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troy,
Do you want to handle the conference call? You could give everyone your home phone number and we could do this every week.(LOL)
Seriously, do you feel we should eliminate these questions, keep them and get the standard response or rephrase.
-ach
WD,
Do you think this question should be deleted or should SEO be put in place of ERHC? Please advise.
-ach
Guys (and gals), here is a summary of the questions so far. Thoughts, comments, hopes & dreams are welcome. Since today is only the second, we've got some time to fine tune this.
-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.
2. What is the sequence of the first 5 targets (Location and Date)?
3. How are the optional 5 wells determined - what are the criteria and do you feel these additional wells are likely?
4. What is the probability of the drilling dates for block 2 & 4 moving up or back
based on current information from ADDAX?
5. 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?
6. What is the status of Anadarko first drilling in Block 3?
7. What is the status of Blocks 5&6 of the JDZ?
8. Has anyone approached ERHC from Nigeria or Sao Tome to discuss any changes to the most current Block awards in the JDZ or STPEEZ?
9. What number do we pick in the STPEEZ? Before or after EEL?
10. Do we know what blocks we are interested in for the STPEEZ?
Operations
11. What is the current status of acquiring producing properties onshore?
12. 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?
13. 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?
14. 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?
15. What is the real reason why we have not hired a CEO or CFO?
16. Why was expanded office space booked 8 months ago, since it's not being fully utilized, isn't that an unnecessary waste?
17. Why a CC now? What has changed that a CC needs to be call for 3Q financials?
18. 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?
19. Are there any current discussions with anyone to either buy into ERHC or buy-out ERHC?
20. What is the current relationship between SEO and the new government in Nigeria? (Good, Bad or indifferent)
LEGAL MATTERS
21. Will there be any representation at the CC from any of the Legal Firms representing ERHC?
22. What is the current status of any and all activities with the SEC, Homeland Security and the DOJ?
23. What is the cash burn rate from our legal fees?
24. 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?
25. If there is any wrongdoing regarding Feltang, will the money and shares be returned to ERHC?
Stock Performance
26. 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.
27. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
28. Is ERHC considering a reverse split?
29. Please clarify the 50+ Million Transfer of Shares in a settlement transaction to First Atlantic Bank - ERHC in one statement said the claim had no merit and then transferred millions of shares to FAB. What was the reason for this and are those shares held in "Friendly" hands?
30. 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?
Tryoty,
I'm up to 27 questions. Thanks for the help. I'll be back tomorrow. We'll have a thorough list when we are done.
-ach
1. What are the dates of the most current estimates for
first drilling in Blocks 2 and 4 in the JDZ. What is the
sequence of the first 5 targets (Location and Date)?
2. What is the probability of the dates moving up or back
based on current information from ADDAX?
3. What is the Anadarko Status of first drilling in Block 3?
4. Are there any current discussions with anyone to either
buy into ERHC or buy out ERHC?
5. If there is any wrongdoing re: Feltang, will the money and shares be returned to ERHC?
6. What is the current status of acquiring producing
properties onshore?
7. What is the real reason why we have not hired a CEO or CFO?
8. Has anyone approached ERHC from Nigeria or Sao Tome to
discuss any changes to the most current Block awards in
the JDZ or EEZ (sp)?
9. Will there be any representation at the CC from any of the
Legal Firms representing ERHC? What is the current status
of any and all activities with the SEC, Homeland Security
and the DOJ?
10. What is the current relationship between SEO and the new
government in Nigeria? (Good, Bad or indifferent)
11. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
12. Why was expanded office space booked 8 months ago, since it's not being utilized, isn't that an unnecessary waste?
13. With full carries in all blocks, the operators are making all decisions and calling all shots, so what does Ledbetter do all day? Love his resume, but what are shareholders getting for his salary?
14. 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. No ducking this, please.
15. 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? These can't be monster deals, what is taking so long?
16. What about blocks 5&6 of the JDZ?
17. What number do we pick in the STPEEZ.
18. Do we know what blocks we are interested in for the EEZ?
19. Why a CC now?...what has changed, that a CC needs to be call for 3d Q financials?
20. Question : in the recently awarded OPL 291 W.African Block awarded to ADDAX / STARCREST Nigeria Energy - Why did our Chariman feel the need to go thru Starcrest vs. ERHC
21. Question : please clarify the 50+ Million Transfer of Shares in a settlement transaction to First Atlantic Bank - ERHC in one statement said the claim had no merit and then transferred millions of shares to FAB. What was the reason for this and are those shares held in "Friendly" hands?
22. Question : As drilling approches 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 JDX blocks are drilled to hear news on the results
23. Question : how is the optional 5 wells determined - what are the criteria and do you feel these additional wells are likely
24. Question : what is the cash burn rate from our legal fees
25. Question : 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.
26. Question: What is the range of maximum penaties that could be levied against the company should the DOJ or SEC determine that wrong doing has occurred that violates the FCPA requlations or securities laws by previous ERHC Managment in it's dealings with foreign nations.
