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My thinking is that he resigned ahead of the JMC meeting so that Menenez could appoint someone else to be there and vote. If the FM went while the target of a scandal probe, it would cast doubt on the results. Better to send a replacement who is, at the moment, free from baggage.
Magic
Homeport, thank you so much for the literal and complete translation. Seen in its complete context, this speech seems to reveal Menezes' intention to disregard the AG's report and move forward with the PSCs. At the very least, he is not taking it seriously, and publicly clarifying the fact that the 58M has nothing to do with any perceived irregularities in the round 2 awards process, which bodes well for us.
Tho I haven't said so frequently, I very much appreciate your contributions on this board. Your obvious intellect, writing skill, and fair and concise translations have been invaluable to me in my continuing evaluation of my considerable investment here. I hope to one day be able to repay you for your considerable time and effort that you have contributed to us all.
Magic
All the more reason to get our PSCs signed:
LAGOS, Nigeria, Jan. 13 — A previously unknown Nigerian militant group claimed responsibility Friday for kidnapping four foreign oil workers and blowing up a pipeline — dual attacks that cut Nigeria's oil output by 10 percent.
Gunmen on Wednesday stormed an offshore oil platform run by Royal Dutch Shell in the volatile Niger Delta and seized the workers — an American, a Briton, a Bulgarian and a Honduran.
In a phone call to The Associated Press in Lagos, a man who identified himself as Brutus Etikpaden said his group carried out the kidnapping and an attack on an oil pipeline early Thursday.
He demanded the release of a top militia leader jailed for treason.
In an attempt to prove his group was holding the hostages, Etikpaden passed the phone to two of the men he said his group had abducted — one identified himself as American, the other as British.
Earlier, the head of Nigeria's navy, Vice Adm. Ganiyu Adekeye, told reporters in the southern oil port city of Warri that security forces had located a boat carrying the gunmen in the waterways of the oil-rich Niger Delta. He said an attempt would be made soon to rescue the captives.
Etikpaden warned against a rescue attempt, saying his men would fight and the hostages could die in the crossfire.
Etikpaden, speaking from an unknown location, called on the government to release Mujahid Dokubo-Asari, a militia leader who was arrested in September on treason charges. Dokubo-Asari has led an armed campaign for a greater share of oil wealth for the over 8 million Ijaws that dominate the delta.
''We don't want money. We want the Nigerian state to leave our oil alone,'' Etikpaden said.
Etikpaden also called for the release of former Gov. Dieprieye Alamieyeseigha, who has been arrested on corruption charges. He said the ex-governor had been victimized by President Olusegun Obasanjo for supporting demands for local control of oil wealth.
In London, Britain's Press Association identified the kidnapped Briton as Nigel Watson-Clark, a former paratrooper and father of three from Saltford. PA quoted his family and said Clark was working as a security officer in Nigeria and had been due to return in a few days after spending four weeks there.
One of the men who spoke to the AP identified himself Watson-Clark and said he was an employee of Echo Drill, a Shell contractor.
''They're treating us fine. But these guys have made it clear they're not up to any money,'' the man said. ''They want control of their oil fields and the release of Dokubo-Asari.''
Also Friday, Royal Dutch Shell announced delays of up to four days in oil shipments from Nigeria after the kidnap of the workers and the explosion that ruptured one of their pipelines early Thursday in the delta. The two attacks temporarily cut Nigeria's oil production by 10 percent.
Nigeria is Africa's leading oil exporter and the fifth-biggest source of U.S. oil imports. The country produces about 2.5 million barrels a day.
But oil also is a source of unrest. Violence, hostage-taking and sabotage of oil operations have been common in the Niger Delta in the past 15 years amid demands by the region's impoverished communities for a greater share of the oil revenue flowing from their land.
Associated Press reporter Osomond Chidi in Warri contributed to this report.
OHHHHHHHHHH, please don't even think that!!!!!
Orrrrrrr, you can believe another prediction that it will be over $100 in 3yrs. Guess you just pick your scenario and roll the dice.
Magic
Funny how they keep talking about the 97 and 01 ERHC agreements, but totally ignore the current one, signed by Menezes in 03, which totally renegotiated the whole deal with much less favorable terms to ERHC. If the original deal stood, we would have gotten part of the signature bonus on block 1, and would get an override on any oil found there or anywhere else that STP had an interest in.
Which convinces me it is all pre-election bluster and posturing for the benefit of the ignorant public of STP, but will not ultimately affect the signing of PSCs.
BTWTFDIK?
Magic
Side, et al, you are not alone!!
Stirred, not shaken, Magic.
