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It was actually the stock-based compensation plan...
on page 9 of the link below. It's .pdf so it may take a second to load. Right now I really need to leave to get to that meeting.
http://erhc.com/pdfs/10Q%20ERHC%20Energy%2031%20Mar%2005.pdf
Not according to the financial statements I've just read...
They took a vote on some in February of this year. Some people probably didn't even realize what they were doing at the time.
Manti, that's federal law...
and you better believe it can happen to anyone at anytime.
Stick pre-emptive right in a search engine and see what comes up. You'll find notes to financial statements of several different companies coming up with that very explanation.
Offor converted those shares from a consent of the shareholders. I know for a fact they held a vote at the February 2005 meeting to convert 3,000,000 shares. I just read a 10K or 10Q stating that. I was really looking for the note on the almost 75,000,000 share conversion.
I have to go to a meeting at the school board in a minute. I'll chat with y'all later about this. I need some grub first.
SH, it applies to the company only...
Offor could only gain shares buy converting loans to the company into capital by a vote of the shareholders. Without the approval of shareholders I believe the shareholders have cause for action. I'm not an attorney though.
I believe he is required to notify the SEC within 4 days of completing the sale of securities. How fast the SEC is at posting it on their website is a different story.
Also, if a company maintains a website, the notice is required to be posted there. I haven't seen many companies do this within the required time limits though. Probably something that is too broad to enforce.
Monkey, no idiot...
If you don't receive a letter in the mail from ERHC giving you the option to excerise your pre-emptive rights, you have nothing to worry about. There will be no dilution.
I posted this on RB and I think it needs to be posted here...
A few people on here need to look up the definition
of a shareholders' "preemptive/pre-emptive right."
To save you time, I have done it for you.
Preemptive Rights:
Pre-emptive rights are an investor's right to purchase the investor's pro rata (i.e., proportionate) share of any additional securities issued by a company. Preemptive rights generally do not arise from the sale of securities issued to employees, directors, and consultants pursuant to agreed limits (frequently under a stock option plan) or from the issuance of securities in connection with independent mergers or acquisitions with unrelated third parties.
There will be NO dilution unless you refuse to exercise your pre-emptive rights, period.
Hdot, where was it said block 2 was a farm-in?**
I'd love to be there SH but I have to perform a review...
on some financial statements to get some collateral released for a client.
SH, you should be able to confirm that based...
on our phone conversation Friday.
I drive a Jag because my wife works for Coke...
We get our vehicles through supplier discount type programs. That Jag is cheap. I turn it back in in July. Had to get a Tahoe because the Jag isn't too accomadating to 3 kids in car seats.
As for the stock sales, I have no direct knowledge of anyone and I'm in no way a technical analyst. I've heard a few plausible scenarios but nothing substantiated.
walldog, greater than 5% owners have to register...
before they sell. Whether or not a foreign shareholder could get away with it is another story but insider transactions pretty much have to be disclosed on all exchanges.
I don't believe Phil Nugent could sell without first...
registering the sale(s) with the SEC.....Insider trading restriction (INSIDER & RULE 144 TRANSACTIONS REPORT).
Joe or whoever doesn't know WTF they're talking about.
Pup, according to the treaty...
He's the only one that can sign and make it official. And the treaty requires both countries' constitutions to conform to treaty requirements.
I think $17 to $25 after proven reserves is a...
pretty accurate and conservative range even after the JDA's cut.
As long as they call me when the checks ready, SH.**
Some poop from Energy Intelligence...
http://www.energyintel.com/DocumentDetail.asp?document_id=149632
US Firms Fare Well in Nigeria, Sao Tome Tender
(Copyright © 2005 Energy Intelligence Group, Inc.)
Friday, June 3, 2005
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Nigeria and Sao Tome and Principe have officially announced the winners of leases on five offshore oil blocks in their second joint licensing round following emergency talks in Abuja earlier this week.
The Nigeria-Sao Tome Joint Ministerial Council, the political overseer of the Joint Development Zone (JDZ), finally overcame a series of deadlocks between the two sides to approve the earlier proposals made in April by the Joint Development Authority (JDA).
The biggest winner was Nigerian-owned, US-listed ERHC, which picked up stakes in four blocks including the hottest acreage, Blocks 2 and 4, after exercising preferential rights acquired through a deal negotiated with Sao Tome in 2003.
