according to a report by Samba Financial Group, a Saudi-based bank.
The IEA said Saudi Arabia would need almost to double current output of 10 million bpd to meet the expectation of demand in 2030. But Birol said the kingdom might muster the long-term political will only to produce just over half the extra barrels deemed necessary.
Iran and Iraqi are also vital to ensuring adequate oil and natural gas supplies in the next 25 years. But both face political hurdles to achieving the necessary investment. Many Middle East countries fear that investing heavily in new oil supplies will deplete fields too quickly and cut revenues by depressing oil prices.
Birol said: "We may end up with much less oil from the Middle East than we demand. There is substantial risk of substantially high oil prices if current investment in the Middle East is not stepped up substantially.
"Such high oil prices would be an additional trigger for major consuming nations to introduce policies to save oil and look for alternative sources. If they don't the global economy but mainly the economies of the consuming nations will suffer."
Th IEA's near-term forecasts are below crude oil's current price rang of about $60 a barrels because the agency, which releases its World Energy Outlook this week, expects new supplies of oil and investment in platforms, pipelines and refineries to ease the current crunch.
Oil demand is expected to more than double by 2030. Much of the increase will have to be met by countries in the Middle East and Africa.
Meanwhile, natural gas demand will grow at a faster rate, with Qatar, Algeria and Iran as its biggest producers, IEA said.
Gloves come off in African fight Dispute over Equatorial Guinea Block R set to enter round two
UK-registered Energy Equity Resources (EER) is gearing up for the second phase of its altercation with the Equatorial Guinea government over what the company believes is the de facto withdrawal of its rights over Block E, now known as Block R, west of Bioko Island.
This potentially deepening rift may yet have profound consequences for oil company confidence in Malabo's negotiating procedures, with little consensus emerging as to who has the authority to rubber stamp production sharing contract approvals.
Smarting from the abrupt decision of Malabo's Ministry of Mines, Industry&Energy to award the licence to Ophir Energy earlier this month, EER is now considering arbitration as none of its letters seeking clarification have yet been answered by the ministry.
Other observers claimed the fracas represents little more than loser's pique and that clear grounds for arbitration do not exist, either under international or Equatorial Guinea law.
Some Equatorial Guinea watchers interpret recent events as laying bare a deepening conflict of interest within the ruling family in the lucrative oil sector. EER is understood to believe Equatorial Guinea law and practice should support the PSC initialled with state oil company Gepetrol because subsequent approval and ratification by parliament and the energy ministry would normally be seen as a formality.
Industry sources suggested the deal struck with EER achieved the highest ever level of government revenue, while joint operating agreements had been exchanged and both sides had even begun their respective reviews.
Following an earlier memorandum of understanding and notification of interest, EER signed a 100-page production-sharing contract on 11 May, having spent $2.5 million assessing the block.
Gepetrol retained 35% of the PSC, while EER negotiated a 65% stake in the Campo basin block where Total had drilled a duster in 2002.
The dryhole led EER to lower its signature bonus and instead agree to boost its local training budget while offering higher royalties were oil to be discovered, structuring the deal to limit upfront risk.
By contrast, Ophir offered $75 million to win Malabo's favour, about 10 times what EER believed the block is worth.
Ophir, backed by majority shareholder Mvelaphanda Holdings, South Africa's cash-rich black empowerment vehicle, further offered to drill three wells in the first phase of the four-year exploration period, underlining its confidence in the play's prospectivity.
Those backing Ophir's stance have indicated that EER's latest remonstrations betray a lack of understanding of where the power lies in Malabo, and that no PSC can exist until approved by the ministry as required by Equatorial Guinea law.
The ministry was allegedly unhappy with terms and conditions in EER's PSC and reserved its right to discontinue talks with EER, despite Gepetrol's recommendations.
EER's putative PSC was signed by Gepetrol national director Candido Nsue Okomo, the First Lady's brother, while the about-turn appears to have been orchestrated by Mines, Industry&Energy Vice Minister Gabriel Mbego Lima.
Lima is President Teodoro Obiang's son and the right hand man of Atanasio-Ela Ntugu Nsa, who heads up the ministry.