Same ole NITE and TDCM assault. This is getting really tiresome! Hope they're shorting, but I doubt it.
Long & strong, Magic
"Question about the AKPO deal.....
why is China paying more for AKPO, then the Indians were going to pay for it,....doesn't make sense to me?"
Walldog, same reason dogs lick their privates - because they can!!!
Absolutely no intended reference to your handle Bud.
NITE and TDCM trying their best to kill the rally.
I smell news.
Oh, and I am now back above water here!!!!!!!
Magic
"Sao Tome and Principe's Parliamentary Commission on Petroleum Affairs has said that a probe into the controversial second licensing round in the Joint Development Zone (JDZ) shared with Nigeria should not hinder the completion of production sharing contracts (PSCs)."
Not quite enough for a woody, but it's definitely quiverin'!!
Magic
up-down, the percentages you posted are out of date. The deal was renegotiated since then, eliminating the royalties, etc, in exchange for preferential rights in the JDZ. You really should read up a bit further.
Magic
Numerous errors in that article, none-the-least of which is his missing the coup attempt by a couple of years, as well as the treaty date by a similar time, for starters.
But thanks for sharing it with us - I like to see everything that's out there!
Magic
And Nite & TDCM just keep pounding away on us........
So where is the proxy statement for the March 06 SHM? Just happens to be my favorite SEC form, and I can't come up with it. 10K says it is incorporated by reference, but it has not been filed that I can find.
Oh, and as to the 2000+ registered owners of shares, I think that does not include those which are held by brokers under Cede, so it is likely many, many thousands more.
BB, you're welcome. I get an email the instant an electronic filing hits.
Magic
10K is out!
Congrats Snow, I would do the same if I had the cash. Anybody wanna loan me 50 or 100K for a few weeks?
Magic
Bid kicking the ask in the butt:
Rec. Time Action Price Volume
12:36:46 PM Trade 0.3075 2500
12:36:46 PM Bid 0.309 5000
12:36:38 PM Trade 0.3075 500
12:36:34 PM Trade 0.31 15000
12:36:06 PM Trade 0.31 3500
12:35:24 PM Bid 0.3075 5000
12:35:00 PM Trade 0.31 25000
12:34:22 PM Bid 0.305 5000
12:34:18 PM Bid 0.31 5000
12:34:16 PM Trade 0.31 25000
12:33:48 PM Trade 0.31 5000
12:33:10 PM Trade 0.309 13000
12:33:10 PM Ask 0.31 5000
12:33:08 PM Trade 0.309 5000
12:23:32 PM Trade 0.309 4000
I have sent her the link to the Addax pospectus and the relevant pages.
Here's the link in case any else misplaced it, I think Art first posted it here:
http://sedar.com/csfsprod/data63/filings/00867623/00000006/C%3A%5CSedarf%5CAddax%5CAmdmt%5CENG-CLN-P...
Just got a reply from Ms. Moran:
Dear Mr XXXXXX, thank you for your email and your interest in the story.
Firstly, let me explain the background:
Platts ran its first story on Oct 29 that ERHC Energy and
Switzerland's Addax Petroleum had tentatively agreed to replace
Noble Energy as ERHC's partner and take over as operator of ERHC's consortium.
On 31,I spoke to the JDA and this was confirmed.
In early November, I covered an African conference in South Africa when I interviewed Addax Managing Director (Nigeria) on Nov 7 and, indeed, ge confirmed his company's interest in the JDZ.
However, a day later--Nov 8-- I was told by a very reliable source that the JDA had rejected the bid and withdrew its release announcing its approval.
The Joint Ministerial Council would not approve it as it had not been consulted about the decision.
I understand, that Addax Petroleum has filed a preliminary prospectus with the Canadian authorities for an initial public offering and also applied to list all its common shares on the Toronto Stock Exchange and the prospectus goes into Addax's partnership with ERHC in detail. I have not been able to obtain this document.
Last week, the the JDA told Platts that the authority was "still studying the ERCH/Addax application", and that there was still no final approval on the replacement of Noble with Addax in Block 4.
I tried to contact ERHC before writing this article and calls were not returned.
All attempts by me to contact the Sao Tome authorities, Addax and the JDA were unsuccessful today - Dec 22. However, the minute I get word from either that the bid has been accepted, you can rest assured that I will go ahead a file immediately.
Jacinta Moran
Excellent post Ruby. And Happy Holidays to you and yours as well, and to all who frequent here, even the mongrel.
Art, please let us know if you get any response from Ms. Moran, as I will as well. Your time in putting together a proper response to her is much appreciated.
