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They have several other ways and assets to exploit if they so wish. not just issue shares.
Ophir is active recently, on Nov. 24,2014 U.K. oil and gas explorer Ophir Energy PLC has reached a stock deal to acquire Salamander Energy PLC valuing the company £314 million ($221 million), Ophir said.
1.3 trillion cubic ft.gas just north of JDZ block 1. Chinese just dont know where to drill.
Ophir Reports Successful DST at Fortuna Field Appraisal
Oct 22, 2014 – A successful drill stem test (DST) was recently performed at the Fortuna-2 well in Ophir Energy’s Block R offshore Equatorial Guinea. Fortuna-2 was drilled by the Titanium Explorer (UDW drillship) to appraise the 2008 Fortuna discovery. During the DST, a sustained flowrate of 60 MMscf/d was achieved through constrained testing equipment with less than 20 psi of drawdown at the reservoir. Ophir had originally assumed 7 development wells would be needed to exploit the reservoir but the excellent flowrate and minimum drawdown make it likely that less wells will be needed. Fortuna is estimated to contain 1.3 Tcf in recoverable gas resources. Ophir and GEPetrol participate in the block at 80% and 20% interests respectively.
http://fr.africatime.com/sao_tome_et_principe/articles/sao-tome-et-principe-erhc-energy-maintient-secret-son-partenaire-de-mou-sur-le-bloc-11
Ecofin Agency) - ERHC Energy Inc., with assets in sub-Saharan Africa, has signed a Memorandum of Understanding with an international oil exploration company on the block 11 it holds 100% in the exclusive development zone (EEZ ) of São Tomé and Príncipe.
The Texas oil and gas released on December 16, the signature of the agreement on the terms which he agrees to give to this company, the right of first refusal to any farm-in on the block for a period of six months. The agreement obliges ERHC Energy to keep confidential the identity of the partner to the implementation of the farm-in, we learn.
Meanwhile, the US company will continue to operate block 11 where the program was announced for the first four years, includes a new treatment of existing data, the completion of the aero-magnetic survey and acquisition of 2D seismic in 2500 km.
Last July, it announced the conclusion of the final terms of a production sharing contract (PSC) in three stages, eight in total, on the same block 11.
Block 11, covering 8941 km2, is located in the west of the island of Sao Tome and adjacent to the territorial waters of Gabon.
- See more at: http://fr.africatime.com/sao_tome_et_principe/articles/sao-tome-et-principe-erhc-energy-maintient-secret-son-partenaire-de-mou-sur-le-bloc-11#sthash.S2aEqlK9.dpuf
EEZ free carrys, Chad Proven, Kenya they all are part of the heart. ERHC never gives up, this truth we have seen. Sinopec could even still be lurking, we really still dont know.
Remember Cove energy 17 mil to 2 billion in 3 years. ERHC could still do this?
In late 2009, Cove and its partners started drilling their first exploration well, Windjammer. In February 2010, it discovered the giant Prosperidade field. In the period from 2010 to 2012, an additional seven exploration wells and five appraisal wells were drilled, and extensive flow testing was conducted and the recoverable resources increased from 5+ Trillion Cubic Feet (TCF) to 35-65+ TCF of gas.[2]
In August 2012, Cove was sold to PTTEP for £1.2 billion (£2.40 per share). The stock’s unparalleled return on investment (in excess of £1 billion value creation in three years) made Cove one of 2012’s most prominent public takeovers worldwide.[11][12][13][14]
For review, its all we have.
http://www.slideshare.net/dpkpr/new-york-presentation-28185584
Whats meant by basin fill? 5000 +
ectonic controls and signatures in sedimentary successions;
tectonic signatures in sedimentary basins;
signatures in sedimentary basins;
present-day river drainage in East African Rift system;
factors influencing basin fill characters;
changing topography and deflecting river damage
Summary
The recognition of tectonic signatures within the sedimentary rock record gives important insights into the evolution of basins at a variety of scales. It can help to define both basin type and its shape by identifying the location and character of active faults. At this scale the sedimentary response to tectonism is encapsulated in the broad architecture of the basin fill and in the distribution of sedimentary facies in space and time. Evidence of tectonism is held within the geometry of the fill and within the sedimentary pile at the megasequence scale. At a more detailed scale, sediments can also yield data which can be used to infer the timing and rates of fault movement. Tectonic signatures at this scale can range from the character of individual sequences down to details of single beds, as is the case for some slumped deposits which can be connected with specific earthquakes (e.g. in the marginal lake sediments of Bogoria, Kenya) (McCall, 1967; Tiercelin, 1990).
