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Are you sure Sesame Street is not in there?
-ach
Addax remains tight lipped on the 9%.
-ach
Dear Mr. XXXXXX,
Unfortuantely we cannot provide much of an update on the status of our discussions with ERHC regarding the 9% interest as there is really nothing new to update you on. We are in the process of amicably resolving our disagreement through arbitration, however we do not have a timeframe in which this process will be completed. Please feel free to check back with me in due course or through any press releases on the topic on our website www.addaxpetroleum.com.
Regards,
Craig
Craig E. Kelly, C.A.
Finance Manager - Corporate Mergers & Acquisitions
Addax Petroleum Corporation
wk: +41 22 702 9568
m: +41 79 654 4512
EZ
Today is Thursday. Don't skip work tomorrow.
-ach
I think you get one or two predictions over the next 6 weeks just so he can let us know that he's still around. Then, a week before the shareholder meeting he goes for his next flip with multiple predictions.
IMHO
-ach
I am happy with the progress we have made thus far. If one goes back to what the old ERHC website looked like, and what potential investors had to review for dd, I think it is fair to say that we have come a long way in creating a professional image in the O&G community. The brochure and presentation are just one more part of that. Being a participant in this conference is nothing more then good PR that will help over the long-term.
I hate to say this, but don't get caught up in the day-to-day stuff. We'll get there when we get there. We are moving in the right direction (except for the share price, LOL).
Next stop - 4-22-08 - I think we can expect some new Oily messages around 4-15/16.
-ach
I guess now it's official. Based on the typical Oily pattern, XOM is done with the JDZ.
-ach
So I guess after the meeting is over you two aren't going to go ice skating together at the galleria?
No more razzing for the day.
-ach
Merry Christmas and Happy New Year to everyone. Hopefully are patience will be rewarded in '08!
-ach
WD,
That is the most accurate definition I have ever come across. I'll look for it in Webster's.
-ach
Spec,
Do share IYHO.
-ach
OT: Our friends at Millennium
http://biz.yahoo.com/ft/071119/fto111920070828164241.html?.v=1
FT.com
Profile: Keba Keinde
Monday November 19, 8:15 am ET
By Simeon Kerr
Looking after BNP Paribas' Middle Eastern and African emerging markets business, Keba Keinde came to realise international investment banks could never truly serve clients in these fast-growing regions.
ADVERTISEMENT
Mr Keinde, a 40-year old engineering graduate from Senegal, tried to get the French bank to set up a regionally-focused investment banking arm that could provide the fast-growing regional champions access to developed market standards of investment banking.
The plan floundered, persuading Mr Keinde to seek partners in the region. As he was closing a deal with Mohamed bin Khirbash, the chairman of Dubai Islamic Bank and United Arab Emirates minister of state for finance, Mr Keinde related his idea for a regionally-focused investment bank to serve clients across the Middle East, Africa and Asia.
"If a western bank has a good opportunity, it will offer it to core clients in Europe and America," he says. "That is the way it is: they have to bank their core clients - ours will be from emerging markets from Africa to Asia."
Dubai Islamic Bank, which also wanted to develop investment banking, became the majority shareholder in Millennium Finance Corporation, named after one of the most famous horses of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum's. Via a portfolio of private equity funds, the group also has strong links into Dubai World, the Dubai government umbrella that oversees Dubai ports operator DP World, giant real estate developer Nakheel and sovereign wealth fund Istithmar.
Millennium is targeting the first close of energy and telecommunications funds at the end of the year, with Mr Keinde explaining the apparent delay in the roll-out of the funds as care in choosing as partners the correct institutions from across the Gulf.
Millennium is now handling perhaps its most high-profile mandate, as one of the arrangers of DP World's $4bn initial public offering taking place in a few weeks, an issue that could salvage three years of lacklustre performance at the Dubai International Financial Exchange.
