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I DO Wish He Was Still With Us Today.
Our Partner Agreement Is In The Hands Of The Kenyan Government. It's their call when to release our news. Would lead one to believe that they are doing the buying. Our Government does the same thing. They buy property and then allow a road or shopping mall too be built.
Once Again A Large Block Goes Through @ The Low. Couple of weeks ago I couldn't purchase when I was above the ask. Somebody special is getting shares on the cheap.
Justintimer: Thanks For Putting Us Over The 50 Day Average.
Lots Of Big Trades @ Low Prices. Could it be the MMs are loading themselves up? Can they know something big is about to happen & they're loading their own boats?
Market Outlook
Let’s jump on our white horses and go for a bullish ride. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. Most probably, it is the right time to participate in bullish fervor. The market is telling you about a new profit. Do not miss this bullish opportunity.
http://www.americanbulls.com/SignalPage.aspx?lang=en&Ticker=ERHE
But The LOI Has Been Settled Between The Partners. Just waiting for Kenya to give it's approval. IMHO the approval will come before the Air Survey is complete. BWTFDIK
Chris: Yes AON. Got tired of getting a partial fill. Sometimes just a few hundred shares, that I have to pay commission fees on.
My Buy @ $.057 Expired. Yes it was AON.
My Order Is @ $.057, So It Is Now Over The Ask.
I Do Believe M.M.s, A Large Corporation, And Some On This Board Wish To Keep The Share Price Down. I just don't know to what end.
I've Had A Buy Order In @ The Ask For About An Hour, And It's Not Being Filled.
Yes. And was less than most of the others that went threw.
Had A Buy Order @ $.053 For 1/2 The Day, And Never Got Filled.
Amen
http://www.slideshare.net/dpkpr/new-york-presentation-28185584
Thanks To Southern Man
I Had Left Myself A Note That ERHE Has An Investors Conference Tomorrow. Anyone know anything about it?
Chad Is Better than thought, imo. See This:
Caracal Sees Q3 Milestone in Chad
Monday, November 11, 2013
Q3 was a milestone period for Caracal Energy Inc in Chad, marking its development into a cash flow generating entity. The company commenced first production from the Badila Field on September 30 and as of November 6 Caracal was flowing oil from the Badila Field into the Export Pipeline at a rate of approximately 5,100 bpd (gross). As of the same date approximately 45,900 barrels had flowed into the export pipeline.
Between October 11–24 Caracal’s production was stopped to make modifications to computer software necessary for the precise measurement of the crude oil flowed into the pipeline. The redesigned software is now operating as required. In addition, each of the three pumps designed to ship Caracal’s crude oil through to the pipeline have been affected by mechanical malfunction, with the consequence that they are not currently operating at full capacity. The company expects to undertake the repairs necessary to restore these pumps to full working order during November. Caracal has also arranged delivery of three additional pumps to provide spare flow capacity, which it also expects to commission in November.
On the drilling end at the Badila and the Mangara fields the company drilled the Badila-4 well during Q3 and spud the Badila-5 well on October 12. The Mangara Field saw the Mangara-5 well drilled to a depth of 3,339 meters and completed as a lower Cretaceous C and D sands production well. The initial flow test on the E sands achieved a maximum natural flow rate of 1,917 bpd at a flowing wellhead pressure of 160 psi. The initial flow test, conducted over a 53-hour period, yielded a total oil volume greater than 1,450 barrels at varying rates.
Caracal intends to spud the Mangara-6 well during November. The Mangara-6 well will test the aerial extent of the E sands on the western side of the Mangara field.
Construction continued on the central processing facilities, southern processing terminal, blending facilities and Mangara sales pipeline. All of these facilities, except for the southern processing terminal, are expected to be mechanically complete and operational in the second quarter of 2014. The southern processing terminal is expected to be commissioned in the fourth quarter of 2013.
On its DOB/DOI PSC the group’s first exploration well, the Krim-1 well, was spud in August and drilled to a depth of 3,332 meters. Initial testing of the E sands has achieved a maximum natural flow rate of 2,580 bpd. Field sampling suggests oil gravity of 34°-37° API and a producing gas-oil ratio of approximately 100 scf/stb. The group estimates that, using an ESP for artificial lift, a stable production rate of 3,000 to 4,500 bpd is achievable.
During Q3 the lease construction for the Bitanda prospect spud was completed. The Bitanda prospect is scheduled to spud in Q4 2013 targeting unrisked mean prospective resources of 277 million barrels. As part of the planned 2D seismic shoot there will be 250 lineal km of seismic acquired to mature leads and prospects on the DOB /DOI blocks.
