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This is my take. The same as Kobi's from RB. I must admit though that this press release is much too vague. They should have been more clear regarding XOM and they should have given an actual JMC Meeting date. The release was dated April 14th so hopefully they have an actual date set. ANyway here is Kobi's comments:
Following the requisite correspondence and meetings between the
ExxonMobil and the JDA, ExxonMobil has, in line with the settlement
agreement responded on the exercise of its preferential rights.
(Pretty simple, XOM told the JDA were not exercising this rd.)
Under the
settlement agreement, ExxonMobil can exercise its preferential rights in
any two blocks whenever acreage awards are made.
(Pretty simple, the JDA is just disclosing to the public the nature of their deal with XOM, which is XOM can exercise in any two blocks when awards are made. This time XOM has chosen not to exercise, but when awards are granted in rds 3,4,5,6,7,8,9,10, anytime awards are made if XOM has not yet exercised their options they will be able to at that time, but only when awards are made, they cannot exercise in between rds when no awards are to be made.)
Seismic data on the JDZ and EEZ. (message from RB Rancho)
(From our competitors in the zone.)
Seismic data for the region indicates widespread prospectivity in the waters of São Tomé and Príncipe. In addition, the close proximity of São Tomé and Príncipe’s offshore waters to the proven hydrocarbon systems in the adjacent countries of Nigeria, Cameroon, Equatorial Guinea and Gabon also suggests the potential for hydrocarbons. Recent discoveries in the region include the Akpo field (Nigeria) with estimated reserves of 1 billion barrels, the Agbami field (Nigeria) with estimated reserves of 710 million barrels, and the Zafiro field (Equatorial Guinea) with estimated reserves of 1 billion barrels.
Operations
Through its wholly owned subsidiary, Aqua Exploration Limited (Aqua), Equator has the right to enter into production sharing contracts (PSCs) with the Government of São Tomé and Príncipe on two concession blocks of its choice in the EEZ. In addition, Aqua has the option to participate with the Government, up to a maximum of 15 percent, in any Government participating interest options in the EEZ. Furthermore, Equator has interests in seismic data acquired in the JDZ and EEZ.
Equator has reviewed existing seismic data for the region and has now finalised the interpretation of 8,000 km of 2D seismic acquired in the EEZ. The interpretation shows widespread prospectivity and hydrocarbon potential similar to deepwater blocks in Nigeria and Equatorial Guinea. Four play types have been identified with the presence of a number of leads and prospects.
Equator plans to select two option blocks and commence negotiations on PSCs with the Government for each block by the end of the year. Once the PSCs are finalised, Equator then intends to undertake a 2D and 3D seismic programme on each block prior to farm-out and drilling of the two blocks.
In addition, Equator will continue to acquire, market and sell 2D and 3D seismic data.
Equator is also aggressively pursuing other opportunities in the region and negotiations are at an advanced stage on several acquisition opportunities.
Rookytrader did that come off as an excuse? If it did I apologize. The main reason the stock went down was uncertainty over an awards date. And too long a period between the April 9th Exxon deadline and a JMC Meeting being scheduled. Too many previous delays have also added a fear factor to this stock.
ERHE is a very simple story. If they get awards the stock will go up. If they dont the stock will go down. All the rest is noise IMHO.
All I was trying to say in my previous post was yesterday's general stock market action exacerbated the situation. Im not into MM conspiracy theories.
A few other points. The MM took out all the stop loss orders which in itself triggers a decline and panic selling which triggers lower stop losses.
That is why I never use them in stock under $5 that are volatile. Because at some point the MM's almost always trigger them to pick up cheap shares. They do that with all small cap stocks. So you usually end up losing your shares. Just keep a closer eye on the stocks.
In addition Im sure some people had other stocks that got pummeled today and probably got caught in a margin call. So they sold off some of their stocks (including ERHE) to cover their margins in other stocks that were dropping.
We had our own triple witching hour today.
1) No PR regarding a firm JMC Meeting Date and thus uncertainty.
2) Continued drop in oil prices.
3) General crash in stock market.
It was the perfect time to bring the price down and maybe the last time (lets hope so anyways.) A perfect combination of ERHE and non ERHE related events (almost a perfect negative storm.)