Ministry officials wrote to a batch of oil companies inviting them to bid for Block R on 1 September and later attempted to marry up several suitors Kosmos Energy, Anadarko and Ophir into one large consortium.
Anadarko is understood to have balked at Ophir as operator but the latter won, while Kosmos had expected to land a key stake in the block but ended up with nothing.
Moreover, it is understood Ophir knew of EER's PSC since it partners EER on the recently awarded Sao Tome-Nigeria joint development zone Block 3 in which Anadarko is the provisional operator.
Jbofthecloth hope you source is right about BL 2,3 next week
Walldog, dont know if XOM can exercise at this point since they balked
BUT BOTTOM line is our 25% is Locked in
Carry or no carry
Lets hope BL 2,3 can move forward - so far the chatter is they will
Cant see OBJ giving more time -
everyone need the $$$$
Lets go
from the TwinTrader web site, on another featured co. NOT ERHC
DISCLAIMER & RISK DISCLOSURE: TwinTrader LLC was compensated 36,000 restricted rule 144 shares directly from the company for profile coverage. TwinTrader LLC are not registered investment advisers or broker/dealers. TwinTrader LLC makes no recommendation that the purchase of securities of companies profiled in this web site is suitable or advisable for any person or that an investment in such securities will be profitable. In general, given the nature of the companies profiled and the lack of an active trading market for their securities, investing in such securities is highly speculative and carries a high degree of risk.
Wednesday, November 9, ERHE ALERT TwinTrader.com:
Twin Trader Alerts for 2005 ERHE, GWGO, HOGC, IFUE
11/9/05
Dallas, Texas, Nov 09, 2005 (M2 PRESSWIRE via COMTEX) --
Twin Trader Alerts for Wednesday include ERHC Energy Inc. (OTCBB: ERHE), Great West Gold, Inc. (OTCBB: GWGO), Heartland Oil and Gas (OTCBB: HOGC) and International Fuel Technology, Inc. (OTCBB: IFUE).
To feature your publicly traded company in our alerts, email feature@twintrader.com and we will gladly send more information on featuring your company with twintrader.com.
ERHC Energy Inc. (OTCBB: ERHE) traded as much as 2.63% over open on Tuesday.
ERHC Energy Inc. is an oil and gas company focused on exploration in the Gulf of Guinea offshore West Africa. ERHC announced recently the company is proceeding with consortium partner Pioneer Natural Resources in Blocks 2 and 3 of the Joint Development Zone, in which the Nigeria-Sao Tome and Principe Joint Development Authority awarded the consortium interests on May 31, 2005.
In Block 2, the JDA awarded the consortium a 65 percent interest inclusive of ERHC's 30 percent signature bonus free interest, and in Block 3, a 25 percent interest inclusive of ERHC's 20 percent signature bonus free interest. Pioneer will be the operator for Block 2. ERHC has accepted the awards of its pre-existing interests in the five blocks in the Joint Development Zone.
Africa shines for ExxonMobil
By Upstream staff
US supermajor ExxonMobil aims to boost its African output by 50% by the end of the decade as it expands in major producers Nigeria and Angola and steps up exploration in targets like Madagascar, a top official said today.
"By the end of the decade, planned developments in several countries are expected to increase our African production by about 50%," Kevin Biddle, vice president for Africa, told an oil conference in Cape Town.
ExxonMobil currently produces about 2 million oil equivalent barrels per day in Africa on a gross basis. New projects will add around 4 million barrels a day, but part of this will go to offset declining production at certain operations, he said.
Biddle asked for partners to join ExxonMobil in Madagascar, which could turn into an important new producer.
"In terms of maturity, the deep water in Madagascar today is where deep water in Angola was in the early 1990s. There's a high degree of uncertainty and risk but the potential is also high," he told Reuters
ExxonMobil has interests in four blocks in the north-east part of the island that total 22 million acres, a third of the company's total African acreage, he said.
"Additional seismic and magnetic surveys are planned for 2006 and we anticipate drilling of our first deep-water well in 2006 or 2007."
Biddle said most of the company's new output would come from big players Nigeria and Angola.
In Angola, ExxonMobil seeks to boost output by 1.3 million barrels of oil equivalent per day by 2010 with eight project start-ups, including an liquefied national gas project.
