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Oando is raising 300 million.
https://research.tdwaterhouse.ca/research/public/Stocks/Overview/ca/OER
Blocks 5 & 12, EEZ of Sao Tome & Principe
Budgeted capital expenditures for Block 5 and 12, EEZ of Sao Tome & Principe were set at $5.2 million for 2014. No significant capital expenditures were incurred in these fields in the nine months ended September 30, 2014. Planned capital expenditures related to a four year work programme of 2D and 3D seismic acquisition and studies remains with Seismic acquisition to be incurred in December 2014.
On the previous link or this PDF link if you look at the Bouguer gravity contour map showing seismic lines TVK 4-7, which I believe to be the only previous seismic line shots, apparently this was a wide thin old partial seismic shoot.
With our new data I believe they have not only confirmed the blob but West (Anam) and South (Tarach) of the blob as well. You can see in figure 8 if you zoom in the ANAM and TARACH trenches.
https://www.google.com/webhp?tab=ww&ei=2YMBU6q2KajyyAGd1ICYBg&ved=0CBQQ1S4#q=tarach+formation
Anam and Tarach are our hope.
Here is a 3 year old study.
http://www.epgeology.com/articles/kenya-rift-basin.html
The black BLOB is on this link or study and its my guess the BLACK BLOB is 90% inside our Block 11a.
Lotikipi Basin
From the seismic profiles along Lines TVK-4, TVK-5, TVK-6 and TVK-7 (Figs.4,11and12), in the Lotikipi basin, it was possible to identify two sub-basins, between longitudes 34o30’E and 35o00’E and latitudes 4o15’N and 4o45’N, which have been named after the nearest river systems as a) the Anam-Natira Formation and b) the Tarach-Nakalale Formation [7].
The anticipated best-developed subsurface sedimentary section, identified on the basis of seismic and gravity studies, under the channels of the Anam and Natira rivers (Figs.2,4and11), has been named as the Anam-Natira Formation. The 1050 m thick sequence (between long 34o30’E and 35o00 N), showing P-wave velocity (Vp) between 3.0 and 4.0 km/s on TVK-4 line profile, is interpreted to consist chiefly of sandstones and shales [7]. The lower 350 m section, between 1900 m to 2250 m depth, should contain compact sandstones with frequent thick clay/shale layers, for which the Vp range is between 3.5 to 4.0 km/s.
The best-developed (Tertiary ?) section (1420 m thick) located beneath the Tarach and Nakalale river systems, characterized by Vp between 2.0 and 3.0 km/s, has been named as the Tarach-Nakalale Formation [7]. Deduced along TVK-6 the area covered under Longs. 34o45’E and 35o03’E and Lats. 4o24’ N and 4o42’ N shows a better development of this formation, which seems to be constituted of less consolidated sands, gravels, silts and clays which increasingly become more compact towards the basal part of the section (1560-2060m depth). The sub-basin on the TVK-6 line bounded by lats. 4o24’N and 4o42’ N and longs. 34o45’E and 35o03’E can be considered as representing the ‘type’ section of the Tarach-Nakalale Formation. The ‘type’ Tarach-Nakalale Formation sequence shows well-developed representation of both the members, which range to about 800 m thick each.
Future drilling and fossil finds will provide additional stratigraphic attributes to these seismically defined Formations in the Lotikipi basin. However, at this juncture, the section cannot be assigned a definite stratigraphic age, but occurring in similar tectonic and stratigraphic setup, it is suspected that the Anam-Natira Formation might be homotaxial to the Sharaf and Abu Gabra Formations (Neocomian or Albian-Aptian in age, [10] of southern Sudan. Although future drilling alone would enable assigning additional lithological attributes to these two subdivisions, in the absence of any other criteria to assign a stratigraphic age, it might help to consider Tarach-Nakalale Formation as coeval to the Kordofan Group of southern Sudan (early Tertiary in age, [10].
Additionally, one might also point out that the sub-basins in which the thicker Anam-Natira Formation sequences (Upper Cretaceous?) are suspected are different than the sub-basins in which a greater thickness of Tarach-Nakalale Formation (Lower Tertiary?) is anticipated [7]. Since there has been no exploratory wells drilled in the Lotikipi basin, most of the prognostic evaluation of the basin (Fig. 12) would depend upon the evaluation done on rocks of equivalent age belonging to the other basins (along the NW-SE-trending Anza and Abu Gabra Rifts – Fig.3).
They just announced increasing unrisked reserves in Chad and plans to drill Kenya asap with zealotatious (IPIC)CEPSA Saudi's backing us up.
