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re; Menezes.....
I wonder if the pompous lil' bastard has figured out yet that his utility drops like a rock when he signs off? Maybe that's why he's sandbagging? Also....the oil field area is actually on the other side of Principe Island...why hasn't somebody over there done the smart thing and simply seceded from STP?
When I read.....
<...A communique issued after the ministerial meeting in the Nigerian capital said the two parties had come to a "harmonised position on all the blocks," but added that this was "subject to the endorsement of the heads of state.">
It looks like Menezes' disagreements have been addressed. He must either find another nit to pick or sign off.
Am I right?
ftc88~Wot caliber consensus?LOL!e
poll/ g, then e. eom
Ben, ur readin' my mind....agin. .......
Kinda wondered why the freetimers seem to have more swing than merited. Hmmmmmmmm........
How's Diaper Changing U. coming along?
Got tenure yet?
Be Well.
re;Shea...............................................
He's really trying to lower expectations so people will support a run w/ early sells while he sits back & waits for the REAL run.
I wonder if STP figured out.....
that Anadarko might not have the best reputation in the oil business?
LOL!
Friday meeting..........................................
It's reported that someone on the Sao Tome board posted that the Sao
Tome Pres has invited the Nigerian Pres to visit Fri morning.
chk I-H ERHE bd. GRIN!.e
re; Dr. Teixeira..................
Wasn't he president of their supreme court?
Google his full name.
18/05/2005 SAO TOME AND PRINCIPE
This is from RB:
Retiring from the State Department in 2003 after a long career in the foreign service, ex-diplomat Howard Jeter has just been named to the board of Chrome Energy, a firm owned by Nigerian businessman Emeka Offor which holds major rights in the Joint Development Zone between Nigeria and Sao Tome. Jeter was U.S. ambassador to Nigeria between 2000-2003 and served during the Clinton administration as special envoy to Liberia and director of the State Department's bureau of West African affairs. Since he retired from government service, Jeter has worked alongside another former U.S. ambassador to Nigeria , Walter Carrington, at the GoodWorks International firm. The latter is a consulting and lobbying concern run by Andrew Young, former mayor of Atlanta and ex American ambassador to the United Nations. In addition to Jeter, Chrome has recruited Andrew Uzoigwe to its board. He was exploration and production director at the state-owned Nigerian National Petroleum Corporation between 1999-2002.
http://www.africaintelligence.com/detail/detail_ART/p_detail.asp?DOC_I_ID=13831512&Context=REC&a...
Ben & Max have corrupted me....
Just bet $80k on ERHE.
I must be NUTZ!
Tnx Max.e
Does theelephantfields chat link
go directly to the correct room for tonite's session?
Thanks,
Slo
Valuation Model from I-H bd..................
Considering only the preferential rights, when figured as a percentage for the 9 blocks, ERHE has rights to 13.9% of the overall total.
Geco has estimated 14.4b barrels of reserves in these 9 blocks only. These estimates are only considering 17 of the most likely prospects out of 56 tested in the 9 blocks. Therefore if the 14.4b is only based on 17 of the 56 we can assume that there is potentially more than the 14.4b.
If the overall total interest (only counting the preferential rights now) for ERHE is 13.9% that implies a total reserve capacity for us of 14.4Bx.139= 2.002B.
The valuation of unproved oil assets is $3/barrel, which gives an asset value of just over $6B, which with just over 710M shares outstanding gives a share value of almost $8 per share. Now if OPERATORSHIPS are awarded its KATIE BAR THE DOOR. If your not in before awards you'll be chasing.
My 'puter's been down since last nite...
...wireless net radio hit by lightning. I posted the ERHE info only after checking the elephant fields board. Saw your comments on the I-H board also. Any idea re; ERHE valuation? Any diff between sentiment & real value......short term vs long term?
I'm lost on this one.
Sao Tome Petroleum Council Approves Block Awards
Saturday, May 14, 2005
In the first clear sign that the clouds have lifted over the long-delayed Nigeria-Sao Tome and Principe Joint Development Zone block awards, the Sao Tome National Petroleum Council has issued a finding that the proposed awards of blocks to ERHC Energy and its partners "at no moment injures the interests of Sao Tomé and Príncipe," even if some procedural irregularities appeared amid the awards process, and President Fradique de Menezes has declared he is ready to assume the role in which he would "monetize the process," i.e., sign the awards document delivered to him on May 6. and leave the NPC's leadership to others.