With a staff of 30 in Dubai's financial district, Millennium plans to grow rapidly, opening offices in the Middle East, then Africa and Asia. The bank is divided on a sector basis, focusing on six areas: energy, telecommunications, infrastructure, real estate, industry and financial services. In three years, it plans to float about 20 per cent of its equity and list as a $1bn company.
At the age of 13, Mr Keinde was plucked from his family in Senegal and put into one of Paris's elite schools, an experience he says opened his eyes to the world. After an engineering degree and three years as an IBM engineer, he took an MBA at the Massachusetts Institute of Technology, which led him into investment banking career, including telecoms M&A for Lehman Brothers in New York and a four-year stint at the private arm of the World Bank, overseeing investments across Africa.
While his time at BNP saw him crisscross Eurasia, his tenure at Millennium is the first time Mr Keinde has actually lived in the field.
"This is the only place, I feel, that is in line with what I believe - and has a strategic and financial interest," says Mr Keinde.
In terms of wealth and infrastructure, he says, the emirate has arrived, while it is making quick progress in terms of regulation.
"It's a unique place to be in, Dubai, because it is the centre of the world we are serving," says Mr Keinde, who is already focusing on cross-border business and transactions between Africa, Asia and the Middle East. The company has also helped Arcelor Mittal buy assets in Africa and advised Saudi food group Savola in a deal in Turkey.
The emerging markets' grab for assets in developed markets could speed up - in magnitude as well as frequency - given their rising wealth in the area that Millennium covers and the parlous state of some developed market's banks, he says. "Western financial icons could become acquisition targets very quickly if they continue to suffer," he says. "In months to come we could see these situations playing out."
Here is the latest response I received from Anadarko's PR department regarding JDZ Block 3:
The JDZ 3 is anticipated to be drilled late in 2008 or early 2009. I do not know which rig will be used to drill it. JMC
-----Original Message-----
From: xxxxxxxx
Sent: Tuesday, November 13, 2007 1:20 PM
To: Colglazier, John
Subject: JDZ Block 3
Mr Colglazier,
Could you please update me on APC's most recent timeframe for drilling
in JDZ Block 3? Also, do you know which rig will be utilized?
Thank you in advance for your response.
xxxxx
Fair enough. Thanks bay.
-ach
So in theory Bay, which is better? An elephant at lower prices or a giant at higher prices?
-ach
By extracting the oil quicker aren't we getting our money quicker to be put to work elsewhere and reducing long-term production costs at that particular site?
-ach
Question for everyone
Based on WD's philosophy...
At $30.00 a barrel oil, a 1 billion barrel find is worth 30b.
Likwise, at 100.00 a barrel oil, a 300m barrel discovery is worth 30b.
Is this a fair comparison to say they are the same or would there be more that goes into it? It seems to me that with 100 oil you can extract the same amount of value from a field in a much shorter time, making it more valuable.
I don't know. Thoughts? Anyone?
-ach
S2R,
Oilphant is saying that with our extra 1.8% in Block 4 we will get an extra 150 million barrels of oil because block 4 contains 8.25 billion barrels. duhhhhhhhhhhhhh. Isn't that obvious.
LOL
GLTY,
-ach
Guys,
quick question:
our contract for possession of the AA begins May 15, 2008 I believe. What will it be doing between then and H2 2008 drilling? Did I miss something where our possession is later than May 2008 or is this a legit question?
-ach
richkan,
do you believe that the next step in the process would be an announcement regarding a consortium that you have alluded to, or do we hear about the closing of the investigations first?
-ach
I missed that one. I like the picture. The more you post it the more likely it will come true. right?
GLTY,
-ach
how long have you been waiting to post that picture tamtam?
-ach
Thanks Dan,
I think the new site looks great.
-ach
I guess this gurantees that we will still be around in mid february?
-ach
WD,
I feel good about the CC. Nothing I would interpret as negative. The closer we get to drilling without some unforseen event popping up the better. IMO.
-ach
Good luck to everyone tomorrow.
