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Can you say off topic?
Link please to ERHE owned property in Namibia. Thanks.
No block ERHC is involved in, that’s for sure
Please take these off topic posts to the appropriate board. Thanks.
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A true POS day, indeed. But will $0.00025 be low enough.
https://www.sec.gov/Archives/edgar/data/841533/000119983523000057/form1a.htm
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PN is scheduled to not speak about ERHC Energy again tomorrow, for anyone interested.
AfricaEnergyFutures Webcast| Thursday, 19th January 2023| 10am
This edition spotlights "Financing Fossil Energy and Energy Infrastructure through the accelerated deployment of decarbonization technologies".
The WebCast enables engagement on the critical issue of energy poverty in Africa and the global energy transition in a manner that generates solutions, promotes investments in the African oil and gas business value chain against the backdrop of the dynamics of the global energy market, especially the changing US policy environment.
Africa is faced with critical issues of financing, technology and local content development as well as human capital development in a global industry even as the International Oil Companies divest, and global financial institutions are not keen on investing. The Webcast is informed by continuing advocacy for a just energy transition premised on the notion that there is energy poverty in Africa and achieving net-zero in petroleum production operations is the practical pathway for emerging African energy economies who speak about an energy mix and believe it is just and equitable for Africa to create economic prosperity from its proven reserves estimated at over 150 billion barrels of crude and over 500 trillion standard cubic feet of gas.
Guest Speakers:
- Anibor Kragha, Executive Secretary/CEO, ARDA
- Mr Jude Kearney, Chair, Sub-Saharan Africa Advisory Committee, US EXIM Bank, Managing Partner, ASAFO and Co (US) LLP
- Dr Peter Ntephe, President/CEO of ERHC Energy
- Amy Henry, CPA, Founder Eunike Ventures, Member TIE Houston Board
Participation Profile:
-National Oil Companies
-Independent Petroleum Producers in Africa
-Energy Technology Ventures
-Regional and Global Oil and Gas Professionals
-Think Tanks, Research and Development Institutions
-Alternative Financial Services Firms
-Professional Services Firms: Law Firms, Management Consulting Firms,
- Professional and Industry Associations
://youtu.be/FiC3xdIOR84
Ah, OK. Thanks, facts.
When did they say the were going to be attending CES 2023? I missed that.
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Opus, I believe the Block 4 PSC in principle is the PSC that both Kosmos and Total wanted to make changes to per their agreements with ERHC found in the court documents.
As for Block 11, this is all that we were told...
Further value consideration dependent on whether exploration (i) proceeds through seismic to drilling of wells and (ii) results in a commercial discovery and production. (page 48)
https://www.sec.gov/Archives/edgar/data/799235/000114036115045382/form10k.htm
Whether that "value consideration" is milestone payments or royalty payments or something else remains to be seen.
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While the STP government remains mum regarding the Block 4 stealth PSC , here is some positive news on Block 11 where ERHC still retains some future consideration.
In response to the request of Shell, the Government decided to extend, for another year, the first phase of the exploration period of the Production Sharing Contract for oil, in Block 11 of the Exclusive Economic Zone, says the statement from the Council of Ministers.
https://medafricatimes.com/29465-the-government-of-sao-tome-and-principe-fixed-the-price-of-rice-at-20-dobras.html
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Krom, I believe that if you carefully read the pages of the document from which this paragraph was taken, you will see that the “claimant” in this instance is Kosmos and not Total. Additionally, the PSC referred to is a proposed PSC that Kosmos wanted ERHC to present to STP in hopes it would become the final PSC.
But, take heart. Total also had a proposed PSC that they wanted ERHC to present to STP, as well. Unfortunately, as far as we know, neither company’s PSC has ever been presented to STP because a final PSC with the government of STP would not be subject to any gag order and it would have been announced by STP, at the very least, IMO.
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LCIA arbitration is a private process, and the LCIA Arbitration Rules have strict confidentiality obligations, which apply to the parties, the arbitrators, and the LCIA itself. Unless all parties agree, any documents relating to the arbitration, the award, and the outcome will not be made public.
https://www.lcia.org/frequently_asked_questions.aspx
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And just how did we determine this, exactly?
I'm glad we've finally determined that in fact there was a PSC which was gagged.
So you agree then that there was no U.S. gag order issued in 2019, which was the point of my original post.
Also, this is an interesting statement, "...appeals would have over turned Kosmos's motion...". There is no way of knowing how the Texas Court of Appeals would have ruled.
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That Order No. 6 comes from the London Arbitration where, yes, Total was the claimant.
The Harris County judge did not stand by the LCIA rules for confidentiality because she ordered ERHC to produce the documents.
And we will never know whether the Texas Court of Appeals would have upheld the LCIA rules or the Harris County judge's ruling because the Appeal was dismissed when Kosmos dropped the Harris County lawsuit.
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Kosmos is referred to as the "claimant" in the Harris County court case in ERHC's response to the SEC.
