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.
Dan Keeney responded to request for info on Nigeria oil & gas conference.
The team who participated in the conference is still in transit and unfortunately has not sent photos. In term of outcomes of the event, the ERHC team that participated reported that the event was going very well. It was an opportunity to raise our visibility, get our story out and forge new relationships.
I do hope to have photos posted to the Web site when I get them, assuming the quality is good enough.
Conference organizers are the best source for information on attendance, etc. They haven't released data on '08, but I think last year's numbers give a good idea of what was expected:
EXHIBITION
2007
Net space occupied
2,340 m2
Exhibiting companies
125
Exhibitors
653
Visitors
3157
Strategic Conference
Delegates
572
Sponsors
30
Nigeria Content
Delegates
241
Sponsors
4
Technical Sessions
Delegates
93
Sponsors
1
Attendance
Exhibitors
653
Visitors
3,157
Conference delegates
572
Content delegates
241
Technical Sessions
93
Press
91
Total
4,807
The event itself generated a lot of news:
http://news.google.com/news?um=1&tab=wn&hl=en&q=nigeria+oil+and+gas+conference&ie=UTF-8&sa=N&start=10
Requested Keeney update us on Nigeria oil & gas conference.
Emdyal-Do you actually own any shares of ERHE??
Dan Keeney e-mailed me and said that the 10K will be out next week. He also said that the 10K will have a description of investigation status.
In response your your question ""There was no discussion in the update on the investigations - not one word! WHY?"
Dan said "There is nothing new to report. All we can say is what we’ve said in the past: we continue to respond in a timely manner through our attorneys to requests for information. But there are no noteworthy developments"
It seems to me if the government had something they would have charged ERHC by now (18 months). At some point they will have resolve this investigation. The question is when.
Dan Keeney said that 10K must be released by December 14 to avoid 'E'.
Dan Keeney e-mail me and said the 10K is due by Dec 14 so you are correct Walldog.
Has anyone talked to Dan Keeney about the 10Q time frame???
Could the Bulford Dolphin be the rig of opportunity for Addax??
Actually ERHE had been in WillyWizard newsletter since the middle of last week.
ERHE is now listed in the WillyWizard newsletter that goes to over 7000 subscribers.
http://www.willywizard.com/W.W.OTCBBRollingStocks.htm
500k for our accounts
Troty-Thanks- I was just curious if this was a recent reply from Dan
Troty-When did you receive that comment from Dan
I have a certificate for my shares. Do I need to register it anywhere else so I there is ever a distribution I will be included.
Fishdog-Great information-Where did you find this out??
This is a link to the SEC site for news on Administrative Proceedings.
http://www.sec.gov/litigation/admin.shtml
Searched the SEC web site and can find nothing on the testmony by Chidolue. If anyone have any other ideas please post them:
www.sec.gov
Any word on Chidolue testimony before SEC. I check the SEC site but could not find an information.
Balance-Can you give your thoughts on the Houston Chronical article
This is an article on HDY that appeared on TheStreet.com. I have sent the author information on ERHC and suggested that he should take a look. You could link to the article and e-mail the author also.
http://www.thestreet.com/_yahoo/newsanalysis/businessnews/10358901.html?cm_ven=YAHOO&cm_cat=...
Business News
Hyperdynamics Makes Big Bet on African Oil
By Chuck Marvin
TheStreet.com Staff Reporter
5/30/2007 12:25 PM EDT
In West Africa, perhaps the most underexplored oil and gas region remaining in the world today, a tiny Texas exploration and production firm is poised to become a big player.
Hyperdynamics (HDY) , a Sugar Land, Texas, firm with an $80 million market cap, is preparing a drilling program for a 31,000 square-mile offshore mineral leasehold it controls through an agreement signed last year with the Republic of Guinea.
The area -- the size of South Carolina -- is larger than that of any other company in the region, including integrated giants such as Total (TOT) , Devon (DVN) and Petrobras (PZE) , according to IHS, an energy-information-gathering firm.
A large oil or gas discovery there could quickly propel Hyperdynamics from being a small unknown firm into the oil and gas big leagues. A litany of challenges, including a long history of political unrest in Guinea that has largely kept foreign investors and the big players away, makes the transition a difficult one. Still, the company is optimistic.
"So far we have found some extremely good-looking sections," says Bob Bearnth, a geophysicist who helped originate the Guinea project for Hyperdynamics. "The acreage in offshore Guinea clearly has the potential for world-class oil and gas reserves."
A Series of Agreements
In 2002, Hyperdynamics approached Guinea, located on Africa's northwest bend, with a proposition: The company would assume a dormant agreement between Guinea and another company to look for oil and gas off the country's coast. Hyperdynamics would invest the time and energy into finding and mapping possible hydrocarbon deposits, and in exchange Guinea agreed to grant the company the right to drill any wells if they were found.
Hyperdynamics walked away from those meetings with a risk-service contract granting it the operating rights to the large area offshore. Since then, the company has shot its first round of 2-D seismic, providing a glimpse of what lies beneath the ocean bed. In September 2006, it went back to the government of Guinea and negotiated a profit-sharing agreement that would allow it to exercise its drilling rights and guaranteed a large percentage of the revenues for the country if oil or gas is found there.
