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Without question!...
Would you consider $300 million materiall to ERHC's financial statements?
4 days.**
If it is "subject to" a contract has been signed...
otherwise, no signed contract means it's an informal discussion and the potential purchaser can walk or do anything he wants including not inspecting the asset in the first place.
The value of the asset and the size of the company you are talking about has a lot to do with it, also.
A multi-million dollar asset to XOM is highly irrelevant.
The amount of the deal is irrelevant...
if the company is not public.
ERHC is a public company and if any deal is "subject to" that definitely means a contract has been signed. For ERHC, that is without question a material event and requires public disclosure.
I think y'all should all sell your shares at once...
as I'm still in the market.
Don't forget that China is also trying to swade...
STP on Taiwan.
LOL, this company is not going to be sold...
for $2 to $4/share.
You will definitely see drilling in the EEZ if that is all anyone offers.
SEO could hold out until the financial markets get better and do twice as good.
Unless Sinopec feels like playing Santa Claus...
I doubt we get sold until the EEZ is drilled.
Seneca was a smart man...
although I was a little off on the quote. See the link below:
http://thinkexist.com/quotation/luck_is_what_happens_when_preparation_meets/11990.html
Luck is where preparation meets opportunity.**
That picture looks more like an off-load...
than an on-load. That pipe isn't stacked very tight and just looks really thrown around.
Probably just a picture taken at the dock during operations with an incorrect description.
I've loaded enough workboats to know that cargo does not leave the dock stacked like that.
Workboat loads probably don't look like that leaving the rigs either. The cargo shifts from the wave action so a load would look sloppy getting to the rig or getting back to the dock.
Actually, you are right...
I just went look up a few images. Didn't realize they were just used on the bottom of the string.
Never worked on a drilling rig. I get that info from my brother and a few other relatives and friends who still work on drilling rigs.
In the JDZ at that depth...
and personally, No. "Normal" drill pipe has a wall thickness of about 2.5 inches. The center or hollow section of the pipe is probably about 3 inches thick.
I've handled miles of it personally but that was about 20 years ago.
UH-HUH!**
You would be more accurate if you included a...
"yet" on your third to last sentence.
You are incorrect on that, period!**
We are not obscure...
We are being ignored because of the size of our production and reserves.
If you sell all the shares at once...
you must use "specific identification" so some of the shares will be taxed at the long term capital gains rate and the remainder will be taxed at whatever tax bracket you happen to be in in the year of sale.
I just wanna see something like number 3...
at the link below:
http://www.epmag.com/archives/worldMap/3446.htm
P.S. I don't think I'm asking too much, LOL.
Actually, Mark said we would get a Sinopec update...
and not a JDA update.
He didn't lie either. He gave us info that he went out and obtained on his own dime. Nobody asked him or paid him to get the info.
I appreciate everyone's effort to obtain and share info garnered.
Way too much clutter...
but I hide the Ibox (because of the clutter) so it doesn't matter to me one way or the other.
All aboard!...
The train is leaving the station this week. MMs are going to have to work their arses off this week to keep this thing on the ground.
"Why would it?"...
We have two 100% choices in the EEZ coming up.
Why would our JDZ partners not want to play nice currently is a better question?
ERHC exercised its acquisition strategy...
by acquiring additional interest in block 3 along with SNP/AXC?
A potential purchasing entity is not looking at...
ERHC's financial statements for info. They are going straight to the original and signed documents.
The financial statements may be a place to start DD but anything of relevance in the F/S and they want the original signed docs.
Well, if you're asking me...
It's why SEO is no longer the CEO. Material events that should have been disclosed once entered into but were kept sealed upon SEO's orders. Hence, he was forced out.
The current CPA firm is also practicing CYA.
I couldn't care less about block 1 wells...
ERHC has no stake in block 1.
The wells are not an asset. The reserves are and in the Addax financial statements you will only see the estimated reserves based by blocks and differing reservoirs and not by wells. Addax could punch 50 wells in Kina and you will only see estimated reserves for the Kina reservoir and not each well.
Go look at the Obo formation in block 1. It is huge and could have easily had two wells punched.
Again, I don't care about the number of wells drilled in block 1.
What has happened in block 1 prior to Addax's...
entry has no effect on materiality to Addax's financial statements. Materiality for Addax's financial statement disclosure was based on the purchase price of the block 1 entry fee alone. The number of wells are irrelevant!
Don't go giving accounting advice to anyone because your knowledge of accounting rules is "VERY" limited.
Also, the sale to SNP has not happened yet!
One or two wells in block 1 of the JDZ is...
highly immaterial to CVX's financial statements.
They could have drilled 10 wells in block 1 and if all they've found were 150 million barrels of oil it is highly immaterial to CVX's financial statements.
Materiality is based off of a monetary value and nothing else, period.
I've read the Addax/Sinopec agreement...
The contract is silent as to a closing date. The agreement only states that "the Offer will be open for acceptance for a period of not less than 35 days...".
I believe that contract was written in such a manor as to allow for drilling before the transaction closes.
Contrary to what most here believe, I do realize.
Management is stupid if they did not request...
higher FDIC insurance limits on the Company's deposits.
You're very close...
ERHC's responsibility under accounting standards is to announce the drilling of its first well. The exact date of spudding is not a requirement. Way too many variables when it comes to deepwater drilling and it is beyond the scope of the standards.
I believe they'll want to announce drilling from the tree tops but moreso because of promotional reasons and not SEC regs.
Edit: It's actually accounting regs and not SEC regs.
Addax/Sinopec is in a "subject to" stage.**
What would you call it if you were buying the...
company and they had not disclosed a lawsuit or significant liability?
It's called reasonably prudent business from my POV.
The Addax/Sinopec deal is subject to DD...
Once SNP completes its DD and decides to go forward with the purchase, Addax's only choice is to sell or pay the $300 million break-up fee.
Nah, selling the company is not a material event...
WTF, are you stupid?
It is very true!...
When the deal is subject to DD that means you have entered into a definitive agreement.
When it is "subject to" it better be public...
if a public company is involved. "Subject to" means an offer is on the table and under consideration by the target company.
Tell me how many are done unannounced to the public.**
That Sinopec deal with Addax is public knowledge...
isn't it?
Maybe I'm just dreaming like you!