5. From October 2017 however, ERHC was subjected to debilitating, convoluted and resource-draining litigation by a U.S. based company group whose securities are also registered with the Securities and Exchange Commission.
6. In a suit, cause# 2017-71987, before the 157 th Judicial District Court of Harris County, Texas, the said adverse claimant sought and obtained temporary restraining orders preventing ERHC from dealing with or in any way transacting on ERHC's prime asset, to wit, the rights to an oil and gas exploration block in the Democratic Republic of Sao Tome & Principe (hereinafter "EEZ Block 4").
7. The temporary restraining order prevented ERHC from monetizing its prime asset, EEZ Block 4, which would have guaranteed ERHC the resources to continue to meet its obligations without exception, including but not limited to timeously filing its periodic filings.
8. The claimant also obtained a sealing order, restraining any disclosure of the litigation by the parties, which effectively prevented ERHC from making any disclosures regarding the litigation for fear of significant court sanction.
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Again, there was no gag order in London instituted by Total.
And that's what I said. Kosmos was trying to get ERHC to disclose materials from their London Arbitration with Total, and the Harris County Judge ordered ERHC to produce those materials. ERHC then filed an appeal to get that ruling overturned.
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The "claimant" referred to in ERHC's response to the SEC is Kosmos. From point number 6.
6. In a suit, cause# 2017-71987, before the 157th Judicial District Court of Harris County,
Texas, the said adverse claimant sought and obtained temporary restraining orders
preventing ERHC from dealing with or in any way transacting on ERHC's prime asset, to
wit, the rights to an oil and gas exploration block in the Democratic Republic of Sao Tome
& Principe (hereinafter "EEZ Block 4").
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Yes, both requested by Kosmos in Harris County.
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The LCIA rules regarding confidentiality (perhaps a form of gag order but not something initiated by Total) were not upheld by Harris County as the Harris County Judge sided with Kosmos and ordered ERHC to produce the documents from the Total Arbitration. That is why ERHC went to the Appeals Court, to ask that that ruling be overturned.
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There was no U.S gag order issued in 2019. The "gag order" that ERHC mentions in their response to the SEC was a Sealing Order requested by Kosmos at the beginning of their court proceedings against ERHC.
The claimant [Kosmos] also obtained a sealing order, restraining any disclosure of the litigation by the parties, which effectively prevented ERHC from making any disclosures regarding the litigation for fear of significant court sanction.
https://www.sec.gov/litigation/apdocuments/3-19419-event-4.pdf
That Order was signed in 2017.
Description: ORDER SEALING DOCUMENT(S) SIGNED; Order Signed: 11/3/2017
https://unicourt.com/case/tx-hrd-kosmos-energy-sao-tome-and-principe-vs-erhc-energy-inc-831501
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Here are two, one from 2015 and one from 2018. They are listed on both.
https://silo.tips/download/list-of-issuers-with-no-outstanding-past-due-share-of-the-issuer-accounting-supp
https://pdf4pro.com/cdn/list-of-issuers-with-no-outstanding-past-due-share-of-the-568f83.pdf
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Krom, can you provide some context to this statement?
“And these two ships are the ones that are called out.”
Called out where? By who?
Thanks.
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Interesting.
My answer to you first question would have been unequivocally, yes. But your second question certainly raises some eyebrows. Could you provide a link to said Total geologist on LinkedIn?
The answer to the third question is, yes, I guess that is possible, although is totally in opposition to Sao Tome's pledges of transparency.
As for the drillships, I would have to look into them.
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Hello, Krom.
Production Sharing Contracts are the agreements between the governments and the contracting parties that detail how both exploration and procuction will be conducted on a block. Typically they are broken into phases, e.g. Phase I is seismic, Phase II is exploratory drilling and Phase III is production if Phase II is successful. I'm not aware of any host country that does separate agreements for exploration vs. production.
In any event, no drilling would be allowed to take place without the consent of the government.
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Unfortunately, it is only proof that EQ bought out Corporate Stock Transfer, ERHC's previous TA.
https://equiniti.com/us/news-and-views/news-releases/eq-acquires-corporate-stock-transfer-to-serve-micro-cap-market/
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These rule changes apply to exhibits included with filings and not the required filings themselves.
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That's my belief, that it was a mistake to write Kosmos on Block 4 instead of Block 5. I also think that it was a mistake in the article stating that TotalEnergies has acreage adjacent to Block 6. Mr. Elliott made a similar statement back in April and it wasn't true then, either.
"Soon after Kosmos joined Equator/Oando, major firms such as Shell, BP, Galp and TotalEnergies took large contiguous positions across the basin."
https://assets.geoexpro.com/uploads/bb70b3ea-2e18-4a36-8064-8bdbf41ded86/GeoExPro_04-2022_FINAL_4web.pdf
This is not to say that TotalEnergies will not end up with acreage adjacent to Block 6, just that it is my opinion that such a statement is untrue as of the date of the article.
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1-A needs to be qualified first.
Funny, Mr. Elliott’s map shows Kosmos on Block 4.