On the Doseo/Borogop PSC, Caracal has scheduled one appraisal well and seven exploration wells, as well as shoot 455 sq km of 3D seismic covering the Kibea Field and adjacent exploration targets. There will also be a 253-sq km 3D program over the Maku Field and 1,250 lineal km of 2D seismic be acquired impacting maturation of leads and drill ready prospects. These activities are expected to take place in over Q4 2013 and 2014.
The company also continued to reprocess existing 2D seismic with the intent of drilling two exploration wells in 2014 on the DOH PSC.
It Will Be VERY Depressing! No news, no partner, added to year end selling, will not make for a Happy New Year.
Thanks Southern Man. 1 Goat has been donated.
R.M.
Proof Please
O.T. Let China Pump Iraq's Oil
A big chunk of Iraq's oil production is going to China, according to a story Monday in the New York Times. That may be a good thing for both U.S. companies and consumers.
The Times reported on what has been an ongoing trend -- companies from China and elsewhere winning Iraqi oil contracts. According to the story, nearly half of Iraq's oil now goes to China.
The article played up the seeming absurdity in this. The United States and its allies, after all, are the ones that paid heavily (through the loss of lives as well as money) by ousting Saddam Hussein and trying to keep the peace afterwards. That ended the sanctions on Iraq's oil industry, now allowing for a huge wave of investment that's expected to double the country's oil output over the next decade or so.
But the fact so much of this investment is coming from China isn't necessarily bad, which the story acknowledged but did not dwell on.
More oil on the global market generally lowers oil and gasoline prices. Oil is a globally traded commodity. It does not matter which company or country is pumping it or consuming it. If the Chinese want to gulp more oil, it's high time that Sinopec (SPH) and other big Chinese energy companies spend the money and take the risks of getting the stuff out of the ground.
And if they want to do it in Iraq, all the power to them. Exxon Mobil (XOM), BP (BP), Royal Dutch Shell (RDSA) and other international oil firms aren't being more aggressive in bidding for Iraq's oil because the terms are pretty lousy.
Royalties, taxes and other fees in Iraq typically take 90% or more of a firm's profit. The comparable figure in the United States is somewhere around 50%. With the U.S. shale boom in full effect and deep water opportunities expanding worldwide, there are plenty of places oil firms can invest. In most parts of Iraq, the international oil firms don't even get a cut of the profits -- they are restricted to working on a contract basis.
"That is not how Exxon made its fortune," said Fadel Gheit, a senior energy analyst at Oppenheimer. "Exxon wants a 20% or 25% return on its investment, not the 3% or 5% Sinopec is willing to work for."
Eliciting sympathy for oil companies may be a hard sell. Yet nearly 50% of oil company stock is held in either pension funds or IRAs. So many individual investors benefit from higher profits for big oil firms.
So if the Chinese want to settle for lower margins in Iraq -- and help keep a lid on gas prices in the process -- what's the problem?
http://economy.money.cnn.com/2013/06/03/china-iraq-oil/?iid=EL
Oh My! Does SEO know about this???
Rare Day (Tues.) On The Other Board. NO posts were deleted. MTO was playing nice for a day.
A Must Read, And You Won't Believe (Who) The Poster (Is)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=93232196
ERHC Energy Exploring in the Right Neighborhood; Adjacent to Recent Ekales-1 Well Discovery
(Thanks To Kingpin)
IN 360 ARTICLES / BY ENERCOM / ON OCTOBER 7, 2013 AT 6:04 PM /
ERHC Energy Inc. (ticker: ERHE) is a publicly traded American company with oil and gas assets in Sub-Saharan Africa. Over the last two years, ERHC has acquired exploration blocks in Chad and Kenya to complement its existing offshore blocks in the Joint Development Zone offshore São Tome and Principé.
In a recent update, ERHC reported preparations were still underway for Bell Geospace to acquire an airborne Full Tensor Gravity Gradiometry (FTG) survey of ERHC Energy’s Block 11A in northwestern Kenya.
OAG360 Comments:
An FTG survey has been accepted as “step one” for many exploration and production companies operating in West Africa, or other areas with expansive acreage blocks. The key is to first identify the structural mapping of prospective hydrocarbon basins. The process requires an aircraft that flies dense grid flight lines to measure small changes in gravity that are caused by minute changes in density of subsurface rocks and local geology. After receiving the results, ERHC will then gather 2D seismic data in order to estimate the locations of resource deposits and geometry of geologic structures prior to drilling.