US independents Devon Energy and Pioneer Natural Resources were awarded 65% operatorship of Block 2 alongside ERHC. Other shareholders are Equator Exploration and India's Oil and Natural Gas Corp. (ONGC) with a 15% joint stake; Nigerian players A and Hartman, with 10%; and Foby Engineering and Momo Oil & Gas, with 5% each.
Not all of the companies -- which together bid around $270 million in signature bonuses for all five blocks -- were entirely happy with the outcome. US independent Anadarko, which was the lead bidder for the hotly contested Block 4 with $90 million, lost out to US Noble Energy on technical grounds and was relegated to Block 3.
Anadarko was offered 51% operatorship of Block 3, alongside ERHC-Devon-Pioneer (20%). Equinox, Arcadia, PetroChina, Sahara, Ophir, Broad link and DNO split the remaining interest in Block 3.
On Block 4, Noble and ERHC took a 60% joint operating stake, while Conoil got 20%. Centurion, Nigeria's Hercules, Godsonic, Addax and Overt hold the remaining stakes.
"The decision to award operatorship of Block 2 to the Devon group and the operatorship of Block 4 to the Noble-led group is controversial because they were effectively allowed to bid again after the deadline, by being asked to match the original leading bidders," according to UK consultants Clearwater.
Noble originally only bid $57 million for Block 4 but was asked to match Anadarko's $90 million bid while the Devon-led group was asked to match $71 million offered by ONGC and Equator for Block 2.
Deborah Kelly, London
Rancho, if XOM wants block 4 enough to buyout NBL...
Someone would have to be crazy to sell right now unless they were flipping. I flip too but it involves a fishing pole, LOL.
Also, I think it's too early for ERHE to worry about a buyout. The real money is in the EEZ blocks!
Gig, XOM's game is over...
If they intend to purchase 5% or more of the outstanding shares they have to register with the SEC. If they intend to buyout ERHC they also must register a "tender offor" with the SEC.
Manipulation of ERHC's external share price has nothing to do with bankrupting the company. Even if it did, they'd have less than a year to get this accomplished.
With NBL's fast tracking of 3 wells in block 4 ERHE might be valued at $4.75/share(1,500,000,000 barrel reserves X $9/BBL X 25% preferential rights onlydivided by 710,000,000 shares). If PXD and DVN hit on the first well in block 2 you could double that.
That is reasonable expectations of share price but it is still expecting a lot out of only 4 wells. It's gonna be a small steady climb from here on out. Real pops come with nice looking cash flow statements.
Walldog, I'd bet that's exactly what happened.**
Digdeep, someone else's thoughts...
I believe in an earlier PR, Pioneer stated an undisclosed third party "miniority" partner would also be involved. To date that partner has not been disclosed.
BB, what if Pioneer's PR tomorrow also announces...
that ERHC is their minority partner in the Nigerian EEZ?
Gone shopping (much rather fishing), be back later, LOL.
Ftc, I remember one article recently stated...
that if a "consenus" was not reached that the JDA would send it's recommendations for the two heads of state to approve.
Below is two sections of the treaty you should look at. It looks like we are coming to the end of the six month period referred to at the end of paragraph 49.2 if the awards had been originally decided in December of 2004 which may also be why Nigeria didn't want to change one comma in the second meeting.
48.4. If the dispute has not been resolved by the Council within 12 months of being referred to the Council under paragraph 2, or such other period as the Heads of State may
decide, the Council or either State Party may refer it to the Heads of State for their decision.
49.2. In any case not covered by sub-paragraph 1 (a), if the dispute has not been resolved by the Heads of State within six months of the reference under paragraph 4 of Article
48, and unless the States Parties have otherwise agreed, either State Party may give notice to the other State Party (the "referral") to refer the dispute to an arbitral tribunal
("the Tribunal") for resolution.
Gig, I think all indies,...
including ERHC and EEL, could've been ruled out without being subjected to the TA. I can see how any company that submitted a bid qualifies for any allocation it has or will receive. Even if a company was disqualified during TA it is conceivable it qualifies under the "local content" automatically since we know no Nigerian indie has the technical expertise for deep water exploration and production.