Would love to see a comparison of where they said the funds from the last 1-A were going to go and where they actually went. Or all the previous 1-A’s, for that matter.
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Opus, can you provide a link to this information regarding Block 4? Or at least name the source?
Thanks.
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Did you even read the section you highlighted? The writer didn’t bother to find out that the “recently spudded Jaca-1” was completed five months ago and it’s results did not indicate that production would start anytime soon, if at all.
And that coup? It was thwarted shortly after it began. A week ago.
https://www.euronews.com/2022/11/26/saotome-politics
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What amazing new information is revealed by the Upstream article. Looks like they are just playing catch up by publishing the same Jaca-1 results that we've known for almost two months.
And who gives a rat's ass about Gabon? Show me some news about positive next steps in STP and then I'll get excited. And if it could be good news about Block 4, then you'll really have my attention.
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Timing of Sao Tome Coup Attempt Bad for Hydrocarbon Sector
by Andreas Exarheas|Rigzone Staff|Tuesday, November 29, 2022
The timing of the coup attempt in Sao Tome is particularly bad for the hydrocarbons industry, according to Maja Bovcon, Senior Africa Analyst at risk intelligence company Verisk Maplecroft.
“Question marks over political stability will compound concerns about the viability of the sector amid disappointing results of the Jaca first exploration well at Block 6,” Bovcon told Rigzone.
'The coup attempt is incredibly damaging for the country's political and ESG credentials, and will likely deter investors in the nascent oil and gas industry'.
“The coup attempt is incredibly damaging for the country’s political and ESG credentials, and will likely deter investors in the nascent oil and gas industry,” Bovcon added.
The Verisk Maplecroft analyst also noted that the alleged involvement in the foiled coup attempt of a former President of the National Assembly will accentuate tensions between the country’s two main parties.
“Inter-party tensions were clearly visible when the ADI and MLSTP-PSD shared power via control of the presidency and legislature respectively,” Bovcon highlighted.
Bovcon went on to state that “the death of four coup plotters in suspicious circumstances involving allegations of torture raises severe questions about the security forces’ respect for human rights and the rule of law”.
The Chairperson of the African Union (AU) Commission, Moussa Faki Mahamat, condemned the coup attempt in a statement posted on the African Union’s website. In the statement, which was translated to English, Mahamat said the attempt constitutes an unacceptable attack on the institutions of the Republic of São Tomé and Principe, as well as a serious violation of the relevant provisions of the Charter Africa of democracy, elections and governance of the AU.
The AU is a continental body consisting of the 55 member states that make up the countries of the African Continent.
https://www.rigzone.com/news/timing_of_sao_tome_coup_attempt_bad_for_hydrocarbon_sector-29-nov-2022-171203-article/
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True, and Ms. Agar did respond to a comment with the following…
“yes, not sure if proving the source and reservoir will be enough to drive an exploration trend or exploration spend will only go with where the large volume discoveries are..”.
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Jaca-1 success, what next?
The recent Jaca-1 well in Sao Tome and Principe seems to have confirmed the presence of a working petroleum system in the deepwater Rio Muni Basin. The basin extends into Gabon and the 2020 reprocessed Olumi Rouge 3D in Northern Gabon shows some very similar channel bodies draped over structural highs. The 3D dataset allows interpretation of Late Cretaceous and Early Tertiary fans and channel systems in stratigraphic traps and drape features. TGS had already carried out burial- and thermal- history modelling at various depo-centres across the survey, with the source rock layers been traced from both the Ika Marin-1 and Affanga Deep-1 wells. Several pseudo wells were created by stratigraphic correlation across the 3D survey, and also allowed a thermal and burial test at the transition to the SDRs, often controversial regarding source rock maturation. The models suggested oil maturity for most of the study area. The maturation through time and expulsion models tested multiple scenarios, all confirming the presence of an oil window in the Albian-Cenomanian. Albian source rocks started generating from the Palaeocene times, when the reservoirs and the trapping mechanisms were already in place.
It will be interesting to watch and see if this play is chased in the deep-water Gabon area now the well data seems to back up the results from this modelling
https://www.linkedin.com/posts/verity-agar-41ba36a9_jaca-1-success-what-next-the-recent-jaca-activity-6988415174869155840-02Mi?utm_source=share&utm_medium=member_desktop
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BFS, how much are the dongles going for?
Thanks.
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PN has passed the New Yord State Bar exam. I guess when you've got nothing else to do, why not?
https://www.nybarexam.org/EXJ22/MN210.html
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Accoutants, anything we can glean from this information from Galp's latest trading update or is this just to be expected based on what we know about Jaca-1 results?
It also mentions that the quarterly results will include an impairment of 30 million euros “related to an exploration in São Tomé and Príncipe”, where “evidence of commercial discovery” was not found.
https://jornaleconomico-pt.translate.goog/noticias/margem-de-refinacao-da-galp-cai-65-no-terceiro-trimestre-face-ao-anterior-947884?_x_tr_sl=pt&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc
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