The saga continues..................................
-ach
xxxxx:
Thanks for the note. Lots of good questions and I expect that ERHC will address much of this during the conference call. As always, we appreciate your interest and support, and that of the rest of the shareholder community.
Sincerely,
Dan Keeney, APR
DPK Public Relations
214-432-7556 (DFW Area)
832-467-2904 (Houston)
254-230-4621 (Waco)
www.keeneypr.com
Thanks to everyone. It was not that much work to put that together. I would like to emphasize that I do not expect any of the questions to be answered. But I think it is important to give the company an idea of what we are interested in knowing.
In addition, if one of us should by chance get through on the cc for a question - well, you've got a nice list to reference when deciding what question to ask.
Thanks again,
-ach
Okay guys,
I am going to ship this off to Dan and corporate. They've got a week and a half to look it over. Hopefully, they will address many during their CC presentation.
I took out the STPEEZ question about our 15% picks and the conflict with EEL based on the response Dan gave Tryoty. Not that Dan's response answered the question, but I think that might be a question for a future CC so things don't get too muddled.
-ach
Questions for the ERHC ENERGY Conference Call
August 21, 2007
JDZ & STPEEZ
1. ERHC's partners, Addax and Sinopec, have announced that they have 5 firm well slots and anticipate drilling as early as 2H 2008. Is this date firm, or will the Aban Abraham rig become available early when the current user pulls out of West Africa? Which block and/or structures are targeted first?
2. As drilling approaches can we expect Addax to announce drilling results as they go from well to well, or do you feel we will have to wait until all JDZ blocks are drilled to hear news on the results?
3. What is the status of Anadarko first drilling in Block 3?
4. What is the status of Blocks 5&6 of the JDZ?
5. Has anyone approached ERHC from Nigeria or Sao Tome to discuss any changes to the most current Block awards in the JDZ or STPEEZ?
6. Do we know what blocks we are interested in for the STPEEZ? Will ERHC be making STPEEZ block selections prior to the 2008 auction? If so, when do you expect this to be complete and will ERHC's selections be made public?
Operations
7. What is the current status of acquiring producing properties onshore?
8. Is the company's intent to sit and wait until the JDZ is drilled and produced, or is it going to adhere to its PR guidance and acquire revenue producing properties? If so, when?
9. As the operators of blocks 2, 3 & 4, Anadarko, Sinopec, and Addax are making all decisions and calling all shots, what has Mr. Ledbetter’s primary work focus been since his hiring?
10. Aside from sponsoring the 2008 Nigerian Oil & Gas Event [which is welcome news] what other steps is ERHC taking to renew our good name and standing in the industry?
11. What is the reason why we have not hired a CEO or CFO?
12. ERHC recently doubled its office space indicating an expectation for significant growth. What is the status of this growth and space utilization?
13. In the recently awarded OPL 291 West African Block awarded to ADDAX/STARCREST Nigeria Energy - Why did our Chairman feel the need to go through Starcrest vs. ERHC?
14. Are there any current discussions with anyone to either buy into ERHC or buy-out ERHC?
15. What is the current relationship between SEO and the new government in Nigeria? (Good, Bad or indifferent)
Legal Matters
16. What is the current status of any and all activities with the SEC, Homeland Security and the DOJ? Does legal counsel have a best guess as to when the investigation/process will be resolved?
17. What is the cash burn rate from our legal fees?
18. What is the range of maximum penalties that could be levied against the company should the DOJ or SEC determine that wrong doing has occurred that violate the FCPA regulations or securities laws by previous ERHC Managment in it's dealings with foreign nations?
19. If there is any wrongdoing regarding Feltang, will the money and shares be returned to ERHC?
20. From a legal standpoint, how secure does ERHE feel its rights are in the JDZ and EEZ? Legally does the company feel there is any chance we will be stripped of our rights?
