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https://allafrica.com/stories/201809100021.html
"The fact that Kosmos Energy is still in JDZ tells you something.
The way the geology of petroleum works is that you might be the smartest guy in the world, after looking at the data and not seeing anything that convinces you that there is something, then some other organisation can come and make sense out of the data.
"The Zohr Oil find in offshore Egypt is located in an acreage that Shell had looked at for 10 years and they didn't find anything and then Eni came and looked at the same thing and found 30 trillion standard cubit feet of gas.
It was the same thing with Kosmos Energy in Ghana. The clear thing about JDZ is geology, let's see what Kosmos will come up with," Akinosho said.
And for former President, Nigerian Association of Petroleum Explorationists (NAPE), Abiodun Adesanya, the fact that the management lacks the needed human capacity, especially people who understand the workings of oil and gas sector contributed to the failure of the bilateral trade.
___________________________
Kosmos Energy acquires ERHC Energy's interest in São Tomé and Principe
ERHC Energy has reached an agreement with Kosmos Energy to transfer all ERHC's rights to Block 11 of the São Tomé and Principe Exclusive Economic Zone to Kosmos. The agreement has been approved by the National Petroleum Agency of Sao Tome & Principe as required in the requisite Production Sharing Contract for EEZ Block 11.
'Given the difficult global environment for doing deals, particularly for deep-offshore assets in frontier areas, we are very pleased to have concluded the agreement with Kosmos,' said ERHC President and CEO Peter Ntephe. 'The agreement enables us to immediately monetize one of our offshore holdings while preserving a financial upside in the event that exploration in Block 11 is successful.'
ERHC retains 100 percent of the rights to EEZ Block 4 as well as the option to take up to a 15 percent working interest in each of two other unlicensed EEZ blocks of its choice. ERHC and the ANP-STP have agreed in principle to terms of a PSC for Block 4. In Kenya, ERHC holds a 35 percent interest in Block 11A, where the first exploration well is expected to be spudded toward the end of the first quarter of 2016. In Chad, ERHC is accepting tender proposals for a 2-D seismic acquisition program for Block BDS 2008.
ERHC also has interests across several oil blocks in the Nigeria - São Tomé and Príncipe Joint Development Zone (JDZ).
Source: ERHC Energy
https://www.africaintelligence.com/aem/oil/2019/01/02/total-snaps-up-block-4-right-under-kosmos--nose,108338272-eve
I hope your right Krom, it sure would be a nice surprise and lucky... which is why we gambled in this wildcat play to start with. The way ERHC positioned itself required pure luck and timing. They never had respected seasoned advice from any qualified engineers.
https://www.geoexpro.com/articles/2018/12/sao-tome-and-principe-exclusive-economic-zone
How do we follow the Kosmos trial?
PGS reprocessed its MultiClient library data using modern processing techniques. Four key reasons to be excited about the hydrocarbon prospectivity in the São Tomé and Príncipe Exclusive Economic Zone
(STP-EEZ).
https://www.geoexpro.com/articles/2018/12/sao-tome-and-principe-exclusive-economic-zone
Who knows if we even have ownership of any of these blocks anymore?
Those are some pretty strong words KROM.frm you anyway.
What has happened to make this even possible... Ive lost over 600,000 on this debacle and now the KING is saying there is a glimmer????
West Africa
History link.. http://sweetcrudereports.com/2016/12/08/sao-tome-to-terminate-oil-block-with-sinopec-sonangol-jv/
http://www.offshore-mag.com/articles/print/volume-77/issue-6/departments/global-e-p/north-america.html
BP has discovered gas with its first well in partnership with Kosmos Energy offshore Senegal. The drillship Atwood Achiever drilled Yakaar-1 in 2,550 m (8,336 ft) of water, 95 km (59 mi) northwest of Dakar in the Cayar Offshore Profond block. The well encountered 45 m (148 ft) of net pay in stacked reservoir sands within the Lower Cenomanian interval. Kosmos estimates potential resources at around 15 tcf: FEED for the partners’ nearby Tortue gas development should start later this year.
•••
Total has made its entry into deep offshore Senegal E&P, agreeing to operate the Rufisque Offshore Profond block in partnership with state-owned Petrosen. Among the various other recent transactions in this deepwater exploration hotspot, CNOOC UK has agreed to take a 65% interest from Impact Oil and Gas in the PSC for the AGC block in the offshore joint development zone between Senegal and Guinea-Bissau, west of the Dome Flore and Dome Gea oil discoveries.