Thus, as best we can determine, the final barrier to the awards process has apparently been lifted, allowing them to go forward as early as Sunday.
http://www.erhc.blogspot.com/
HOLY SHIT!!!!!!!!!!!!!
Mongo/ask ur boss.eom
re; SA leftists.....................................
I wonder how long it'll be before Shining Path returns to the region? Those bastards are not human.
ERHE RB bashers showed up BIGtime.eom
Makes sense to me.............
re;MKTE....pps rising slowly on LOUSY vol. Somebody accumulating? WHY??
????????????????????????eom.
From RB.........................................
ERHC Energy now trades on Berlin & Frankfurt European Exchanges - new trading symbols
ERH.BE [Berlin]
http://finance.yahoo.com/q/ecn?s=ERH.BE
ERH.F [Frankfurt]
http://finance.yahoo.com/q/ecn?s=ERH.F
Well, people.......................................
Bot 49,380 @ .70 in the last couple days. I have a stress test this morning 9~10:30. Have set up sells up to $1.56.....Too cheap?
re; assed......................................
(and this spell check says I spelled assed wrong. What's with that?)
It's them fundies...they done took everthang over.
The Golfer............................................
An American golfer playing in Ireland hooked his drive into the woods.
Looking for his ball, he found a little Leprechaun flat on his back, a big bump on his head and the golfer's ball beside him.
Horrified, the golfer got his water bottle from the cart and poured over the little guy, reviving him.
"Arrgh! What happened?" the Leprechaun asked. "Oh, I see. Well, ye got me fair and square. Ye get three wishes, so whaddya want?"
"Thank God, you're all right!" the golfer answers in relief. "I don't want anything. I'm just glad you're okay, and I apologize. I really didn't mean to hit you." And the golfer walks off.
"What a nice guy," the Leprechaun says to himself. "But it was fair and square that he got me, and I have to do something for him. I'll give him the three things I would want - a great golf game, all the money he ever needs, and a fantastic sex life."
A year goes by (as it does in stories like this) and the American golfer is back On the same hole, he again hits a bad drive into woods and the Leprechaun is there waiting for him.
"'Twas me that made ye hit the ball here," the little guy says. "I just want to ask ye, how's yer golf game?"
"My game is fantastic!" the golfer answers. "In fact, that's the first bad ball I've hit in a year! I'm an internationally famous golfer now."
He adds, "By the way, it's good to see you're all right."
"Oh, I'm fine now, thankee. I did that fer yer golf game, ya know. And tell me, how's yer money situation?"
"Why, it's just wonderful!" the golfer states. "I win fortunes in golf.
If I need cash, I just reach in my pocket and pull out $100 bills I didn't even know were there!"
"I did that fer ye also. And tell me, how's yer sex life?"
The golfer blushes, turns his head away in embarrassment, and says shyly, "It's OK."
"C'mon, c'mon now," urged the Leprechaun, "I'm wanting to know if I did good job. How many times a day?"
Blushing even more, the golfer looks around then whispers, "Once, sometimes twice a week."
"What?!?!" responds the Leprechaun in shock. "That's all? Only once or twice a week?!"
"Well," says the golfer, "I figure that's not bad for a Catholic priest in a small parish."
Max..........................................................
Your record's pretty good. I do appreciate it.
Slo
ERHE avg vol almost 1.8 mil.....
....and it takes 22 minutes to fill one order for 2.4% of the daily avg?
Who's kiddin' who here?
LOL!
Not many shares out there.......................
I placed a limit order for 44k more shares @ .70. It's taking a while.
LOLOLOL!!!!!!!!!!!!!!!!!!!
re; ERHE.................................................
10q out.
As of March 31, 2005, the Company has no convertible debt with any related party.
http://biz.yahoo.com/e/050510/erhe.ob10-q.html
"They lied to us"/No shit! U expected better?LOL!eom
re;CMKM/shades of SRCI!eom
re; ERHE...................................................
The ERHE Yahoo bd is about as cheerful as a $2.00 Philipine cathouse. So.....what do you think will happen price-wise Thurs/Fri?
sllabxam, keep talkin' bubba.................................
Ok...I bot a few k shares on your say-so. (silly me?) Now what??
Sloooooooooooooooooooooooooo
SAUDI OIL INFRASTRUCTURE RIGGED FOR SELF-DESTRUCTION
According to a new book exclusively obtained by the Huffington Post, Saudi Arabia has crafted a plan to protect itself from a possible invasion or internal attack. It includes the use of a series of explosives, including radioactive “dirty bombs,” that would cripple Saudi Arabian oil production and distribution systems for decades.
