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excellent points. It appears DK does not go back and look at what he has said in the past so he can cover his tracks. Sure leaves him open for a lawsuit. On the face of it it looks like he has deceived the shareholders on more than one occasion or PN just lied to us in the reply to Krom. Also it is confusing when they say in a report that hydrocarbons were found in expected quantities and were being analyzed yet now they are saying only Biogenic Gas was found. Blair even said he was not dissatisfied with the drilling result. Yet Biogenic Gas is worthless. The rose colored glass wearing posters here must enjoy the smoke being blown up their wazoos. Those of us that have put in hard earned money and watched it slowly disappear due to the uncertainty of this stock have a right to question the motives of either management and/or the PR person. All we ask is straight answers. If they did that there would not be any need to ask so many questions. I like that PN did decide to answer Kroms questions. That is a great start. If he will continue same then I will feel a lot better about my investment.
roflmao!!!!! Well if you can smell the elephant farts but can't see it thru the haze it doesn't mean there isn't an elephant in the room!
WOW! I applaud his quick reaction to your inquiries. That type of interaction is sorely needed.
my take on this is they still will not divulge what was really found in the JDZ. We know he said no oil was found. He did not say no Thermogenic Gas was found. He only mentions the Biogenic Gas found in a few sands. Then why are they still analyzing the zone? On the Chad deal he was not entirely fortcoming on what we have. They initially reported we have 50% of Chari Quest III and now they are saying we do not have a percentage of the only existing well in the Block. How can we have 50% of the whole block and not include the well? It is another smoke and mirror attack among many many such diversions. That is why people here are attacking management. We never know exactly what we have invested in. Just some empty promises from PN. That is why the sp is where it is. Because every shareholder has the right to know exactly what he has invested in. We know we have gotten some properties but do not know how they are to be financed etc. This company is nothing but escape artists that jet set around in First Class burning thru $4 million a year and nothing to show for it. There is no reason to not put out the NSAI report if Sinopec has not control over our operations. If he would just tell the truth and not hide in the smoke and mirrors this stock would not be in the toilet as it presently is. I have been holding for over 6 years and am not a trader. I have only sold some to help with some bills. Just tell us the whole truth and we will stop the bashing.
Where is the trascript for the q&a?
What I also don't understand is why do they not have seismics on the Chari Block II already? Didn't they do seismics for the whole block in order to determine where the first well went? They had to determine where the best spot to drill would be. Again, does not make sense that it would take 4 years to evaluate where to drill and then only have 1 well commitment for the 5th and 6th year and then two more wells in the final 7th and 8th years. This is land we are talking about not deep water. I would be willing to bet it does not take 6 years to drill a well in Texas. PN makes me sick. The conference call will be another joke and the sp will drop even more.
If our 50% of Chari Block II does not include the producing well then we did not get 50% of the whole block. It sounds as if the block was divided up. That sucks. why couldn't they have told us that up front? Why wait until the 10Q? What else are they not telling us? Four years before they have to drill? Come on. Why even bother? In four years we will be out of money unless they can sell some of our worthless acreage in the JDZ (who would want to buy into Biogenic Gas properties). The EEZ is another 4-5 years before they can talk about drilling. The only thing I see happening is that PN has somehow talked the Chad president into latching on to this cash cow teat for some favors down the road. All that hoopla about getting three more properties and now we find out they are way down the road as well. No wonder Krom is hitting the bottle again. Think I will join him!
I was born and raised 13 miles from Carmel and have been to the Hogs Breath and also sat by the fire! Really cool place to visit. Carmel is also a great place to just wander around and look in all the side streets for hidden art gallery etc. Some great stuff.
Concurrently with the Acquisition and as a condition precedent to completion of the Acquisition ("Completion"), Exile intends to, by way of plan of arrangement (the "Plan of Arrangement") and subject to receipt of all necessary approvals, change its name and effect a consolidation of its outstanding Shares on a basis such that the current shareholders of Exile shall receive in exchange for each 20 Shares currently held: (i) one post-consolidation Share; and (ii) two share purchase warrants of Exile one of which will be exercisable for one Share at a price of US$3.00 per Share for a period of 12 months; and the second of which will be exercisable for one Share at a price of US$4.00 per Share for a period of 24 months. The parties have agreed that they may, subject to market conditions, complete a financing on or prior to Completion pursuant to which purchasers will, in effect, receive up to 20,000,000 Shares at a price of US$3.00 per Share for aggregate proceeds of up to US$60 million (the "Financing", and together with the Acquisition, the Plan of Arrangement and related transactions, the "Restructuring").