In block 15 - which has combined recoverable resources of 4.5 billion barrels - Kizomba B is now producing 250,000 barrels per day, up from 200,000 when it started production in July.
Kizomba C and D are due to come into production in coming years with more than 200,000 barrels and 125,000 barrels respectively, Biddle said.
In Nigeria, where ExxonMobil has 15 blocks, around 10 new projects are due to add 1.2 million bpd of production by the end of the decade.
The supermajor has invested $12 billion in Africa since 2000 and plans to spend an additional amount before the end of the decade, he added.
--------------------------------------------------------------------------------
09 November 2005 13:13 GMT | last updated: 09 November 2005 13:13 GMT
Thanks jbofthecloth **greatly appreciated**
BL 2,3 next week
Basically on track BL 4 - finishing up
NO big deal
back at ..40 offer . 39 BID
BB it could be an afternoon or evening event in which case we may not hear till tomorrow
Worst case they revert back to the previous schedule of next Monday
however I'm under the impression BL 2,3 are all set even if BL 4 is held up a few more days, the mere fact the JDA bumped their schedule UP 1 week is quite mindblowing in itself
Regardless its ON in NOV
opps forgot to mention each participant in every consortium will [should] have subsequent PRs
if 5 PSCs and JOAs are announced this week
you'd expect the PPS to run all week long every day
Dow Jones / Reuters / Blogs / world press etc will all chime in, more press than any time in the past 5 years of watching this
I called Coleman and asked him where he plans to dump his 3 Million
he said $2-3 bucks
just kidding..... he said no comment to everything !
related - First punch in Equatorial Guinea fight
Equatorial Guinea's Ministry of Mines, Industry&Energy (MMIE) has won the first round of a heavyweight political contest with state oil company GePetrol after selecting Ophir Energy as the winning bidder for deep-water Block R to the west of Bioko Island, writes Iain Esau.
Atanasio-Ela Ntugu Nsa, who heads up the ministry and whose right-hand man is Gabriel Mbega Lima, the son of President Teodoro Obiang Nguema Mbasogo, is likely to see its selection of Ophir as a partial victory over Candido Nsue Okomo, GePetrol's head and the brother-in-law of the president.
Ntugu Nsa is said to have been put out by Gepetrol's signing, earlier this year, of a PSC with UK-based Energy Equity Resources (EER) covering the same block but without the authority of the ministry.
However, as one source suggested, Nsue Okomo could yet stage a fight back as Ophir, 50%-owned by South Africa's Mvelaphanda Holdings, has only been invited to sign a memorandum of understanding after which talks involving the MMIE, the Ministry of Finance and Gepetrol will start on a PSC.
This may, suggested one commentator, leave scope for EER to perhaps take a smaller stake in Block R.
Ophir's selection was based on a huge $75 million signature bonus, a commitment to drill three exploration wells during the initial exploration period and a 20% carried interest for Gepetrol.
One market source was "amazed" at the size of the signature bonus as well as the drilling commitment, given that traditional Equatoguinean PSCs have an initial three-year period followed by a two-year extension.
Other outfits invited to bid for Block R included Anadarko, Nexen, Repsol YPF, Kosmos Energy, Malaysian outfit Pexco Exploration as well as EER.
Block R lies south and east of ExxonMobil's Block C, west of Atlas' Block J, next to Chevron's undrilled OPL 247 in Nigeria and partly borders ONGC/Equator's Block 2 in the Nigeria/Sao Tome JDZ.
Walldog..US rig count packs on weight
By Upstream staff
The number of rigs searching for oil and gas in the US added 16 to 1496 in the week ended 4 November, according to oil services outfit Baker Hughes.
That figure was up from 1268 during the same week last year.
Meanwhile, the number of rigs in the US Gulf of Mexico rose one to 83, compared with 91 last year.
There were 1385 US rigs searching on land, 88 offshore and 23 inland, as the total North American rig count rose 13 to 2078, up from last year's 1700.
Canada's tally fell three however, to 582, compared with 432 last year.
The number of rigs searching for oil in the US hiked four to 231, while those searching for gas climbed 13 to 1260.
