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Didn't we have news that Total is drilling two wells in block 1 in the next two years? Total is the operator of block 1, SNP the operator of block 2 and Addax the operator of block three and four.
If it was a block 1 well wouldn't it be Total not SNP or Addax drilling it? SNP owns some of the rights to block 1. Also Total has two drill ships at Egina, something like 30KM away from block 1 or 2, a short side trip before they move to the development of Egina South.
I agree Peter is no fool, I believe he is doing as intended. Not because of inexperance or lack of background, but because he is working off SEO's agenda.
As I have pointed out before, we aren't party to the agenda, so some things look like they aren't being acomplished as planed, sometimes the plan changes & we aren't told.
I don't think there would be anything gained by replacing Peter as CEO because anyone who replaced him would be following the same agenda or they would be a short timer.
I think Peter has been careful to do what the chinese want, SEO is suposedly the biggest front man in Nigeria, maybe part of the agenda is becoming the front for all that chinese cash. Peter has just been proving he can keep his mouth shut when told to.
I may have a shaky memory but, I think I remember someone posting that Exxon and maybe Exxon/chevron was behind getting the investigation started & the whole thing was related to Offor's "political" contribution to the STP president
I believe the MOU and their demise had to do with the death of the last president. The original delta truce promised money for guns and job training that hasn't materialized. My suspecion at the time was that Offor was using his political connections to get on the ground floor for a piece of the job training funds. When Yar died plans changed, if Johanthan goes back to the job training plan after election we may see the Oil service company MOU reserected. JMHO, but if there is a government funded program put in place Offor will find a way to get a share of it.
ERHC has been one of the top sponsors at many of the conferences they attend gold or platnum level which usually means thousands on top of the booth cost - the booth rent is usually part of the sponsorship, like you say the displays inside the booth must be made of gold themselves, for what the display companies charge for them
many of the pictures were labeled as ERHC booth # x, maybe I missinterpited them but they looked like several different booths
Krom, if you look at the '10 conference pictures they show more than 20 booths. Why on earth would any company need or want to pay for anything like that?
I am sure we could make our presence known with maybe four or five booth and not spend the money for the booths displays and staffing, maybe they could get the annual cost of operation into a reasonable cost level.
Sorry, I don't have serch ability and I knew Dr J had posted lots of messages from DK over the past couple of years.
Your post must be what I remembered & DK is not going to post anything not factual, JMHO
Seek, what about Godsonic and Feltang?
MZ157, I believe Dr J posted a message he had received from DK saying that First Alantic still had the stock but the company had discovered they did not have to report stockholders at the 5% level they had been reporting but instead at the 10% level and were no longer disclosing the First Alantic block.
No telling what has happened since that message - changing the level at which they disclose ownership is a way for the 8% to disapear from site, unless someone buys enough of it to have 5% & have to disclose to the SEC. Conspiracy 4, I believe.
Right now Ponxi is right, we have no commercial barrels. If our opperator would release the drilling information we would have some idea of what we have. I still believe in the assets are there but without any kind of confirmation the market is showing what they think we are worth. We have NO information from our management and can only hope NSAI did not make their first major screw up on our projection.
Southern Man, the CV publicity I saw from their man in Nigeria said it was not commercial on a stand alone basis because of the cost of the infastructure needed to get to market. Even a small FPSO is expensive and the coast is a long way away when you are paying for pipe.
Seek, I agree if Offor did not list them when he acquired them, they should have been. If he then passed off to anyone 5%, that person should have filed. My understanding is that even trying to acquire 5% should triger a filing, even in the situation of a tender or offer that would raise your interest to 5% or better, again not a lawyer so my legal advice is worth what you paid for it.
I am still not sure but believe if Chrome acquired the shares and filed the 13d and then transfered the shares to Offor they are already disclosed. Again, this may make too much sence to be the legal rule.
Ponzi, not a lawyer, but I don't believe so because they had already been disclosed & shares were transfered within the same benificial interest group
My understanding is the 13D is filed when you are about to acquire benificial interest in 5% or more of the outstanding stock. Again, not a lawyer & may be completely wrong
He won't be, Forbes only lists verifiable assets. He is not the only suposed billionare who isn't on the lists. There was a couple of billionares that jumped up the list this year because a piece of their wealth that wasn't counted last year became verifiable in Forbes rules.
Especially if he dosen't really own all of Chrome he is not going to help. I have seen articles where he admits to being worth 1/2 of what Chrome is rumored to be worth. I found that interesting.
Mid, one thing it was a lot of money to payoff. 1.2billion N is $8,000,000 american and Offor/Chrome had been paying on this since 2006.
