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Essel group has 60% of all of Simba's PSC's and properties...and will be carried for all exploration .
Oil junior Simba Energy (CVE:SMB) has continued exploration efforts in Kenya in its latest quarter, it told investors.
In the three months to end September, the group posted a net loss of C$223,966 compared to a loss of C$397,000 for the same period in 2014, due to the reduction of expenses and costs.
In August this year, the group confirmed a proposed tie-up with India’s Essel to explore Kenya had got the go ahead. It saw Essel invest more than US$100mln into Simba’s projects over the next 12 to 18 months.
As a result Essel acquires 60% of Simba entire African portfolio, which includes Block 2A in Kenya, as well as assets in Chad and Guinea.
In its quarterly statement, Simba said: "The company is currently coordinating with Essel with respect to a seismic program in Kenya and an FTG (full tensor gradiometry) program in Guinea.
"The expectation is that both will start early in 2016.
"In addition to its activities in Kenya the Company continued its discussions in Guinea and Liberia regarding the granting of an additional 40% interest in Guinea and the issuance of the PSC onshore in Liberia.
"These discussions have been ongoing but the expectation is that they will be finalised early in 2016."
http://www.proactiveinvestors.co.uk/companies/news/119836/simba-energy-coordinating-with-essel-on-guinea-and-kenya-119836.html
no worries.
So I got my ERHC package yesterday, and voted for as I have been buying when I can. Call me crazy!....would like to see a pre-split price of 1.3 cents...lol....that's my break even point.
here is the article that is attached to that map.
Tuesday, December 1, 2015
With the spud date of Cepsa and ERHC Energy’s Tarach-1 well on Kenya’s Block 11A set for the end of Q1 2016, a host of activities have launched to prepare for the well. The partners have awarded a drilling service contract following a tender. The block also saw logistics operations toward drilling begin.
The Tarach-1 is defined by four 2D seismic lines out of the 2014 survey. The structural trap is a 3-way dip closure against a north-south normal fault plane at 1,426 meters MD (-954m TVDSS) and covering a surface area of 12 sq km. The vertical closure is calculated at 220 meters at the P10 closing contour.
Contingent upon the results of the Tarach-1 well, a second exploratory well, Egole-1, may follow shortly after the completion of Tarach-1.
ERHC revealed that it has seen a surge in interest in farming into Kenya. ERHC is currently in discussions with several interested international companies.
I was left a long message from a female agent(MO) on behalf of ERHC and advised me to vote pro management.
1-206-870-8565
every well adds data (whether it is oil bearing or not) to the compilation of usable information to base decisions on.I think that each basin has its own characteristics that could either jive with other basins or not. Tullow has drilled some dry holes too...which they interpreted and made useful models from.
The Company holds a 90% interest in Block 11A, which encompasses 11,950.06 square kilometers or 2.95 million square acres. The Government of Kenya has a 10% carried participating interest up to the declaration of commerciality and may thereafter acquire an additional 10% interest in the PSC in which case the total Government participation would rise to 20%. Circle Limited (www.circleoilandgas.com) (“Circle”) acted as finder in ERHC’s acquisition of the Block by facilitating ERHC’s entry into Kenya, including the introduction of Dr. Peter Thuo, ERHC’s Kenya-based geoscientist and technical adviser who provided liaison services in the pursuit of ERHC’s application. Circle’s involvement provided significant efficiencies, including substantial cost savings, in ERHC’s application process. By virtue of the terms of the business finder’s agreement reached between Circle and ERHC, Circle is entitled to receive a 5% payment on the value of the acquisition accruing resulting to ERHC from the application. Circle has opted to receive this fee in the form of a carried 5% of ERHC’s total interest.
http://www.sec.gov/Archives/edgar/data/799235/000114036112050512/form10k.htm
Page 22 item 2
Manuel
Circle oil has 5% carry.ERHC owns 30% after Circle's portion, but, your point is taken,same result.
Canada’s Octant buys Afren Oil Kenya, Tanzania assets
BOOKMARKPRINTRATING
Tullow's oil rig at Ngamia 1 in Turkana County. PHOTO | FILE
Tullow's oil rig at Ngamia 1 in Turkana County. Discovery of oil in the county has sparked foreign explorers’ interest in Kenya. PHOTO | FILE
By John Gachiri
Posted Tuesday, November 3 2015 at 18:38
IN SUMMARY
Octant said it bought Block L17/L18, located in the Lamu Basin, Block 1 in the Mandera Basin and Afren’s other assets in Tanzania.
