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Sinopec Q3 net doubles on higher fuel prices
HONG KONG, Oct 29 (Reuters) - Top Asian oil refiner Sinopec Corp (0386.HK) said its net profit more than doubled in the third quarter, in line with expectations, on higher fuel prices and falling crude oil prices.
Sinopec (600028.SS) (SNP.N) said net profit totalled 16.55 billion yuan ($2.4 billion) for July-September, compared with a restated 7.4 billion yuan last year. Nine analysts surveyed by Reuters had expected a profit of 16.5 billion yuan.
Sinopec, which is among the world's top oil refiners by capacity, has benefited from four fuel price increases in China this year, with the most recent in September.
Sinopec rose 11.5 percent in July-September, outperforming PetroChina (0857.HK), which gained 1.9 percent. The benchmark Hang Seng Index .HSI rose 14 percent. (Reporting by Sui-Lee Wee, Editing by Don Durfee and Chris Lewis)
http://www.reuters.com/article/marketsNews/idUKHKF08050020091029?rpc=44
silly, for what purpose ??? [are you trying to get us Halted?]
we are an Oil company - with oil rights with NO PROVEN OIL
What Market Valuation would you give to a company with 3 Employees / no annual revenue / and a colorful history of investigations, operating in Nigeria.
[Currently just under $1/2 Billion]
ALL with NO PROVEN OIL [*YET]
We have to abide by our Partnership agreements which means we can say SQUAT until the Operator does or risk losing our FREE CARRY
- just chill
- the co. is on record of estimating over 300 MM Bbls in JDZ 2,3,4
even at a low 100 MM BBls we may be worth considerably more than current valuations
all IMHO
a couple JDZ stories on Oil & Gas Intl
anyone have a membership ?
http://www.oilandgasinternational.com/directories/exploration_discoveries.aspx
(10/25/2009) Sinopec completes Nigeria-Sao Tome JDZ test well
(10/8/2009) Addax taps down 1 JDZ well, spuds another
Jake your post was deleted but look at these posts and then go back and see the Official PRs
who came first [look at the dates] ???
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35977395
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37591975
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=38430537
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40679145
ARCA is BID 99,000 - its on the BUY SIDE
to bad it hasn't been updated since 05/2006
the news is that there is news coming
i doubt it will have the specifics you mentioned but any news is better than no news
dont shoot the messenger
Bay / MN you are kidding right ???
EEZ is too long off and our patience has run out
let the Chinese wait for the EEZ and deal with all the Politics
its been 9 years and THEY HAVE YET to have 1 Licensing Round
I'd rather not wait another 9
SEO will be given other deals to make up for any short fall
ERHC Shareholders will get a fair price
Win Win
IMO
Oilphant what price is the Buyout and When ?
Agree, as we wind down BL 3 and head back to BL 4
+ we have the JDA itching to tell the world Major OIL is in BL 4
BB if a buyout is coming we don't need another Board Member / Permanent CEO / CFO / or Full Time Technical Person
we don't need to promote ourselves to get the word out
we don't need a PR Firm to help us get out the message
we don't need a roadshow to bring in new investors
we don't need new Acqusitions
didn't Peter say we were gonna RE VAMP the ER message "As drilling gets closer, we are making plans to re-intensify delivery of the ERHC message to the wider investment community.
We are tying revamp of market outreach to the commencement of drilling in the JDZ so that the message we deliver has greater potency and the resources committed to the effort are optimized."
Peter ... "What are you smok'n Brother" Revamp???? you mean be quiet as a mouse - LoL
However we do need to go back and Re-File 5 year old SEC filings
hmmmmm IMO
its not uncommon to finish the wells in a series then announce
the results all at once as 1 GIANT FIND
take note ...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=42436032
Art, if there is over 1 Billion in BL 4
those estimates could be low
just waiting for SNP to hand us a big check already
Just thinking out loud but IF SNP does want our assets they would BEST offer us a DEAL *PRIOR* to any results being made public
IMO the fun is gonna start soon
simple its a 4 month drill campaign and a few sellers came to get some quick cash at half time
any significant news we will back up soon
Hearing there will be!! All is very good ...
take note ...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=42436032
Oilphant HatsOff to you on this post
you nailed it
the JDA should be Waving the "WE FOUND OIL in BL 4" flag to the WORLD soon enough
sadly the Operator controls the main info flow for now
stay tuned ... this tide will change for the better IMO
check your Oil at $72.50
Hi Fishdog thanks for all your input this week,
do you think they will return to drill the Principe Prospect on BL 2
its a big block no? Almost 700 Sq. KMs
Hoping the JDA guys take out an AD in the Wall Street Journal telling the world they hit Oil in the JDZ BL 4
RKT thanks, as we focus on BL 4 the "King" - we have yet to see ANY Press from the STP/JDZ Officials to their stakeholders or DowJones etc.