Bestselling author Gerald Posner lays out this “doomsday scenario” in his forthcoming “Secrets of the Kingdom: The Inside Story of the Saudi-US Connection” (Random House).
posner_cover.jpgAccording to the book, which will be released to the public on May 17, based on National Security Agency electronic intercepts, the Saudi Arabian government has in place a nationwide, self-destruction explosive system composed of conventional explosives and dirty bombs strategically placed at the Kingdom’s key oil ports, pipelines, pumping stations, storage tanks, offshore platforms, and backup facilities. If activated, the bombs would destroy the infrastructure of the world’s largest oil supplier, and leave the country a contaminated nuclear wasteland ensuring that the Kingdom’s oil would be unusable to anyone. The NSA file is dubbed internally Petro SE, for petroleum scorched earth.
To make certain that the damaged facilities cannot be rebuilt, the Saudis have deployed crude Radioactive Dispersal Devices (RDDs) throughout the Kingdom. Built covertly over several years, these dirty bombs are in place at -- among other locations -- all eight of the Kingdom’s refineries, sections of the world’s largest oil field at Ghawar, and at three of the ten indispensable processing towers at the largest-ever processing complex at Abqaiq.
posner-pic1.jpg
According to the NSA intercepts, Petro SE was devised by the Saudis because of their overriding fear that if an internal revolt or external attack threatened the survival of the House of Saud, the U.S. and other Western powers might abandon them as the Shah of Iran was abandoned in 1979. Only by having in place a system that threatened to create crippling oil price increases, political instability and economic recessions did the royal family believe it could coerce Western military powers to keep them in power.
Some American and Israeli officials privately believe that Saudi officials have been aware for more than a decade that their conversations were monitored, and that as a result they greatly exaggerated Petro SE in order to blackmail the West into protecting them at all costs. For the Saudis, the threat to the U.S. and other powers works so long as those countries cannot be certain of the extent of the “self-destruction grid.”
Posner chronicles an over twenty-five year multinational intelligence gathering operation that exposes Petro SE -- the House of Saud’s “nuclear” insurance policy to escape the fate of Saddam Hussein and the Shah of Iran.
posner-pic2.jpg
“Although the NSA is not certain of the radioactive elements finally used by the Saudis, they believe Petro SE successfully developed dozens of radiation dispersal devices,” Posner writes.
“These RDDs that the Saudis have integrated into their oil infrastructure are far less lethal than traditional nuclear weapons. The risk is not mass fatal casualties as with a nuclear explosive, but rather increased cancer rates over many years. In the short run, the psychological fear that an area is contaminated by radiation might be so great as to make it commercially unproductive.”
Posner is an award-winning author of nine books, including "Why America Slept: The Failure to Prevent 9/11" and "Case Closed: Lee Harvey Oswald and the Assassination of JFK", and has written for such publications as The New York Times, The New Yorker, Time, Newsweek, The Wall Street Journal, and U.S. News & World Report.
Posted May 9, 2005 06:15 AM
Investigating the IRS
Thursday, May 5, 2005 Posted: 3:30 PM EDT (1930 GMT)
WASHINGTON, D.C.(Creators Syndicate) -- A Senate rider inserted in an emergency appropriations bill in the dead of the night, which would close a rare window into political foul play at the Internal Revenue Service, was quietly removed Tuesday in Senate-House negotiations.
That offers full disclosure of a major scandal that has been percolating for a decade.
The rider would have de-funded the investigation begun in 1995 of then-Housing Secretary Henry Cisneros by Independent Counsel David Barrett.
The amendment was sponsored by three highly influential Democrats, purportedly to stop leakage of federal money in a run-on program and end persecution of a no-longer-prominent Democratic politician.
In fact, Barrett's investigation is the first independent probe, with subpoena power, of the IRS.
Passage of the amendment probably would have meant Barrett's voluminous report on the Cisneros case never would see the light of day.
Document inspected
The document has been inspected by attorneys for prominent Democrats mentioned in it. That inspection was followed by belated efforts from Senate Democratic leaders to terminate Barrett, raising suspicions.
Democrats and their friends in the news media complain with sudden new urgency that Barrett has squandered $21 million over 10 years on a case in which Cisneros admitted in 1999 to lying to an FBI background investigation about his payments to a former mistress to keep her quiet. He was fined $10,000 and then pardoned by President Bill Clinton in 2001.