Afren has been in financial dire straits due to the unfavourable market for explorers, a result of low oil prices in the international market for an undisclosed amount.
Explorers have been scaling down on operations and selling their assets in light of the low prices of the commodity that have made raising funds difficult.
Canadian Octant Energy has bought Afren Oil Kenyan assets for an undisclosed amount.
SHARE THIS STORY
Octant said it bought Block L17/L18, located in the Lamu Basin, Block 1 in the Mandera Basin and Afren’s other assets in Tanzania.
“I am encouraged to be working with assets I know well from my past experiences. This portfolio that Octant has secured is pivotal in the future development of Kenya and Tanzania as they further move towards energy security and domestic growth in the countries.
“For me, being a part of East African growth and development again is a great opportunity and privilege,” said Octant chief executive Richard Schmitt.
Afren has been in financial dire straits due to the unfavourable market for explorers, a result of low oil prices in the international market.
Explorers have been scaling down on operations and selling their assets in light of the low prices of the commodity that have made raising funds difficult.
Australia’s Pancontinental Oil withdrew from Block L10B, where it had a 25 per cent interest, in April and in June exited Block L10A where it owned 18.75 per cent.
Tower Resources of the UK exited the Kenyan market and decided to focus on areas that have greater potential. It had a 15 per cent interest in the Block 2B in the Mandera region.
READ: Australian explorer pulls out of second Lamu oil block
“We have now refocused our portfolio and resources to areas predominantly on the Atlantic margin where we are confident we can add value even in this difficult market.
“Accordingly, we have withdrawn from areas where we feel there is no medium-term likelihood of commercially worthwhile success,” said Tower Resources chief executive Jeremy Asher in September.
The sale of Afren assets will be finalised after regulatory approval
http://www.businessdailyafrica.com/Canada-Octant-buys-Afren-Oil-Kenya-and-Tanzania-assets-/-/539552/2941816/-/42cxdv/-/index.html
just use the numerical value with all Zeros and decimal points ,commas etc.
sorry combined block 11 STP with some info on Block 11A Kenya...MY Bad!
....even though they were awarded 100% of the Block 11 STP, it wasn't what was was kept after the PSCs' were signed.
they were awarded 100% of the block ,then STP took their 15% National rights leaving 85% minus the 5% circle oil decided to take as a 5% carry instead of cash for finders fee on the property or for introducing Peter Thuo to ERHC.....not sure which one....but Circle decided to keep a 5% carry.
PS...some PSC's allow for a further%(10-15) National back-in rights after declaration of commerciality.
This has always been known information.
My mail would be shredded ....LOL
Kenya news
Kenya has approved Simba JV with The Essel Group.
Terms are 60% to Essel for full carry across all PSC's Simba is involved in.60% stake in all exploration.
Now is the time ! where can ERHC Energy get a deal such as this?
Essel to invest $100 Million in SMB props to start!!!!!
Simba Receives Kenya Government Approval for Farm-in to Essel Group
2015-08-27 14:44 ET - News Release
(via Thenewswire.ca)
Vancouver, British Columbia / TheNewswire / August 27, 2015 - Simba Energy Inc. (the "Company" or "Simba") (TSX Venture: SMB) (Frankfurt: GDA) (OTCQX: SMBZF) is pleased to announce it has received formal approval from the Government of Kenya for its farm-in agreement with Essel Group, as announced June 8, 2015. Under the terms of the farm-in agreement, Essel Group Middle East (Dubai) ("Essel") will earn a 60% participating interest in Simba's African portfolio, including Block 2A in Kenya, in exchange for providing Simba a full carry through funding of all required exploration as governed by each concession's respective Production Sharing Contract/Agreement ('PSC' or 'PSA')..
As a result of Government approval in Kenya, Essel has confirmed their commitment to invest over $100 million USD in Simba's portfolio in the next 12 to 18 months, including Kenya. Simba and Essel have commenced the planning and scheduling of the next 2D seismic work in support of finalizing locations to drill initial exploration wells at Block 2A, Kenya in 2016.
Mr. Gagan Goel, Managing Director, Essel Group Middle East commented on developments to date, "...with the government's consent we are very excited to begin our JV investment into Block 2A and look forward to completing the 2D seismic as soon as possible. We believe this next phase of work will yield excellent upside potential for drilling exploration at a number of high quality prospects and targets in Kenya."