There were five miscellaneous rigs counted, down one from last week.
go figure they post the PSCs are next week a few days ago and now
we get an update today they ARE NOT NEXT WEEK
what;s with these folks
PXD call ...West Africa BL 256 with Devon in Dec. will Spud ... late 2006-2007 will Spud well 320
no mention of JDZ PSCs
new PXD Presentation today re AFRICA
Deepwater Nigeria / JDZ / Equatorial Guinea
Q4 2005
BL 250 well to spud in December 2005
BL 320 3-D seismic underway
will post more info re JDZ once conf. starts
NITE on the BID !!!!!!!!!
good start NITE has left the ASK .40-.41
lets see for how long
WSJ mentions PXD as possible Takeover target
,,,,But bankers and analysts say the activity could pick up in the months ahead, and they cite Nexen Inc., Talisman Energy Inc., Canadian Natural Resources Ltd., Forest Oil Corp. and Pioneer Natural Resources Co. among potential takeover targets.
ConocoPhillips, Royal Dutch Shell PLC and Burlington Resources Inc. are seen as likely buyers...
Will NITE continue his assult on our PPS pre PSCs?
I watched NITE very closely the past few days, oddly it was NITE that led the charge from .33 up to .43 on the BID
recall NITE led the many rallys pre awards from .50s to .80s again on the BID and BEST BID
at 3:45 yest. NITE smacked the Bid with 30k and quickly moved the ASK down to .40 from .41
hard to figure the logic with 3 days to PSCs
Doesn;t NITE want the best price for his client?
Why not offer at .41 ?
Why not offer at .405 ?
Why are you so aggressive NITE ?
are you shaking the tree to get some cheap stock before the best news from ERHC in 7 years ?
Are you shorting ? If so you are hurting your profitability by hitting bids instead of waiting patiently to be filled at the ASK
Where's the Fire to sell? We are Golden even with the Noble switch.
perhaps NITE needs psychological help, I cant figure it out
*** LOOKING for Major news all next week every day with 5 PSCs / JOAs and Dow Jones / Reuters and coverage from all angles
***Looking for PXD guidence on BL 2 and details from ERHC on financing and operations going forward
VIP "REFRESH" the page or delete temp internet files
VIP go to Joe's Blog it's all there too
PSCs ARE TO BE SIGNED NEXT WEEK [1 week earlier !!!]
BL 2 Nov 7
BL 3 Nov 8
BL 4 Nov 9
BL 5 Nov 10
BL 6 Nov 11
5. Assures stakeholders that the PSC/JOA discussions are very much on course in ALL blocks within the timeframe
*****ERHC NEWS**** at http://www.nigeriasaotomejda.com/
TIME LINE STILL ON TRACK
NBL didn;t want to deal with the Local Indies and Addax probably gave ERHC a better cut vs. NBL
Truth be told this month
JDA nod for ERHC move
By Upstream staff
Nigeria and Sao Tome's Joint Development Authority (JDA) has approved Houston-based ERHC Energy's request to replace Noble Energy with Addax Petroleum in a consortium which won exploration rights in the Gulf of Guinea.
Noble, which won a 60% stake in Block 4 in May, withdrew from the consortium, prompting ERHC to sign a deal with Swiss-based Addax, ceding operatorship of the Gulf of Guinea block.
The JDA said the new consortium must accept all of the terms of the award and pay a $90 million signature bonus before Addax can assume the role of operator, a Reuters report said.
The ERHC/Addax consortium must also accept the production sharing contract timeline and agree to speed up talks on a joint operating agreement with other shareholders.
Addax, which already operates four licences in Nigeria, is involved in a technical partner agreement with Overt Ventures, which won a 5% stake in Block 4.
Nigerian player Conoil and two other Nigerian independent also hold small stakes in Block 4.
JDA okays Sao Tome pairing
By Upstream staff
Nigeria and Sao Tome's Joint Development Authority (JDA) has approved Houston-based ERHC Energy's request to replace Noble Energy with Addax Petroleum in a consortium that won oil drilling rights.
Noble, which won a 60% equity in block 4 of the jointly-administered area in May, withdrew from the consortium prompting ERHC to sign a deal with Swiss-based Addax, ceding operatorship of the Gulf of Guinea block.
The JDA said the new consortium must accept all of the terms of the award and pay a $90 million signature bonus before Addax can take on the role of operator.