Balance, very good to hear you are sufficiently recovered to return to the mines, tho I hope next years ERHC results may relieve you of that necessity (and me too, of course).
Magic
I invite everyone to email Ms. Moran as well, as a correction would be advantageous. Feel free to use any part of my prior post that you wish.
Magic
Here's my email to Ms. Moran:
Dear Ms. Moran:
Your statement in the above captioned article is apparently based on an inaccurate Reuters article. You state that:
“In October, the JDA rejected a bid by Swiss-based Addax to replace Noble Energy, which had been selected to carry out the drilling and exploration work on behalf of the winning consortium in block four, but withdrew from its partnership with co-operator ERHC without explanation.”
This statement is incorrect. I refer you to ERHC’s news release date October 31, 2005 which states as follows:
“JDA APPROVES ERHC ENERGY AND ADDAX CONSORTIUM FOR BLOCK 4
HOUSTON (October 31, 2005)………..Houston-based ERHC Energy (ERHE.OB) announced today the company has received approval from the Nigeria-Sao Tome & Principe Joint Development Authority for Swiss-based Addax Petroleum to replace Noble Energy in its Joint Development Zone Block 4 consortium.
The JDA approval states that Addax satisfies the JDA’s technical and commercial requirement for the operatorship of JDZ Block 4, and requires the ERHC-Addax consortium designate Addax as the operator, as well as for the consortium to accept all commercial and technical terms of the original award of 35 percent equity interest.”
http://www.erhc.com/news.htm#
This information was further confirmed in the IPO announcement by ADDAX (Canadian Exchange) in November 2005.
Your efforts in correcting this error would be greatly appreciated, as it is directly contradictory to the facts, and likely to have a seriously detrimental effect on ERHC’s share price. Any yes, I am an ERHC stockholder who follows these matters VERY closely.
Thanks,
Anyone have a link to the story where the JDA approved Addax to join the consortium? Don't have time to look, but would like to email it to Jacinta, as maybe we all should.
TIA Magic
And I will be first to vouch for MrKen's (rhodes) long history of veracity, integrity and contribution to our DD. He has often be first with news and always shares sources. Whether there is some irregularity in this article is a question, MrKEn's intent is not.
Magic
Joe, I do agree that it looks somewhat irregular, tho it does show up on the business headlines page:
http://www.guardiannewsngr.com/business
Odd that no reporter(s) are listed and the different spacing. Maybe the author was afraid to claim it!!!LOL
Magic
nt10k filed.
Talkin out his ass again, with no basis whatsoever, imo! Seems to be a recurring malady, which casts a pall over the occasional good information he publishes, albeit with his undisclosed personal slant.
Magic
Anybody see this from the RB PXD board?
By: grebea
13 Dec 2005, 01:27 PM EST
Msg. 225 of 225
Jump to msg. #
PXD to buy ERHC for $12 per share breaking news
Balance, I agree with your entire post. In short, if STP were to somehow manage to "void" the round 2 awards or to seriously attempt to renege on ERHE's arbitrated, renegotiated, and parliamentarily ratified rights, no legitimate oil company in the world would be willing in invest in drilling in the JDZ or STPEEZ for fear of losing their investment with the next changing of the STP wind.
Magic
LC, I suspect you are correct. Given the large presence of Canadians on Addax' BOD, and other Canadian mgrs, etc, it is likely that the IPO was fully subscribed (unofficially, of course) before it was announced. The only option for the rest of us would be to buy shares as soon as they hit the market. Personally, while I think it would payoff handsomely, I choose to keep/put that money in ERHE shares instead.
JMO, Magic
WOW!!!
Magic
Thanks for sharing, Mark. Keep up the good work. Most of us appreciate it greatly.
Magic
Balance, I guess I do not "expect" the PSCs until I actually see them, tho I certainly "hope" to see them this month.
My proctologist advises that I should expect to deliver NITE's child at any moment! In fact, I think I'm feeling a pain right now! Better head for the library.
Magic
Balance, if you're expecting price improvement before January tuition due date, I wish you luck, but would suggest making other arrangements, just in (likely) case that it doesn't happen.
Next fall term could (should) be a whole 'nother matter tho, imo.
Magic
When I REALLY want to feel bad, I look at the 3 YEAR chart for AMT, the stock I sold to buy my first shrares here. I had a cost of $0.86 to $2 in it, and sold between $5 and $13. I really liked that play, but expected better returns here, LOL.
Still do, tho, so it's OK.
Magic
Thanks BB, that was exactly the article I was referencing. Knew you would have it in hand!!
Magic