The JV partner's have agreed to a minimum exploration program for Block 2A comprising additional 2D seismic, possible 3D seismic, and drilling on at least two prospects over the next 12 to 18 months, with a minimum estimated cost of $60 million USD.
By acquiring and interpreting up to 500 line kms of 2D seismic data by the end of 2015 the Company expects to finalize drilling locations at two primary prospects, M1 & M3 in the Mandera basin, as well as advance the status of lead A1 and possibly other targets in the Anza basin. Additionally, this next phase of seismic will confirm depths and support the volume estimates necessary for a revised resource estimate and risk category for the concession's prospects and other secondary targeted structures.
"We expect to finalize arrangements to commence additional seismic work on Block 2A in the next 30 to 60 days. Now that the Government of Kenya has approved the participation of the Essel Group in Block 2A, our shareholders should benefit from the strong exposure of a fully funded and exciting exploration program over the next 12 to 24 months" remarked Robert Dinning, President and CEO.
About Essel Group Middle East: Essel Group Middle East (EGME) is multi-national business headquartered in Dubai, Essel Group ME oversees the business interests of the Essel Group in the Middle East and Africa.The primary focus of the group is the mining of minerals, exploration of oils and hydrocarbons and the acquisition of natural resource assets. Essel Group (Mumbai) is a business conglomerate that has, in past four decades, grown into a diverse and prominent industries such as media, entertainment, packaging, infrastructure, precious metals, and energy and technology.
About Simba Energy: Simba Energy Inc. is an oil and gas exploration company with active onshore PSCs in Kenya and Guinea and PSC's under continuing negotiation in Chad, Liberia and Ghana. Simba focuses on onshore oil and gas exploration in areas that are under-developed or not previously exploited.
Technical & other presentation material and information about Simba's exploration portfolio and activities in Africa are available in a presentation available on the company's website, www.simbaenergy.ca .
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U.S-based oil and gas exploration firm, ERHC Energy, it has retained the services of Deloitte Corporate Finance (DCF) to advise on the company’s oil assets in Kenya and Chad for possible joint ventures amid drop in global oil prices.
One deal on the table apparently is a $5m joint venture with Mercom Oil a London listed investment company with assets in Chad.
The deal rumoured to be a 50/50 split in a new venture sold by Chevron a 25 percent non-operated interest in a producing oil concession in southern Chad and the related export pipeline interests to the Republic of Chad for approximately $5 million.
“This sale demonstrates our focus on strategically managing our portfolio to maximize the value of our global upstream businesses,” said George Kirkland, vice chairman of Chevron Corporation.
“These assets have played a significant role for Chevron in Africa for the past 14 years,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. “They have been a profitable part of our portfolio for many years. The combination of current market conditions and the size of the assets relative to our portfolio make this an ideal time for a divestiture.”
The transaction includes the sale of the Chevron subsidiary’s interests in seven fields in Chad’s Doba Basin, which in 2013 had an average net daily crude oil production of about 18,000 barrels. The sale also includes the Chevron subsidiary’s approximate 21 percent non-operated interest in a pipeline system that transports crude oil to the coast of Cameroon as well as associated marine facilities.
The firm’s CEO Peter Ntephe said in a statement that the drop in global oil prices has prompted consolidation among oil exploration companies. It said DCF will advise ERHC on matters related to possible joint ventures, alliances sales and divestitures on the Kenya and Chad licenses.
“These are challenging times for all oil exploration companies and we are leveraging DCF’s depth of skills and experience to support us in making decisions based on information that is constantly evolving,” Ntephe said in the statement received in Nairobi.
ERHC currently holds a 100 percent interest in Block BDS-2008 in Southern Chad and a carried 35 percent interest in Block 11A in Northwestern Kenya.
Recent discoveries of oil and gas across the East Africa region have positioned the region as a lucrative investment destination in Africa for foreign investors who have been scouting for opportunities. Some five upstream oil and gas companies are ramping up activity in Kenya, as the country becomes a focal exploration point in a dash for the commodities.
Research has shown that discoveries in the last few years are more than that of any other region in the world, and the boom is expected to continue for the next five years.
This impressive position is, however, becoming less significant as global oil prices continue to fall. Experts said further decline threatens the region’s economic prospects.
“We anticipate DCF’s involvement will be valuable as we pursue strategic options through access to their global network of corporate finance professionals around the world,” Ntephe said.
Beyond its assets in Chad and Kenya, ERHC also is seeking new strategic investment into the company itself.