Cisneros' bigger problem is an allegation of fraud in not paying taxes on funds used for the hush money.
The report, described as 400 pages long with over 2,000 footnotes, is sealed by court order. So are Barrett's lips. But enough has leaked from sources familiar with its content to suggest political dynamite.
Sources indicate an IRS whistle-blower contends the tax fraud investigation was transferred from a regional office to Washington, where the IRS and the Justice Department suffocated it.
That raises the question of whether Cisneros, then a rising Democratic star, was improperly protected by Clinton administration officials. Barrett's use of the subpoena, according to sources, has fleshed out the story.
The investigation has been so protracted because of delaying motions by the Williams & Connolly firm, attorneys for Bill and Hillary Clinton. These lawyers, headed by David Kendall, are described as poring over the sealed Barrett report, according to sources, because clients are named.
Sudden interest
Coincidentally or not, the case aroused sudden interest within the Senate's Democratic power structure.
Sen. Byron Dorgan, Senate Democratic Policy Committee chairman, in the middle of a long floor speech on April 5, gave notice he would try to amend the emergency money bill "to shut off the funding" for Barrett.
Dorgan was the amendment's principal sponsor. Co-sponsors were Sen. Richard Durbin, the minority whip, and Sen. John Kerry, the 2004 nominee for president.
In the collegial Senate Appropriations Committee, the amendment was routinely added to the emergency bill to fund hostilities in Iraq. It passed the Senate without debate or comment late in the evening of April 21.
The first public notice of their plans was an April 22 editorial in The Wall Street Journal that elicited a letter to the newspaper from Dorgan, Durbin and Kerry that was published April 27.
It asserted Barrett's "report should be made public, and we hope that it will be," even if the independent counsel is stripped of funds. This marked the first mention by the de-funders about making the report public.
Quiet maneuvers
Maneuvers like this de-funding are best done quietly, but that no longer was possible. On April 27, two freshman Republican senators (Tom Coburn and Jim DeMint) and two more senior colleagues (Jeff Sessions and Jim Inhofe) wrote Appropriations Committee Chairman Thad Cochran. They urged elimination of the de-funding because of "the risk that the final report on this investigation will not be released."
Although none of the four Republican letter-signers sits on Appropriations, they prevailed.
In the Senate-House conference Tuesday, the House objected to the Dorgan amendment, and the Senate receded.
The report may soon be public, and people who have read it say the worst suspicions about the IRS will be confirmed.
THG~Remember CLYW @ $1.05 recently? GGRRRIIIIIINNN!!!eom
UPDATE 1-Fed adds reserves via overnight system repurchases
Tue May 3, 2005 10:23 AM ET
(Adds details of overnight repo)
NEW YORK, May 3 (Reuters) - The Federal Reserve said on Tuesday it added $4.5 billion in temporary reserves to the U.S.banking system through overnight system repurchase agreements.
The repos were cleared at a stop-out rate, the lowest rate accepted, of 2.922 percent, the Fed said.
Fed funds last traded at 3.0 percent, above the Fed's 2.75 percent target for the rate on overnight loans between banks.
The Fed is widely expected to lift the fed funds rate to 3.0 percent at its policy-setting meeting on Tuesday.
Further details of the operations are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm
SHEEIT!!! If ya gotta buy yer own crap.....either/or; nobody wants it.......or ya gots too damn much of it out there & are trying to avoid an imposed fire sale.
Traditions swept aside at U.S. exchanges
By Greg Morcroft, MarketWatch
Last Update: 8:01 AM ET April 23, 2005
NEW YORK (MarketWatch) -- America's biggest stock markets finally moved into the twenty-first century this week as both the NYSE and NASDAQ agreed to acquire electronic exchange rivals. The moves are expected to reshape markets in response to regulatory pressures and bring more entrepreneurial spirit and innovation into the traditionally clubby business.
Late Wednesday, in the most sweeping change in its 212-year history, the New York Stock Exchange unveiled plans to merge with electronic rival Archipelago Holding (AX: news, chart, profile) and become a public company.
And, hot on the heels of that deal, The NASDAQ Stock Market Inc. (NDAQ: news, chart, profile) Friday pulled the trigger on a widely expected cash deal to buy Instinet Group (INGP: news, chart, profile) for $1.88 billion.
