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post 41291 talks about diagnostics while drilling. post 41282 talks about blk1 has gas and block 2 has oil. post 41299 talks about geologists that form a computer model to acertain the formation over a three day period. The saddle would contain gas at the top, oil in the middle and water on the bottom. Oilphant is saying they will need some new geologists to analyze the formation to determine the depths of each strata. That is my take on his note. Bwdik
Great DD Platina. Could be the answer. Wish Oilphant could speak english! LOL
I want some of whatever oilphant is drinking! That boy has some serious cerebral issues! Funny he has everyone googling every word to figure out his meaning. He needs to change his handle to the Riddler!
oilphant what exactly have you seen in everyday english and drop the riddler stuff please.
I have been in Dallas 20 years! Your tone made it sound like you distain Dallas. I happen to like both towns. appology accepted. I am sorry I called you a jerk. would even be willing to hoist a frosty with you if ever the occasion came about. S2R
I happen to think there are several members that live in or near dallas and would possibly like to get together. Don't be such a jerk! We don't want people like you in dallas anyway.
maybe that is hawaiian time!
Party in Houston! Everyone that wants to attend raise your hand! LOL. Anyone want to meet in Dallas?
Umbra, our sincere condolences to you and your family.
Stocks2Rise
better yet sell the stock and put the money in a bank savings account. you would get a better interest (2%) than what we will be getting with meridians caculations! LOL
Seems I remember the President of Centurion comment on the prospects in block 4 as "Company changing event" when he was talking about identifying a drill site reported to contain 3-4 billion barrels. They only have 4.5% of the block so according to meridians calculations they will happily be paying the jda just so they can participate in the block! They will not get enough profit to fill their gas tank with the cost of gas now!
The company changing event will be they will be going under when they have to pay their way for the sig bonus and drilling costs!
meridian, prior to the psc signing you were very upbeat about this stock and telling everyone they were going to get rich. Now you are saying out value is next to nothing?
The way the mm's treat us we go up maybe a nickle. Then drop it back just as it hits $.99!
fishdog, the champagne is now frozen!
I just hope they don't take that pr on the road show! It is pathethic at best. Zero lack of regard for investors interest. The EEr and Addax pr's were 1000% better and more accurately depict what it is they have. To think of the possible pr opportunity that was wasted is not only mind numbing, it is also reprehensible. If this is the type of information we can expect in the future, we are in for a very long wait for the sp to accumulate to its rightful place. Seems we will have to rely on our partners to sell our story. At a time when we should have a professional PR Firm ready to fuel our fires, we discover our lack of preparation severly disabled. We ask so little of the company for our commitment as a shareholder. We just ask that the company stand forward and be proud of the accomplishments they have achieved and show the world we are a new oil company that has taken on the supermajors, coup attempts, dishonesty, world court trials, and trumped up legal espionage and beat them all! They have achieved unprecedented contracts that are astounding to say the least. To say they care about their shareholders is extremely inaccurate. We expect their best effort not only in contract negotiations but in promoting the company to the world in the most articulate and exciteful manner that can be mustered. We have not only put our personal funds at stake for their benefit, many of us have also persuaded friends and family as well to invest in what we have hoped will be a dream come true for all. The companies work is not done. I will wait a while longer to see if they will respond as we require. If not I will be asking each of you to join me in a call for a shareholder meeting to demand we be seen and heard. We do have a voice collectively. I applaude the contract efforts made thus far. Hopefully they will get some much needed rest and then start actively promoting the company in a serious and professional manner.
I checked with my broker at Scottrade on trading on AIM exchange and he said as long as they have an ADR equivalent then it would not be a problem. If it moves there without an ADR then they could not carry it and would notify me to either sell the stock or move to another broker.
Now that I can definately do! Thanks for the mental images!
Why because you reported him? Are you the school yard bully that likes to get other people in trouble so you can laugh at them?
Cardinal, go away and play by yourself. Meridian does not have to state who he is any more than you or I. You are obvioulsy fishing for anyway to get him to divulge his identity so you can report him to SEC. Go away!
When are you baby investors going to stop harping on the R/S? Meridian only said it was his opinion as a possibility. He did not state it as fact yet you beat it to death! Move on to something else before you get an ulser over it! I am sick of hearing about it. If you are so afraid about it, then see all your EHRE stock and move to another stock! Leave us alone in peace!