“The current valuation of ERHC presents an exceptional opportunity for equity investors to gain access to ERHC’s rich portfolio of licenses,” Ntephe said.
lets not forget when Mercom talks cash they are talking in British pounds not US dollars.
ferab
ERHC has never been allowed as RRSP's won't accept any OTC-BB
and Pink Sheet stocks.
I tried when I first bought in 2001 and was disallowed as per these reasons.
april 30th in the high 2's and may 4th same
redtxdog
I have gone from 200,00 to 6,200,000 all through dilution at 0002, 0003, 0004, 0005, but insurance so break even at .016....if it goes again to triple zeros will add more...comfortable with what I have now.
IMO here is my take on ERHC at the moment.
y wife and I went for Chinese food last night and upon opening our fortune cookies read:
Wife's: good news is on the way (lucky numbers 12 17 25 27 41 48)
Mine: a financial investment will yield returns beyond your wildest hopes. (lucky numbers 9 11 22 30 31 49 ).
Now couple this with Kaboom and reverse split sayers, and I can only come to expect a reversal of the positive nature.
Now who could argue with these fine fortunes! This info is as good as any IMHO.
Emdyal? SSC? Condor1?
I'm ready for the next leg up!
Go ERHE
Baz
NO
hopefully those that invest in OTC/Pink sheets have done their DD on their own before dipping their toes in...let alone jumping in blindly...and the questioning everything from A to Z.
Those questions are for the individual to sort out either before or after they have MADE THEIR CHOICES. If you believe everyone or anyone are not who they say they are then trying to pry information from these would be posers is not in any ones best interest...as you cannot believe anything from posters that are not qualified, with appropriate links etc. This constant badgering of Aliases reflects immaturity on those inquiring posters. Posters have made their choices(bets)...now its time to live with those actions as some have even quadrupled their bets on this TRADE.
that is ridiculous....
this from someone who is 24/7 negative and has increased his or her share count 4 fold while vilifying the company and its Management and their actions.
Condor1
This Board isn't about other posters!
Especially when you are Interrogating them.
Leave Myrup and his brother alone!...or risk your posting to be deleted.
Then who would you credit and why?
We are waiting for progressive ideas and or actions available to Shareholders...so far it seems to be empty criticism with out any resolve. "quote" : What will it take for people to wake up?
Shareholders would like some answers
that's fine...those trade numbers ie:Volume numbers should be halved still about 1.6 bil. To me sounds like you want a shareholder uprising,to which I might join....but you will have to organize it as you have lots of posting time here. You could sacrifice that to get things rolling. Well maybe Management is listening to what you say.
Good day
Middy
Lets say we all agree with you(hypothetically), we might all be wrong as there was no proof provided by you in the first place.
You have many "opinions" on ERHC lets leave it there. Since you haven't proven anything, what makes you think we can prove otherwise as there is no proof either way.
Management has been sub par in lots of areas....but acquiring acreage is not 1 of them. Landing Cepsa was not 1 of them. Hiring consultants when they were needed is not 1 of them. Financial management has much room for improvement, but using the years from 2001 to 2007...with all the pressures that came to bare on ERHC,I think they did a good job here just to survive the DOJ Alphabet soup gang...which lasted some years and a large quantity of cash as well as the arbitration hearings for Block 5&6 JDZ. Landing Acreages in different countries was also an expense. Most of this was done with JDZ money IMO.
Shareholders of penny stocks have greater expectations then they should have on THEIR GAMBLES THEY TAKE.
Good to hear your views but they have become quite repetitive since you took your Gamble with this OTC penny stock.
Cheers Middy...have a great weekend!
stryker follow by this
midtieroil Wednesday, 05/06/15 11:00:59 PM
Re: emdyal post# 302545
Post # of 302938
Sorry but I believe the time has passed where shareholders can do much of anything to change the ERHC outcome. As you probably know I was trying my best to get something done for years and all I got was flak for trying.
Ya okay...
keep trying to change anything HERE...futility at it's best
seems like many of us here are also in your shoes. Maybe some here should be lodging complaints to the SEC.....as lodging complaints here seems a useless futile way of venting.
Unless it helps any medical conditions...then I'm all for it..LOL
cheers Tryoty
http://erhc.com/board/
easy to spew bad info....try reading it's all on ERHC's website.