The ERHC/Addax consortium must also accept the production sharing contract timeline and agree to accelerate joint operating agreement negotiations with other shareholders.
Addax, which already operates four licences in Nigeria, carries a technical partner agreement with Overt Ventures, which was assigned a 5% stake in block 4, according to Reuters.
Nigerian Conoil and two small Nigerian companies also hold small stakes in block 4.
ERHC News, Oct 31 ERHC partners Addax ...
ERHC partners Addax in Nigeria-Sao Tome oil permit
Mon Oct 31, 2005 11:44 AM ET
ABUJA, Oct 31 (Reuters) - Nigeria and Sao Tome have approved Houston-based ERHC Energy's (ERHE.OB: Quote, Profile, Research) request to replace Noble Energy with Addax Petroleum in a consortium that won oil drilling rights, authorities said on Monday.
Noble Energy withdrew from the consortium which won a 60 percent equity in Block 4 of the jointly-administered area in May, after which ERHC signed a deal with Addax giving the Swiss-based energy firm operatorship of the offshore block.
"Following the withdrawal ... and the request by ERHC to replace Noble Energy with Addax Petroleum in the consortium, the JDA has since reviewed and accepted the request," the Joint Development Authority (JDA) said in a statement. The JDA, which administers the Nigeria-Sao Tome and Principe Joint Development Zone in the Gulf of Guinea, said the new consortium must accept all the commercial and technical terms of the award and pay a $90 million signature bonus before Addax can assume the role of operator.
The ERHC/Addax consortium must also accept the production sharing contract timeline and agree to speed-up joint operating agreement negotiations with other shareholders, the JDA said.
Addax, which already operates four licences in Nigeria, has a technical partner agreement with Overt Ventures, which was assigned a five percent stake in Block 4, the JDA said. Nigerian Conoil (NTOL.LG: Quote, Profile, Research) and two small Nigerian companies also have small stakes in Block 4.
Other energy firms that won rights to exploration blocks in the second licensing round in May include Devon (DEV.N: Quote, Profile, Research) and Anadarko (APC.N: Quote, Profile, Research) .
The JDA has awarded five offshore blocks in the Gulf of Guinea, which has become one of the world's exploration hotspots since a series of huge oil finds in the last 20 years, but the process has been marred by delays, bickering and accusations of corruption.
Nigeria, the world's eighth biggest oil exporter, and Sao Tome and Principe hope jointly to receive $400 million in signature bonuses for the five blocks.
Dow Jones says BL 2,3 are still on track !!!!!
“The source added that the production-sharing contract negotiations on Blocks 2 and 3 were proceeding well and would likely be completed around schedule in November 2005. ERHC Energy has a 65% operating interest in Block 2 with Pioneer Natural Resources (PXD), while Pioneer/ERHC also has a 25% interest in Block 3.”
________________________________________
From: Scott, Norval [mailto:Norval.Scott@dowjones.com]
28 Oct 2005 15:39 MT *DJ Noble Energy Pulls Out Of Sao Tome JDZ Oil Block 4
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2005 17:39 ET (21:39 GMT)
Copyright (c) 2005 Dow Jones & Company, Inc.
28 Oct 2005 15:45 MT *DJ ERHC Energy: Addax Petroleum To Replace Noble In Block 4
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2005 17:45 ET (21:45 GMT)
Copyright (c) 2005 Dow Jones & Company, Inc.
28 Oct 2005 16:02 MT DJ Noble Energy Pulls Out Of Sao Tome JDZ Block 4
CALGARY (Dow Jones)--Noble Energy (NBL) has withdrawn from the consortium awarded a 35% operating interest in Block 4 of the Sao Tomean-Nigerian offshore Joint Development Zone, according to ERHC Energy (ERHE).
In a press release, ERHC Energy said that it had signed a memorandum of understanding with Addax Petroleum, an oil company based in Switzerland with operations in Nigeria, to replace Noble in the operating consortium, and that the parties are in the process of negotiating a participation agreement.
The MOU has been submitted to the Joint Development Authority seeking approval for Addax to replace Noble and to assume the role of operator, ERHC Energy said.
According to the press release, Noble informed the JDA and ERHC Energy of its decision to withdraw from participating in Block 4 and from the ERHC/Noble consortium on Oct. 24.
