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The problem is "soon" doesnt seem to be part of this company's vocabulary. Slow as molassis is more like it.
Do you guys want a little glimmer of hope? FRPT did a r/s in February 05, tanked to .69 then ran to $24.00 plus in a matter of months. So anything is possible. Of course without news S3 is going nowhere fast.
Exxon, Aramco, and Sinopec have joined forces to build refinery capacity in Asia according to CNBC. Too bad they are not joining forces in the JDZ with ERHC. Now that would be a great story.
what positive news?
Non-executive Director Resignation
February 16, 2007
LONDON, England / LAGOS, Nigeria - Equator Exploration Limited (AIM: EEL)('Equator' or the 'Company') announces that Alexander Dembitz has decided to step down from the Board of Directors of the Company for personal reasons. This decision is effective immediately. The Board and the Company would like to thank Mr. Dembitz for his valuable contribution to the early development of Equator.
Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.
For further information please contact:
Wade Cherwayko
President and Chief Executive Officer
+44 (0)207 235-2555
Bobby Morse/Ben Willey
Buchanan Communications
+44 (0) 207 466 5000
Jeffrey Auld
Chief Financial Officer
+ 44 (0)207 235-2555
Bilabri Project
LONDON, England / LAGOS, Nigeria - Equator Exploration Limited (AIM: EEL) ('Equator' or the 'Company') announces that its partner in the Bilabri development has failed to pay its cash calls and as such is in default under the terms of the OML 122 Finance and Service Agreement ('FSA').
Peak Petroleum Industries Nigeria Limited ('Peak') is the 100% owner of the OML 122 license in Nigeria. Under the terms of the FSA which governs the development of the Bilabri field, Peak is obliged to pay 60% of costs after Equator funds 100% of the first two wells in the development program. On 28 September 2006 Equator delivered a cash call to Peak. The cash call was due for remittance to the Joint Account within 10 days from the date of the cash call. Having not received payment of the cash call by the due date Equator formally issued a default notice on 13 October 2006. The terms of the FSA allow for 90 business days to remedy any default.
According to the terms of the FSA a default by Peak, as the field owner, results in its rights and obligations in the Field in respect of which it is in default shall be converted to a carried interest and its allocation of Profit Hydrocarbons shall be reduced to 20%. The unpaid cash calls amount to approximately US$ 31 million as at the end of January 2007. This amount has been funded by Equator to the Joint Account.
Equator entered into negotiations with Peak with regard to the default. The purpose of the negotiations was to ensure that Peak had adequate time to remedy the default. To that end Equator has granted an extension of the default remedy period. This extension will expire on 27 April 2007. Should Peak be able to organize funding to remedy the default within the extension period Peak will be able to remedy its default with a payment of 120% of the outstanding amounts owing to Equator.
Should Peak not be able to organize finance to remedy its default in the extended remedy period then Equator will assume 80% of the available profit hydrocarbons from the Bilabri field as opposed to its existing 40% entitlement of profit hydrocarbons from the field.
Equator Exploration Limited (www.equatorexploration.com) engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries.
Additional information can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com.
Non-executive Director Resignation
February 16, 2007
It must have went the way of the $1.4 million net gain that was expected and the November PR where they stated that they expected to get reinstated shortly. Pure genius at work.
And I am really looking forward to reading about the comprehensive strategy that they had promised to outline for us on Nov 22nd. Another stroke of genius.
Where is the comprehensive strategy and why hasnt it been outlined for us like it was promised on Nov 22nd? We are into March now.
They have managed to run the share price and the volume into the ground. What brilliant management we have here. Real geniuses.
Its over a year away.
I can tell you one thing for certain. If they have a shareholder meeting anytime soon I will be there and it wont be pretty.
Why? Do you feel there will be a rush of investor interest when they find out that drilling will take place in mid 2008? I dont.
Electick thanks for your input. And yes you are correct.
Electick I would be all in favor of a new CEO though.
As I recall there was heavy buying and then when the investigation was announced the heavy buying stopped. So IMHO that was the primary reason the buying stopped. If there was no ivestigation, would it have eventually faded when rig timelines became stretched out? It depends who was doing the buying. If Sinopec were the ones accumulating then maybe not. If it was retail investors doing the buying then the price would have eventually fallen do to lack of rig availability imho but probably not to these low levels.