Peter Ntephe, CEO and Director
Mr. Peter Ntephe was appointed Chief Executive Officer of ERHC Energy in April 2010. He had been the Chief Operating Officer and acting Chief Executive Officer since 2008. Mr. Ntephe has been involved in fundamental aspects of the Company's executive management since 2001, having joined initially as Corporate Secretary. His roles have included key participation in the negotiation, securing and maintenance of the Company's oil and gas interests in the Gulf of Guinea. As Chief Executive Officer, he oversees the executive management of ERHC Energy and its subsidiaries. He is responsible for ensuring that the group's strategic objectives are met. Mr. Ntephe has had a career spanning over 22 years, in the public and private sectors. Mr. Ntephe has a Master of Science degree from the University of Oxford. He also has three degrees in law (including one with a specialization in regulatory issues from the University of London) and a degree in management from Brunel University, London. Mr. Ntephe has taught Business Law as part of adjunct faculty in the Business School of the American Intercontinental University, London.
https://www.sec.gov/rules/proposed/s72303/tmalone113003.txt
From: lefty_malone@hushmail.com
Sent: Sunday, November 30, 2003 3:03 PM
To: rule-comments@sec.gov
Subject: File s7-23-03 Proposed Regulation SHO
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
Also please see attached MS Word file for comments.
PUBLIC COMMENTS REGARDING PROPOSED REGULATION SHO 34-48709
FILE # S7-23-03
In my opinion the SEC has committed a grave disservice to the small investor
by referencing the “problem” of “naked shorting” on the OTC-BB and Pink
Sheet quotation services while providing absolutely no supporting data
that would justify considerations of a policy change. Furthermore, they
have compounded their initial error by refusing a number of press requests
for internal SEC information that would indicate whether there are widespread
failures to settle transactions in the OTC-BB and Pink Sheet quotation
services-the one sure indication of a naked short position.
As a veteran observer of and commenter on these markets I can assure
you that one of the first indicators of a pump and dump is the claim-
made by disclosed, and more often undisclosed, promoters that a stock
is being “naked shorted.” A minimum of research will always reveal exactly
the opposite: the company’s price is declining because it has entered
into toxic discounted Convertible Debenture financing agreements that
ALLOW the Debenture holders to engage in hedging transactions. The resulting
flood of new shares into the market-virtually always accompanied by a
press, fax, e-mail, and boiler room promotion to create demand- is ultimately
the cause of the stock price’s decline. The “manipulative short selling”
enforcement action held up by the SEC as proof of your diligence in preventing
this supposed abuse was unique only in that the debenture agreement did
not allow hedging, giving you a basis for enforcement.
There is no national fiscal scandle as alleged by a small group of these
companies who have engaged in a relentless publicity campaign for promote
their cause, or at least one that involves “naked short selling.” The
scandle is that most if not all of them are allowed to continue to trade
as public companies.
It is not naked shorting that keeps small companies from being able to
raise capital through these quotation services. It is the rampant daily
stock fraud that the SEC is either inadequate, inept, or incompetent
to prevent. For every one legitimate company raising capital to actually
implement a business plan there are 99 others that consist of holding
companies that hold nothing, pie in the sky HIV and cancer cures, transportation
companies that transport nothing, and twenty year old “development stage”
companies that change their name and business plan according to the latest
headlines. The occasional enforcement action by the SEC consists of
a relatively small fine and an admonition to go and sin no more. That
is often years after the fact.
That said, there are simple solutions that would resolve the issues of
those who sincerely believe that “naked shorting” of literally penny
and sub-penny stocks is a problem, and those like me who believe such
twaddle is part of organized theft unchecked by your organization. The
solutions all revolve around information, a commodity cheap to gather
and easy to circulate in these days:
1. Require full disclosure of the terms and conditions of equity financing
agreements entered into by any company that is traded on the OTC-BB or
Pink Sheets. Companies frequently disclose only vague references to “stock
rights” or “financing agreements” rather than reveal information that
would signal the extent of coming dilution.
2. Require broker dealers who make a market in these stocks to provide
a monthly report of their net position in each security with which they
participate as market makers. In addition to providing valuable information
to investors this would eliminate the promoters’ ability to make wild
claims regarding alleged huge short trading positions being taken by
broker dealers for their own accounts.
3. Prohibit hedging transactions in restricted securities issued coincidental
to a convertible debenture or other stock rights placement. This prohibition
will go a long way toward eliminating hot money CD funding and massive
share dilution. It will also eliminate the ability of scam companies
to pay insiders generous salaries for nothing.