Bulldog buddy, if I had the ability to ban you I would! Are you a freaking idiot? Meridian was being helpful to us and you send a stupid letter like that to Brandhuber? That could be conscruded as insider trading and get meridian in a lot of trouble! Way to go! Sell your shares and stay away from us you idiot!
here you go art:
Addax Petroleum acquires interests in highly prospective JDZ Exploration Blocks
by: OilOnline
Wednesday, March 15, 2006
Addax Petroleum Corporation has together with its co-venturers signed a Production Sharing Contract with the Nigeria/Sao Tome Joint Development Authority relating to Block 4 of the Nigeria/Sao Tome Joint Development Zone and is now entitled to a 33.3 per cent participating interest pursuant to a Participation Agreement with ERHC Energy Incorporated relating to Block 4. Addax Petroleum will be the operator of this Block. Addax Petroleum has also signed today a further PSC with the JDA relating to Block 3 of the JDZ and is now entitled to a 15% participating interest under the Joint Operating Agreement relating to this Block where a subsidiary of Anadarko Petroleum Corporation is the operator.
I think the new company name should be "Ralley Monkey Oil".
"We're Still Waiting Oil"
"Moving Target Oil Co.
Just get er done Energy
how about" mini addax"
meridian, did they initial the psc's yet?
I tried a sample buy through Fidelity for an adr stock and it cost me almost as much as the stock was worth. Then when I moved it to scottrade they would not take it and so had to sell it through fidelity and they had a hard time selling it and so I ended up losing more money than what I paid for the stock! Most brokers will not take adr's and if they do they charge an extraordinarly high price. ETrade supposedly does adr's but I have heard they only do it sometimes.
FYI!.
Meridian, what have you heard as far as the estimated bbls of oil in the JDZ?
We had also heard some companies are ready to start drilling as soon as the psc's are signed. Who are they?
Thanks,
S2R
stockstupid, join the crowd. happens to all of us! And to think it was only me! LOL
Julias, here is some information that may help you from Bulmar:
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By: bullwriter
27 Feb 2006, 06:53 PM EST
Msg. 85177 of 85290
Jump to msg. #
*******ERHE VERIFIABLE DD v2.27.06*********
ERHC Energy - Ticker ERHE
Brief summary of info from Government documents (SEC and SEDAR) and News Outlets, links below .
Note: JDZ=Nigeria and Sao Tome Joint Development Zone....STPEEZ=Sao Tome & Principe Exclusive Economic Zone.
Pre-2005: ERHC was granted preferential rights to 10 offshore blocks, (6 in the JDZ in 4 in the STPEEZ), after paying $5 million to STP and paying for the initial seismic studies at at time when no major oil companies offered assistance. ERHC also helped setup the Joint Developement Zone, thru the UN, to make it a shared zone between Nigeria and STP. The 10 blocks are estimated to contain well over 10 Billion bbls of light sweet crude oil.
In May 2005 ERHC was awarded rights to participate in the exploration and development of 5 "blocks" in the JDZ. In the months since the awards ERHC and its partners along with the governments of Nigeria and Sao Tome Principe have been negotiating the contracts that detail how costs and revenues will be split.
In December 2005, Addax Petroleum and ERHC entered into a participation agreement in Block 4. ERHC's own rights were 25% plus 35% shared. ERHC ended up with 25% + 2% =27% and Addax got 33% of the 35% for $16 million cash and full carry.
On Feb 6-7, 2006, the Joint Development Authority (JDA) met and discussed the signing of Production Sharing Contracts (PSC) which must be signed before drilling can begin. After the meeting, Nigeria's Minister of State for Petroleum, Edmund Daukoru, said the JDA would sign production sharing contracts on all blocks awarded last May at the end of this month (Feb 28th), with the possible exception of block 2.
On Feb 17, 2006, Upstream Online reported that Chevron made an intersting find in non-ERHC Block 1 that straddles ERHC's block 2 and that Chevron now wants into block 2. ERHC has 30% of block 2 plus 35% shared. Based on the block 4 deal with Addax, ERHC could end up with 32% of all block 2 oil leaving 33% for the partner in exchange for cash and carry.
Ongoing: In blocks 3, 5 and 6 ERHC is negotiating with Addax and Sinopec among others.
Ongoing: The STPEEZ license round is planned for late 2006 where ERHE has interest in 4 blocks with 100% rights to 2 of those 4.
*************************************************************
SWAG Near Term Fair Share Price: $6+ per share.