27. Why isn't the company doing a stock buyback to help prop the stock price back up? What exactly are their plans to incease the sp?
Dadd,
Here is the most current listing of questions:
1. What are the dates of the most current estimates for
first drilling in Blocks 2 and 4 in the JDZ. What is the
sequence of the first 5 targets (Location and Date)?
2. What is the probability of the dates moving up or back
based on current information from ADDAX?
3. What is the Anadarko Status of first drilling in Block 3?
4. Are there any current discussions with anyone to either
buy into ERHC or buy out ERHC?
5. If their is any wrong doing RE: Feltang will the Money and
Shares be returned to ERHC?
6. What is the current status of acquiring producing
properties onshore?
7. What is the real reason why we have not hired a CEO or CFO?
8. Has anyone approached ERHC from Nigeria or Sao Tome to
discuss any changes to the most current Block awards in
the JDZ or EEZ (sp)?
9. Will there be any representation at the CC from any of the
Legal Firms representing ERHC? What is the current status
of any and all activities with the SEC, Homeland Security
and the DOJ?
10. What is the current relationship between SEO and the new
government in Nigeria? (Good, Bad or indifferent)
11. Has there been any discussions in regards to transferring ERHC Energy to a different financial listing board?
12. Why was expanded office space booked 8 months ago, since it's not being utilized, isn't that an unnecessary waste?
13. With full carries in all blocks the operators are making all decisions and calling all shots, so what does Ledbetter do all day? Love his resume, but what are shareholders getting for his salary?
14. 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. No ducking this, please.
15. Is the company's intent to sit on its collective thumbs 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? These can't be monster deals, what is taking so long?
I think they are fine as is. SOmetimes attitude is necessary to make a point.
-ach
Dadd,
I have volunteered to keep track of the questions. So far there is about 12 that have been bantered about. Most of them from tapco.
-ach
I think that is a good question. I'm pretty sure everyone knows the standard responses we will receive for most of the "tough" questions. But I still think it is important to ask them.
What about asking if ERHE has been approached with a but-out/but-in offer?
I assume we would get a response referring to non-disclosure agreements and even if there was one we couldn't tell you at this point. But I don't think it hurts to throw it out there. Sometimes what isn't said is louder than what is.
-ach
I'll be the keeper of the list. Fire those questions off.
-ach
The CC PR indicated that the shareholders could call in with questions. Would it be prudent to put together a list of questions that we think should be answered at the CC?
-ach
Thanks Mr. Pogo, it makes sense.
-ach
When an operator says a find will yield 5,000 bpd, is this based on a generally accepted time period? 5,000 bpd over how long?
Any insight into this would be much appreciated.
Thanks,
-ach
Top,
I agree. We've been floating aimlessley for a while now. Let's try something different. Who knows, maybe we will get a surprise or two. I have a feeling we will have a better inkling of what this CC is going to tell us a few days before.
-ach
Fishdog,
That was beautiful.
-ach
I think the summer heat has gotten to everyone.
What a strange day on the message board. Everyone turn on your A/C units and chill out.
-ach
Fish,
Could you clarify? I am not following. Pardon me if I am being dense.
-ach
AA,
Please clarfiy. We are going to have a major dip at the end of July and should be ready to buy after that time? or; We should be building our position for a take off at the end of July?
-ach
Tap,
my math is not flawed, as follows:
Addax unrisked oil in JDZ 286 million barrels
for argument's sake, if all of the oil were in block 2 (Addax's lowest percentage block) and there was no oil in block 3 or 4 it would mean that the 286 million barrels are based on Addax's 14% of Block 2:
286 million/0.14 = means block 2 would have a total of approximately 2 billion barrels of oil.
ERHE gets 22% of 2 billion in block 2 = approximately 440 million barrels of oil.
This would be the highest amount of oil reserves ERHE could have based on the report submitted by Addax. I agree you don't really know the exact estimate because you don't know the breakdown between the blocks, but it couldn't exceed the 440 number above. Hope that now makes sense.
This all doesn't really mean anything until drilling begins, but it is nice to have formal reports that will at least give you a low end range.
-ach
Point taken Tapco,
My assumption is based on an even amount of oil discovered in each block (which we are pretty sure would not be the case). In any event, even if all of the oil estimated in the report were in Block 2 (ERHE's highest percentage and Addax's lowest percentage) we would be looking at around 440 million barrels as our share. So there is your high end estimate.