In fact here is a message from another poster on another board who I agree with entirely (except about the HDY part, I think ERHC has more potential). Its just the way it is:
"Investors just do not pay for potential oil and gas reserves. Why? I don't know. But I see it time and time again with start-up oil companies. Admittedly I've never seen a company with the potential that HDY has, but the result seems to be the same. Minimal valuation until reserves are proven. As a matter of fact ERHE did the same thing. They signed their PSA and, after an initial bump, the stock took a steep fall. Of course in that case other factors may have come into play but I have seen it with other companies too. Anyway at this point I'm not sure if it matters how much publicity we get or don't get the share price will be controlled by significant events occurring and not by other PR's or media articles. To me there are not a whole lot of events besides the ones below that will affect share price and I can almost guarantee than any of these will elicit a PR from the company because they mean something. "
Drilling results is what he listed below.
No Im not ok with it. But I dont agree with the way many development stage oil companies are priced. Wall Street apparently does not put much faith in 3D seismic technology. They dont invest until wells are drilled and oil is proven.
To take it a step further other African based development stage companies such as EEL, Afren, and HDY are not exactly setting the world on fire when it comes to share price either. The US investing public and wall street are simply not that familiar with the potential oil in the Gulf of Guinea. So its not just ERHC. Wall street are a bunch of dimwits. I know my stockbroker is anyway lol. They are very myopic and dont know much about the oil business or Africa. All they know about is tech, financials etc.
I actually agree with alot of what Electick says but wanted to play devils advocate. It is a combination of reasons the stock is where it is today. Timelines are still too far out. The investigation scares many investors away. EO's reputation scares some investors away. And Nigeria scares some investors away due to mend etc. It is a combination of many things. New management would help with Offor still in the picture in some way.
bobwill there is a happy medium. No one thinks of Offor the way Walldog does. Not even his wife or his ex girlfriends lol.
First of all, ERHC has a $260 million market cap and has not drilled a single well yet. So I would say that the market is taking ERHC seriously. What should the market cap be right now? I know of no other oil company that is trading at such a high market cap before drilling a single well. There is not even a drilling program in place yet. So why would any investor buy into ERHC right now? You blame it on management I blame it on timelines. How much higher would the market cap be if ERHC put out a business plan or hired a CEO? Not appreciably higher IMHO. Because the stock market is very myopic. When drilling begins investors will start noticing the stock. Until then not much will happen with the share price. Much like every single other oil company.
Why hire a CEO? What is the point. IMHO it is wasted salary. Save the $40 million and wait as long as possible to hire one.
As far as Exxon, Anadarko, or Chevron continuing to push the process for the DOJ. No they probably arent pushing the process. They no longer need to. But they might have been the ones who got the ball rolling in the first place imho.
If I were Offor I wouldnt sell now. I would wait until drilling begins to sell his 50% at a premium. He is the one in the cat birds seat. He has waited this long. Why sell now at a discount. He wont sell at a discount. If someone meets his price he will sell. If not he will wait until drilling begins. He holds all of the cards.
Art I agree wholheartedly especially the part I listed below with the added caveat that investors tend to be very shortsighted and typically dont flock to an oil stock until drilling begins. So the extended timelines have also been a primary issue.
"I would offer that most of ERHC's SP problems probably stem from continuing displeasure by Exxon and Anadarko out of being forced out of their JDZ preferences by ERHC/Offor and his Nigerian political contacts. Exxon/Anadarko relayed their displeasure to different branches of the US Government and the investigations of ERHC on Sao Tome and now with the DOJ/SEC commenced."
"complaints of ERHC investors about the SP of ERHEin the US financial markets stock ought to focused on the possible sources of the problem, not at what ERHC has accomplished up to the present and is planning to accomplish in the future."
Fushi International (FSIN) held up well this week. Closed at $8.35 today.
Yeah, Im sure all companies will be pulling out of China tomorrow. It only has one of the fastest growth rates of any country in the world over the last 20 years. Gee I wonder why.
The Chinese Market is doing fine today in early trading. This whole event was way overblown imo.
SSE Composite Index (000001.SS) At 8:58PM ET: 2,771.28 0.51 (0.02%)
Check out Yahoo! Finance China. SSE Composite Index (Shanghai:000001.SS) Delayed quote data
Index Value: 2,771.28
Trade Time: 8:58PM ET
Change: 0.51 (0.02%)
Prev Close: 2,771.791
Open: 2,734.595
Day's Range: 2732.88 - 2811.94
52wk Range: 1,238.16 - 3,041.34
Magellan Financial Media Group was listed at the bottom of the PR.