FAR, a partner in Senegal’s SEN discovery to the north, is set to take an 80% operated interest from Erin Energy in blocks A2 and A5 off The Gambia, where 3D seismic analysis has revealed three large prospects similar to the shelf-edge plays FAR has targeted off Senegal. And African Petroleum is in talks with the Gambian government on admitting an experienced deepwater operator to assume control of the A1 and A4 offshore exploration licenses, which could lead to drilling of at least two deepwater wildcats.
•••
Cote d’Ivoire’s government has awarded Eni 90% operated stakes in blocks CI-101 and CI-205, 50-80 km (31-50 mi) south of Abidjan. Both are in the eastern part of the Tano basin, where Eni is already an operator on the Ghanaian side of the offshore median line between the two countries.
•••
GE Oil & Gas has signed a Memorandum of Understanding with Lekoil for development of the Ogo field in the OPL310 lease offshore Nigeria. Lekoil’s estimated share of the resources is close to 232 MMboe. Assuming successful appraisal drilling around the turn of this year, GE would participate in the ensuing full-field development, applying its technology and expertise and receiving a share of cashflow from the resultant production.
•••
Golar LNG has contracted Keppel Shipyard in Singapore to convert the LNG carrier Gandria to serve Fortuna FLNG, Africa’s first deepwater floating LNG project. This would harness gas discovered by Ophir Energy on Equatorial Guinea’s offshore block R. State-owned GEPetrol will participate in the upstream portion of the project and could also take a 30% stake in the vessel. Assuming a positive final investment decision, first should follow during mid-2020.
yep, hard lessons learned.... pure Vegas!
Kingpin,
I gave up following this sad story.
This is great news, Im sure ERHC would have to give up a lot ie.. 20 of the 25% but its still better than 0.
Maybe they'll just buy ERHC and we retain a small interest. Hope I didn't jinx the AEI report and its true and happens very quickly. Pigs can fly!
agreed... bs
Anyone still have a subscription?
Could this be real or possibly good news?
Cant read anything but the headline.
Fake news?
NEWS
NIGERIA : ERHC bounces back on deal with offor's starcrest
Africa Intelligence (subscription)
According to our sources, the Houston-based explorer ERHC has been in talks since mid-2016 on debuting on OPL 291 and 242 through an ...
on debuting on OPL 291 and 242 through an agreement with Starcrest, one of ... its share in the costs was carried by the block's new operator, Spain's Cepsa.
For those of us that have been here 16 years, I think you should listen and take your optimism and swallow it. If this stock went to 50 dollars a share we might break even. Millions HAVE BEEN LOST HERE BY SHARE HOLDERS. THE SHARE PRICE IS .00005. THEY NEVER FOUND OIL AND NEVER WILL UNDER THIS NAME. Anyone who actually buys a .00005 stock is a complete fool. All these new posters are apparently just pumping to dump their convertibles. So sad.
We came, we drilled, we died. All dry holes. This was always a wild cat play accept defeat and move on. Maybe we can get a nickel for JDZ so dont bother selling.
With this revelation it is expected that the two joint venture could be discussing a new arrangement that could allow further activity in the block as the earlier agreement only allowed a continued participation by CEPSA only in the case of a hydrocarbons find.
Earlier reports by OilNews Kenya that the Tarach-1 well in Block 11A was disappointing have now been confirmed with the commissioner for petroleum Martin Heya at the Ministry of Energy and Petroleum saying the Spanish explorer Compania Espanola de Petroleos (CEPSA)was a dry well.
According to the commissioner the block operator is yet to furnish the ministry with the technical details of the drilling although it has notified the government on the status of the well.
“We are yet to get the technical details from CEPSA although we already have word that Tarach-1 was a dry well,” Heya told OilNews Kenya.
Results from the Tarach-1 drilled in the north western most block in Kenya and which commenced drilling over five months ago are yet to be made public with the well already having been plugged and abandoned.
CEPSA was drilled from a 20-inch surface casing through intermediate casings down to 2,442 meters and set a seven-inch liner down to total depth (TD) of 3,000 meters with the Tarach-1 prospect’s mean estimate of oil prospective unrisked resources earlier estimated at 66 million barrels.
As per records on exploration and drilling expenses filed by ERHC to the United States Securities And Exchange Commission the two partners used over $25 million of which the American explorer sank $4.5 million.
Also in the interview the commissioner revealed that the block operator CEPSA was considering undertaking new seismic in the block raising hope that the Spanish explorer was yet to exit the block.
With this revelation it is expected that the two joint venture could be discussing a new arrangement that could allow further activity in the block as the earlier agreement only allowed a continued participation by CEPSA only in the case of a hydrocarbons find.