Once the JDA puts out a PR stating the next JMC Meeting date then manipulators will no longer be able to bring the price down.
I hope the 25th and 26th are the actual dates. I would not want the meeting to occur next week. Not with the stock market crashing like it is. Let the general stock market fall further next week and then begin to correct later in the week.
And then by the time the awards are announced the market is back on the upswing.
dis·in·gen·u·ous ( P ) Pronunciation Key (dsn-jny-s)
adj.
1. Not straightforward or candid; insincere or calculating: “an ambitious, disingenuous, philistine, and hypocritical operator, who... exemplified... the most disagreeable traits of his time” (David Cannadine).
2. Pretending to be unaware or unsophisticated; faux-naïf.
3. Usage Problem. Unaware or uninformed; naive.
Oil won't derail global growth, U.S. official says
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) -- Global economic growth is so strong that higher oil prices won't derail the expansion, U.S. Treasury Undersecretary John Taylor said Thursday ahead of weekend meetings of the Group of Seven, International Monetary Fund and World Bank.
"We've got a good thing going," Taylor said of global growth.
"We think there's so much strength in the global expansion that [high oil prices] will not derail it," he said.
As for the United States, "this is an expansion which is very solid," he said, dismissing skeptics who see the U.S. economy beginning to slow.
On Wednesday, the IMF said in its annual world economic outlook report that the United States and other developed countries need to do more to rebalance global growth. In particular, the U.S. needs to take strong steps to balance its budget and increase national savings, the IMF said. See full story.
Taylor said the Bush administration's plans to cut the deficit in half were credible and based on conservative forecasts.
At the weekend meetings, Taylor promised "you'll see financial diplomacy at its best."
Taylor predicted movement, but no final agreements, on several issues, including a somewhat contentious debate about the terms of canceling much of the debt owed by the developing world.
Taylor said it's likely the G8 heads of state will make a final decision on the debt issue at their meeting in July in Scotland.
Top Chinese officials will not be attending the G7 meetings this weekend as guests as they did the last two gatherings, but that won't keep currency issues off the table in the context of the large U.S. current account deficit.
Taylor kept the pressure on the Chinese, arguing that China's economic and financial system is now technically ready for flexible rates.
He said the "growth deficit" in some G7 nations, notably Germany and Japan, will also be discussed at Saturday's G7 meeting. The United States has argued that structural reforms, not just good fiscal and monetary policies, are necessary ingredients for faster growth.
Earlier Thursday, outgoing World Bank President James Wolfensohn counseled critics to give his successor, Paul Wolfowitz, six months to prove himself. See full story.
http://www.marketwatch.com/news/story.asp?guid=%7B72523177%2D1B6A%2D4F31%2DAD08% 2DE852870D20D6%7D&siteid=mktw&dist=
By: Eve
14 Apr 2005, 05:04 PM EDT
Msg. 23644 of 23653
(This msg. is a reply to 23632 by highlife40.)
Jump to msg. #
i would disagree with you. the stock will move once the percentages have been determined (after awards). After knowing those numbers and the dilution factor the market can determine a reasonable market cap with 709+- O/S.
500M probable at $1-3/barrel on 709M equals $.705-2.11
(so the market has a value of about 500M unproven at $1)
1.0B probable at $1-3/barrel on 709M equals $1.41-4.23
1.5B probable at $1-3/barrel on 709M equals $2.11-$6.34
2.0B probable at $1-3/barrel on 709M equals $2.82-8.46
Another good post from Justin from RB.
"The way I see the JV and why these great mid-tiers joined the minnow is pretty basic. They only have to pay 20% - 30% of the block to gain the block operatorship. On their own, they would have had to pay at least the 50%. This way, ERHC gets to be the JV operator without giving or paying for anything. The political connections of ERHE are bonus enough for the mid-tiers. Pretty sweet deal all around."
Here was an interesting post from the blog. I think it provides some nice insight.
"I am not insinuating that Exxon wanted 7/8/9 over 2/4. I am saying that given the situation, that is what they were left with. They may decide NOT to exercise their rights in any blocks, and I think that decision will depend in part upon the the additional geological and geographical data available to them at the time, as well as who the players are in those blocks.