OAG360 would like to draw readers attention to the proximity of ERHC’s Block 11A with Tullow Oil (ticker: TLW) and Africa Oil’s (ticker: AOI) recent oil discovery in Block 13T of Kenya – the Ekales-1 well. As we’ve reported in the past, Kenya sits at an interesting position at the intersection of two major rift systems – the Cretaceous Central African rift system and the Tertiary East Africa rift system. ERHC is pursuing the same kind of rift margin play that has yielded major discoveries in neighboring Uganda as well as recent large discoveries in Kenya to the east of its Block 11A. ERHC believes the proximity and in-trend relationship of the Lotikipi plain – the main surface feature of Block 11A – with the Ekales-1 and Twiga South-1 discoveries in Block 13T as well as the Etuko-1 and Ngamia-1 discoveries in Block 10BB, suggest a high prospectivity for hydrocarbons.
Source: Africa Oil, ERHC and Tullow Maps
Exploring All Possibilities
As we discussed in our previous write-up titled, ERHC Energy Flying High in Kenya; Airborne FTG Survey Commencing, the airborne gravity acquisition was expected to commence this summer. We remind readers ERHC is still in negotiations with an international operator interested in farming into the Block 11A following the letter of intent entered into in May 2013. Airborne surveys covering more than 2.95 million acres is not cheap – ERHC is likely waiting to confirm its farm-in partner and receive approval from the Kenyan government before proceeding with the survey.
ERHC reported back in August, after the share rights offering, that with the subsequent filing of the S-1 registration statement, ERHC intends to pursue other fundraising possibilities. The options include registered direct offerings to new investors and convertible notes and other debt instruments. Concurrently, ERHC is continuing to work to farm-out a portion of the company’s assets in Kenya, Chad and the São Tomé and Príncipe Exclusive Economic Zone (EEZ) to spread the risk.
Focusing on Kenya, if the Kenyan government rejects the farm-in partner, or the farm-in partners backs out of the deal, we believe ERHC could have a few other options to consider.
First, the company could explore for a different farm-in partner in Kenya, although given the long lead time on an option like this, the likelihood of a second farm-in candidate may be remote. Further, should the company successfully execute a farm-in agreement in Chad, the company may receive sufficient consideration to execute G&G programs in one or both countries.
Second, given ERHC owns acreage blocks is in one of the most active basins in East Africa and the emerging hydrocarbon province in Chad, would a third party conceivably become interested in ERHC at the corporate level? .
Third, via investment bank, ERHC could pursue other offerings to new investors, convertible notes or other debt instruments, in order to address market concerns about funding its G&G program.
Final Thoughts
ERHC is likely pursuing initiatives to fund the company’s exploration programs in many ways. In the company’s second quarter filing, it was disclosed the company has $4.6 million cash on hand. Assuming the company uses the same amount of cash each quarter, we calculate ERHC’s burn rate to be approximately $975,000 per quarter; clearly the management team of ERHC Energy must be pursuing potential funding gap solutions in order for the company to move forward with its exploration programs in Kenya and Chad.
To sum up our thoughts, we reference a paragraph in regards to ERHC’s initiatives from a recent 10-Q: “These initiatives may include any transaction or series of transactions in which one or more capital providers (existing or otherwise) commits debt capital to the Company, purchases equity of the Company (or securities of the Company convertible into equity), or alternatively funds the Company either directly or through farm-ins, farm-outs or other arrangements in which the capital provider earns an interest in oil and gas properties of the Company.
http://oilandgas360.com/erhc-energy-exploring-in-the-right-neighborhood-adjacent-to-recent-ekales-1-well-discovery/
Kenya Block 11A
http://www.circleoilandgas.com/kenya-block-11a/
Thanks To Southern Man on that, you know, other board.
Krom; What Have You Done With The Coyote???
Thanks For Posting Your Well Worded Question & It's Answer From Keeney.
It Has To Happen If Management Wants It's Stock Options.
Seems To Me It Has To Hit $.75 1st Part Of Dec. Or management won't get their stock options.
No Silver Lining. Just the story of the JDZ.
Wow K.P. That's Like Elvis Telling Me I Have A Good Singing Voice. Your the King, but thanks for the tip of the hat.
S.A. We Are In Agreement. I just found the article very interesting. 11 or 12 years of whats been going on the the JDZ wrapped into one little neat package.
Information On JDZ
http://www.africahot.com/en/2013/09/29/sao-tome-and-principe-the-end-of-the-oil-dream-analysis-eurasia-review/
(Thanks to Kingpin)
All ERHE investors should read.IMHO
Robjer; Some Of What You Said Is True. Have a nice day sir.
Finally Got My AON Filled Today. eom
Truer Words Have Never Been Spoken. A fabulous price to buy shares.