Well this explains why ERHE bought so many shares recently. Think a little insider info is going on? Perfect timing on ERHE's part.
I was born and raised by Carmel Valley and when I moved to texas it was 115 degrees! I thought I had gone to hell! LOL and to make matters worse I worked in a chemical plant during the day and took 9 hrs of classes at night. Talk about being dead tired!
who is Imo
"Mr. Ntephe pledged to adhere to international standards of oil exploration maintaining that the company had entered in to similar partnership with countries like Saotome and Arab Emirate.
He said ERHC Energy had a bias in developing oil and gas exploration in the African continent, adding that it was the single largest oil producing company in Angola, Ghana, Mali and Gabon with 60 percent share holders in America, Europe and Nigeria."
Is he talking about two different companies here? What exactly is ERHE's roll? ARAB EMIRATE? They want to start production in 3 months? On what well? Did we get another property or the production of Natural Gas for a whole country? Sure wish I could see the big picture on what PN is doing and how he can afford to do it. May have something to do with the Arab Emirate.
If they did not know what to do next do you really think the JDA would allow them to stonewall them and cajole them into another year of "evaluating the drilling results" when all there is is Biogenic Gas? The simple answer is they got approval to wait on the drilling results from Total in Blk 1. The JDA wants this thing fast tracked and know they are being shanghaied. But the drilling information that they know is real must be pretty good otherwise they would have told the Chinese where to put their "biogenic gas" statement and made them give up the block and move on to the next suitor. The fact that the Chinese were willing to move to phase II but not give up drilling results proves there is more there than they have let on. The fact they are not letting got of supposedly worthless blocks proves they are not worthless at all. The simple fact is this management has been hog tied, gagged, and had their yahonies cut off as a result of the PSC they signed. We have gotten nothing but lawyer speak ever since the Chinese took out Addax. Lets just hope management comes up with some very good answers to how they are getting Chad blocks, do we own 50% of a producing well etc.
If we got 50% of Chari Quest block 3 and it has a producing well then wouldn't that be a material event and have to be disclosed?
Not to mention that they are going around gathering new blocks by telling the countries all about how great we are in finding only Biogenic Gas and we will have all the money we need to finance any explorations in the new blocks etc. Sure would like to be a fly on the wall to hear the conversations they are having!
Technically that is true. But the crux of the matter is the different stories they have given via pr's and private emails. DK has always tried to maintain that he is sticking with the official pr's put out. The early pr's stated they found hydrocarbons in expected quantities and were analyzing them. But the half truth they told was when they stated Biogenic gas was found in 2 of the 13 sands encountered. They did not ever state what was found in the other 11 sands. That is their safety belt. However, recently DK said that only Biogenic gas was found in the five wells which now puts then in a predicament. Now they have to wait until they drill again to announce any oil finds or they risk the lawsuit you mentioned.
why would any other company need us to secure the blocks first and then partner with us? Why not just do it on their own? Don't tell me they can't get in without SEO. This all just does not make sense.
Another note: if the Exile field is going to be producing by the end of this year or early next year and it is trading at .09 then I would have to think that stock is a hell of a good buy right now! Just think what our sp would be if we had the same news on the horizon!
I asked DK if we got 50% of the whole block including producing or near producing property and he said he could not say anything other that what has been put out by the company. He also said a 10Q is coming in a few weeks. Maybe they will put more out between now and then.
If we now have 7.3% of the company and assuming they paid .07 to .09 or less then we have less than $600,000 invested in the company. My question is if Exile is a free carry and they have the same deal we have in JDZ then all they will get is profit oil percentage until the cost oil is recooped. They only have 17% of the block so I don't think they will be getting a lot of money from the field for a while. Since we are not taking them over all ERHE gets is the benefit of a share price increase (if that happens) and the option to sell the shares. So far since they announced the spudding of the well the sp has gone down to an almost 52 week low (sound familiar?)