If the new seismic reveals good prospects, perhaps they will decide to actually bid in round 3. However, I read a very good article long ago, stating that the supers are rarely the first to do prospecting in new areas such as the JDZ. They prefer to let smaller players get a "lay of the land", then farm-in or buyout the proven fields. I don't know the logic behind this, but it struck me as very important to our current situation.
Exxon's rights are nothing more than an option to participate. They're not free and don't entitle the company to anything more than what they could have secured via bid - in fact, less, because by bidding they had a chance to increase their percentages and perhaps decrease the sig bonus (big guys pay less). I have a hard time understanding why Exxon accepted these rights in the first place, as I would much rather have a larger percentage in less blocks, thereby gaining some control. Perhaps at the time these were negotiated for, their position of power led them to make some false assumptions...
Being a jr. partner means Exxon cannot control the activity nor the costs, and we've seen overruns in the billions with Bonga - so this is very significant. As operator, Exxon knows what they costs will be and can make decisions accordingly. As jr. partner, they cannot. Again, if the deal does not fit their mold, they will pass, which they have. I think giving up their rights in these prime blocks is like losing another battle in the GOG war. They're not surrendering but I think they just lost a significant stronghold. And, ERHC just got a lot stronger..."
By Anonymous, at 3:04 PM
From the 10-k:
"Interpretation carried out by WesternGeco has enabled the identification of 56 prospective structures within Blocks 1 to 9 in the JDZ, of which 17 were defined as prospects and 39 as leads. WesternGeco used reservoir parameters similar to those known from nearby fields in Nigeria and Equatorial Guinea. Combined recoverable reserves potential of the 17 prospects was estimated by WesternGeco to be 14.4 billion barrels of oil. The scope of the WesternGeco report was to interpret and map seismic data, highlight prospectivity and calculate volumetrics."
Record signature bonuses were offered in the bidding for the blocks in the Joint Development Zone.
In addition ERHE has significant rights in the Sao Tome EEZ which is a zone that is seperate from the Joint Development Zone.
dis·in·gen·u·ous ( P ) Pronunciation Key (dsn-jny-s)
adj.
1. Not straightforward or candid; insincere or calculating: “an ambitious, disingenuous, philistine, and hypocritical operator, who... exemplified... the most disagreeable traits of his time” (David Cannadine).
2. Pretending to be unaware or unsophisticated; faux-naïf.
3. Usage Problem. Unaware or uninformed; naive.
Nice post dadd you are correct. Most of us knew that already but on behalf of the "few" who didnt, thanks.
One last time though.
What is your purpose here?
Why do you spend all of your time posting about ERHE?
Do you think ERHE will win percentages in any blocks?
Straight from the JDA website. The JDA Guidelines for Investors in the 2004 JDZ Licensing Round (Page 10).
http://www.nigeriasaotomejda.com/PDFs/Updated%20Guidelines%202004.pdf
7.2 Existing Rights
The companies that bid in the last round shall receive application fee waivers for the same blocks.
Please note that the JDA has validated the rights exercised by ERHC as follows:
Block 2 30%
Block 3 20%
Block 4 25%
Block 5 15%
Block 6 15%
(Mongo you can play around with words all you want. This statement by the JDA is good enough for me.)
By the way, you never answered my two questions:
1) Do you think ERHE will be awarded any percentages in any blocks?
2) What is your purpose here?
Have a nice day!
ERHC Energy Choices of Working Interest Percentage in the JDZ:
Block 2 30%
Block 3 20%
Block 4 25%
Block 5 15%
Block 6 15%
Block 9 20%
(This does not include additional percentages bid on blocks 2, 3, and 4. So these percentages could be even greater and could include operatorships.)
ERHC Energy Choices of Working Interest in Sao Tome EEZ:
100% Block (4th overall selection)
100% Block (5th overall selection)
15% Block
15% Block
By the way the majority of these blocks are signature bonus free. So in sum, ERHE has significant rights in the Joint Development Zone between Nigeria and Sao Tome in the Gulf of Guinea. And in the Sao Tome EEZ which is off the coast of Sao Tome in the Gulf of Guinea.
And Western Geco estimates 14.4 billion barrels of recoverable oil in just the nine blocks alone in the JDZ. The Sao Tome EEZ is apparently just as prolific.