How much work do you think they had to do to see ERHC didn't qualify for operator status even with PXD's and NBL's partnerships. If it weren't for the preferential rights do you even think ERHC would be a party to this game?
Healthiersouth, this is the way I read Gomes' comments...
The criteria indicated was used to determine operators of the blocks. The indie firms were ruled out of operator status because of their lack of technical know how. Just because a firm was ruled out of operator status doesn't mean it was ruled out of participation altogether.
It was very well known that they wanted to give local companies opportunities to own equities in the oil blocks. I also believe this is covered by the "local content" in 7.7 Weighting of Technical Evaluation Criteria.
Mabenn, I read it as amounts are being withheld...
from Nigeria's and STP's share to cover expenses of the administration of the JDZ.
My personal translation without a dictionary, Gig...
"Exactamente all the country entered in a convulsion without need», underlined the Minister."
Here, Arlindo Oak is saying the country "got it's bowles in an uproar for nothing."
"Second the Minister actualmente perceives himself that there was not reason for so much polémica (i.e. arguement), since no block of oil had been adjudicado to any oil-producing company, to the contrary one than had been divulged by the press."
Here he reiterates his perception that there was no need for so much arguing because. All blocks were awarded as indicated by the press.
"Even so it says that to his decision of dismiss himself of the charge is irreversível. The refusal of the resignation by the President of the Republic, is normal. «It is normal because entering someone now as the minister, can be that this would lead very longer."
If Menezes would have accepted Arlindo Oak's resignation and a new minister would have to be appointed the process would take a lot longer.
Gig, this was in the Tela Non article below...
It's the second to last paragraph and the last line of the 3rd to last paragraph. Things look to be moving along and Arlindo Oak seems to be ruling in ERHC's favor.
___________________________________________________________
Exactamente all the country entered in a convulsion without need», underlined the Minister.
Second the Minister actualmente perceives himself that there was not reason for so much polémica (i.e. arguement), since no block of oil had been adjudicado to any oil-producing company, to the contrary one than had been divulged by the press. Even so it says that to his decision of dismiss himself of the charge is irreversível. The refusal of the resignation by the President of the Republic, is normal. «It is normal because entering someone now as the minister, can be that this would lead very longer. For me and by the sense of state that of should have, if is necessary sacrifice to mine own life, for more some time, of form it contribute for the well of this country I do», assured Arlindo Oak. .
This is Altavista's translation of that paragraph...
"The same source still related that, as form to pressure the part is -tomense to yield, the Nigéria would have presented an ultimatum Is Tomé and Príncipe to pay one divides of about 15 million resultant dollar of the services of the joint authority of exploration between the two Countries."
That article is from yesterday...
I'm just now remembering it. Reading it in light of the second meeting that has/is taking place has me thinking positive about the future announcement.
Feeling kinda foolish for not remembering the article though.
How could you misinterpret this sentence?...
"Him it communicated increased also that Saint Tomé and Prince adoptou a new position negocial with sight the arguments with the breaks Nigerian."
Have you ever seen this article before?...
It's from Tela-Non:
_______________________________________________________________
They are Tomé and Prince and the Nigeria they decided reavaliar the proposals of adjudicação of 5 blocks of oil of the zone of joint exploitation, whose the trial generated polémica in the last weeks.
Responsible of the two countries united in Abuja, for find consensus the return of the interests participativos of some oil-producing companies in the 5 wells of oil.
The Monday meeting of the Ministerial advice Saint Assembly Tomé and Prince-Nigeria, that elapsed in the Nigerian capital 24 and 25 of May, is straight consequence of the crisis that was installed in the country the return of the dossier oil, and that alone the intervention of the Nigerian President Olusengo Obasanjo, served for calm I confront him internal because of the black gold.
The composed, national delegation by the Ministers of the Defense Oscar Sousa, of the Business Foreigners and Cooperation Ovídeo Small, of the Plan and Finances Adelino Castle David, and others members of the organs of sovereignty left the country in silence, the delegation are-tomense received orientation of the National Advice of Oil, having before received orientation of the National Advice of Oil. The mission is going to give body to the understanding created in Saint Tomé, with the visit of the Nigerian President.
In an it communicated short the Minister of the Business Foreigners, explained that the Monday meeting of Abuja aims at the revision of the proposals of adjudicação of each block of oil, as well like the interests participativos of the concurrent companies.