21. What steps have been taken to protect ERHC's rights and its shareholders?
22. Is there a time limitation for Federal Government investigations, or can these investigations be left open indefinitely to tarnish ERHC's name?
Stock Performance
23. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
24. Is ERHC considering a reverse split?
25. Are the First Atlantic Bank shares held in "friendly" hands? Is management kept informed on a regular basis as to what FAB has planned for their ERHC shares?
26. Why isn't the company considering a stock buyback to help prop the stock price back up? What exactly are the plans to increase the stock price?
Tapco,
I will send a copy to corporate headquarters also. I don't know if I will call in. I guess we have over a week to figure out what the priority questions are, should a select few of us actually have the opportunity to ask a question.
-ach
Good Morning All,
Here is the latest list of questions. I think we will send this to Dan on the 9th since I am out of town on a 3 day weekend starting the 10th. That gives them 12 days to review the questions. Please add/subtract questions/comments as you see fit.
Thanks,
-ach
Questions for the ERHC ENERGY Conference Call
August 21, 2007
JDZ & STPEEZ
1. ERHC's partners, Addax and Sinopec, have announced that they have 5 firm well slots and anticipate drilling as early as 2H 2008. Is this date firm, or will the Aban Abraham rig become available early when the current user pulls out of West Africa? Which block and/or structures are targeted first?
2. As drilling approaches can we expect Addax to announce drilling results as they go from well to well, or do you feel we will have to wait until all JDZ blocks are drilled to hear news on the results?
3. What is the status of Anadarko first drilling in Block 3?
4. What is the status of Blocks 5&6 of the JDZ?
5. Has anyone approached ERHC from Nigeria or Sao Tome to discuss any changes to the most current Block awards in the JDZ or STPEEZ?
6. In the STP EEZ we claim right to two 100% signature free blocks (choice numbers 4 and 5) and to two 15% choices, signature payable, of our pick (effectively choice numbers 1 and 2). This is in conflict with a third party which has 100% rights to choices numbers 1 and 2. Has this been resolved? Also, how will the $ amounts be assigned to our 15% signature bonus payments since the blocks they apply to will be given away before bidding occurs?
7. Do we know what blocks we are interested in for the STPEEZ? Will ERHC be making STPEEZ block selections prior to the 2008 auction? If so, when do you expect this to be complete and will ERHC's selections be made public?
Operations
8. What is the current status of acquiring producing properties onshore?
9. Is the company's intent to sit and wait until the JDZ is drilled and produced, or is it going to adhere to its PR guidance and acquire revenue producing properties? If so, when?
10. As the operators of blocks 2, 3 & 4, Anadarko, Sinopec, and Addax are making all decisions and calling all shots, what has Mr. Ledbetter’s primary work focus been since his hiring?
11. Aside from sponsoring the 2008 Nigerian Oil & Gas Event [which is welcome news] what other steps is ERHC taking to renew our good name and standing in the industry?
12. What is the reason why we have not hired a CEO or CFO?
13. ERHC recently doubled its office space indicating an expectation for significant growth. What is the status of this growth and space utilization?
14. In the recently awarded OPL 291 West African Block awarded to ADDAX/STARCREST Nigeria Energy - Why did our Chairman feel the need to go through Starcrest vs. ERHC?
15. Are there any current discussions with anyone to either buy into ERHC or buy-out ERHC?
16. What is the current relationship between SEO and the new government in Nigeria? (Good, Bad or indifferent)
Legal Matters
17. What is the current status of any and all activities with the SEC, Homeland Security and the DOJ? Does legal counsel have a best guess as to when the investigation/process will be resolved?
18. What is the cash burn rate from our legal fees?
19. What is the range of maximum penalties that could be levied against the company should the DOJ or SEC determine that wrong doing has occurred that violate the FCPA regulations or securities laws by previous ERHC Managment in it's dealings with foreign nations?
20. If there is any wrongdoing regarding Feltang, will the money and shares be returned to ERHC?
21. From a legal standpoint, how secure does ERHE feel its rights are in the JDZ and EEZ? Legally does the company feel there is any chance we will be stripped of our rights?