The company is now seeking partners with expertise in drilling shallow and deep-water oil and gas wells. It hopes to have partnership agreements signed by the end of the third quarter in 2007 and to begin drilling test wells sometime in 2008, says Hyperdynamics CEO Kent Watts.
A Built-in Market
There is no way to tell what kind of reserves might lie beneath Hyperdynamics' leasehold, since no test wells have been drilled yet. Other countries on Africa's northwest bend, like Mauritania and the Ivory Coast, have had large oil finds. Nigeria, lying further down the bend, is the world's eighth-largest oil producer, supplying roughly 2.3 million barrels per day to the global market.
Hyperdynamics' seismic shoots have uncovered multiple chimney-like formations with gas seeping from their tops, Bearnth says. It also uncovered structures that closely resemble productive formations off the northeast coast of Brazil. This is significant because South America and Africa were connected to each other 100 million years ago. Oil companies such as Royal Dutch Shell have made major discoveries off Brazil in areas that resemble Hyperdynamics' position in Guinea.
The Guinea play is unique compared with other oil and gas operations on Africa's northwest bend, because a market for natural gas already exists in the country. Guinea has 30% of the world's bauxite reserves, according to a Factiva report. Bauxite is the main ingredient in aluminum. Global mining companies such as Alcoa (AA) and BHP Billiton (BHP) have major mining operations there. These mines require enormous amounts of electricity to operate.
Rather than flaring the natural gas as other West African countries that are unable to monetize it do, Guinea would convert natural gas reserves -- if they're found -- into electricity to run its mines.
Guinea's Volatile History
Africa has been historically undependable for oil and gas companies because of the political turmoil that has frequently erupted there. The Republic of Guinea itself has had a volatile history at the hands of heavy-handed dictators since it gained its independence from France in 1958. This has made foreign investors nervous and has by-and-large kept oil companies out of Guinea.
Discord in Guinea has peaked since the beginning of this year. Popular protests erupted there in January after President Lansana Conte released two allies from prison who were charged with embezzling millions of public dollars. Guinea's government reacted harshly, imposing martial law and handing over policing powers to the military. Since the violence erupted, a large number of civilians have been killed.
Tension has also been mounting between Conte's administration and the Guinean military over unpaid wages to soldiers. The military recently gave Conte a list of demands, including the payment of wages and the promotion of soldiers, for the military to remain loyal to Conte.
Hyperdynamics has made great efforts to construct a secure berth in Guinea. It hired Famourou Kourouma, whose father is the former Guinea ambassador to the U.S., as a vice president of Guinea affairs. The company has produced television commercials in Guinea, marketing the benefits of future oil and gas production for its people. It established a nonprofit organization that provides medical aid for Guinea's citizens. It has also hosted community events and handed out soccer balls to children there.
Oil companies that end up operating in Guinea will likely be navigating through considerable political volatility. However, throughout Guinea's tumultuous history, the government has never backed out of a mining contract. This bodes well for Hyperdynamics.
"I think Hyperdynamics will get away with it," says Herman J. Cohen, former U.S. Assistant Secretary of State for Africa, who has consulted for the company during its negotiations with Guinea's government.
So Far, So Good
Guinea's National Assembly and its Ministry of Mines are currently reviewing a production-sharing agreement between the country and Hyperdynamics that delineates which entity will get what if oil or gas is found. Since an agreement is already in place, the Assembly's review shouldn't impact the company's right to operate in Guinea. However, if the Assembly does give its blessing, called "Project of Law" status, the exploration and production project will be placed on the fast track.
So far, Hyperdynamics' presentation to the Assembly has been going smoothly, according to Kourouma. "I believe that a vast majority of lawmakers in Guinea now understand the benefits of the 2006 profit sharing agreement and will ultimately support the passage of the 'Project of Law' designation," he said in a press release.
Hyperdynamics is a tiny fish entering a very big pond. It was recently trading at $1.70 a share, down from $2.95 in April 2006. The company isn't even big enough to be covered by any large research firms. Pechala Reports gave it a speculative buy ranking on May 14.
Expect Hyperdynamics' stock to move dramatically over the next 12 months as it announces who its drilling partners will be and as it begins to drill test-wells off of Guinea's coast.
Tiny island nation seeks tourists
BOMBOM, Sao Tome and Principe (AP) -- Flying into the tiny island of Principe off Africa's west coast brings a sense of traveling back in time.
Seen from over the Atlantic, the dense tropical jungle coats the volcanic terrain down to a turquoise sea and golden beaches reachable only by boat. It looks like a prehistoric land that time forgot.
Principe is one of the poorest spots on Earth in dollar terms. But in terms of virgin tropical landscapes it is one of the wealthiest, says Rombout Swanborn, a Dutch businessman and conservationist.
Swanborn recently purchased two hotels on Principe and, backed by local authorities, aims to plug this island of about 6,000 people into the ecotourism boom now spreading across West Africa.