-ach
try,
It does provide a break down of estimates for each area where addax has rights. OPL 291 estimates were based on a review of 2 prospects and were separate from the JDZ. The report indicates that the estimates for JDZ 2,3 & 4 are based on the review of 18 prospects.
http://biz.yahoo.com/cnw/070522/addax_petroleum_study.html?.v=1
-ach
That number is based on the review of 18 prospects. I would assume Addax has the most info on 4, but 18 total prospects would have to include 2 & 3. Wouldn't it?
-ach
Based on the estimate provided by Addax, we are looking at a total of 1.277 billion total unrisked barrels of oil between 2,3 & 4. That would make our share of oil between the 3 blocks 212 million barrels.
I would expect that these numbers are as conservative as you can get. I do like the "chance of success" rating of 79%.
-ach
alwright,
are you sure you have not engaged our old friend Rancho over on RB right now? He's been gone for a while, I think he is back. He doesn't know anything about the investigations.
-ach
It didn't say, but that would make sense. I'm certainly no expert on the FPSO industry.
-ach
Bf,
if you look at the presentation from BW that was posted yesterday the Obo Chevron note is on a map that was preceeded by a page called "business and prospects". So they could just be in talks with Chevron about obo 1 at the moment.
-ach
I guess, but weren't they aware of that when they made the announcement last week? I'm just interested to find out how all of the EEL nonsense plays out. Will a new player be revealed? Guess I'll have to wait another day. I'm used to it.
-ach
Wasn't EEL supposed to make an announcement regarding the Peak issue no later than May 7. It's getting late over in London. Did they just blow it off?
-ach
I'm sure Chevron approached BW Offshore by accident. LOL
-ach
titan over on IV posted this. Very interesting.
This is from BW Offshore's 5-7-07 Q1 presentation on their website
Page 23 - Record High FPSO Demand - and a specific call-out for Obo Chevron
http://hugin.info/136844/R/1124569/208125.pdf^" target="_blank">http://www.bwoffshore.com/lwp/wcm/connect/?MOD=WEB&ACTION=^http://hugin.info/136844/R/1124569/20...
-ach
Info on OML 122 (Bilabri Project)
http://www.rigzone.com/data/projects/project_detail.asp?project_id=376
http://www.upstreamonline.com/live/article121046.ece
-ach
Ruby,
Do you know the results of the first two wells in OML 122?
-ach
Oily,
I thought we were in the "grog for everyone" phase of this. Don't you enjoy the grog once the match is over? Now we are in round 2? Did both parties get loaded and ERHE spilled their grog all over the partner by accident?
-ach
Whaaaa?
-ach
Tell me how you really feel JB.
-ach
Next week should be fun.
Nigerian EEZ bids are due and I believe STP is expecting to receive the results on the new STPEEZ seismic. Don't know if we will hear anything.
Oh and I almost forgot the most important one - ERHC's first oil!
http://www.investorshub.com/boards/read_msg.asp?message_id=16014396
-ach
If there were a "buy-in" in the works, wouldn't it make sense to slowly accumulate until the Nigeria bid round winners are announced? If ERHE is bidding, they are possibly bidding with the company that is buying-in. If ERHE gets any awards at this time the sell price is going up anyways, you might as well make the buy-in announcement at the same time for the extra boost.
I believe the Nigerian bid round winners will be announced in early May. Someone correct me if I am wrong.
Thanks
-ach
If ERHC was not going to actively pursue blocks in the Nigerian bid round why make mention of it in the shareholders letter? I take this to mean we should expect our minnow's name will be in the mix when the block award announcements are made. That would create quite a sibling rivalry between ERHC and its little brother Starcrest, with each jockying for SEO's attention. The pot is starting to boil.
-ach
"He has also been exploring prospects in the region for ERHC and met with several parties who might have interesting opportunities for investment by ERHC. Nigeria, as many shareholders are aware, has announced it will soon auction exploration licenses for 45 offshore and onshore oil and gas blocks. In addition, marginal fields which might provide good investment for companies of ERHC’s size and capacity are starting to become available. ERHC is seriously looking at all available opportunities right now and assessing them for feasibility of participation."
yes, among several other items that could be applicable.
-ach
http://www.bakernet.com/BakerNet/Lawyers/List+By+Practice/default.htm
Or SEO has a new maid on staff at his house that also is a very good baker.
-ach
More subtle hints from baytownoil on RB. Just once I would like one of these posters to come through.
-ach
By: baytownoil
13 Apr 2007, 12:24 PM EDT
Msg. 103055 of 103056
Jump to msg. #
Went to best Baker in town. Kitchen is clean. Desert soon. Going to be sweet. All IMO you know. Enjoy.
By: baytownoil
13 Apr 2007, 12:44 PM EDT
Msg. 103056 of 103056
Jump to msg. #
I better elaborate eh?
My BAKER (one of the best around) has a brother who is a lawyer. He said kitchen is CLEAN and will now put the desert on the table. Apparently everyone likes the treat.