"It's incredible," said Jamie Selway, economist at White Cap Trading in New York and a former economist at Archipelago. "If you told me in 2003, at the height of the Dick Grasso era, that by mid 2005 we would be pretty close to a reinvention of the stock markets, I would have told you 'no way!'"
For NASDAQ, the combination with Instinet will create the number one market for NASDAQ-listed stocks and increase its ability to compete with the NYSE on price. For the NYSE, the deal will greatly expand the amount of electronic trading it does, offering its big institutional clients the speed and liquidity they crave while alleviating their continuing fears that the floor trading system, in place for more than two centuries, puts customers at a disadvantage. Fifteen current and former New York Stock Exchange floor specialists were indicted earlier this month on charges of improper trading.
"This strategic move is courageous, almost unbelievable, but this is going to make the New York Stock Exchange in my opinion a potentially giant publicly traded company. The main reason is they've got brand, they've got companies, they've got liquidity (and) with Archipelago they have electronic global access," said Harold Bradley, of Kansas City, Mo.-based American Century Investments.
The NYSE has been plagued in the last few years by the fallout from controversy over the enormous pay package of former chairman Dick Grasso, and long-running complaints about floor traders benefiting at the expense of customers. So the deal is seen as more than just a strategic move, but also a sign that politics and governance is changing.
"It's one of those things in life, it's so simple, so obvious," White Cap's Selway said of the NYSE acquisition. "What took so long was politics and governance."
"The Exchange has also been cursed because most of the seats are not owned by people on the floor. Most of the seats are owned by gray hairs in Florida. They've been in the families, and they derive their annual income of several hundred thousand dollars every year from these lease payments, and when these lease payments started to collapse, I would infer that owners got very upset," Bradley said Thursday.
Selway was sympathetic to that take, saying that for too long the NYSE was basically run as a club for members, not investors. All that changed in the fallout from several recent scandals, when it became clear to investors that big companies had gotten out of control, leading to a series of giant bankruptcies and high profile criminal prosecutions of top executives. Recent regulatory rulings, known as REG NMS, also changed the outlook for the exchanges, and while expected, probably guaranteed the week's historic events.
The deals also reflect a change that's been going on for some time as technology from upstart companies and non-traditional trading platforms, like Instinet and Archipelago, offered the kind of execution, including speed and anonymity, that appealed to the growing number of big, institutional traders. Those included hedge funds and mutual funds run by companies like Bradley's American Century. On Thursday, Vin Loporchio, a spokesman for mutual fund giant Fidelity succinctly, but diplomatically, put it this way, "We have long advocated that investors are better served through automated market centers, and that floor-based trading markets confer unwarranted trading privileges for those on the floor."
Companies like Instinet and Archipelago had been hugely popular among the biggest traders like Fidelity, and they were gaining more and more market share in NYSE-Listed stocks. "They (the big exchanges) had been kind of clumsy," Selway added. "They were not for profit and they weren't executing. It was outsiders creating value. The exchanges are going to buy these companies and bring that entrepreneurial innovation in-house."
NYSE and Archipelago to merge
April 20, 2005: 6:17 PM EDT
NEW YORK (Reuters) - The New York Stock Exchange said Wednesday it will merge with electronic market operator Archipelago Holdings Inc. in a $400 million deal that will transform the NYSE into a publicly-traded company and help it break into electronic trading.
The NYSE, the world's biggest stock exchange, will own 70 percent of the new company, its Chief Executive Officer John Thain said.
Thain said the merger will not end floor trading at the NYSE and the hybrid company will take 12 months to get up to speed.
The deal is subject to approval of NYSE members and the Securities and Exchange Commission. The SEC said it would not comment on the transaction.
The transaction comes amid the exchange's efforts to reinvent itself in the face of uncertain business prospects that sent NYSE seat membership prices to a nine-year low in January.
"It's of huge significance for the industry -- the New York Stock Exchange just acquired this humongous competitive advantage," said Warren West, president of Greentree Brokerage Services in Philadelphia.
Chicago-based Archipelago Holdings is the owner of electronic trading platform Archipelago exchange and a trader of Nasdaq-listed stocks. It is 22 percent owned by private equity firm General Atlantic LLC, which will own about 6 percent of the new company.
Earlier in January, Archipelago agreed to buy the parent of the Pacific Exchange for more than $50 million, a deal that raised its profile while allowing it to expand into the options trading business.
Archipelago was a front runner to buy electronic trading platform Instinet Group Inc., a majority-owned unit of Reuters Group PLC. But over time, Nasdaq became the leading bidder.