The Chinese just paid $4.60 bbl in the nearby Akpo field for proven plus probable reserves. Rumor is that Chevron's Block 1 find is an "elephant" with more than 1B bbls+ in ERHC contolled Block 2. 65% of 1B is .65B bbls x $4.60 = $4.21 per share. A deal similar to Addax would leave ERHC with 32% and partner 33% of block 2. That suggests a partner, like Sinopec or Chevron, should be willing to pay around $2.10 per share in cash n carry for half of the 65% stake in block 2.
The remainder of ERHC's blocks are unproven. Assuming an additional 1B bbls each in blocks 2, 3 and 4, and, 250 mil bbls each in blocks 5 and 6 then ERHC has another 3.5B bbls in unproven which will be valued at less than $4.60 per bbl. Using $2 per bbl for ERHC's unproven interests in the JDZ and you get another $2.43 in share price. So a current share price for ERHC would be $4.21 + $2.43 = $6.64. If all the unproven became probable and valued at $4.60 then the share price would be over $10. If all reserves are proven, valued at $9 per bbl, then the share price would be around $20. If you add in STPEEZ reserves, (assuming 2B bbls to ERHC), plus natural gas then it's possible that several years down the road ERHC could have a share price over $40.
Bottom Line: If no other oil is found anywhere in the JDZ, 1 Billion bbl's of probable in Block 2 is worth $4.21/share.
If no other oil is found anywhere in the JDZ, 1 Billion bbl's of proven oil in Block 2 is worth $8.23/share.
************************************************************
JDZ Awards
SEC doc with the details of ERHC's JDZ awards:
Block2 30%, Block3 20%, Block4 25%, Block 5 15%, Block 6 15%.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001144204-05-041512&Type=HTML
Page F-14
Nigeria/Sao Tome government website detailing all awards and partnerships:
(Addax replaces Noble and Sinopec replaces Pioneer. It is reported that these 3 will partner in all of ERHC's blocks.
Block 2 ERHC/Partners 35% from joint bid + ERHC original 30% = 65%.
Block 3 ERHC/Partners 5% from joint bid + ERHC original 20% = 25%.
Block 4 ERHC/Partners 35% from joint bid + ERHC original 25% = 60%.
Block 5 ERHC original 15%.
Block 6 SNP/Partners 85%, ERHC original 15%.
http://www.nigeriasaotomejda.com/
ERHC also has rights in JDZ block 9.
Block 9 ERHC 20% signature bonus free. (To be awarded in a future JDZ licensing round.)
---------------------------------------------------------------------------------
STPEEZ Awards
Sao Tome and Principe plan to auction several blocks in their Exclusive Economic Zone, (EEZ), later in 2006. The "STPEEZ" geology is thought to be similar to the JDZ and hold billions of bbls of light sweet crude. ERHC retained under the 2001 Agreement the following rights to participate in exploration and production activities in the EEZ subject to certain restrictions:
2 blocks of ERHC choosing, 100% interest in each block.
2 blocks of ERHC choosing, 15% interest in each block.
http://yahoo.brand.edgar-online.com/fetchFilingFrameset.aspx?dcn=0001144204-05-041512&Type=HTML
Page F-13
----------------------------------------------------------------------------------
Addax says they will pay ERHC $18 million cash plus full carry.
Addax IPO Prospectus located on Canadian Government SEDAR website.
http://sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00023043
Jan 16 2006 Amendment to (or amended) preliminary long form prospectus - English p. 61.
---------------------------------------------------------------------------------------
Funding for Operations
If the Company is successful in negotiating production sharing contracts in Blocks 2, 3 and 4, the Company expects to receive funding from its partners that will support its operations.
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001144204%2D06%2D004788%2Etxt&FilePath...
(p. 13)
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11 billion bbl's of crude in ERHC's blocks
Houston Chronicle article stating 11 Billion bbls of Crude
http://www.chron.com/CDA/archives/archive.mpl?id=2005_3876227
--------------------------------------------------------------------------------------------
Reuters article regarding Sinopec and signing of PSC's
http://yahoo.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?storyID=urn:newsml:reuters.com:20060207...
UPDATE 2-Pioneer withdraws from Nigeria/Sao Tome oil zone
Tue Feb 7, 2006 6:25 PM ET
NEW YORK/ABUJA, Feb 7 (Reuters) - Pioneer Natural Resources Co. (PXD.N: Quote, Profile, Research) is exiting two exploration blocks in Africa's Gulf of Guinea after failing to agree to terms with its local partner, the U.S. oil independent said on Tuesday.