Unfortunately Exxon is still dominating the headlines with regards to the JDZ. Their attempt at damage control is nothing short of comical. They are trying to make it sound as if they werent interested in the blocks in the first place.
Too bad the reporting of this event has been so shoddy. Exxon officials should have been asked some follow up questions. Such as, why did you make a last ditch attempt to secure operatorships if you weren't interested in the blocks in the first place? Why did you send high ranking officials to Abuja? etc etc.
Basically, Exxon gaffed and now they are trying to cover their tracks. Kind of like the high school guy who asks the beautiful girl to prom, gets rebuffed and says he really wasnt intersted in her anyway.
If the ERHE consortium wins then we will hear plenty of great PR's from the likes of Devon, Noble, and Pioneer extolling the virtues of blocks 2, 3, and 4 and the vast amounts of oil that these blocks potentially contain.
1) ERHC Energy Choices of Working Interest Percentage in the JDZ
Block 2 30%
Block 3 20%
Block 4 25%
Block 5 15%
Block 6 15%
Block 9 20%
(This does not include additional percentages bid on blocks 2, 3, and 4. So these percentages could be even greater and could include operatorships.)
2) ERHC Energy Choices of Working Interest in Sao Tome EEZ
100% Block (4th overall selection)
100% Block (5th overall selection)
15% Block
15% Block
By the way the majority of these blocks are signature bonus free. So in sum, ERHE has significant rights in the Joint Development Zone between Nigeria and Sao Tome in the Gulf of Guinea. And in the Sao Tome EEZ which is off the coast of Sao Tome in the Gulf of Guinea.
And Western Geco estimates 14.4 billion barrels of recoverable oil in just the nine blocks alone in the JDZ. The Sao Tome EEZ is apparently just as prolific.
Hope this was helpful Mongo.
No. Not yet.
"Oilman....sorry about EEL's recent chart action. A nice 25% or more gain for them in a matter of a couple of days. It almost appears that their seismic is showing some pretty impressive results."
Good point. I hope their EEZ sesimic is tremendous.
Balance you just broke my heart with EEL. I had it on my watch list a few weeks ago and it was around $80. I kind of forgot about it and now its over $100. Very nice move. I hope they move things along quickly in the Sao Tome EEZ. I am sure they will.
Then ERHE can move on their 4th and 5th selections. I wonder what companies they have in mind in terms of partners in those blocks?
My guess is the same partners they have in the JDZ. Noble, Pioneer and maybe Devon. And hopefully they will give up some percentages in the EEZ so that these partner can carry them to first oil in the JDZ and minimize their costs.
You better call the IR at Pioneer, Noble, and Devon. Im sure their upper level management and teams of lawyers were not aware of that.
By: redinvest
08 Apr 2005, 09:35 PM EDT
Msg. 21448 of 21508
Jump to msg. #
What ?? We don't get the privledge to see Exxon whine, moan, grandstand, withhold necessary payments, delay or bring forth frivolous lawsuits in matters regarding blocks we are both involved in ?? We miss out on all that ??
AND, it only costs us about 15 days ??
I WOULD HAVE PAID 150 DAYS easy
......what's going to happen to Xom's 2-25%ers ?? Might we get a piece of that in what some ( including, but not limited to, the ex-head of OPEC ) declare to be the most prolific hydrocarbon fields to be discovered in decades ??
Oh yeah !!
The die are cast.
RED
By: redinvest
08 Apr 2005, 09:50 PM EDT
Msg. 21452 of 21508
Jump to msg. #
When I proferred my opinion that some should have loaded up 2 years ago, the clueless exclaimed in multiple bashes about how reckless it was to recommend such a risky company. They had a blast romancing the OS count and the ongoing concerns.
They didn't know I did my homework.
Now they hang their hat on the delays. They are a little desperate, no ??
After we get validation on the Prefs and the AWARDS on the partnerships, then they will be bashing about about the lack of provens. Course by that time, the PPS will be in the several dollar ranges.
Once the oil is proven, I'm sure they will be bashing our lack of downstream activity... b/c , BY THAT TIME ( and no TIMELINE proferred ) the PPS is in the double digits.
You get the picture.
JMO
Don't invest on my opinion.
Don't sell on the bashers' Machivallean subterfuge.
Forgive my spelling, lol
RED
Sorry this is my last post of the day. This RB'er sums it up perfectly IMO.