Recognition of the role of tectonism in controlling sediment character gives the basin analyst the potential for forward modelling. Once the location and programme of fault activity is known, it is possible to predict cross-basin patterns of facies and how they are likely to change through time. Conversely, in situations where the patterns of fault activity are poorly understood, recognizable responses in the sedimentary fill can provide the basis for tectonic interpretation. Such predictions have economic implications since they can allow petroleum geologists to infer the likely locations of both source rocks and potential reservoirs and to establish the timing of any structural modification. This helps to confirm the juxtaposition of an oil source, migration pathway and trap at an apposite time. The identification of tectonic signatures is therefore central both to basin analysis and to the development of exploration strategies.
Neighbors in Kenya have been preoccupied...read at bottom.
LONDON (Alliance News) - Oil and gas explorer Bowleven PLC Friday said it has now received the Presidential decree approving the transfer of assets as part of its farm-out deal at the Etinde oil and gas permit in Cameroon.
It now only needs the decree to appear in the gazette for the deal to be completed and the transaction proceeds to be transferred.
In October, Bowleven said the Cameroon government had approved the assignment of equity interests in Etinde to Russian oil company OAO Lukoil and NewAge.
Under the deal, Bowleven's interest in the Etinde permit will drop to to 25% from 75%, with Lukoil taking a 37.5% interest and NewAge an additional 12.5% stake, bringing its holding to 37.5% also. Bowleven is set to be paid USD170 million when the deal completes, another USD40 million when the final investment decision for Etinde is made and appraisal drilling completed, and another USD40 million to cover what Bowleven would have paid for two appraisal wells now being covered by the buyers.
As a result of the deal, NewAge's subsidiary Camop will become the operator, allowing BowLeven to focus on its exploration plans in Cameroon, Kenya and Zambia
Bowleven also holds an equity interest in an onshore block in Kenya, operated by Adamantine Energy, and has been awarded three blocks in Zambia, with applications on two blocks pending.
We are definitely in a quiet period. There are so many unknowns. Does Ophir have access to funds, can we get enough money from them for farming out 50% eez to them to complete Kenya? Will CEPSA take stock in lieu of paying our way in Kenya. Seems to me, these are the best routes. Numerous creative possibilities abound. Is Sinopec gone for good? Partners in Chad? Offor to inject 10 million for a billion restricted shares? ERHC does have many choices to make. One thing they cant control is oil prices. If seismics are as good as we've rumored we have a ace up our sleeve. "IF"
Merger with Ophir? CEPSA buys Ophir and ERHC, reverse stock split...all the above...are possible but take time and courage in an uncertain atmosphere.
repost:
A lot of the locals like Ophir and such who have knowledge of surrounding blocks might have been notified ERHC was engaging Deloitte and didnt want someone taking their pot of oil without them having a shot at it. Btw, This isnt ultra deep water some of it is moderate this is the block closest to the Sao Tome islands. 3500 to 4000 wasnt it? Anyway, this Right of First refusal only gives the courtesy to an IOC to match or improve on any incoming bids for the block, its a good sign and may speed up development of the block. They may have paid for this option? or its a "long ago" promise to someone. imo
"Last winter, after careful evaluation of the seismic data available, ERHC selected EEZ Blocks 4 and 11 which, incidentally, are adjacent to the islands where water is not as deep as in most other EEZ Blocks. The comparatively shallow water depths should simplify drilling relative to the other Blocks. The Blocks are also east of the islands and close to Gabon’s many offshore oil discoveries.