Pioneer's withdrawal from partnership with ERHC (ERHE.OB: Quote, Profile, Research) was the latest blow to an oil exploration licensing round conducted last May by the Joint Development Authority of Nigeria and Sao Tome, which has yet to see any contracts signed.
"It had to do with an inability to negotiate an acceptable agreement with our partner," said a Pioneer spokeswoman.
ERHC President and CEO Walter Brandhuber said Pioneer was "unable to meet the timeline set for executing the various agreements" with the Joint Development Authority (JDA).
Brandhuber, who is in Nigeria, told Reuters ERHC had a new partner lined up for block 2, in which it and Pioneer had a 65 percent stake and were the operators. He said he could not yet identify that partner.
An industry source familiar with the Joint Development Authority said China's Sinopec Corp. (0386.HK: Quote, Profile, Research) (SNP.N: Quote, Profile, Research) was aiming to replace Pioneer but this had not yet been approved.
Nigeria's Minister of State for Petroleum Edmund Daukoru declined to comment on Sinopec, but told Reuters he expected an "equally credible" partner to replace Pioneer.
The licensing round was repeatedly delayed before the blocks were finally awarded. Negotiation of the contracts has also been delayed, with companies pulling out, allegations of bribery and wrangling between partners bogging it down.
The Gulf of Guinea, where the joint development zone is located, is a prime exploration hotspot but political tensions in Sao Tome and Principe have risen as the tiny twin island nation prepares to enter the world of big oil.
CONTRACTS TO BE SIGNED
Daukoru, speaking just after a meeting with his counterpart from Sao Tome and other ministers, said the JDA would sign production sharing contracts on all blocks awarded last May at the end of this month, with the possible exception of block 2.
He said it would be "a little tricky" to meet the timeline for that block in light of Pioneer's withdrawal, but he was confident ERHC and a new partner would sign a contract soon.
Pioneer is the second company to pull out of a partnership with ERHC in block 2. Devon (DEV.N: Quote, Profile, Research) ducked out last year. In block 4, ERHC also lost its initial partner when Noble Energy withdrew and was replaced by Swiss-based Addax Petroleum.
ERHC, listed in the United States but controlled by private Nigerian firm Chrome, has sparked controversy in Nigeria and Sao Tome since it emerged as the big winner of the licensing round despite having little exploration experience.
It was the only company to gain stakes in all five blocks awarded last May. It was named operator, along with other companies, in two of the blocks.
The authority says ERHC had been granted preferential rights on stakes in the blocks in return for exploration investment in Sao Tome in the 1990s, before the joint development zone was set up. Details of those investments have not been made public.
Late last year, the Sao Tome attorney-general said there were indications that ERHC made improper payments to Sao Tome officials. The company has denied any wrongdoing.
Daukoru said the Sao Tome ministers had disowned the attorney-general's report during Tuesday's meeting.
"It's internal politics. We are preparing a detailed response (to the report) which will be in the public domain. Our first inclination was to ignore it completely but we don't want our silence to be interpreted the wrong way," he said.
© Reuters 2006. All Rights Reserved.
--------------------------------------------------------------------------
China pays $2.3 Billion for 45% of Akpo Field near JDZ
http://www.rigzone.com/news/article.asp?a_id=28369
Akpo's P50 liquid recoverable volumes have been estimated by Total, the operator of OML 130, to be approximately 600 mmbbls, with potential for additional P50 recoverable oil in excess of 500 mmbbls for the whole OML130 area. Akpo is expected to come on-stream by end 2008 and reach peak production shortly after that. Total production is expected to increase sharply when Egina, Egina South and Preowei will come on-line. At a price of approximately US $4.6/boe (multiple calculated based on the P50 recoverable volumes of Akpo and other additional volumes in the OML 130 area), the acquisition is on highly attractive terms also when compared to other recent world-scale upstream transactions.
---------------------------------------------------------------------------
Upstream News
Chevron success in JDZ By Barry Morgan
Strong indications emerged that US supermajor Chevron encountered a substantial oil-bearing structure during its current probe in the Joint Development Zone managed by Nigeria and Sao Tome and Principe.
Chevron has a 51% stake in JDZ block-1, ExxonMobil 40% and indigenous Dangote-EER/Afren tie-up 9%.
As Transocean drillship Deepwater Discovery prepared this week to punch wildcat Obo-1 down to TD in JDZ block-1, reports began trickling out of a far bigger-than-expected target in the upper horizons.
There is speculation that the structure straddles adjoining block-2.