Him it communicated increased also that Saint Tomé and Prince adoptou a new position negocial with sight the arguments with the breaks Nigerian. The President of the Republic, that had placarded his distance of the leadership of the dossier oil, come back in the however it preside the National Advice of oil widened, of the past day 23.
The Minister of the Business Foreigners and Cooperation, Ovídeo Small, that is a spokesman of the National Advice of the Oil, did not explain the press itself Fradique of Menezes had reconsidered to its position or not.
In the environment of vaguenesses and misunderstandings the return of the dossier oil the healthy-tomenses, are going to lose sufficient concentration for try a so fundamental matter for the future of the country. The Nigeria assumes himself more and more as guides him, the apaziguador of the turbulences provoked by the black gold in the country.
In a note of press, the Presidency are-tomense explained that the President Obasanjo considerou the problems raised by the healthy-tomenses the return of the dossier oil, as being of caracter political and not technical. Second the note, Obasanjo guaranteed that were observed all of the technical requirements for the adjudicação of the 5 wells of oil.
The note underlines on the other hand, that Olusengo Obasango manifested I displease and evil be, having relembrado that the treaty confers barely the two Presidents the powers for approve or do not approve to adjudicação recommended by the joint ministerial advice, falling to the authorities of each state member in the treaty fill the his internal requirements. Abel Veiga
a) and b) wont happen without a).**
The next article...
Same place, Tela Non:
President of the Republic refuses asked for of resignation of the Minister of the Natural resources At least until the polémica the return of the process of adjudication of the 5 blocks of oil of the joint zone is clarified, Arlindo Oak, goes to continue as Minister of the Natural resources. The decision of President Fradique de Menezes came to the public in a press note. The Head of State confirmed the reception of a proposal of Prime minister Damião d'Almeida Vaz, indicating two names to substitute Arlindo Oak of the position of Minister of the Natural resources, what she was refused. Since 16 of May, that Arlindo Oak decided to abandon the Government. In the way of the polémica on the adjudication of 5 blocks of oil, the minister said that he left because amongst other reasons, enormous particular and obscure interests in the petroliferous process existed. But, Arlindo Oak does not have hypotheses to run away from the flames that the black gold are -tomense start to stoke, before exactly to gush out of the deep one of the sea. In an official notice the president of the republic refuses the resignation of the minister, alleging that dossier oil entered in a phase of judicial inquiry, and that for besides having precious information, Arlindo Oak, he is co-author of all the process of adjudication of the 5 blocks of oil. Therefore he will have of being auscultated during the inquiries. The pair of the inquest when petroliferous dossier, the National Assembleia created an inquiry commission to analyze the process of venda of the 5 blocks of oil. Strong reasons, according to Head of State so that Arlindo Oak keeps in functions as minister of the natural resources until the conclusion of the inquiries judicial and parliamentary.
President of the Republic refuses asked for of Adjudication of the 5 blocks of oil was coats.
They are Tomé and Príncipe and the Nigéria they had decided to reevaluate the proposals of adjudication of 5 blocks of oil of the zone of joint exploration, whose the process generated polémica in the last weeks. Responsible of the two countries they had been congregated in Abuja, to find consensus the return of petroliferous the participativos interests of some company in the 5 wells of oil. The second meeting of the Joint Ministerial advice Is Tomé and Príncipe-Nigéria, who elapsed in the capital Nigerian 24 and 25 of May, is consequência directa of the crisis that if installed in the country the return of dossier oil, and that only the intervention of President Nigeriano Olusengo Obasanjo, served to calm the internal confrontation because of the black gold. The national, composed delegation for the Ministers of the Prohibited Sousa Oscar, of the Foreign affairses and Small Ovídeo Cooperation, of the Plan and Adelino Finances David Castle, and other members of the sovereignty agencies had left the country in silence, the delegation are -tomense received orientações from the National Advice of Oil, having before received orientações from the National Advice of Oil. The mission aims at to give body to the agreement created in Is Tomé, with the visit of President Nigeriano. In a short official notice the Minister of the Foreign affairses, explained that the second meeting of Abuja aims at the revision of the proposals of adjudication of each block of oil, as well as the participativos interests of the competing companies. The official notice also added that They are Tomé and Príncipe adoptou a new business position with sight the quarrels with the part Nigerian. The President da Republic, that had announced its removal da leadership do to dossier oil, meanwhile came back no to preside over the National Advice of widened oil, do passed day 23. The Minister of the Foreign affairses and Cooperation, Small Ovídeo, that is spokesman of the National Advice of the Oil, did not explain the press if Fradique de Menezes had reconsidered its position or not. In the way of uncertainties and misunderstandings the return it to dossier oil is -tomenses, seems to lose concentration enough to deal with a so basic subject for the future of the country. The Nigéria assumes each time more as the guide, the pacifying of the turbulences provoked for the black gold in the country. In a press note, the Presidency is -tomense explained that President Obasanjo considered the problems raised for is -tomenses the return of dossier oil, as being of caracter nontechnical politician and. according to note, Obasanjo guaranteed that the requirements had been observed all technician for the adjudication of the 5 wells of oil. The note underlines on the other hand, that Olusengo Obasango badly revealed unpleasantness and to be, having relembrado that the treated one confers only to the two Presidents them to be able to approve or not to approve the adjudication recommended for the joint ministerial advice, fitting to the authorities of each state member in the treated one to fill its internal requirements. judicial and parliamentary.