Earlier in the year, Sao Tome's government short-listed four companies, including Portugal's Galp Energia, to bid on two oil blocks in its exclusive economic zone.
The close proximity of São Tomé & Príncipe’s offshore waters to the proven hydrocarbon systems in the adjacent waters of Nigeria, Cameroon, Equatorial Guinea and Gabon suggests the potential for hydrocarbons, which is further supported by regional seismic data and petroleum seeps seen on the islands.
You guys get all the shares you want Im going to buy out all the ERHC shares available this week, I just won the power ball lottery, better hurry.
Realistically a reverse split timed with news of farm out to Cepsa in Chad along with resource estimates of 2 billion barrels and or drilling. Thats the plan, an EEZ surprise would be a boost. How much time does ERHC have is the question. They are trimming overhead as we speak Im sure.
11b kenyan block contiguous east of us.
http://oilnewskenya.com/2014/11/17/bowleven-awarded-one-year-license-extension-kenya-block-11b/
Adamantine Energy Completes Interpretation of FTG Survey
May, 2014 partner bowleven
Adamantine Energy, the privately owned East African-focused oil and gas exploration company announces the interpretation of its 14,500 line km airborne FTG survey of Kenya block 11B.
Commenting on the interpretation, Chris Matchette-Downes of Adamantine Energy, commented: “the FTG survey has confirmed five basins on Block 11B. The FTG data combined with our recent field work have significantly increased our geological understanding of Block 11B thereby enabling us to further refine our seismic program”.
Adamantine is at the advanced stage of its tender for 500km 2D seismic program and plans on announcing further details soon
Bowleven awarded one year license extension #Kenya block 11B
Swala - 12b- has discovered a substantial prospect- 10 leads called AHero "a'!
If our current operator (CEPSA)in Kenya left swala with 10 good leads and stayed with us you might get the impression we have discovered prospects with enormous potenetial. Massive oil field leads we hope. That my friends is why management is buying. If we could only get a report like the following (pdf)or even better, that would be a refreshing change from Chinese secrecy and stall tactics.
http://www.swala-energy.com/documents/SWEQuarterlyActivitiesReportandAppendix5BFINAL30_01_15.pdf
Swala Energy Appoints Financial Advisor As It Prepares To Farm Down
Posted on 21 January 2015.
Swala Energy Appoints Financial Advisor As It Prepares To Farm Down
Swala Energy has appointed London based First Energy Capital LLP (“FirstEnergy”) as financial adviser to the Company, as the company considers farm down options in East Africa.
Swala received interest from a third party last month to review the Company’s assets available for farm-down. “Since this time, additional levels of interest have been received by the Company in relation to the partial or complete farm-down of its assets in the East African Rift System.”, said the company in a statement.
Swala’s board of directors has appointed First Energy to manage the process with a view of reviewing the Company’s options to maximize the long-term value of the Company’s portfolio, including a potential merger or sale of the Company.
The Company expects this review to be concluded in the coming months, and has advised its shareholders that the expressions of interest received to date are highly preliminary, with no certainty that any offer will be made, or sale concluded, nor as to the terms of any offer or sale.
CEO David Mestres Ridgesays the completion of its seismic survey programmes last month as well as the clear indication from them of a large number of significant leads and prospects within its licences make this an opportune time to review the Company’s options. He says this will enable the company maximise value from its portfolio ahead of the Company’s planned 2015 drilling campaign.
Swala currently holds substantial equity in assets in Tanzania, Kenya Block 12B and Zambia Block 44and has an active business development program in Sub-Saharan Africa.
By Oil In Kenya
Epir-1 exploration well in Kenya encounters oil, gas shows
HOUSTON, Jan. 22
01/22/2015
By OGJ editors
Tullow Oil PLC encountered oil and wet gas shows over a 100-m interval of nonreservoir quality rocks—demonstrating a working petroleum system—by way of the Epir-1 exploration well on Block 10BB in the North Kerio basin of Kenya.
The company says further exploration activities will be considered in North Kerio following analysis and integration of data collected from the well.