4. Require that shares issued by “third parties”-wink wink- for stock
promotion be issued with a restricted legend not removable for at least
one year. The free trading S-8 shares currently used to purchase promotion
and “investor relations” services fund nothing but naked hype and touting.
Also require the identification of those third parties, prohibit them
from being anonymous offshore entities, and require a clear statement
of their relationship to the company.
5. Eliminate the current market maker exemption from affirmative determination
of share availability in the course of shorting to “maintain an orderly
market.” To the extent that there is abusive short selling in the OTC-
BB and Pink Sheet systems it is through this exemption. This would of
course drastically reduce the liquidity of these markets, but the current
liquidity is what allows the rampant theft from pump and dump plans to
take place.
6. Enforce the current settlement rules and provide a monthly report
of those enforcement actions.
7. Require that corporate transfer agents make public through the internet
a daily count of shares issued by any companies that are traded on the
OTC-BB and Pink Sheet quotation services. Companies crying “naked shorts”
while massively dilution their shares commonly gag their transfer agents
to disguise that fact. To give on example, one of the more public claimants
of a “naked short” in the company’s 8 penny stock has, accounting for
the effects of three reverse splits, issued the equivalent of 26 trillion
shares while maintaining a gag order on its transfer agent. That company
is at least fully reporting, and is required to make quarterly disclosures.
Pinnacle Business Management, which I will list by name because of the
frequent comments to this body by its shareholders who are convinced
that they are the victims of a vast conspiracy, gagged its transfer agent
and secretly increased its issued share count from 400 million to 24.5
billion shares. As a non-reporting pink sheet company it was not required
to disclose this far from trivial fact.
Then pick an OTC or Pink Sheet naked short poster child and drop a dime
on them. Get the FBI involved and go for criminal charges against not
just the company management but also the array of undisclosed touts,
boiler room operators, crooked accountants, and sleazy attorneys facilitating
the scam. Just for once treat investor theft amounting to only a few
tens of millions of dollars as serious.
Sincerely
Thomas Malone
New York City
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Manti
But is that Legal?
Krom
what are the odds he is in Nigeria...LOL
I know that ERHC is riding the razors edge....after the failure of the JDZ....onland properties were secured. I don't know how they were acquired(meaning),I don't think the names of Peter Ntephe and Silvian Odubulu were enough to secure properties for ERHC Energy. I only assume that what we don't know is how many tentacles SEO has and where they spread. Kenya and Chad still SEO's hand at work. Looking at ERHC's record of exploration,it is not to be boasted about. Dr. Thuo was hired to oversee Kenya.
After hiring him there was some knowledge behind their bid for Block 11A. Would that be enough without a backer with deep pockets? How could we acquire anything with our balance sheet. How did we afford to outlay costs for seismic acquisition and FTG aerial? This has been how they operate.....and we all should have known about the risks. We can blame Management yes...but most of all ourselves for not taking the escape route(s) that were presented over the years!
Even now there is still something bigger than ERHC Energy that supports it's survival.
should be Walter Brandhuber
I agree to try and track the cash spent.
I admit I don't have those answers....maybe you do but please provide appropriate links.
TIA
Manuel
Condor
Your facts are not straight.
5 years before Chad and Kenya WE were drilling in the JDZ. The information about the JDZ was not known yet.
Aug 2009 drilling JDZ
Feb 2010 awarded blocks 4 and 11 Sao Tome EEz
2011 Chad was awarded
2014 Kenya was awarded, the PSC was signed and 2D seismic was acquired as well as ftg was flown.
All this was done in the 5 years after 2009 drilling.
So,all this was done in the 5 years after drilling...seems like a rather full plate for a minnow company.
here is the HISTORY.
http://erhc.com/milestones/
happy reading
Baz
P.S. Chad and Kenya are both onshore properties
I too am under water here a tidy sum. I don't like the situation any more than you but 'the constant complaining about management is not the answer to our problem.
I guess you realize that is about all you can do
tryoty
I agree NOW about the CD fiasco.Back in 2006-2012 it was the investigations that crippled us. We seemed to come away with a descent plan of acquiring new on land properties to which MOST shareholders were in agreement there.
Condor1
It took 6 years of defence against the DOJ ...ABC gang as well as acquiring Kenya and Chad (these acquisitions required attending conferences). These events and some others like Stanford , Exile etc. required spending cash and they happened after we were paid 49 million from the JDZ by Addax and SNP.
You wanted diversification to land Condor... you can't have it both ways. Your posts don't address these expenses! but rather omit them .