In late May 2005, the ERHC Energy/Noble Energy consortium was awarded a 60% operatorship of Block 2 in the JDZ, a maritime zone jointly operated by Nigeria and Sao Tome that's believed to hold substantial reserves of oil and gas. The 60% operatorship included a pre-existing 25% interest already held by ERHC in the block.
Nigerian firms Conoil and Godsonic, as well as Canada's Centurion Energy International, are also partners in the block.
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2005 18:02 ET (22:02 GMT)
Copyright (c) 2005 Dow Jones & Company, Inc.
28 Oct 2005 16:27 MT DJ Noble Energy Pulls Out Of Sao Tome JDZ Block 4 -2-
Neither Noble Energy nor the JDA could be reached for comment on the reasons for Noble's withdrawal, while an ERHC Energy spokeswoman wouldn't comment on why the change had occurred.
"We had a good relationship with Noble," ERHC Energy's Shanta Mauney said.
However, a source close to the negotiating process told Dow Jones Newswires that Noble had pulled out of the JDZ as it hadn't been able to reach an agreement with the indigenous Nigerian firms with regard to the production-sharing contract for Block 4, and had consequently withdrawn from the JDZ.
The source added that the production-sharing contract negotiations on Blocks 2 and 3 were proceeding well and would likely be completed around schedule in November 2005. ERHC Energy has a 65% operating interest in Block 2 with Pioneer Natural Resources (PXD), while Pioneer/ERHC also has a 25% interest in Block 3.
The JDZ is a highly prospective region offshore West Africa that's thought to contain as much as 11 billion barrels of crude reserves. Nigeria and Sao Tome receive 60% and 40%, respectively, of any revenues generated from the region.
-By Norval Scott, Dow Jones Newswires; 403-531-2912; norval.scott@dowjones.com
(END) Dow Jones Newswires
related - BP makes ninth discovery in Angola's Block 31
Fri Oct 21, 2005 06:45 AM ET
LONDON, Oct 21 (Reuters) - Oil major BP Plc (BP.L: Quote, Profile, Research) said on Friday it had made its ninth discovery in the deep water Block 31 off Angola.
The well was tested at a maximum rate of 5,956 barrels of oil a day (b/d) through a two-inch choke, BP said.
BP's partners on the block are U.S. oil firms Exxon Mobil (XOM.N: Quote, Profile, Research) and Marathon Oil (MRO.N: Quote, Profile, Research) , France's Total (TOTF.PA: Quote, Profile, Research) , Angolan state oil company Sonangol and Norway's Statoil (STL.OL: Quote, Profile, Research) .
Block 31, which covers an area of 5,349 kilometres and lies in water depths of between 1,500 and 2,500 metres, is one of the British giant's big hopes of major oil exploration development in West Africa, although its potential is unknown.
BP, the operator of the Block with a 26.67 percent stake, said it was evaluating options for the development of the southeast region of the Block where Hebe-1 is located. (Additional reporting by Karen Iley)
Homeport, seems the locals are getting restless
IN THE IMINÊNCIA OF MORE A POLITICAL CRISIS THE MLSTP APPEALS THE INTERNATIONAL MEDIATION
19.10.2005-J.Vitrina-(S. Tomé) THE political situation in S. Tomé is more and more tense. In the opening, this Tuesday fair, of the eighth session of the present legislature of the assembleia National stayed patent that a political crisis will be able to be for short.
Practically all the political statements were inflamed, with the bancada parliamentarian of the departure of the government it accuse directamente the president of the republica of be to main spring of instability of the country and it exhort the international mediators of the military coup of 16 of July of 2003, nomeadamente Portugal, United States, Africa of the South, The Congo Brazaville and the Nigerian president Olusengo Obasanjo, in the sense of Country.
The leader parliamentarian of the MLSTP/PSD, Jorge Loved recognized that the country lives a climate of political tension that begins be it habitual, and that S. Tomé and Prince is in the threshold of more a crisis politica.
Considera, in the however, that the situation already begins it become demasiado repetitiva and crónica, accusing the president of the republic of feed “a primary aversion against the MLSTP that historicamente is incompreensível”.