Article courtesy of mabeen1...
http://www.thisdayonline.com/nview.php?id=18180
Protests Stall Award of Oil Blocks
By Mike Oduniyi, 05.24.2005
The hitherto smooth administration of the Joint Development Zone (JDZ) of the Gulf of Guinea by Nigeria and Sao Tome and Principe has run into stormy waters as the two countries are now sharply divided over the award of oil acreages in the region to companies that participated in the 2004 licensing round.
At the heart of the disagreement is a loud protest by Sao Tome against the recommendations of the Joint Development Authority (JDA), the body administering the Zone, to allocate various equity interests in the five oil blocks on offer to Nigerian indigenous companies, including Conoil owned by Dr. Mike Adenuga.
THISDAY checks revealed that following the Sao Tomean protest, President Olusegun Obasanjo, who visited the tiny Archipelago Island last Friday, warned that the country was "politicking with purely technical matters."
The Joint Ministerial Council (JMC), the highest ruling organ in the Zone made up of 12 members drawn from the two countries, had met in Abuja late last month to deliberate on the recommendations of the JDA on the structure and composition of companies in the blocks namely 02, 03, 04, 05 and 06.
It was gathered that while Obasanjo had already approved the recommendations as presented by Nigeria's representatives on the JMC, his Sao Tomean counterpart, Fradrique de Menezes, has withheld assent. This, THISDAY gathered, followed objections raised by that country's National Petroleum Agency, citing the preponderance of Nigerian indigenous companies holding "uncomfortable" equities in the oil blocks.
According to the complaint by the Sao Tome petroleum agency, most of the Nigerian local firms are connected in one way or the other to the Nigerian Presidency.
The agency cited for instance, allocation of 10 percent equity in Block 02 to A&Hartman, and 5 percent equity in block 04 to a company named Godsonic, both allegedly linked to Chief Tony Anenih. There are also allocations of 5 percent in Block 02 to Momo Oil and Gas as well as 10 percent shares in Block 03 to Equinox Oil and Gas, both linked to Mohammed Asibelua.
Adenuga's Conoil got 20 percent equity in Block 04 for which the company had submitted bids offering to pay $150 million signature bonus, when tenders were called late last year.
According to the position of the oil block allocation as presented by Nigeria's representatives in the JMC as at April 26, 2005, US-based Environmen-tal Remedial Holding Company (ERHC), where Nigerian businessman, Emeka Offor's Chrome Energy holds 50 percent shares, clinched 70 percent equity in the most promising Block 04 in partnership with Noble Oil Company.
ERHC, which exercised its preferential rights in the JDZ, used the rights to clinch equity interests in three of the five blocks put on offer. The other firm also with preferential rights in the Zone, ExxonMobil, declined last month to exercise its right.
Opposition from Sao Tome to this arrangement has been linked to the recent crisis that has rocked the country's government. First, President Menezes sacked his Oil Adviser, Patrice Trovoada, while the country's Minister of Natural Resources Arlindo Carvalho tendered his resignation last week, citing pressure over delays in awarding the JDZ Blocks.