I agree. It is confusing when non of the properties are anywhere close to being producing. Wonder what ever happened to Emer or whatever it was called last year. That was near producing yet we stopped hearing about it.
I think we got the 50% of relinquished acreage and not 50% of the whole block. Just like in JDZ if they go to Phase II Sinopec has to relinquish 25% of the block. Who gets the 25%? Is it carved out of the block? Is it like carving out the bad part of an apple and keeping the best part?
Then why would they be looking at going into Mali? There is nothing producing there yet so it would be wildcatting at least. I can't imagine the working conditions on an oil rig there. It would be like working in a blast furnace (kinda like texas right now!). I sure wouldn't want to be a roughneck on that rig!
Then why would they be looking at going into Mali? There is nothing producing there yet so it would be wildcatting at least. I can't imagine the working conditions on an oil rig there. It would be like working in a blast furnace (kinda like texas right now!). I sure wouldn't want to be a roughneck on that rig!
Are the NSAI numbers old numbers or current?
Thank you for finding that thread LT. At least now I don't feel as senile as before! LOL
If you followed the thread back you would know instead of being so rude!
check out 224327
nice find by Seek the Light
seek the light Member Profile seek the light
Share Monday, October 04, 2010 11:25:45 AM
Re: ERHClongtimer post# 224309 Post # of 243472
Click to learn more...
http://www.eiu.com/index.asp?layout=VWArticleVW3&article_id=1575153342®ion_id=&country_id=10000001&channel_id=180004018&category_id=&refm=vwCh&page_title=Channel+Latest&rf=0
São Tomé and Príncipe industry: JDZ drilling promising
January 15th 2010 Printer version
FROM THE ECONOMIST INTELLIGENCE UNIT
Exploration activity in the Nigeria-São Tomé and Príncipe Joint Development Zone (JDZ) appears to have borne fruit following the discovery of substantial hydrocarbons reserves in mid-December. Luís Prazeres, director of the national regulatory body for the sector, Agência Nacional de Petróleo, announced that oil had been found in "expected quantities", along with substantial amounts of gas, in Blocks 2, 3 and 4 in the JDZ. A total of four wells were drilled in 2009, and at least two more are under development. The drilling campaign has been driven by the Chinese oil company, Sinopec, which has acquired a dominant position in the JDZ through its acquisition of a Swiss-based oil company, Addax Petroleum, making it the operator of Blocks 2, 3 and 4 in addition to holding Addax's 40% stake in Block 1, which is operated by another US firm, Chevron.
In August Sinopec drilled the Bomu-1 well on Block 2, which has unproven reserves of 274m barrels of oil, and reportedly discovered some oil along with substantial gas reserves. This was followed by the drilling of the Kina-1 well in Block 4 and the Lemba-1 well in Block 3, which have combined unproven reserves of 642m barrels of oil. According to press reports two large gas reservoirs were discovered on Kina-1, leading to estimates of 1trn cu ft on the block, while large reserves were also discovered on Lemba-1. Two more wells are currently being drilled in Block 4, Malanza-1 and Oki East, amid speculation that a further well will be drilled south of Kina-1 to determine the extent of the gas find.
The success of the drilling programme has boosted the prospects of the JDZ, which had been clouded since Chevron's disappointing results from drilling in Block 1. At the time it was assumed that Chevron's find was not commercially viable, but the discovery of substantial gas reserves in the adjacent JDZ blocks has fuelled speculation that Block 1 could contain gas reserves of at least 1trn cu ft-a sufficient quantity to justify the expense of extracting it. This could pave the way for the development of a liquefied natural gas industry in the country, with the construction of a liquefaction plant and export terminal in Príncipe. However, the oil companies involved in the drilling have sought to keep optimism in check, insisting that the current campaign is merely to confirm the size and commercial viability of the blocks' reserves before any decision on developing the finds is taken. A second phase of drilling is expected to start in May 2010, probably coinciding with the planned licensing round for oil blocks in the 160,000-sq-km Exclusive Economic Zone (EEZ), which lies south of the JDZ.