One cent is gone IMO.
The fact is: The only way we survive is if they find oil this time .....current pr releases are very bullish imo. The fact CEPSA is excited to drill speaks volumes! I would like to hear it from CEPSA directly though. Keep the prayers coming.
NSE Suspends Further Trading In Oando Rights Issue
Olushola Bello
good news here:
http://www.prnewswire.com/news-releases/oando-energy-resources-announces-record-third-quarter-results-282353931.html
— Dec 1, 2014 | Leave a comment
Following no formal clearance of offer documents and registration of shares from the Securities and Exchange Commission (SEC) by Oando Plc, the Nigerian Stock Exchange (NSE) on Friday suspended further trading in Oando rights issue.
The Exchange in a statement released to the media said that the action was necessitated by information received on November 27, 2014 from Vetiva Securities Limited, the Lead Stockbroker to the Issue, that Oando has not obtained a formal clearance of the offer documents and registration of the shares from the Securities and Exchange Commission.
The statement however said that the Oando Rights traded to date will be reversed.
Oando has opened application list for its rights issue on November 24, 2014 to raise new equity funds from existing shareholders to deleverage its balance sheet and rebalance its assets position with its long-term growth outlook,. The application was to close application on December 19.
Oando is offering new shares to shareholders in its book as of July 25, 2014 on the basis of one new share for every four shares held as at the qualification date at N22 per share.
Hope so and the following January 2016.... 150 times, that IS the proverbial dangling Carrot.
Julius, I wasnt talking about individuals buying stock. I'm proposing they buy company stock on the open market. Not only would that scream good news, its a safer vehicle to raising (profits) money than issuing convertibles.
I mean if they are gambling on Africa Oil why not their own cash, is the cash they have on hand really needed in the next 90 days? They could do a token 30,000,000 shares for 450,000. Cant they sell Oando and buy back their own company stock anytime they want. There are no restriction on that. None, if they buy it on the open market. Imagine what that news would do to the Share price.
'merciless tax loss dumping, penny stock financing' =opportunity!
Where can you find this type of Wildcat opportunity?
Do you guys understand what happens if we find a 2 or 3 billion barrel resevoir?! BUY NOW!
Why did Peter include this in the PR? Because, they see similar seismic data in their block!
The block also lies nearby other significant proven fields in the region including the Muglad and Melut basins in the South Sudan with 3 billion and 2 billion barrels of oil respectively, and the Albertine Basin in Uganda with 1.7 billion barrels of oil in place.
The company should buy their own shares to show investors they are extremely bullish, actions speak louder than words and its a good investment. Even if they cant afford it today!
Forget the SP or even reverse splits, the indication as of today is there is more than 200 million barrels un risked in Chad "We expect that the survey will enable an upward adjustment of the technical team's prior estimate of up to 200 million barrels (unrisked)"
and obviously Kenya data looks good enough to get CEPSA in high gear, this is all great news. Let the convertibles do what they may. When they find 800 million PLUS barrels we will be very happy. If the data looks as good as they say new investors with better terms will surface very soon.
This is chump change to SEO, his friends have many other investments this wont affect his reputation, on the other hand if we find a billion barrels he will be much more famous. We all will, lol.
I don't understand why SEO wont contribute more to the necessary development expenses, my guess is he is tired of being harassed by sec regulators etc.. Where is our godfather when we need him most?
"IF we DRILL, none of this will matter, especially if we find oil. "
Yes, This is and always has been the 64 billion dollar question.
I have to say after all weve been through there must be something really good about Kenya to be drilling so quickly!
Look at all the desperate moves Peter has taken, he wouldnt have done this unless he saw a real chance of redemption soon. Would he?
I cant wait to see some seismic reports.
God be with us on this hunt for hydrocarbons. Everyone Pray for OIL lots of oil.
They can buy as a company (maybe not individually) at any time I think, I have sent this concept to Dan but have not heard back. Companies can buy their own stock at anytime.
"Someone help me out here, do we even have a chance of recovering our investment?"
Lets assume we find 900 million barrels in Kenya 400 million in chad
Kenya we have 35% Chad probably 50% when its all said and done. Also assume there are 1.5 billion shares outstanding in the future.
What's (315+200) = 515,000,0000 barrels of oil worth in 18 months / 1.5 billion shares (est.) assume 50 dollars per barrel.
515 mill b * 50 /1.5 bill shares is 17.17 dollars a share?
or
Assume only a total of 400 m bls @35% =140mill brls. @$50=7 billion / shares outstnd. (1.5 bill) =4.67 per share
Is this a reasonable dream guess? Total asset value based on future value.