Magellan Financial Media Group is a full-service investor relations firm that specializes in small-cap and micro-cap stocks. Our hard-working staff will use their experience in the financial markets to position your company high in the eyes of investors. We offer the following important tools to highlight your company's image to the financial community.
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Facilitate Road Shows and Investor Conferences – We will work to set up road shows for institutional investors that would be appropriate shareholders for the company. We will also set up investor conferences for you to relay your goals to current and prospective shareholders.
S3 Investment Company Announces Appointment of New Independent Director
Tuesday February 27, 12:56 pm ET
TEMECULA, CA--(MARKET WIRE)--Feb 27, 2007 -- S3 Investment Company, Inc. (Other OTC:SIVC.PK - News), a holding company with two subsidiaries doing business in the China market, today announced that its Board of Directors has appointed Manhong (Mannie) Liu, chairman and chief economist of VCChina Ltd., a global investment and consultation firm based in Beijing, as an independent director of the company. Ms. Liu was appointed to fill the vacancy created by the death of Douglas Perkins, who had served on the Board since January 25, 2006.
A Current Report on Form 8-K detailing Ms. Liu's appointment to the Board has been filed with the Securities and Exchange Commission. On February 21, 2007, S3 filed an 8-K reporting the death of Mr. Perkins.
"We are deeply saddened by the death of Mr. Perkins, who was a close friend and served the company well during his term as Director," stated Jim Bickel, chairman and chief executive officer of S3 Investment Company.
On February 26, 2007, the Board appointed Ms. Liu to fill the vacancy on the Board of Directors. The Board now consists of Mr. Bickel, Gary Nerison and Ms. Liu.
In addition to serving as chairman and chief economist, Ms. Liu is the founder of VCChina Ltd., whose operations include venture capital investment advisory services, venture capital investment, consulting services, and educational services. Under Ms. Liu's leadership, VCChina has become one of the leading companies in China's venture capital market.
Ms. Liu has a doctoral degree of economics from Cornell University. She served as research faculty of Harvard University from 1993 to 1997 and is currently professor and Ph.D. student mentor of Renmin University of China. She is also Financial Advisor to the Beijing Municipal Government, Director of Boston China Finance Research Center in the U.S., Director of the VC Research Center of Renmin University of China, and Honorary Vice Director of the VC Association of China.
"We believe that Ms. Liu will be an invaluable asset to S3 as a member of our Board and look forward to the guidance and oversight she will provide," stated Mr. Bickel. "Ms. Liu's leadership of VCChina, her impressive academic credentials, and her extensive experience bridging the venture capital markets of the U.S. and China make her particularly well-suited to join S3's management team."
S3 entered into a twelve-month Director's agreement with Ms. Liu. Under terms of the agreement, she is entitled to $2,000 a month for services provided.
To sign up to receive information by email directly from S3 Investment Company when new press releases, investor newsletters, SEC filings or other information is disclosed, please visit http://www.s3investments.com/ealert.php.
About S3 Investment Company
S3 Investment Company, Inc. (http://www.s3investments.com) is a holding company with two subsidiaries doing business in the China market. S3 holds a 100% equity interest in Redwood Capital (http://www.redwoodcapinc.com), which assists private Chinese companies in accessing U.S. capital markets by utilizing a network of investment banking relationships, and a 51% equity interest in SINO UJE (http://www.sinouje.com), a non-stocking distributor of medical and industrial high-tech products to markets throughout China. SINO UJE has been granted exclusive distribution rights in China to medical and industrial products manufactured by leading companies in Europe, North America and Japan. These products are marketed to end-users, including major Chinese hospitals and private companies in a variety of fields, as well as original equipment manufacturers (OEMs), such as Phillips, Siemens and GE, that package the products with their technologies.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.
Contact:
Contact:
Gemini Financial Communications for S3 Investment Company
A. Beyer
(951) 587-8072
Email Contact
Magellan Financial Media Group
Matt Boles
317-867-2839
Email Contact
--------------------------------------------------------------------------------
Source: S3 Investment Company
27-Feb-2007
Change in Directors or Principal Officers
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICER
On February 21, 2007, the Company reported the death of Douglas Perkins, a member of the Board of Directors. On February 26, 2007, to fill the vacancy created by the death of Douglas Perkins, the Board of Directors appointed Manhong Liu as a member of the Board of Directors. The Board of Directors now consists of James Bickel, Gary Nerison and Manhong Liu.