I suspect they will be waving the OIL DISCOVERY FLAG to the WORLD - and screaming it as loud as they can !!!
there are only $100's of Millions of future Sig. bonuses at stake not too mention future oil revenues.
Wall Street Journal - here we come - LOL - IMO
JDA targets oil bounty
http://www.upstreamonline.com/hardcopy/news/article195388.ece
Thursday, 08 October, 2009, 23:01 GMT | last updated:
The Abuja-based Joint Development Authority (JDA) is optimistic after positive initial indications of the presence of hydrocarbons in three blocks currently under exploration.Results will be announced in the fourth quarter from three critical wildcats in the Joint Development Zone (JDZ) managed by Nigeria and the archipelagic Republic of Sao Tome&Principe.
First off the mark was the Addax Petroleum-operated Kina-1 well in Block 4 where the Transocean drillship Deepwater Pathfinder will finish up and mobilise within a fortnight to spud Anadarko Petroleum's Lemba-1 wildcat on JDZ Block 3.
Initial feedback from the Addax probe and from the Sinopec-operated Bomu-1 well on JDZ Block 2 indicates“optimism and excitement that the sands encountered indicate hydrocarbons”, said a JDA official.
Many have reported oil in BL 2
I trust those posters before I trust Sinopec
ERHC had first pick 30% of BL 2 for a reason
TBD [its still early - there are many prospects to go and much more testing to go]
BL 4 looks to be solid so far - I am pleasently surprised ERHC said they found hydrocarbons - this is the HEADLINE of the Day and shareholders should breathe a huge sign of relief
and am happy to see they may release more details THIS quarter
** HydroCarbons Found in JDZ BL 4 **
***ERHC NEWS*** Thursday October 8, 2009
ERHC Energy Inc. Updates Shareholders on Drilling in the JDZ
Press Release
HOUSTON, TX--(Marketwire - 10/08/09) - ERHC Energy Inc. (OTC.BB:ERHE - News), a publicly traded American company with oil and gas assets in the highly prospective Gulf of Guinea off the coast of West Africa, today issued the following update on Company activities from Peter Ntephe, chief operating officer.
To ERHC Shareholders:
I am happy to report that drilling is progressing on schedule in the Joint Development Zone (JDZ) Blocks in which ERHC has interests.
Addax Petroleum Corporation ("Addax"), the operator of JDZ Blocks 3 and 4, has finished drilling a well at the Kina Prospect in Block 4 in which ERHC has a 19.5 percent interest. Based on the early analysis done to date, the well encountered hydrocarbons, but a detailed evaluation of information from the well has only just commenced so it is far too early for any conclusions to be drawn on the extent and quality of the hydrocarbon system encountered. A comprehensive analysis that incorporates the drilling results into relevant geologic and fluid models will now be carried out.
Following the initial drilling operation in Block 4, the Deepwater Pathfinder has moved to the Lemba 1X well location in JDZ Block 3 in which ERHC has a 10 percent interest. Exploratory drilling at Lemba 1X commenced yesterday. We estimate it will take approximately five weeks, although the actual timing is dependent on many factors, such as drilling penetration rate, fluids encountered, borehole stability and equipment maintenance, among others.
Once done with the Lemba 1X well, the Deepwater Pathfinder will move back to JDZ Block 4 to drill two additional wells. The specific drilling locations of these additional Block 4 wells will be determined in due course.
Sinopec JDZ Block 2 Limited ("Sinopec"), the operator of JDZ Block 2 in which ERHC has a 22 percent interest, has also finished exploratory drilling at the JDZ Bomu-1 well location. Based on the early analysis done to date, natural gas is discovered, but again a detailed evaluation of information from the well has only just commenced so it is far too early for any conclusions to be drawn on the extent and quality of the hydrocarbon system encountered.