They always say this, its probably environmental, local (social) job issues, security and host of other contingencies.
CEPSA and ERHC must be very excited about the multiple stacked zones and closures! Here's to finding a multi-billion barrel oil field! We are going to need it if ERHC is to survive.
We know now the market is being flooded by shares, convertible shares, if we end up with 2 billion shares outstanding but find a billion barrels of oil we are at 60 cents at least. Cepsa would buy us out around 40 to 50 cents, maybe. Thats my current hope and dreams.
Great news about going straight to drilling, that worthy news. I'm buying more on this news. Hopefully they can talk CEPSA into helping out in Chad/jdz/eez as well.
Big deal, Peter has 11,000 worth of his company's stock, I have more shares than Peter! Thats one of the problems... they need to buy their own stock especially now! They should start buying up to 100 million shares tomorrow, they are fools if they dont.
Its time to put up (cash) or shut up.
The SP has tanked especially since seismic "stacked reservoirs closures" pump PR came out. That tells me someone in the know thinks its smoke and has seen the seismic and it sucks. Thats what the market is saying.
There better be some news with teeth this week!
Julius, Thank you for your time and effort to share this knowledge.
How does Offor fit into the scenario though? Does he have conversion privileges?
We had 32 million 6 years ago.
http://www.rigzone.com/news/article.asp?a_id=65381
http://www.businessinsider.com/r-sao-tome-ex-presidents-son-returns-to-prime-ministers-job-2014-11
We arent in Peru too? http://www.oilcareers.com/content/jobsearch/job_advert.asp?jobadid=1243162
Contract Awarded To Design Kenya-Uganda Crude Oil Pipeline
NAIROBI, Nov 28 (BERNAMA-NNN-KBC) -- Construction of a crude oil pipeline from Uganda to the proposed port at Lamu on the northern Kenya coast has gone a step further after Japan's Toyota Tshusho company won a contract to design the pipeline.
While Uganda is to start oil production in 2018, on the Kenyan side, Tullow Oil and Africa Oil are expected to submit development plans only next year.
In June this year, Kenya, Uganda and Rwanda jointly invited bids for a consultant to oversee a feasibility study and the initial design for the construction of the 1,300-kilometre pipeline from Uganda to the proposed port of Lamu, a project estimated to cost about 400 billion shillings.
Energy Ministry Principal Secretary Joseph Njoroge said here Thursday: "Toyota Tsusho have already been awarded the contract for the feasibility study and preliminary engineering design, and their final report is expected by mid-April next year."
Kenya estimates its crude oil reserves to be about 1 billion barrels which experts say is enough to make a pipeline viable even without Uganda, which estimates its reserves at 6.5 billion barrels.
Toyota Tshusho would also be required to supervise the construction of a fibre optic cable from Uganda's oil fields in Hoima through the Lokichar basin in northwest Kenya, where the country has found oil deposits, to the proposed Lamu port.
The Ministry of Energy says the consultant is also expected to design tank terminals in Hoima, Lokichar and Lamu.
Meanwhile, Internet Service Provider Callkey Networks has said it will be giving special focus to players in the oil and gas industry by providing specially customized products that suits the various needs identified in the region.
In special focus will be the provision of guaranteed services that meet data demands recognized by companies already carrying activities surrounding exploration and seismic acquisition.
King,et al I cant find it, my apologies, I made a mistake. I assumed the search I used presented accurate info. Didn't read the details apparently. It was new, news like 12 minutes old and sounded good, too bad it didnt help the SP. lol You guys are paying attention.
What do you think about the company buying its own stock and selling it in a few months? It legal and seems to me achieves many things ERHC needs right now. It shows support and optimism from within the company. If the SP rises to 12 cents they could make 5 million profit on a 1 million dollar investment..ie (50 million shares.)
Its not riskier than other forms of finance they have to choose from unless Uncle Offor is feeling charitable again aka bullish.
CEPSA. Google it.
http://www.oilvoice.com/job/Cost-Engineer-Kenya-Contract-82-Rotation-Operator-OVWS1318/e2839e9b25754.aspx
Cost engineer? Kenya...grasping at straws
ERHC has to act in the least harmful way possible. Issuing more shares is NOT good on its own. You need to jump start the bullish engine.Assuming all the public reports have been accurate and true. Seems to me an excellent opportunity has arisen from tax loss and toxic convertibles being exchanged. (SP .0157)
The non poisonous way to finance the CEPSA drilling partnership is:
Spend $1,000,000 cash today for 50 million shares of company stock.(.02)
This achieves: Clear support for the company Reduces shares outstanding, Sends a message to new investors, Provides somewhat of an controllable investment, No dilution - No convertible-toxic debt.Provides funds for drilling etc..