First, My experiance is that most wealthy people keep their money working, having net worth does not mean having cash.
Second, rumor is that Offor does not own all of Chrome, if he has silent partners they may or may not be responsible for any of the loans being paid back.
Third, if you can get time in which to settle why would you pay it off sooner than necessary. Even if all of Chrome is his thats a big whole in his cash flow
Seek, the company had reported to us through DK that it was routine housekeeping, where they were ammending SEC forms for questions and answers from prior years.
I had assumed it was for plans to list on other exchanges such as the AIM
Sneak, that is my idea also. SEO has not been able to shake the tree to get these shares at a price he is willing to pay, maybe the NDIC wants him to pay $10.00.
My belief is that SEO has been showing the NDIC he can, with PN assistance, hold the price down where they won't make anything. They have .41 in each share and we are less than half that, SEO still has 43% of the stock and his apointments run the board. I believe there are some very serious negoations going on that will settle before any buy-out/farm in deal.
As I stated before, I think we will see some news/movement about these shares as the first move of some very big actions in the JDZ.
Conspiracy 3 has to do with the operatorship of block 5 & 6 and SNP wanting the whole JDZ for one development. Since they were awarded in the bidding round, I think the JDA can bargan with new companies to farm them out. Just more to think about.
Looking forward to tomorrows post sneak.
AMJ123, I think you are on to something also, a lot of loose ends have been tied up recently and I, IMHO believe something is just over the horizon, something big is happening, and I hope its something we will like.
Doc, my suspecion is that SNP is still not ready for the well results to be released. The new NSAI report is all about the drilling results. The AIM listing cannot be completed without the new NSAI. When SNP backed off on releasing the well results in September ERHE had to back off on the NSAI and the AIM listing or risk pissing SNP off. PN would rather disapoint us than SNP - and I would bet SEO has already seen the results, from what ever source, ERHE, SNP, JDZ from where ever it came, he knows. Legally, he can be kept informed as a major stockholder as long as he follows the rules about what he does with the information. If he is given this non-public info he can't trade either buying or selling.
Conspiracy 2 - when SNP was planning on relaesing results in september everything was on track for an AIM listing before 12/31. When SNP got an extension to March ther all the sudden started having due dilagnce problems with the filing and it became dificult to process all the history - history we had been paying other law firms to review and make ammended filing to for two years. JMHO but the SNP extension and the delay in the AIM seem to be related, maybe having to do with the well results, hum?
Krom, Chrome is privately held and does not report their financial activities publicy. I would bet that Chrome either has a lot of cash or can get a lot of cash when needed. I don't think Offor would want to go through the legal situation a buyout of the rest of the shareholders would cause. BUT what about the people who sell off, Offor can't buy himself or haver a close relative whos stock would be attributed to him buy. What about some of his silent/hidden partners, untill anyone got over 36,000,000 shares they don't have to report.
If they are buying at under .20 and a sale is going to be proposed at even a dollar, there is big money to be made, and if we are talking $5.00 - $ 180,000,000 payout on a 7,200,000 investment
Bingo, welcome to conspiracy 1 - this is the feeling I have got, that PN is doing things to intentionally hold the share price down.
So far I have come up with one reason - the First Alantic Shares - I have no other theory as yet - why else would they want share price down.
SEO gave these shares up at .41 If the Nigerian Deposit Insurance Corporation still holds them are they willing to sell for .16? JMHO (&conspiracy)
TOB, there have been presentations and talks by Addax before the drilling talking about two geological layers they were targeting and their expected depth. At one meeting someone ask if they were planning on drilling deep enough and Grallia(I believe) said that if there were reasons to drill deeper they would. They expected to find the formations they were looking for within the 3543 meters they planned to drill.
My experiance has been with land based oil wells but they usually know the aproximate depth of the formations they were looking for.
Sneak, I know you can't respond today and may loth giving up your one post tomorrow. I wanted to know why you think SEO cannot get back the First Alantic stock. I have seen articles saying he was negoating to repurch the stock. The last mention I have of it is in an article saying the Nigerian Deposit Insurance Corporation, a subsidary of the Nigerian Central Bank had the stock. This was after it disapeared from our reports.
My concern is that my beliefs on the stock price and other events work around the price being held down for price negoation purposes with the NDIC. If you can clarify the situation and apend your explanation onto what ever posting you make I will be watching for it.
DFRAI, below sea level means below the surface of the sea and includes the water depth in total depth.
We are looking at 1655 meters of water and 1888 below the sea floor. Total depth would be 3543 x 39"/12" = 11514.75 feet total from sea level. 5378.75 feet of water and 6136 feet under the sea floor.