22. What steps have been taken to protect ERHC's rights and its shareholders?
23. Is there a time limitation for Federal fishing expeditions, or can these investigations be left open indefinately to tarnish ERHC's name?
Stock Performance
24. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
25. Is ERHC considering a reverse split?
26. Are the First Atlantic Bank shares held in "friendly" hands? Is management kept informed on a regular basis as to what FAB has planned for their ERHC shares?
27. Why isn't the company considering a stock buyback to help prop the stock price back up? What exactly are the plans to increase the stock price?
ib,
I think that is the main hope. We will send them to the company and hopefully they can address many during their presentation before they go to Q&A.
-ach
Here's the updated list. We'll pick this up again tomorrow.
-ach
Questions for the ERHC ENERGY Conference Call
August 21, 2007
JDZ & STPEEZ
1. ERHC's partners, Addax and Sinopec, have announced that they have 5 firm well slots and anticipate drilling as early as 2H 2008. Is this date firm, or will the Aban Abraham rig become available early when the current user pulls out of West Africa? Which block and/or structures are targeted first?
2. As drilling approaches can we expect Addax to announce drilling results as they go from well to well, or do you feel we will have to wait until all JDZ blocks are drilled to hear news on the results?
3. What is the status of Anadarko first drilling in Block 3?
4. What is the status of Blocks 5&6 of the JDZ?
5. Has anyone approached ERHC from Nigeria or Sao Tome to discuss any changes to the most current Block awards in the JDZ or STPEEZ?
6. What number do we pick in the STPEEZ? Before or after EEL?
7. Do we know what blocks we are interested in for the STPEEZ? Will ERHC be making STPEEZ block selections prior to the 2008 auction? If so, when do you expect this to be complete and will ERHC's selections be made public?
Operations
8. What is the current status of acquiring producing properties onshore?
9. Is the company's intent to sit and wait until the JDZ is drilled and produced, or is it going to adhere to its PR guidance and acquire revenue producing properties? If so, when?
10. As the operators of blocks 2, 3 & 4, Anadarko, Sinopec, and Addax are making all decisions and calling all shots, what has Mr. Ledbetter’s primary work focus been since his hiring?
11. Aside from sponsoring the 2008 Nigerian Oil & Gas Event [which is welcome news] what other steps is ERHC taking to renew our good name and standing in the industry?
12. What is the reason why we have not hired a CEO or CFO?
13. ERHC recently doubled its office space indicating an expectation for significant growth. What is the status of this growth and space utilization?
14. In the recently awarded OPL 291 West African Block awarded to ADDAX/STARCREST Nigeria Energy - Why did our Chairman feel the need to go through Starcrest vs. ERHC?
15. Are there any current discussions with anyone to either buy into ERHC or buy-out ERHC?
16. What is the current relationship between SEO and the new government in Nigeria? (Good, Bad or indifferent)
Legal Matters
17. What is the current status of any and all activities with the SEC, Homeland Security and the DOJ? Does legal counsel have a best guess as to when the investigation/process will be resolved?
18. What is the cash burn rate from our legal fees?
19. What is the range of maximum penalties that could be levied against the company should the DOJ or SEC determine that wrong doing has occurred that violate the FCPA regulations or securities laws by previous ERHC Managment in it's dealings with foreign nations?
20. If there is any wrongdoing regarding Feltang, will the money and shares be returned to ERHC?
21. From a legal standpoint, how secure does ERHE feel its rights are in the JDZ and EEZ? Legally does the company feel there is any chance we will be stripped of our rights?
22. What steps have been taken to protect ERHC's rights and its shareholders?
23. Is there a time limitation for Federal fishing expeditions, or can these investigations be left open indefinately to tarnish ERHC's name?