Assuming Tax loss selling ends soon and drilling or 3d is announced soon, the share price should steadily increase. Also, if weekly progress reports are broadcast. You may find new wildcat investors are willing to play. Dont let this opportunity pass you buy PETER!
Lets say ERHC sells the 50,000,000 shares in April May and June. for avg. 12 cents a share.
There's $5,000,000 million tax free gain they need to drill wells with CEPSA. Plus the 1 million back.
AT THIS TIME THIS IS THE ONLY WAY THAT REMAINS TO SAVE THIS COMPANY. Other options will present themselves as the SP rises and we discover oil.
Do something that shows the COMPANY BELIEVES IN THE CURRENT PLAN, DO SOMETHING SMART AND RISKY INSTEAD OF JUST RISKY.
Its all three, your right though- the tax loss and toxic is our market, now add fear to that list. The point is if the seismic is as good as stated, why isnt the company buying shares then resell them. If the news is so good, seems to me thats the best way for them to make money!
They could spend a million here and buy 60-85 million shares then sell them this spring and have cash for their first (10 million needed) well with CEPSA!
Im not sure about anything, other than when I announced the pathfinder was enroute to JDZ. This is high stakes gambling. Just got this email. http://www.hotstocked.com/article/88670/erhc-energy-inc-otcmkts-erhe-drilling-through.html
ERHC Energy Inc. (OTCMKTS:ERHE, ERHE message board) shareholders must be in panic to see their stock reaching further depths towards the rock bottom of the chart. Yesterday ERHE closed in the red at $0.016, a 21.4% fall which is almost a 70% loss in a month. Volumes have been in the millions lately reaching a 52-week high two days ago while the price has hit all-time lows nearing the 1 penny mark. Will ERHE be able to stop the drill to go right through that?
On Nov 5 a press release gave ERHE a short reprieve but it lasted just three sessions. The shareholders are hungry for some bits of news or statements from the management of the company that could quiet down their current fear of a dooming loss of their investments.
This fear is partly real and party generated by posts in forums, communities where they have been talking about a “death spiral” and how the toxic convertible debts of ERHE can cause lower prices at which financiers can dump their converted and well-discounted shares pushing the price even lower, yet making a lot of money out of it. A month ago ERHE was still around the 4 cents mark practically for the whole month but seemingly a press release on Oct 29 pushed the price off the cliff. The strange thing is that the news confirmed the viability of leads in Southern Chad, one of the company’s projects in Africa which sounds like good news and normally would affect a stock more positively.
The other main exploration site for ERHE is in Kenya, Block 11A which is in phase two now and they will either acquire 3D seismic or start drilling an exploration well. The company will may have to raise some money to fund these in the near future as a well drilling has a cost of $10-30 million. But what can we know about the financials of ERHC Energy Inc.? Can they finance such operations at all? Well, their last report was a 10-Q for the quarter ending June 30 which means that the numbers are not really up-to-date. Let’s see some figures that may help us understand if this panic selling is grounded or not:
$2.7 million in cash and cash equivalents
$933 thousand total current liabilities
$1.1 million net loss
The company claimed in their report that this cash “should be sufficient” for more than 12 months but you really have to be a magician to finance with this background all your operational costs and a possible drilling on top of that. But then again you have the option to find some creditors and enter into an agreement for convertible notes where the conditions will not get any better than that of the currently outstanding ones. And that does smell a bit toxic.
We have no current information on the number of convertible notes but they had $611 thousand payable up to June 30 and another $317 thousand worth until Aug 14 which is a good 50% more in one and a half months. And that was 3 months ago. Well, looking at the discounts of these notes there is a potential of around 100 million shares being issued which could definitely push the price even lower. No wonder the shareholders started to panic seeing the price falling. That was simply intensified with a bit of fear mongering in the communities. ERHE’s 10-K is expected to be filed in the coming weeks but the question is how many shareholders will sit around and watch the price reaching ever lower.
Although ERHE does have the potential to bounce back in the future, you had better do you due diligence before rushing to a quick conclusion.
Management needs to enlighten us on the 1000% decline of our investment in what, 2 months! How can we be excited about 11a or Chad,EEZ with a plunging Share Price! Wake up PETER! The are either lying, stupid or going under IMO. Why arent they buying the cheap shares if everything looks so " encouraging" ? Its a mess.