Speaking in an exclusive interview on the matter, the Deputy Director Monitoring and Inspection of the JDA, Dr. Carlos Gomes, yesterday dismissed the claims by Sao Tome, adding that the Authority had followed clearly the laid down rules guiding the 2004 Licensing Round of the JDZ.
Gomes said listed the criteria listed for the
• Companies with good, sound and solid foundation in oil exploration and production
• Need to diversify operatorship of the oil blocks, whereby no one company because of its strength (financial and technical) controls more than two blocks
• Offering opportunities to independent players, as against the presence of dominant oil majors, and
• Offering opportunities to local companies to own equities in the oil blocks.
According to the JDA Chairman, while Nigerian indigenous companies participated in the bidding, none came from Sao Tome.
"The criteria are there, clearly stated, which we followed religiously. We have guidelines, which we published and we have followed. Any party in doubt can check them out," said Gomes.
"Although no local companies showed interest from Sao Tome, I think some people there may be protesting on behalf of some oil majors which they have interest in," he added.
The JMC meets again today in Abuja. According to Gomes, he expects Sao Tome to have approved the recommendation. "If they have observations they must state on what technical grounds. But if it has to do with political matters, then that is beyond us. The two Heads of State will have to deal with that."
The JDA was originally scheduled to announce winners of the five oil blocks namely 02, 03, 04, 05 and 06 last January. This was later postponed to April 2005 to enable the JDA conclude screening of the bids as well as allow ExxonMobil exercise its rights.
Under the JDZ arrangement, Nigeria's share of the reserves in the region put at 10 billion barrels of crude is 60 per cent and the remaining share of 40 per cent is held by Sao Tome and Principe.
Oilman57, I think you can look squarely at XOM and APC.**
This one?...
I posted it yesterday/last night on RB. Thought I had posted it here, also.
I find it funny it's got Monday's date on it, huh?
__________________________________________________________
SAO TOME
(Copyright © 2005 Energy Intelligence Group, Inc.)
Monday, May 23, 2005
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Tensions surrounding the award of five blocks in the Joint Development Zone (JDZ) shared with Nigeria have prompted the resignation of Energy Minister Arlindo Carvalho and an outpouring of invective against the awards proposed by the Joint Ministerial Council (JMC). Carvalho complained of "impossible" pressure during negotiations, which have concluded with several Nigerian independents -- some of them associated with prominent local figures -- featuring among the likely winners. An announcement of the awards is expected this week (PIW Apr.18,p7).
SH, this is the one I emailed you Thursday...
from the Energy Compass.
_____________________________________________________________
Sao Tome set to sign JDZ awards
(Copyright © 2005 Energy Intelligence Group, Inc.)
Friday, May 20, 2005
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After long, bitter and sometimes farcical battles, Nigeria and Sao Tome and Principe are poised to announce awards for up to five blocks in their joint development zone (JDZ), Sao Tome sources say.
Nigeria's President Olusegun Obasanjo was due to go to Sao Tome on May 20 to sign authorizations prepared by the JDZ's administrator. These are expected to give Nigerian-owned, US-listed ERHC chunky stakes in the most popular blocks, beefed up through alliances with US companies. On Block 2, ERHC is expected to get a 35% joint stake with US Devon and Pioneer, and a separate 30% stake of its own, after exercising preferential rights acquired through a controversial deal negotiated with Sao Tome in 2003, sources say. On Block 4, ERHC will share 35% with US Noble Energy, while exercising rights to 25% under the 2003 agreement (EC May7'03,p9).
I agree, rancho...
25 to 30 percent of block 4 could end up in Trovoada's bag. If he's the only problem I also think they should easily satisfy him in blocks 5 and 6.
If ERHE ends up with operatorship of blocks 2 and 4 besides their preferential rights, I'll be ecstatic.
Balance, BM's article stated...
that blocks 2, 3 and 4 were done and that the hangups are on 5 and 6. There's is some "dealing" going on here. I don't doubt that the two countries are trying to work around the bids to give STP what they want for their give on blocks 2, 3 and 4. It wouldn't surprise me if blocks 5 and 6 are not awarded in this round. They could easily give STP what they want if you throw blocks 5 and 6 in with 7, 8 and 9.
Blocks 2, 3 and 4 should be awarded this round no matter what else happens.