The well was drilled to a final depth of 3,057 m by the Weatherford 804 drilling rig, which will now move to Ekales-2 in the South Lokichar basin where it will conduct appraisal of the discovery made by the Ekales-1 well (OGJ Online, Sept. 26, 2013).
Ekales-2 will target reservoirs in a separate fault block to the east of the discovery well, further away from the basin bounding fault.
“The Ekales-2 exploratory appraisal well is a bold step-out away from the South Lokichar basin bounding fault with follow up potential,” commented Angus McCoss, Tullow’s exploration director.
Elsewhere in Kenya
Exploration drilling has begun on the Engomo-1 well via the SMP-106 drilling rig, representing the first test of the prospective North Turkana basin on Block 10BA. The prospect lies west of Lake Turkana, where numerous naturally occurring oil slicks and seeps have been observed. Tullow expects results in early March.
The PR Marriott 46 drilling rig recently completed drilling the Ngamia-5, Ngamia-6, and Amosing-3 appraisal wells. Both Ngamia wells were drilled from the Ngamia-1 discovery well pad (OGJ Online, July 5, 2012).
Ngamia-5 was drilled to a final depth of 2,317 m and was deviated 500 m northeast of Ngamia-1, encountering 160-200 m of net oil pay.
Ngamia-6 was drilled to a final depth of 2,480 m and was deviated 800 m north of Ngamia-1, encountering up to 135 m of net oil pay. Both wells have been suspended and remain available for use in an extended well test program that will commence in this year’s second quarter.
The Amosing-3 well on Block 10BB continued the successful appraisal of the Amosing oil field, the company says. The well was drilled 1 km northwest of the Amosing-1 discovery well and encountered more than 107 m of net oil pay in good-quality reservoir sands (OGJ Online, Mar. 28, 2014).
The well reached a final depth of 2,403 m and has been suspended for use in future appraisal and development activities. The PR Marriott 46 drilling rig will now be moved to the Ngamia-7 well to test the field’s eastern flank.
Acquisition of the large 951-sq-km 3D seismic survey has been completed over the series of significant oil discoveries in the western basin bounding fault play of South Lokichar.
The fast-track processed data is already being used in the south of the basin while the remainder of the survey will be available for seismic interpretation by the end of the first quarter. Initial evaluation of the 3D seismic data indicates significantly improved structural and stratigraphic definition and additional prospectivity not evident on the previous 2D seismic data, the company says.
The partnership has also acquired more than 1,100 m of core samples from South Lokichar wells, and an extensive program of detailed core analysis is ongoing that will provide results from the first quarter 2015 onwards, to measure oil saturation and assess recovery factors of the reservoir sands.
Tullow Operates Blocks 10BB, 13T, and 10BA with 50% interest. Africa Oil Corp. holds the remaining interest.
Lost decade:
Saudi Arabia maintains the world’s largest crude oil production capacity, estimated to be about 12 million barrels per day at the end of 2014.
If oil will never be expensive again, it’s just bad luck for EAC; low prices make it less lucrative to invest in extracting oil.
Russia, one of the leading oil economies is also one of the worst hit by the current low prices.
For East Africa, it also means that a Russian firm may not be that enthusiastic to become a strategic investor in the Uganda refinery. That would leave the South Koreans a safer bet. This could be a lost decade for East Africa’s oil prospects. It had been anticipated that production would start late 2017, but if there are no investors to prepare the infrastructure, it may as well be pushed beyond 2020.
Some say the challenge is to attract investors who can, regardless of the current situation, invest in the region’s oil. They add that there’s enough demand in the region to consume local oil at good prices.
However, at almost $40 dollars a barrel, it could be cheaper to import than to produce oil.
By The New Times
http://oilinkenya.co.ke/east-africa-weak-global-economy-dampens-eac-oil-hopes/
ERHC drilling this year.
