Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Akpo was estimated to have 4 trillion cf of gas...
as well as ~1 billion barrels of oil.
John Allen Muhammad has been Rehabilitated**
Totally incorrect...
Phase 2 starts in March then comes phase 3. If they don't do something with the property, it reverts back to the JDA for another bid round.
U.S. Tops in Energy Resources...
http://www.humanevents.com/article.php?id=34233
by Human Events
11/02/2009
The United States has largest energy reserves on Earth, according to a report from the Congressional Research Service.
As shown in the charts below, the U.S. has 1,321 billion barrels of oil (or barrels of oil equivalent for other sources of energy) when combining its recoverable natural gas, oil and coal reserves.
While Russia is a close second with 1,248 billion barrels, other energy producing nations are far behind. No. 3 is Saudi Arabia (543 billion barrels), followed by China (494 billion barrels), Iran (426 billion barrels) and Canada (221 billion barrels.)
"Our overwhelming coal, natural gas, and oil resources represent tens of trillions of dollars in wealth and millions of American jobs,” said Sen. James Inhofe (R.-Ok.), who, along with Sen. Lisa Murkowski (R.-Alaska), released the report last week. “Whether through decree or purposeful inaction, government policies that unnecessarily restrict or prevent our ability to responsibly produce these domestic resources are threatening, and could eventually undermine, our nation's economic and national security. We should pursue an all-of-the-above strategy that advances new energy technologies but also prioritizes developing the resources we have today."
The report also noted that the United States has 28% of all the world’s coal reserves, with Russia again coming in second with 19%.
In addition, the report stated that the United States has tapped into only 13% or 21 billion barrels of its oil reserves, with the other 87% still untouched.
Total has it under contract until 12/31/10.**
Improvement does not mean full recovery.**
A few brokers I know indicate the economy...
of the U.S. will start improving within the next 6 months.
With better economies the price of oil will go up.**
You will see economies get better next year...
I don't care how long it takes!
ERHC is in the catbird's seat...
If the company is smart enough, they will wait until the world's economies come back before even thinking about any deals.
$38.36.**
What's 550 million times $14?**
LOL, you don't know nuttin...
Taq Taq is in Iraq. I wanna hear how they got that ship in northern Iraq.
The 14.4 was for the 9 blocks only.**
How many feet are in 5,198 meters? ~17,054 feet.**
I can't search either...
but I said it when block negotiations/bids were taking place.
You shouldn't have taken that as negative...
I happen to believe that there is more than 5 billion barrels of oil in block 1 and blocks 2 and 4 hold over 2 billion each.
Do a search of this board...
and see who said that block 4 was the "jewel of the JDZ" before anyone else.
Just a gut feeling.**
I think they hit the motherload in block 1...
and it will hold twice as much oil as any other block.
Blocks 2 and 4 probably hold about the same amount of oil although block 4's contents will be spread out in more reservoirs.
I will say Bomu looks like it could be the monster Obo seems to be but we'll have to wait for further info.
I guess I'm thinking out loud so I'll reserve judgement.
They either worded the article wrong...
and they drilled 3543 meters from the seabed....or they had an idiot decide how deep to drill, LOL.
3543 meters from the seabed would put it right at 18,000 feet just as Obo was drilled.
I'm digging but nothing yet.**
Grapevines are everywhere.**
Absolutely,...
If you look at the development of Akpo, after they hit the sweet spot they "just happened" to drill all around the reservoir parameters on the edges without going outside the reservoir itself.
They will know what they hit and how big it is after one well.
If ERHC were to sell...
I see it as being lock, stock and barrel. The money would be deposited in your brokerage account as was done with Addax.
Once the seismics are "proved up", there will be no need to explore the other blocks for the purpose of a sale. They will have a pretty good idea of what's down there from the seismics on the respective blocks.
I've always heard that Offor intended to grow the company and reduce his holdings in the company rather than a complete sell out.
I just included that bit of info in the prior post for everyone wishing for the complete sale of the company. It's not what I think is going to happen.
Regardless, I don't see this company or any portion of it being sold until mid 2010 at the earliest, if at all.
They will try to "prove up" the seismics...
with these wells. Once they know the seismics are correct, if they want to sell the company.....we will know shortly thereafter.
Sinopec will know within 3 feet the parameters...
of the reservoir after the first well hits TD.
Phase 2 is two years so...
The will have to drill another well by 2012 or financially commit another sum certain.
Phase 1's financial commitment was $53 million within four years or drill one well on blocks 2 & 3 and 2 wells on block 4.
If you are talking about this sentence...
"...but can include any individual who trades shares based on material non-public information in violation of some duty of trust."
These individuals are auditors and attorneys who would have access to info when performing work for the company such as audits and legal defenses.
Both of these types are contractual relationships who enjoy an attorney client privilege or accountant client privilege in a court of law. In the case of CPAs, this is not true in all 50 states.
Define gusher.**
Because management wants to keep all info...
confidential. Management will only disclose what it feels it is required to disclose.
It is far from an indication that management feels it is inside info. I'll dare say that 99.9% of all oil wells drilled is none insider info.
Your grasp of accounting rules are not nearly...
as great as you think they are.
The rig worker may get fired for violating company policy but that is about it.
I suggest you obtain a better understanding...
of the insider trading rules.
Against the law?...
The rig workers are not even contractually obligated not disclose well info, LOL.
Also, it's not against SEC disclosure rules either. As a matter of fact, weren't you the one "screaming" at ERHC management that they were required to disclose the first well's info?
I may not have worked on a drilling rig but I definitely had pipe dope on my hands daily when I went to work in the pipe yard or for the trucking company or one of the flesh peddlar companies!
National wealth is measured by GDP only...
Ain't got nothing to do with assets and liabilities.
China is the largest holder of U.S. dollars...
There are several polls that measure a countries' wealth. One is GDP per capita (in which China will always lag in) and one is Total GDP as a country (in which China comes in 3rd to the U.S. and Japan.
China will overtake Japan probably next year as number 2 in Total GDP but they still have a very long way to go to overtake the U.S. at number 1. China will need to triple their current GDP to overtake the U.S. standing still.
I doubt China could bankrupt the U.S. by dumping dollars on the market although I would say it would hurt. China's problem is they would bankrupt themselves as well as other countries because the dollar is so widely held.
China barely breaks into the top 100 lists...
of the wealthiest countries in the world. They come in at number 98 according to the World Bank and that is their highest ranking.
Let's take the Sinopec/Addax deal for example...
This is the first sentence from Addax's PR:
"Calgary, Alberta, June 24th, 2009 – Addax Petroleum Corporation (“Addax Petroleum” or the “Corporation”) (TSX: AXC and LSE: AXC) announced today that it has entered into a definitive agreement (the “Support Agreement”) with Sinopec International Petroleum Exploration and Production Corporation (“SIPC”) pursuant to which SIPC has agreed, subject to the terms of the Support Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid (the “Offer”) for C$52.80 per common share in cash.
The "definitive agreement" is a contract. It was written and signed by both parties. Otherwise, neither would be liable for the $300 million penalty for backing out of the deal.
The "subject to" is a condition subsequent for the deal to be fully consumated.
Brush up on contract law and specifically...
"condition subsequent" and "condition precedent".
Oil companies lease just about everything...
these days......including a great majority of the labor force in operations.