By: Wx_Gssr
08 Apr 2005, 09:29 AM EDT
Msg. 20907 of 20908
(This msg. is a reply to 20887 by ferab.)
Jump to msg. #
They were not looking to "pass" all along. They were looking to grab a guaranteed operatorship while not having made a bid, via a deal with Anadarko. JDA would not guarantee them anything(an operatorship), so they bailed. It was a business move on XOM part. They tried to make a play, couldn't, so they chose not to choose this round. ERHE and partners look like the benefactors of XOM's failed play.
**** DOW JONES NEWS JDZ ****
8 Apr 2005 12:58 GMT DJ ExxonMobil Turns Down More Sao Tomean Acreage - Source
LONDON (Dow Jones)--ExxonMobil Corp. (XOM) won't be exercising its preferential rights in the Sao Tomean-Nigerian Joint Development Zone, a person close to the negotiating process told Dow Jones Newswires Friday.
ExxonMobil held rights on any two blocks from those on offer in the current JDZ current licensing round, but has chosen not to exercise these, the person said. ExxonMobil had a deadline of April 9 to decide whether to take up its rights or not.
The decision by ExxonMobil should allow the Joint Development Authority to move forward in concluding the drawn-out licensing process for the JDZ, which has been ongoing since April 2003. The licensing round closed on Dec. 15, 2004, with 26 bids from 23 companies for the five JDZ oil and gas blocks on offer being received.
ExxonMobil has already taken a 40% interest in Block 1, which is considered to have the best prospects in the JDZ and was awarded by the JDA in 2004.
-By Norval Scott, Dow Jones Newswires; +44-20-7842-9344; norval.scott@dowjones.com
My last post of the day. Someone on RB just mentioned that he thought it was bad that XOM decided not to exercise. As if to imply that Exxon wasnt interested because the prospects for oil weren't good enough.
I couldn't disagree more. Exxon has been fighting tooth and nail to get an operatorship. The reason IMO that they didnt exercise their options is because they did not want to participate in a block unless they were the ones running the show.
If they didnt think this area was of high strategic importance they would have folded up their tents and went home a long time ago. They wouldnt have scheduled emergency meetings in Abuja and brought a large team of management heavyweights to try and negotiate their way back into an operatorship. They wouldnt have asked for more time and an extension of the deadline if they were not interested.
Things just didnt go according to their liking IMO so they decided not to participate. They could see the writing on the wall so they bailed. And that is fine with meThey are in Block 1 so they are Chevron's problem, not ours.
Of course this is all IMHO.
My take on the situation. If this is indeed true then I am very happy with the outcome. I know some here were of the opinion that it would be nice from a PR standpoint to be in the same block as Exxon but IMHO it would not be worth the hassle. Now we no longer have to worry about them muddying up the waters or delaying things. Plus from a JDZ perspective they are in Block 1 so that is good enough for me.
IMO Exxon dragged their feet during this whole awards process and they probably would have done the same in any block they were in with ERHE. Now, assuming ERHE actually wins block awards, ERHE can run the show.
My only complaint is why wait all of the way until April 22nd for the next JMC Meeting? I am sure it is because the JMC members have busy schedules and could not reconvene earlier. But IMO the conclusion of this round should be the top priority.
Nevertheless, its all good.
By: ruby1100
08 Apr 2005, 08:20 AM EDT
Msg. 20832 of 20835
Jump to msg. #
*****UPDATE BLACK TIE AFFAIR******
I emailed Dimka about XOM exercising their options. Here is his reply. Party on 22nd. Looks like ERHC sweeps In MY OPINION!!!!!!!!!!!
Dear Mark,
thanks for the mail.
At last XOM has communicated the JDA and I wish to report that they are not interested in exercising their options in any of the blocks.
The JMC will meet 22april,2005, i will confirm that to you next week.Meanwhile, enjoy your weekend.Thank you for your interst in the activities of the JDA.
Sam Dimka
Balance the brilliance of Emeka Offor in bringing in two outstanding companies such as Noble and Pioneer cannot be underestimated. They are both up and coming mid tiers that are very well respected within the industry. In fact for those who feel that ERHE is not their cup of tea then another play would be to invest in these two fine companies. I have not agred with everything Emeka offor has done (aka 73 million shares for .175). But for the most part he has been brilliant and worth every penny.