Chad The company’s exploration focus is on Block BDS 2008, which measures 41,800 square kilometers or 10,329,000 acres. Within this block, two focus areas have been identified, such as North of Esso’s Tega and Maku discoveries in the Doseo basin; and East of and on trend with OPIC’s Benoy-1 margin discovery in the Doba basin. JDZ The company has interests in six of the nine blocks in the JDZ, a 34,548 square kilometer area approximately 200 kilometers off the coast of Nigeria and STP that is adjacent to various large petroleum discovery areas. Its rights in the JDZ include 22.0% in JDZ Block 2; 10.0% in JDZ Block 3; 19.5% in JDZ Block 4; 15.0% (in arbitration) in JDZ Block 5; 15.0% (in arbitration) in JDZ Block 6; and 20.0% in JDZ Block 9. STP EEZ The company holds various working interests and rights in the EEZ, such as 100% working interest and no signature bonus in EEZ Block 4; 100% working interest and no signature bonus in EEZ Block 11; and the option to acquire up to a 15% paid working interest in additional two blocks of the company’s choice. The STP EEZ is delineated over an expanse of waters offshore STP that covers approximately 160,000 square kilometers. EEZ Block 4 is 5,808 square kilometers situated directly east of the island of Príncipe. The northeastern area near EEZ Block 4 contains a large graben structure, which is bound by the Kribi Fracture Zone. EEZ Block 11 totals 8,941 square kilometers situated directly east of the island of Sao Tomé and abuts the territorial waters of Gabon. The southern area of the EEZ, where EEZ Block 11 is situated, contains parts of the Ascension and Fang Fracture Zones. Strategy The company’s strategy in Kenya and Chad is to partner with other oil and gas operators to perform exploration work and further develop assets held through production sharing contracts with the governments of both countries. The company’s strategy in the JDZ and EEZ is to farm out its working interests to oil and gas operators for consideration, including upfront cash payments and being carried for its share of the exploration costs.
You have all the answers, find out and tell us.
What is BK filing?
Its a wildcat play, pure and simple, high risk, high rewards.
To educate even further: there is a slight chance to recoup some of those monies, ie.. the investigator totally scammed the investors out of their money almost as bad a Mr. Stanford himself, with their ridiculous fees and fire sales. I had accounts there and could not use money for about a month, but I did not lose any money because I was not in their proprietary "CD program" that btw was legit for many many years and not guaranteed like the public was led to believe.
thought that was Bush's fault.
This pig is getting fat!
vpig
Well at least we grew up, some never will. You attitude shows here. The stock purchase is nothing more than a way to show support and reflect an optimistic outlook based on recent exploration results. Its also possibly a direct result of my 5 emails to Dan suggesting the company and its leadership buy shares to tell investors they are hopeful and encouraged. If CEO's dont support there product why should investors or buyers? The only way they could currently do this is use their PERSONAL accounts. He's trying to tell even stubborn mules that its a great opportunity to buy shares cheap! Toxic talk is just that, its minimal.
http://oilnewskenya.com/2015/01/20/tullow-africa-oil-to-drill-up-to-6-basin-openers-in-northern-kenya-in-2015/
Busy busy! This aint no frack field.
It would be nice to see all employees buy shares each, every month. Peter needs several 5 million share purchases, imo. (I wish he had a lot more skin in the game.) THAT would be a better stronger statement. Its Chicken feed compared to what some have at risk here.
Here's hoping Kenyan blocks springs eternal oil and gas and gold & diamonds too.
Well Thanks, the map led me to that guess. Lets hope it makes a lot of money and not just sense ;) This penny crap is getting old.
A lot of the locals like Ophir and such who have knowledge of surrounding blocks might have been notified ERHC was engaging Deloitte and didnt want someone taking their pot of oil without them having a shot at it. Btw, This isnt ultra deep water some of it is moderate this is the block closest to the Sao Tome islands. 3500 to 4000 wasnt it? Anyway, this Right of First refusal only gives the courtesy to an IOC to match or improve on any incoming bids for the block, its a good sign and may speed up development of the block. They may have paid for this option? or its a "long ago" promise to someone. imo
"Last winter, after careful evaluation of the seismic data available, ERHC selected EEZ Blocks 4 and 11 which, incidentally, are adjacent to the islands where water is not as deep as in most other EEZ Blocks. The comparatively shallow water depths should simplify drilling relative to the other Blocks. The Blocks are also east of the islands and close to Gabon’s many offshore oil discoveries.