Chevron has renewed interest in block-2 where Chinese giant Sinopec is hoping to clinch operatorship in partnership with Houston-based preferential rights holder ERHC Energy. Senior executives from Chevron and ERHC met Thursday night in Nigeria, primarily to deliberate on the way forward.
Neither Chevron nor Sinopec bid in the second licensing round under which blocks 2 through 6 were provisionally allocated, but both are now understood to be eyeing ERHC equity in the wake of rising oil prices and the lure of fresh reserves.
Sinopec only has a memorandum of understanding with partner ERHC on block-2, which the Joint Ministerial Council, the bilateral body overseeing the JDZ Authority - has yet to approve.
The equity markets remain ever-watchful of nascent moves by upstream players to acquire the minnow outright since that could spark a bidding war before the long-awaited production sharing contracts (PSCs) are due for signature.
ERHC chief executive Walter Brandhuber this week confirmed that both PSCs and attendant joint operating agreements were on course for signature by end-February.
17 February 2006 17:34 GMT | last updated: 17 February 2006 17:34 GMT
---------------------------------------------------------------------------------------
ERHC Energy Inc. Advised of New Signing Date for PSC in Block 4
Monday February 27, 11:01 am ET
HOUSTON--(BUSINESS WIRE)--Feb. 27, 2006--President/CEO of ERHC Energy Inc. (OTCBB:ERHE - News), Mr. Walter Brandhuber, stated today the Production Sharing Contract for Block 4 was not signed on Friday, February 24, 2006, due to minor political issues.
Management at ERHC Energy Inc. has been advised by government officials to anticipate signing the PSC on Block 4 on Tuesday, March 14, 2006.
Mr. Brandhuber also indicated all parties to the PSC are prepared to execute the PSC on that date.
http://biz.yahoo.com/bw/060227/20060227005700.html?.v=1
*********************************************************************************************************
(Voluntary Disclosure: Position- Long)
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Cobra, after looking at all the posts and reviewing the afren site map, it may very well be possible that the pool extends from A,A1,&A2 all the way across to the suspected pool in block2 and down to the two suspected pools in blocks 4&5! This would make sense if indead the majority of the pool overlapping block 1 & 2 are correct. The proximity of the pools in blocks 4/5 are so close that they could actually be part of a giant pool! Take a look and see.
http://i50.photobucket.com/albums/f346/CobraJet1/B1-FIELDS.jpg
Kobi, that is just one field in block 2 that noone knew about! There are other prospects in block two that could be same size or bigger!
Joe obviously has an agenda with his blog. He admitted he would sell on Friday and probably did as he said he would post on his blog, which he didn't do. I think he was embarrased that he sold and got caught short. Now he is trying to doom and gloom so he can get the price back down where he sold and buy back in. He should not be allowed to trade this stock and write a blog. But that is the power of the internet. The sad thing is some people trade off his garbage and will lose out. The best thing to do on this stock is buy as much as you can and hold it for as long as you can. Do not try to day trade this as it can make you crazy. I have gritted my teeth and wrung my hands while holding this stock but when the bell is rung I still have my shares and will be rewarded when the gusher hits (which all indications has happened but not confirmed yet).
seen-the-light, this company has weathered many storms two of which were lawsuits taken to world court twice and they survived them all. The last CEO did a good job on the bidding process. But as you probably read there was accusations of impropriety (which was never proven and subsequently thrown out this last week by the JDA) and offer does not want any black marks over his company. Thus Memon was replaced (and well taken care of with his 3 million shares), and a new bulldog CEO was hired with a backgound in Law and merger and acquisitions. Supermajors and majors have tried to take ERHE's rights away and lost. Now they are coming to us to make a deal. The rights they have are unheard of in the oil industry. Most companies are happy with getting as little as 4% in one block and we have from 15% to 100% in 11 blocks! The oil is there,everyone knows it, and now the big dance is starting and the suitors are in line to pony up billions of dollars to get a chance to dance with us!
Heres a thought: US is being pretty much shut out of the jdz except in block1. Maybe Chevron is entering the picture out of pressure from US to get some oil locked in before the chinese get it. Think maybe they are willing to do whatever it takes to bring home the oil?
pinecat, I smell a momo play yesterday. Anyone see anything from momo sources? Only thing I saw was from EnergyTrend (or something like that)recommending ERHE stock.
Feb. 28th 2006 9am
BB is probably holding out for that 10,000,000 post! LOL
I think the Block 1 depth includes the water depth. The well depth is over two miles and I don't think they are drilling that deep. They will not say what the target depth is. It will come out in the press release when they announce the spud or dud.