National oil company
With development of the JDZ advancing rapidly, the government has brought forward plans to establish a national oil company. During a visit to the Angolan capital, Luanda, the Saotoméan prime minister, Joaquim Rafael Branco, revealed that Angola's national oil company, Sonangol, would assist in setting up the new company. After negotiating a poor deal from the JDZ, São Tomé is determined to do a better job of securing local ownership of offshore oil production in the EEZ. The assistance of Sonangol could prove crucial, as the company has gained a reputation for efficiency and driving a hard bargain with foreign partners. The new oil company will initially focus solely on the EEZ, where it plans to form a consortium with Sonangol to explore for oil and gas; however, in the long term the government hopes to extend its activities to the JDZ. The new company is expected to be established during the first quarter of 2010, prior to the EEZ licensing round.
The Economist Intelligence Unit
Source: Country Report
Here is a BB gold nugget:
180615
balance_builder Member Profile balance_builder
Share Saturday, September 26, 2009 8:06:57 AM
Re: None Post # of 243472
SPP...thanks for the piece of information. Sounding positive.
Here is what AREN stated yesterday (9-25-09) in their presentation as it relates to their 4.4% interest in block 1:
"Nigeria – São Tóme & Príncipe Joint Development Zone
The Block 1 participants (Afren 4.41%) have agreed to enter the next exploration period, and discussions with the authorities are progressing. One commitment well will be required during this phase. In 2006, Chevron made the Obo-1 discovery which contained 150 feet of net pay and proved a working oil and gas system in the JDZ. Post well studies have been completed and an attractive prospect inventory developed. In the neighbouring blocks a multi-well drilling campaign has commenced; a clearer understanding of the next steps to commerciality and future exploration will come once the results of these wells are made available publicly."
http://www.afren.com/ (see 0-25-09 interim results)
Maybe. Just find it vexing that it was on CNN and also stated by the OPEC oil minister at an Energy Conference also right after the drilling was finished. Then it was but in a black hole. Sure makes you wonder why.
I have seen it and it was for real. Several even sent DK the link and asked for an explanation and thus his famous "the interpretation must be wrong" statement. He also said he could not comment on what other people put on their website. That is why everyone is so vexed here because they say conflicting things all the time and we do not know what is correct. I agree that there is alot of other junk posted here but that one was for real. I also remember when CNN was talking about the billion barrel find in OBO-1. It was for real also until they put a cone of silence over it.
Then why do you refuse to believe what SNP said on their own website? It was discussed here for several days. It clearly said Blk 2 was commercial and had oil and gas. ERHE stupidly said it was a poor translation. But SNP chose to keep it on their website for some time. Someone here with search capability can find the dialog I am sure. Unfortunately I did lost all may saved files when I got a computer virus and had to start from scratch reloading everything.
Akpo is our close by clue and they have thermogenic gas there. Don't know why they don't just come out and say it.
go back to sleep and dream about us hitting an elephant or a whole herd of elephants! LOL
more like making a mushroom cloud out of it! can't help but notice it.
I do remember reading it and it was discussed on this board. We went over the percentages, royalties, etc to try to figure out what our cost oil would be etc. On the Ledbetter thing I would have to believe that would have been vetted during the alphabet soup raid and investigation. Nothing to worry about.
I remember reading this many years ago. I am glad you found it and made it part of this thread so it can be digested properly without ERHE or someone taking it off Google. Great DD! I believe it also states somewhere in the PSC that Sinopec has 5 years to divulge the findings on the drillings.
Good points. Still makes me wonder why we were awarded those blocks? We have no cash flow, no e&p experience, 4 employees etc. We don't know how they are going to be paid for and who is paying the drilling/seismics etc. None of this makes sense. I am happy to see something happen but when there are more questions than answers I get cautious. Thanks for the DD. Keeps us looking for more answers.
Good. Now I feel better. Hope you are right!
Great DD! Appreciate your efforts! If I read that correctly, OPIC drilled one exploratory well and then decided not to proceed and gave up 50%. Is that correct? Was the well dry?