My opinion is that we will not see any stock deals/sells/mergers etc until Offor regains the 8% of stock used to satisfy First Alantic. This represents almost 20% of Offors holdings and he would not be happy giving the profits on this stock block to the NDIC.
Watch for news on those shares as they will be transfered before any deal. While nothing is going on it dosen't hurt to have the NDIC holding the shares - Offor isn't tying up any of his money getting them back - but if there is some kind of buyout in the works, he will use all his connections to get them back along with their share of any profits from the deal, JMHO
SEO is suposed to have two partners in Starcrest, these are not the shadow partners that are behind Chrome Group. Chrome is who owns the ERHE stock block, if you believe any of these rumors have a grain of truth in them the partners are different & so would the money be and the profit would go in a different set of pockets.
I don't believe PN in his interview ruled out buying in on one of the blocks as an investor, he just said they wern't part of a bidding group.
Troy, if you buy into my conspiracy that PN is working on keeping the stock price low so SEO can buy his 8% of ERHE from the Nigerian Deposit Insurance Corporation (NDIC)he is doing an outstanding job. He has shown the governments chief regulator he can hold the price down as long as necessary & has lots of shelf stock left to place if it looks like it is going up.
As I pointed out before, his goal may not be the same as ours, at least in this timeframe. He may be serving other purposes and plans that don't agree with what we want right now. If he shares Offors goals, or maybe the goals of other shadow figures behind Chrome who use Offor as their front, he may be doing an outstanding job in their view.
ponzi, if its zero there are no carried costs, there is no interest on two of the three blocks, even if there is something and only 6% on the third. BUT, if its zero there is nothing accruing, drilling costs or interest, its still zero liability.
The contract for the drill ship was for four wells by Addax. At the same time they needed to drill three wells to meet their requirements for block 3 & 4. Block 2 was drilled by SNP with the Sedco 702. Addax CHOSE to drill an optional third well in block 4, at the same time Addax had another block in the area they were required to drill by this spring, I believe may 11 was posted.
JMHO, but I believe addax found something in the first two wells in block 4, that made them elect to drill the optional third well instead of meeting their contract requirement for the other area block.
My experiance is that there is usually a legal way to acomplish what you want to get done. It is a matter of structure and planning - there are usually many ways the same acomplishment can be done and not be legal. It's all a matter of form over substance.
A housing authority cannot give the local Boys/Girls club money as support, but it can contract with them to run a after school activities program for the benefit of the authorities residents. Illegal vs legal
Peter wasn't there when the first operators were found. SEO was CEO at the time. When the first set of operators pulled out of block 2 & 4 it was Feltang was who brought in SNP and Addax, that's why we just last summer issued Feltang a block of stock.
Peter is using the royal we in that article, "we" didn't include him when most of those things were accomplished.
Egina had five exploritory well drilled between 2003 and 2006 - in last year total anounced they were starting development there in 2011
The FPSO is due there later in 2011 - its designed to be a hub for additional development - say of maybe block 1?
JMHO, but chevron had committed to phase two and then sold out only a couple of months before the end of phase two. Total has two drill rigs at Egina right now and I would have ask for an extension till one of them could be scheduled to go to block one - maybe when Egina was finished & before they move on to Egina South - a much smaller prospect.
With drill rigs still being hard to get and the JDA wanting Total in the JDZ it makes sence to give them some leeway on timing.
Krom & Majic, another possibility is the AIM listing is being set up for display on the web page. Many web designers will prepare the new pages in advance and just have to activate them when the change becomes effective. The old page was changed to match the format of the replacement waiting to be utilized.
Krom, the original release date for the NSAI report was after SNP was scheduled to release drilling results from the first five wells. SNP requested an extension and now there is a problem getting the CP report done. Other than finding more than one of our directors and staff compitent what else could be holding up the NSAI - How about SNP not being ready to release the original drilling report.
Think about it.
Krom, if the website says the AIM listing is dependent on two documents, the NSAI and the history/staff document and the hold up is the history/staff document Then the NSAI must be ready.
If it wasn't ready it would also be holding up the AIM listing - I can see AMJ's logic
Any price increase would be temporary - just untill the share holders found the new CEO doing the same things Ntephe doing. If SEO would replace him it would be with someone who was going to follow the company line - just like Ntephe does.
I believe he left the possibility of "farming into" someone elses deal open in the interview
You have me on this one, I know that the Central Bank of Nigeria has a bank regulatory division, the same as our FDIC, that took these shares from First Alantic. I do not know why they are not showing up as Central Bank of Nigeria or some other designation in the 10K.
Does anyone with more knowledge of SEC rules know why this block of 8% of ERHE would not show?