Dont forget Noble Energy. They are very well respected in the oil patch. Case in point.
Deutsche Bank sees opportunities in E&P
By Lisa Sanders, MarketWatch
Last Update: 1:16 PM ET April 1, 2005
DALLAS (MarketWatch) - Deutsche Bank launched coverage of the exploration and production sector Friday, saying that higher gas prices and the cash they generate for producers present opportunities for the group.
Deutsche Bank, which said it forecasts oil at $43 a barrel and $6 per thousand cubic feet for gas in 2005, noted that one benefit of high oil prices is they prompt industrial consumers to switch their fuel option to natural gas
"Fundamentally stronger natural gas and oil markets have unlocked the economics that play to many of the independents downhole skills," analyst Jay Saunders said in a report to clients.
Saunders sees further upside to the group's share prices, despite a 20% increase in value year-to-date.
He initiated coverage of 19 stocks with buy recommendations on 12. Range Resources Corp. (RRC: news, chart, profile) , Apache Corp. (APA: news, chart, profile) , and Noble Energy (NBL: news, chart, profile) are his top picks.
Saunders likes Range for its 5,260 drilling locations on 2.5 million gross acres, its 167% reserve replacement at $7 oil-equivalent barrels over the past three years, and its expected 2005 volume growth of 20 percent. It has a large position in Appalachia and leverage to "high-reward" plays in Mississippi and East Texas.
Apache is a favorite because of its approach to acquisitions - it only buys assets, not companies - its strong, clean balance sheet, and its underappreciated performance via the drill bit. Apache leads its peers in terms of return on investment at 165%.
Noble was able to replace 295% of reserves in 2004 at $5.19 per oil-equivalent barrel.
"Noble should benefit from diversification from the traditional shallow Gulf of Mexico shelf, addition of low-cost Rockies production and a growing presence of high-return international volumes in the production stream should improve addition costs and returns in the near futures," Saunders said.
"The reason that some of the so-called 'bashers' come off as negative is because of the unmitigated, unadulterated, biased posts that some of the longs put up."
Wrong again Mongo. The reason that some of the so-called bashers come off as negative is for multiple reasons.
1) They never answer the simple question "What is your purpose here?" or "do you own any shares?" or "are you shorting this stock" etc etc.
2) They tend to be non-believable. For example Why would someone post 24 hrs a day, 7 days a week on a stock that they dont own? Just to save other shareholders from themselves? I think not. That is absolutely not believable.
3) They never give a balanced account of a given stock. I have criticized ERHE plenty. Yet I have never heard you or any other basher praise them or say anything remotely balanced. (For example why not acknowledge that an independent well respected company, Western Geco, estimates 14.4 Billion Barrels in the 9 blocks in the JDZ and that at the very least ERHE could potentially own significant rights.)
4) Your tone is not a "helpful tone." For example, if you were really out to save us from ourselves your posts would read more like, "hey oilman, I would be careful with ERHE, I have another stock which could give you very good return, xyz stock." Instead the tone is not friendly or helpful. It is strictly bash, bash, bash. (As if you have your own agenda)
I could go on and on and on. But you get the point. Best of luck to you. Im sure you will make alot of money on ERHE when they are awarded those blocks.
Could it be possible that balance builder was correct with his assessment of the original Scott Sheffield comments? Balance maintained that he (Scott Sheffield) was referring to blocks in the JDZ. I and many others gave him grief for that belief. Maybe he was correct after all. Here was the original quote from Mr. Sheffield. If Balance is correct this would point to drilling in the 3rd or 4th qtr.
"SCOTT SHEFFIELD, CEO PXD: For the year, probably one well in Block H, 2 wells in...at least 2 wells in deep water Nigeria with one well starting in February. The other 2 wells won't be drilled until 3rd or 4th Qtr. Obviously, we're over there, we're going after 200m-750m barrel targets. 3-D seismic fairly good, in some cases DHI(?). We haven't...on two of our blocks we have signed up, uh, we haven't received gov't approval. Once we receive gov't approval we will press release those awards. Also, in blocks we bid on that's public knowledge, that's Blocks 2&3, with Devon in the JDZ between STP & deep water Nigeria, Block 1 was just awarded to Exxon and Chevron just recently, so, obviously we're hoping for positive news here over the next few weeks on that."