After seeing the sp drift after exploration in JDZ with no news, its the same MO to me, I havent seen Cepsa announce anything with certainty, if there is a definitive proclamation from CEPSA please post a link. Ask yourself, what does CEPSA have to lose by pulling out of 11a. Nothing else in Kenya as far as I know. Small fine?
If the money starts flowing out of CEPSA and they proclaim they are drilling and spud on Dec 30th, then we might, maybe see a few cents up, maybe 12 cents, back where we started this run. Is that what management is waitig for? At this point it feels as if we are not being told the whole story. Obviously greying shareholders are war torn. Management can not afford to promote ERHC and their isnt anything to promote anyway.
The market is clearly saying there is nothing good here to see. Weve gone from a 12 cents to a frickin penny guys, something smells really bad. Personally Ive seen my personal valuation drop over a million dollars on this POS just so you know Ive sold very few shares and that was in 07'.
Anything directly from CEPSA? http://www.businessdailyafrica.com/US-oil-firm-EHRC-plans-to-drill-Turkana-well-/-/539552/2473224/-/15fpaiaz/-/index.html
It's the only logical answer... Money and buying talks everything else doesn't matter.
The market believes that.
The way I recall Offor saved ERHC from going under and made the JDZ attempt all possible, he saved ERHC. Wasnt it 15 million dollars for shares.
Obviously the seismic reports aren't very good, that can be the only reason the for the massive selling.
Complaining about .044? Im still hoping/praying to BE @ .44!! Hopefully Peter is praying hard too.
I would have to research more on Simba. No desire at this time.
I do like this from Peter though.
"leaders at Houston-based ERHC Energy Inc. (OTCQB: ERHE) hope they are on the verge of a major discovery "
SIMBA BILLIONS
http://ameinfo.com/blog/energy-oil-and-gas/canadian-simba-energy-leaps-rak-drill-oil-kenya/
In Kenya, the Government now has final arrangements in place for a 1,300 km crude oil pipeline from the fields around Hoima, Uganda through Kenya’s Turkana region to give market access to these prime discovery areas, through to Kenya’s Lamu Port on the Indian Ocean. Completion is expected by 2018.
Bowleven awarded one year license extension Kenya block 11B
NOVEMBER 17, 2014 BY SAMUEL KAMAU MBOTE
Bowleven has announced that it has received a license extension to enable evaluation ahead of second phase decision.
Following the license extension to May 2015 Bowleven says that the completion of acquisition processing and interpretation of 2D seismic on block 11B remains among the key objectives for the next 12 months.
Already the company has processed airborne geophysical survey (FTG) on Block 11B which highlighted several basins on the block and provides clear imaging of primary structural features, facilitating a targeted 2D seismic programme.
Block 11B encompasses an area covering the Loeli, Lotikipi, Gatome and South Gatome basins. These basins are a part of the geologically young East African Rift system to the north of the Lokichar Basin, where significant discoveries have recently been made.
Bowleven entered block 11B by farming in to Adamantine in September 2012 and was set to see its license expire in May 2014 two years after the operator was awarded a Petroleum Sharing Contract by the Kenyan government.
Bowleven holds 50 percent stake and provides technical and other services while Adamantine which is the operator holds the remaining 50 percent stake.
Other partners in the block include First Oil, a privately owned UK E&P company which in July 2013 acquired a 30% holding in Bowleven’s East African focused new ventures subsidiary, in return for funding exploration activities.
Under the arrangement, First Oil committed to fund up to $9 million of an initial work programme (net carry of $6 million), with a further commitment to fund up to $12.5 million (net carry of $5 million) of an additional contingent work programme
ERHC only explores and exploits those assets when found and have cause international exploration specialist to expend over 420 million dollars looking in highly prospective, previously unexplored areas. Having 420 million dollars spent and still be in the game is a feat in itself. Anyone asking a question like this is obviously 10 years old or in a shorters "institution". Probably the latter. ERHC will not give up, but your should.
Remember the post the other day> the research by Morgan Stanley?, oil finds under 400 mill are probably not commercial till a pipeline is in place. They need to find 600 mill + to get the balls rolling.
This is a great piece written on ERHC, "directly to a well or focused 3-D"
SHOW ME THE OIL MONEY PETER !
We will "decide whether there is enough information to proceed directly to a well or whether to acquire focused 3-D seismic,” Ntephe says. “We are advancing toward determining the prospectivity of a well in a very, very short while."
god speed TO CEPSA & ERHC
Peter cant control SP only try to safely promote future. maybe Phil Nugent is dumping his 30 million shares? Hey, maybe its time for a 500 to 1 reverse stock split and name change to Mufasa Energy? This really sucks.