Stock Performance
24. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
25. Is ERHC considering a reverse split?
26. Are the First Atlantic Bank shares held in "friendly" hands? Is management kept informed on a regular basis as to what FAB has planned for their ERHC shares?
27. Why isn't the company considering a stock buyback to help prop the stock price back up? What exactly are the plans to increase the stock price?
I think once we get closer to the date, we can send these questons to Dan. Perhaps with early review from the company, many of the questions can be answered by the company before the Q & A session. After we send these to the company we will have a little more than a week to figure out which questions we feel need to be asked as a priority.
-ach
Here is the updated list:
Questions for the ERHC ENERGY Conference Call
August 21, 2007
JDZ & STPEEZ
1. ERHC's partners, Addax and Sinopec, have announce that they have 5 firm well slots and anticipate drilling as early as 2H 2008. Is this date firm, or will the Aban Abraham rig become available early when the current user pulls out of West Africa? Which block and/or structures are targeted first?
2. As drilling approaches can we expect Addax to announce drilling results as they go from well to well, or do you feel we will have to wait until all JDZ blocks are drilled to hear news on the results?
3. What is the status of Anadarko first drilling in Block 3?
4. What is the status of Blocks 5&6 of the JDZ?
5. Has anyone approached ERHC from Nigeria or Sao Tome to discuss any changes to the most current Block awards in the JDZ or STPEEZ?
6. What number do we pick in the STPEEZ? Before or after EEL?
7. Do we know what blocks we are interested in for the STPEEZ?
Operations
8. What is the current status of acquiring producing properties onshore?
9. Is the company's intent to sit and wait until the JDZ is drilled and produced, or is it going to adhere to its PR guidance and acquire revenue producing properties? If so, when?
10. With full carries in all blocks, Anadarko, Sinopec, and Addax are making all decisions and calling all shots, what has Mr. Ledbetter’s primary work focus been since his hiring?
11. Aside from sponsoring the 2008 Nigerian Oil & Gas Event [which is welcome news] what other steps is ERHC taking to renew our good name and standing in the industry?
12. What is the real reason why we have not hired a CEO or CFO?
13. ERHC recently doubled its office space indicating an expectation for significant growth. What is the status of this growth and space utilization?
14. Why a conference call now? What has changed that a CC needs to be called for 3Q financials?
15. In the recently awarded OPL 291 West African Block awarded to ADDAX/STARCREST Nigeria Energy - Why did our Chairman feel the need to go thru Starcrest vs. ERHC?
16. Are there any current discussions with anyone to either buy into ERHC or buy-out ERHC?
17. What is the current relationship between SEO and the new government in Nigeria? (Good, Bad or indifferent)
Legal Matters
18. What is the current status of any and all activities with the SEC, Homeland Security and the DOJ? Does legal counsel have a best guess as to when the investigation/process will be resolved?
19. What is the cash burn rate from our legal fees?
20. What is the range of maximum penalties that could be levied against the company should the DOJ or SEC determine that wrong doing has occurred that violate the FCPA regulations or securities laws by previous ERHC Managment in it's dealings with foreign nations?
21. If there is any wrongdoing regarding Feltang, will the money and shares be returned to ERHC?
22. From a legal standpoint, how secure does ERHE feel its rights are in the JDZ and EEZ? Legally does the company feel there is any chance we will be stripped of our rights?
23. What steps have been taken to protect ERHC's rights and its shareholders?
24. Is there a time limitation for Federal fishing expeditions, or can these investigations be left open indefinately to tarnish ERHC's name?
Stock Performance
25. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
26. Is ERHC considering a reverse split?
27. Are the First Atlantic Bank shares held in "friendly" hands? Is management kept informed on a regular basis as to what FAB has planned for their ERHC shares?
28. Why isn't the company considering a stock buyback to help prop the stock price back up? What exactly are the plans to increase the stock price?
Thanks chcr,
While we haven't always agreed, I appreciate the tidy house you keep here.
-ach
Noted dat, your addition will be added.