Earlier in the year, Sao Tome's government short-listed four companies, including Portugal's Galp Energia, to bid on two oil blocks in its exclusive economic zone.
The close proximity of São Tomé & Príncipe’s offshore waters to the proven hydrocarbon systems in the adjacent waters of Nigeria, Cameroon, Equatorial Guinea and Gabon suggests the potential for hydrocarbons, which is further supported by regional seismic data and petroleum seeps seen on the islands.
I would welcome merging with a ioc or anyone traded on a better stock exchange. Its time and probably necessary to put a new face on our 1 cent stock. Imo current shareholders are spent and need a new game. But that wish depends on how good the seismic look. If we found something big it sure would be nice to know now.
If only he could be as detailed and eloquent in ERHC reports, that was an impressively written article, which proves we have a outstanding man at the helm. Hope the accolades help ERHC in some way.
News cant come soon enough.
I think I saw the EEZ block 11 on craigslist.
Tullow Oil to drill first exploration well in Kenya’s Block 12A
JANUARY 16, 2015 BY SAMUEL KAMAU MBOTE
Tullow Kenya is to drill its first exploration oil well in Elgeyo Marakwet later this year, as the company continues to expand its oil and gas search into new areas within the country.
The oil exploration company said the proposed exploration well named Lekep-A , will be the first exploration well to be drilled by Tullow on Block 12A.
Speaking at a meeting with Elgeyo Marakwet leaders held Rob Gerrits, and the Tullow Kenya Social Performance Manager said the oil firm had already conducted an environment and social impact assessment exercise (ESIA) in readiness for the drilling which is expected to be approved soon.
“Before commencement of actual drilling operations, a series of pre-drilling activities will take place including consultations with host communities and their leaders, as well as seeking regulatory approvals from Government agencies including the National Environmental Management Authority (NEMA),” said Mr Gerrits.
The exploration well is expected to test if there are commercial quantities of hydrocarbons in the area.
“We have conducted seismic surveys and indentified a number of leads including the proposed Lekep-A well. Results as well as data collected from this exploration well are expected to provide further information for future drilling programs,” added Mr Gerrits.
The well is among exploration activities that the company said yesterday it would continue in Uganda and Kenya licenses which it considers high-impact, low-cost exploration acreage
Seplat Petroleum Development Co. (SEPL), a Nigerian oil producer that made last month an approach to combine with U.K. explorer Afren Plc (AFR), won an extension for the deadline to say if it plans a firm offer.
Afren received consent for the extension to Jan. 30 from the U.K. Takeover Panel after Seplat’s request to continue their ongoing discussions, the London-based oil explorer said in a statement on Monday. “There can be no certainty that an offer will be made or as to the terms of any offer.” Seplat had until today to decide on making an offer or walk away.
Seplat produces about 70,000 barrels of oil a day at three Nigerian fields, in which it owns a 45 percent working interest. Afren said on Dec. 22 that Seplat made a “highly preliminary” approach for a merger.
Afren was among those producers identified by BMO Capital Markets analysts in November as potential takeover targets as oil slumped by more than 50 percent to trade below $50 a barrel.
Afren plans to produce 32,000 barrels to 36,000 barrels of oil a day mainly from Nigeria, it said in November. First production may come from the Okoro and Okwok prospects this year.
If you look at the chart it looks like all other small oil companies, and coincides with oil prices almost exactly, July to today a steep decline. Hopefully we will return to the 10 to 12 cent range then have outstanding Kenyan drilling results and new partners in EEZ and Chad, that is why we are here.
10 20 30 40 50 or more the bloody baron is drilling for more! Showing my age for sure with that chant. Have a great weekend, enjoy it while your "topside". Good or bad news.
Correct but it really depends on the price they can get. Unfortunately oil is priced half of what it was 6 months ago, ridiculous.