This is an exciting time for the ERHC family. When this initial drilling campaign is completed, a total of five wells will have been drilled. Each well will be evaluated using several standard oilfield methods and the rock properties and reservoir fluids will be measured and evaluated.
As we stated previously, the purpose of this process is to test scientific conclusions and gather additional information. The information from these wells is helping the exploration team understand the geology and hydrocarbon potential of the various prospects being drilled. Perhaps more importantly, it is helping us understand the prospectivity of the entire area. This is a highly technical process that takes considerable time. The parties are working to ensure that operations are conducted to the highest industry standards. The focus is quality of work put into each well, not undue haste.
We are as excited about getting drilling results as the investment community is. In accordance with the practice in the JDZ, accurate, material information on the progress in the JDZ Blocks will emanate from the operators or the Joint Development Authority. ERHC will publish such information in a timely manner in accordance with our contractual and regulatory obligations.
The operators will determine when it is appropriate to release the drilling results. Sinopec has announced that its drilling results might be released in the fourth quarter with a caveat that such release is contingent upon numerous factors. Addax is expected to provide guidance in due course on the release of its results.
We appreciate the support of our shareholders and share their excitement. If you have questions, please submit them to Dan Keeney, our investor relations representative, at dan@dpkpr.com.
Sincerely,
Peter Ntephe
Chief Operating Officer
ERHC Energy Inc. is a Houston-based independent oil and gas company focused on growth through high impact exploration in the highly prospective Gulf of Guinea and the development of undeveloped and marginal oil and gas fields. ERHC is committed to creating and delivering significant value for its shareholders, investors and employees, and to sustainable and profitable growth through risk balanced smart exploration, cost efficient development and high margin production. For more information, visit www.erhc.com.
from the iBox map many of these desired Chinese Blocks
are VERY CLOSE to the JDZ - check and see - especially the OML 130's
CNOOC acting under the auspices of Sunrise Consortium applied for 49 per cent equity participation in the following blocks: OMLs 67, 68, 70, 11, 13, OMLs 71, 72, 74, 77, 79, 83, 85, 86, 88, 89, 90, 91, 95, 118, 127, 133, 139 and 140.
offerig $30 Billion / or 6 Bbls
from the iBox map many of these wanted Chinese Blocks are near the JDZ
iHub knows the score brother Red
I Toast you Southern Man - cheers !!!
it appears much of the Risk in front of us is NOW behind us
Happy Days Ahead
Wells "We are Golden" [Black Golden]
O Papa, the news came on 10/02
BB you are correct!! ... DK was not
http://boingboing.net/2009/07/31/oil-well-rule-of-thu.html
Imagine the upper part of the oil well having a diameter of 30inches. As the well is drilled deeper, smaller diameter sections of pipe are placed, 26 inch then 18-3/4 inch then 13-5/8 inch, 9-5/8 inch.
If you are good and find oil a string of production tubing typically 4-1/2 inch in diameter would be run from top to bottom. Wells in the deepwater Gulf of Mexico can be more than 30,000 feet, and will cost upwards of $230 million each. A very good well in the Gulf of Mexico might produce 15,000 barrels of oil per day...
Art glad to be wrong, LARRY this update should please you
so they drill and we wait
What numbers? There were no numbers given
that was an iHub post number - LOL
181258
Larry I have NO idea or proof if they have or not
they first said 30 days to drill
the Spudding PR came out August 26th -
so figure 39 days +/-
we are ALL being intentionally KEPT in the DARK
$Billions of Dollars are at stake !!!!!
Sadly the ERHC common Shareholder are at the bottom of the NEED to KNOW Basis
the JDA will be under intense pressure to say something soon IMO
they are teasing us with GOOD NEWS so we shoud hear something sooner vs later
"caused everyone to flat give up"
hmmmm 440,000 shares traded vs
730,000,000 S/O
so 0.0006 % of our Shares Traded Hands
and .99939% of our shareholders are staying strong
hardly everyone
enough BBLS to be worthy of PRODUCTION ..
heard some NICE Chatter today
both 2+4 are now done and both look "very good",
apparantly DP Rig is now moving on to BL 3
info on the RIG has been "extremely" tight as we have discussed
appears our JDA Source and Spp's source may have been Modest
Lets hope for more confirmation - that's all I got
now we just need the PPS to respond accordingly
we have Good News we are finally drilling for 1/2 Billion Bbls
soon the world will know how close to 1/2 Billion we are
that Values us at $3.00-$4.00