Ecotourism took off in eastern Africa in the early 1990s. Underdeveloped countries such as Uganda, Tanzania and Kenya discovered they had what vacationers from developed countries sought -- raw wilderness rich in animal life.
Now the business is gaining traction in the western part of the African continent, too.
Ecotourism is flourishing in Gabon and Ghana. Angola and Nigeria are also signing up. Sao Tome and Principe, a twin-island nation in the Gulf of Guinea, aims to become the latest.
"The people here are sitting on a pot of gold," said Swanborn, who also operates four ecotourism developments in Gabon.
The Madrid, Spain-based World Tourism Organization in October described Africa as the industry's "star performer." Growth in visitors is predicted to be around 10 percent this year, more than double the world average.
"One can safely say that the growth we observe in Africa ... is mainly based on ecotourism growth," Eugenio Yuris, head of the WTO's sustainable tourism section, said.
The United Nations and international conservation bodies such as the World Wildlife Fund are backing the ecotourism trend. They view the development of sustainable tourism as a way of wedding local needs and care for the environment.
There are potential pitfalls, though.
Neel Inamdar, a senior adviser at Washington, D.C.-based Conservation International, a nonprofit organization, points out that Kenya has fought hard to recover from the damage wrought by high-volume, low-cost ecotourism.
"You need a strong regulatory environment, with bodies that will stand up to the industry," Inamdar said.
Principe island, just north of the equator, fits the bill of a tropical paradise.
Just a few hundred people live in its seaside capital, Santo Antonio. The rest are scattered across small communities of clapboard houses and tumbledown former plantation buildings where they scrape a living from farming and fishing.
The jungle spills down to beaches where you can spend an entire day and the only footprints in the sand are your own.
The thick Atlantic rainforest is sprinkled with colorful birds, including rare species, and waterfalls. In certain seasons, sea turtles lay eggs on the beaches and whales come within view of land.
Despite its charms, this country is not all that it could be as a vacation destination. There are few international-standard hotels.
But tourism development is gathering pace.
Portugal's Pestana Group, which runs a resort on Sao Tome island, is building a development in the capital, also called Sao Tome, that includes a five-star hotel, a casino and villas.
Arlecio Costa, local director of the Falcon Group, is developing a huge project on the northern tip of Sao Tome island called Lago Azul with South African investors.
The $380 million development, still at the planning stage but scheduled to open in five years, includes a quay for cruise liners, an 18-hole golf course, a conference center and a hotel with a health spa.
"It looks like a dream," Costa said.
The project will leave a large footprint, but Costa insists its biggest selling point is the area's natural beauty, especially the nearby Obo National Park whose conservation activities are supported by the United Nations.
Sao Tome and Principe was a largely overlooked country until it found major oil reserves, estimated at 11 billion barrels, in its offshore waters a few years ago. That discovery brought foreign governments and international oil companies knocking at its door.
Costa, though, reckons tourism is the way forward.
"The oil will run out one day," he said. "Tourism can be forever, if you take care of it."
IF YOU GO:
SAO TOME:
National tourism Web site: http://www.saotome.st
TRAVELING TO SAO TOME: Foreign passport holders require visas and a yellow fever vaccination to enter Sao Tome. Flights leave from Lisbon, Portugal (TAP Air Portugal); Luanda, Angola (TAAG); and Gabon (Air Sao Tome). Air Sao Tome flies from Sao Tome island to Principe island.
WHEN TO GO: The equatorial islands have a steady temperature between 22 and 30 C (72 and 86 F). The October-May rainy season brings sporadic heavy showers and higher temperatures. It is mostly cloudy between June and September.
WHERE TO STAY: There are just a handful of international standard hotels, though the national tourism Web site lists some other local places to stay.
In the capital, Sao Tome, there are two main hotels. The Marlin Beach Hotel - http://www.marlinbeach.com - is on the bay and the Hotel Miramar -http://www.sao-tome.com/hmiramar/index--english.htm - is located in the city's embassy area.
On the Ilheu das Rolas, an islet off the southern tip of Sao Tome island, the Pestana Equador Hotel -http://www.pestana.com/hotels/en/hotels/africa/SaoTomePrincipeHotels /Equador / Home/ - offers beaches and diving.
On Principe island, the Bombom Resort - http://www.bom-bom.com - has beachside bungalows and organizes trips into the rainforest.
TIPS: Portuguese is the official language. Few speak English; more can speak French. The local currency is the dobra, though euros can be widely used. There are a few taxis, and visitors renting vehicles are advised to choose four-wheel-drive jeeps because the roads are poor. The streets are safe and the people are friendly and welcoming. Sao Tome, with international aid, has greatly improved its problems with malaria in recent years, but visitors should take the usual precautions against mosquito bites.
Does anyone know when we can expect another update from acting ERHC CEO???
Seems to be a big seller the last couple of days. Constantly hitting the bid. Can anyone tell which MM is doing the selling.
Just heard from Willy-He says he has not sold any shares. Still holds 1.964 million shares. Willy says as far as he knows everything is ok with the company. He sees no reason to panic.
Is anyone concerned about possible dilution and its effect on share price??