ATTENTION POSTERS!
1 - STAY ON TOPIC! This board is for and by ERHE shareholders (primarily "LONGS") or people who are seriously and genuinely interested in investing in this stock and sharing information - positive or negative - about it with honest disclosure of their goals and intentions. Bashers/pumpers or agenda-driven folks are NOT welcome here and their posts will be considered Off Topic. Also, newbies please be aware that historically ERHE has not been a daytrader-type stock.
(I would like the founding fathers of this board to adhere to this policy more strictly. I did not come to this board to listen to paid bashers, fresh from their latest meeting in the bolier room, try to twist and manipulate facts. If I wanted to read such nonsense I would go back to posting on RB. So please kick any paid bashers off of the board. Their lies and manipulation are not wanted here. Thank you for your consideration. Oilman57)
Once we get official confirmation of the JMC meeting date from multiple sources then it will be off to the races for ERHE.
Balance, I tend to be in your camp. I would take a 400% gain over a paltry 100% gain any day. I guess thats just me though.
How is this for a great looking chart! A major breakout is just about here. Here is the link.
http://stockcharts.com/gallery/?erhe
Here is my tribute to my personal hero Emeka Offor sung to the University of Michigan fight song.
Hail! to our conquering hero.
Hail! to our fighting valiant.
Hail! Hail! To Emeka Offor the leader and best.
Hail! to our conquering hero.
Hail! to our fighting valiant.
Hail! Hail! To Emeka Offor the champion of the West (Africa).
Well we are finally approaching the April 9 deadline. Just think, by this time next month ERHE will be the talk of the oil patch and will have won multiple awards IMO. (And I aint talkin about the Grammy's lol). Sit back and enjoy the next few weeks and beyond. Things are going to be very exciting. Congratulations are in order to longs who had the foresight and intellect to realize what a huge opportunity this really is.
Hail to Emeka Offor for a brilliant job of navigating ERHE to the point it is today.
China, India oil demand frightening
Reuters
Posted online: Tuesday, April 05, 2005 at 1400 hours IST
Dallas, April 5: Increased demand for oil in China and India is so large they have created a worrisome climate among the world's energy producers, the chief of Saudi Arabia's services company in the United States said on Monday.
"This is the big gorilla. The demand by China and India together, if they continue to grow, it is quite substantial and it is frightening," said Mazen I. Snobar, President and CEO of Aramco Services Co, which delivers Saudi oil to the United States.
All oil producing nations will have to chip in to meet the needs if demand in those two countries continues to rise, said Snobar, adding, "Let's hope they don't sustain this growth."
Snobar, who is based in Houston, gave his assessment of the Asia oil demands during an energy forum attended by 200 leaders from the petroleum industry, government and academia at Southern Methodist University.
Of the United States, he said the country "cannot realistically expect to be energy independent. The forces that drive our industry are directly linked to the health of the economy here and worldwide, and we must have the stability to keep things in balance," he said.
US oil prices vaulted to a new record Monday over $58 a barrel, extending a sustained rally that some analysts say could eventually push it past the $100 mark if global demand outpaces new production.
It is extremely difficult for Saudi Aramco to build additional refineries in the United States to process crude oil, so the company is searching for opportunities to expand on its existing three refineries, he said.
It was recently announced the company would build an export refinery on the West Coast and invite US companies to partner with it, he noted.
H.E. Sheikh Ali Bin Jassim al-Thani, first secretary, director of the Congressional Affairs Section of the Embassy of the State of Qatar, told the forum that Qatar will become one of the most reliable and competitive sources of liquified natural gas in the world by 2010.
The share of Qatar LNG in the world will be around 30 percent and Qatar will be the No. 1 exporter of LNG, he said.
The world's demand for energy is doubling every 10 years and is expected to reach 230 million tons in 2010. By that time, Qatar will be exporting 77 million tons annually, with one-third going each to the United States, Europe and Asia.
"Natural gas prices in the US are projected to be $3.64 per million Btu in 2010. The United States market will import 52 million tons per year of energy and 23.4 million tons per year will come from Qatar," al-Thani said.