-ach
Ok - I have updated the questions. I consolidated the drilling questions and turned the FAB question into one that has to do with the current relationship with FAB.
As G.W. would say "I am the decider". So myself or tryoty will take new questions and/or comments until friday the 10th. We will then ship this thing off.
-ach
Questions for the ERHC ENEGRY Conference Call
August 21, 2007
JDZ & STPEEZ
1. What are the dates of the most current estimates for first drilling in Blocks 2 and 4 in the JDZ and what is the sequence of the first 5 targets (Block Location and Date)?
2. As drilling approaches can we expect Addax to announce drilling results as they go from well to well, or do you feel we will have to wait until all JDZ blocks are drilled to hear news on the results?
3. What is the status of Anadarko first drilling in Block 3?
4. What is the status of Blocks 5&6 of the JDZ?
5. Has anyone approached ERHC from Nigeria or Sao Tome to discuss any changes to the most current Block awards in the JDZ or STPEEZ?
6. What number do we pick in the STPEEZ? Before or after EEL?
7. Do we know what blocks we are interested in for the STPEEZ?
Operations
8. What is the current status of acquiring producing properties onshore?
9. Is the company's intent to sit and wait until the JDZ is drilled and produced, or is it going to adhere to its PR guidance and acquire revenue producing properties? If so, when?
10. With full carries in all blocks, the operators are making all decisions and calling all shots, what has Mr. Ledbetter’s work primarily focused on since his hiring?
11. Aside from sponsoring the 2008 Nigerian Oil & Gas Event [which is welcome news] what other steps is ERHC taking to renew our good name and standing in the industry?
12. What is the real reason why we have not hired a CEO or CFO?
13. Why was expanded office space booked 8 months ago, since it's not being fully utilized, isn't that an unnecessary waste?
14. Why a CC now? What has changed that a CC needs to be call for 3Q financials?
15. In the recently awarded OPL 291 West African Block awarded to ADDAX/STARCREST Nigeria Energy - Why did our Chairman feel the need to go thru Starcrest vs. ERHC?
16. Are there any current discussions with anyone to either buy into ERHC or buy-out ERHC?
17. What is the current relationship between SEO and the new government in Nigeria? (Good, Bad or indifferent)
Legal Matters
17. What is the current status of any and all activities with the SEC, Homeland Security and the DOJ?
18. What is the cash burn rate from our legal fees?
19. What is the range of maximum penalties that could be levied against the company should the DOJ or SEC determine that wrong doing has occurred that violate the FCPA regulations or securities laws by previous ERHC Managment in it's dealings with foreign nations?
20. If there is any wrongdoing regarding Feltang, will the money and shares be returned to ERHC?
21. From a legal standpoint, how secure does ERHE feel its rights are in the JDZ and EEZ? Legally does the company feel there is any chance we will be stripped of our rights?
Stock Performance
22. What steps have been taken to protect ERHC's rights with absolute certainty? A 75% drop in share price clearly shows the market needs an answer to this question.
23. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
24. Is ERHC considering a reverse split?
25. Are the First Atlantic Bank shares held in "friendly" hands? Is management kept informed on a regular basis as to what FAB has planned for their ERHC shares?
26. Why isn't the company considering a stock buyback to help prop the stock price back up? What exactly are the plans to increase the stock price?
ATTN: EVERYBODY
I want this list of questions to be representative of the board as a whole. I am getting feedback from Tryoty and WD. Before I start making changes to board member questions, I would like some sort of concensus.
For example: Do we want to consolidate all the drilling questions into one simple question for an update on the status so we don't have to hear "talk to the operators" 10 times. Once is enough. Tapco asked a lot of these questions. Tapco do you agree with a consolidation.
#2 WD thinks the FAB question should be removed. I think this was Kobi's question. Agree/disagree.
I'm fairly certain we can do this in an orderly manner.
-ach
WD,
Would this line of thought not also apply to the Starcrest question?
-ach