Biographical and Other Information for Manhong Liu
Manhong Liu is the founder (2000), and current chairman and chief economist of VCChina Ltd, a global investment and consultation firm based in Beijing, China. VCChina, Ltd's operations include venture capital investment advisory services, venture capital investment, consulting services, and educational services.
Under Ms. Liu's leadership, VCChina, Ltd has become one of the leading companies in China's venture capital market.
Ms. Liu has a doctoral degree of economics of Cornell University. She served as research faculty of Harvard University from 1993 to 1997 and is currently professor and Ph.D. student mentor of Renmin University of China. She is also Financial Advisor to Beijing Municipal Government, Director of Boston China Finance Research Center in USA, Director of VC Research Center of Renmin University of China, and Honorary Vice Director of VC Association of China.
The Company entered into a Director's Agreement with Ms. Liu dated February 26, 2007. The agreement has a twelve-month term, subject to renewal upon agreement of parties. Under the agreement, she is entitled to $2,000 a month for services provided.
FSIN up another 10% to $8.50
Fushi International FSIN 8.50 +0.84 (+10.97%)
FSIN up 6% to $7.75 right now.
Bitter, you are probably assuming that because S3 went on the pinks for something minor, which was inadvertantly leaving out the auditors opinion, then all they would have to do is send in the attached auditors opinion and resubmit and they would be readmitted immediately. Well they did send in the auditors opinion almost immediately thereafter.
I dont believe it is quite that simple. If the otcbb made it that easy for a company to get reinstated then a company would have no real penalty for getting booted in the first place. The otcbb has to let some time pass for no other reason then to punish the company that committed the mistake. Or else companies would be jumping off and on the otcbb all of the time. The otcbb might be requesting that S3 cleans up some other things before they are reinstated such as pr's etc. And perhaps that is one of the things that MC&F is working on with S3. But that is just speculation on my part. IMHO
What makes you think MC&F isnt working towards getting S3 reinstated? Why? because it has been 3 months and we are still not reinstated? Didnt we just get done telling you that 2 or 3 months is actually a short period of time and that generally reinstatement to the otcbb takes a little longer than that?
For the record, I believe that MC&F has been working towards getting S3 resintated. But that is just my opinion and I have nothing to back that up. And if I had to choose between a Redwood deal or resintatement I would take a Redwood deal but both would be welcome.
Or to accumulate cheap shares.
I wouldn't be surprised if they spun off Sino and made it a seperate stock. That was a stated possibility on one of S3's website or Pr's. S3 shareholders would get shares of Sino and shares of Redwood Capital. We as shareholders would probably be better off. It would unlock the value of both companies. But I suppose they would need to close some Redwood deals before that could happen.
Have you googled other companies to find out how long it has taken them to get reinstatement? I have and it usually doesnt happen overnight. BTW I dont believe S3 wanted to go on the pinks.
And Im not just talking about future PR's. This might have been a requirement of the otcbb to get reisntatement.
I believe that either MCF & Company or the otcbb are forcing S3 to clean up their PR's. This might be necessary for reinstatement. imho
One man opinion on Ob0-1 from another board (with some expletives and insults removed lol).
They seem totally clueless as to why OBO-1 was drilled where it was. Some ________'s think it was drilled there in order to trick others about the prospectivity of the block so that Chevron could obtain a larger interest in other blocks. I have never heard anything so stupid in my entire life. It WAS NOT drilled at the edge of a structure to test its extent either. That too is ridiculous. If you only had one zone to test you would drill in the center of the zone. And the third ridiculous reason was to test if there was a straddle into other blocks. Again a ridiculous theory. You would want to know if you have a field before you would drill to the edge of a block.
Here is why the well was drilled where it was. It was drilled there because that was the location where Chevron could obtain the most information about the most different zones at the most different depths. Chevron apparently hit multiple pay zones just as planned and that is why their people got so excited early on. Since this well was drilled only to test multiple zones and was never intended to be a producer, they now have to drill the center of each zone to prove up the reserves for that zone. For Chevron to say anything but what they did would have been totally irresponsible and misleading because Chevron has yet to drill the center of any structure.