CEPSA had also planned second exploratory well , the Egole-1 a four-way rollover closure onto a Northwest – Southeast trending fault plain with mean prospective resources of 101 million barrels another of 13 drillable prospects.
http://www.oilnewskenya.com/cepsa-erhc-hit-dry-well-at-kenyas-block-11a-tarach-1/
LIKE THIS?
while taking advantage of other opportunities
Yeah , like getting ERHC for one more paycheck "
While taking advantage of other opportunities "
What oil company? this is gone, its over.
The Fat Lady has sung. Nothing left to say IMO>
The week we fold Sinopec will announce 29 billion barrels of oil in JDZ found. BP is partnering with them. This is fubar
CEPSA was considering undertaking new seismic in the block raising hope that the Spanish explorer was yet to exit the block.
With this revelation it is expected that the two joint venture could be discussing a new arrangement that could allow further activity in the block
Great! Only 43.97 to go to be whole again! Cant wait.
Seriously why are we not trading. Ive been out of town for awhile.
Im assuming we are halted and probably under investigation?
So, IF Cepsa will continue drilling in 11a we have a glimmer of hope, dont hold your breath.
Ill take IPIC shares.....
As of August 2011, Cepsa is owned by a single shareholder, International Petroleum Investment Company (IPIC).
International Petroleum Investment Company, IPIC, was formed by the Abu Dhabi government in 1984. The company was tasked with making investments in the energy sector and has stakes in more than 15 companies in 10 countries on all five continents
iPIC acquired a stake in Cepsa in 1988, and since then both firms have maintained close links and have worked in cooperation. For Cepsa, having IPIC as its sole shareholder has presented it with a magnificent opportunity for growth as well as a significant business challenge.
Seriously at least the management of ERHC could tell us what they are waiting for!?!?! Where's OUR DRILLING REPORT!
You learn a lot about the geology when you poke a hole. I imagine ERHC is negotiating % and planning a second well CEPSA has been waiting decades to get there and wont throw in the towel on the entire block by just poking one hole, no way imo.
Current prices are tough for everyone, thats lowering the negotiating ceiling for ERHC Im sure.
http://www.oilnewskenya.com/emesek-1-exploration-well-in-kenyas-north-turkana-basin-disappoints/
You learn a lot about the geology when you poke a hole. I imagine ERHC is negotiating % and planning a second well and free carry or even a loan from CEPSA>.
CEPSA has been waiting decades to get there and wont throw in the towel on the entire block by just poking one hole, no way.
Current prices are tough for everyone, thats lowering the negotiating ceiling for ERHC Im sure.
http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=874195
Seriously? The stock is almost worthless were down like 99%. Why sell to get pennies.
Lets just wait for a real report, yes we longs are screwed unless we get to 45 dollars a share. At this juncture its all entertainment. The well is a bust. NOT the block necessarily. I lose 600K. lol
There is no competition in the 250,000? sq mile block they have. Not an issue in this situation. No reason for secrets I can see.
Us longs are snake bit. Apparently they dont know how to find oil. This changes many investors future for the worse. It what we get for investing in a penny stock. What a massive waste of time and money.
"IF they discover oil"
No one not event the geologist knows the outcome of a exploratory wild cat, anyone who quotes % is blowing smoke and it doesnt mean a thing. Everyone interprets seismic differently. Some get lucky - some dont. Its gambling.
The JDZ is s fine small example of what can go wrong,
The stock of ERHC ENERGY INCORPORATED (OTCMKTS:ERHE) registered an increase of 972.22% in short interest. ERHE’s total short interest was 19,300 shares in May as published by FINRA. Its up 972.22% from 1,800 shares, reported previously. The stock closed at $0.09 during the last session. It is down 7100.00% since October 12, 2015 and is uptrending. It has outperformed by 7094.50% the S&P500.
ERHC Energy Inc. is engaged in the business of exploration for gas and oil in Africa. The company has a market cap of $3.13 million. The Company’s business includes interests in exploration acreage in the Republic of Kenya , the Republic of Chad (Chad), the Joint Development Zone (JDZ) between the Democratic Republic of Sao Tome and Principe (STP), the Federal Republic of Nigeria (FRN or Nigeria), and the exclusive economic zone of Sao Tome and Principe (the Exclusive Economic Zone or EEZ). It currently has negative earnings. The Company’s Republic of Kenya’s Block 11A consists of approximately 11,950.06 square kilometers or over 2.95 million square acres.
ERHC Energy Inc. - Receive News & Ratings Via Email - Enter y
Pretty remarkable they got a company to drill with the collapse in the worldwide oil industry and denying that finding financing for ERHC or any other small exploration company, for any project, involving a company with no revenues expected for years will be difficult if not impossible.
Hum wonder why toxic debt was the only option... he did ask us first.
If they develop block 11a into a 600 mill plus oil field you still think were only a 1 dollar a share company?