It recollects the dismissal of the government of the prime minister Posser of the Coast in 2001 and says that everything this drove to “a climate of instability well translated by the incrível, abnormal and sickly succession of six prime ministers in four years of mandate, certain unique thing in the world”.
For the MLSTP, Saint Tomé and Prince that had raised an undeniable one I sanction in the international community by his noticeable democratic transition, became now aim of curiosity and negative appreciation of the observers of the scene politica African and international”.
Referring about the question of the corruption, the leader parliamentarian of the MLSTP says that many than say to want to fight the corruption are they own corrupt and are simply interested in justify the judicial pursuit descriminatoria against political adversaries and underlines that exists a form more gravosa of corruption and to more difficult of try that is “the traffic of influences, a fenómeno that sees clearly For it obtain earned personnels, especially I join of observant foreigners”.
As regards him referring whose achievement the leader of state instead of defends, the MLSTP considera the presidencialismo “a grave danger the democracy whose examples in the African continent in the sample to her irresistible tendency for create pseudo-democratic regimens of concentration of be able to autocrático, personal, maintained by the military force and of accumulation of scandalous wealth of a “cut” presidential unfeeling the misery of the people”. M.clays
Related - decent HDY NEWS Today
Hyperdynamics Chief Executive Goes to Africa and Meets with Minister Secretary General of the President of the Republic of Guinea; Minister Had No Knowledge of July Termination Letter
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14 October 2005, 09:42am ET
HOUSTON--(BUSINESS WIRE)--Oct. 14, 2005--Hyperdynamics Corp. (AMEX:HDY) announced today that its Chief Executive Officer, Kent P. Watts, traveled to the Republic of Guinea on Sept. 22, 2005, to meet with the company's new Vice President for Guinea Affairs, Famourou Kourouma, and the Ministre Secretaire General De La Presidence De La Republique De Guinee.
As directed by his Excellency, President Lansana Conte, Kourouma initiated a series of meetings with the Ministre Secretaire General, Fode Bangoura, to directly communicate with the government of Guinea and commence the process necessary for SCS Corp. to begin its drilling programs.
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While in Guinea for approximately two weeks, Watts had two separate meetings with the Ministre Secretaire General. Watts reported that, "The Ministre was extremely understanding and gracious. In both meetings he gave a consistent message of support to continue our work in Guinea. He also was very clear in both meetings to explain that the termination letter reported in July did not come from his office and he had no knowledge of it. With that clarification, he then outlined the process whereby SCS could obtain everything necessary to restart our work."
Watts returned home on Oct. 7, 2005, and Kourouma has continued to work in Guinea to establish and build the company's relationship with the Republic of Guinea.
About Hyperdynamics
Hyperdynamics Corp. provides energy for the future by exploring and exploiting new energy sources worldwide. The company's internationally active oil and gas subsidiary, SCS Corp., owns rights to explore and exploit acreage offshore West Africa. HYD Resources Corp. focuses on domestic production in proven areas.
For more information on Hyperdynamics: www.hypd.com
Safe Harbor Statement: Statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements detailed in the company's filings with the SEC.
CONTACT: Hyperdynamics Corp., Houston
Chris Watts, 713-353-9400
opps....
could "NOT" produce the docs [source] re the 2.5-3.5 BBL in BL 4
and..forgot to mention
Ms. Buks came accross as if there was more she could say but cant [If I had to guess I'd say she knew about the Carried Arrangements with our partners and cant say till the contracts are signed... but is considering all options to get the info out there including web casts] as she does for her other NYSE listed clients
"Very strick confidentiaity aggrements in place" and to her knowledge given NO REG FLAG notices about any probe, that she knows of [so all systems are go] could not comment on drill time frames so ...........
Then ....
I spoke to Centurion IR today in Calgary, Canada...
Apparantly there are only 12-14 RIGs in the world that can drill JDZ Depts 2000 M of Water, so rigs will be tight
He has been told very little from management, says no one is really paying attention [to JDZ] as the time frame is so far off... But confirmed he was told they expect to drill Mid 2007] and could produce the docs re the 2.5-3.5 BBL in BL 4
thinks when CVX drills in '06 and they find a discovery it will help their cause
again they have NET 7.5% of BL 4 with Hurcules