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All SEO and friends have to do is keep the stock price down and have proxies buy up all the cheap shares that flow into the market - over time the minority will continue to shrink the % of the shares they are holding.
Julius, since SNP has not released official results - no one knows what they found
I think our company and SNP operate on a need to know basis. They don't think we need to know a lot of what is going on, what they are working on etc.
We don't need to know until they are no longer able to keep it quiet.
At the time it was posted on this site that Obo-1 was non-commercial because of the cost of infastructure to get the oil to market - Akpo was not developed at that time. The person quoted was chevrons nigerian manager
I believe he is saying he cannot talk for SNP, he may think it is important but SNP has not stated so publically or told ERHC, that Dan knows of, that it is important to them, so he cannot say so.
yes, look at what has been going on with drill ships, the Pacific Siroco headed for JDZ block 1 was contracted to Total before it was completed, one year guranteed at $475,000 per day and options on four additional years.
It took over two years to get a drilling slot for the Deepwater Pathfinder for our first four wells. Even the Abram has been kept busy. SNP "borrowed" the Sedco 702 for the Bomu well in JDZ block 2. There arn't enough drill ships to meet demand and the ones being built are being leased before they are complete.
Total has known about three other discoveries in OML 130 for several years and is just now getting around to developing Egina - Egina south is next but I have seen nothing on the timing for preowei which has been listed as a significant discovery to the north east of Akpo. Just because they know where the oil is dosen't mean they are ready to develop it.
Badog, with what? I have not seen any contracts for SNP with drill ships in the GOG.
EO hasn't lost anything yet. The market is still above his cost and he is still holding his shares. Gain or loss is realized when the transaction closes. Currently his shares are not worth as much as they were when we hit $.90+ per share but he hasn't made or lost anything till he sells some.
Or the deal that is going to make the stock go over $.75 is already in the works and they could be charged with insider trading. I believe someone said they are in a no trade period currently.
Troy, think about it this way, there are three chinese oil companies, they have all been trying to obtain african assets. They have only had sucess at buying into existing developments. Maybe they would want to use ERHC for SNP to get a foot into Chad. The Chinese government has told these three companies they are not to compete for the same assets (and bid up the prices)however if ERHC has the OPL, they can get the operatorship and control of where the oil goes.
I think they are happy with the way ERHC kept the results in the JDZ quiet and think our guys make good silent partners.
I myself, find it strange that a new PSC would be signed for block 5 at the same time ERHC is warning us that SNP could decide to pull out of 2, 3 or 4?
Does anyone else think this is strange timing?
Notice who it says signed agreement for block 5, it may be the original Iranian company that caused the problem in the first place. ERHE a US company cannot legally go into business with a Iranian company.
At Akpo its Total and CNOOC, not SNP
I didn't sell out when we hit $.90, why would I sell out now at $.50, just because we had been down to sub $.10 again?
If I had any cash I would be buying at these prices. I could part with some of the shares I picked up at $.10 at $.75 but expect more.
From what I have read, the gas flaring in Imo is concentrated in three areas. This sounds like a good setup for concentrating and liquifing the gas, maybe for export. One of the chinese companies is financing 10 billion in development in south america and is going to be paid back in oil. The chinese are major users and importers of LNG and have , and are developing major port facilities to import more. IMHO this would be the fastest way to revenue for ERHE, to use Offors, and our directors, political connections to capture the LNG business in Imo. Just the anouncement of such a deal could send share prices skyrocketing.
No inside knowledge, just guessing.
Sinopec has the cash and Total has the expertise. If you look at the game plan for Akpo it is apparent that Total was staging the development to streach its cash.
Like I have told the board before I believe there is lots of activity going on that PN and our Board of Directors never mention to the minority shareholders.
I believe Umbra was in agreement with me. I think the things we find out about are only because they reach a point they have to because they are about to become public. The deals they try and fail at are never mentioned.
No, I saw that and was pointing out your inconsistency
"but until then I go with what has been reported."
Then you question the JDA and say it might be right.
There are two sources of official information, the operator (SNP) and the JDA. Anything anybody else reports is unofficial (Dana)and questionable.
Even what ERHC has released cannot be relied upon because they are so poor of communicators you can't tell exactly what they are saying. Dan leaves questions in some of his releases and in others is contradicting himself.
If only Biogas was found, why are two extensions needed to further study it?
but until then I go with what has been reported.
By who and when... the reports from different sources .. at different times have been inconsistent
You seem to believe which ones you want .. not all of whats reported
Badog, please tell me what is so important about Danagas that you think what ever they report is gospel. My DD on Danagas has not caused me to think they are anything special in the industry, an also ran, not one of the big boys or a remarkable up and commer. They are not noted like Total for their expertise, just why do you think they know so much and continually bring up their report?
Why are they an expert on the Gulf of Guinea? They apear to know a lot about gas in Kurdistan, but when did they become experts in deep water drilling in Africa?
Troy, I believe someone posted earlier that they had to pull out of the first bore on obo-1 and re-enter through a second bore at the same site. Essentially start over at a second spot due to problems with the first drill site.
Does anyone else remember this?
Thanks, for the correction Homeport, I have looked for its origin before and not found it on the internet, what order & when awarded. Articles about SEO seem to apear and disapear all the time, but there is not a lot of detail on him.
Not untill after they have been negoated, I believe they are starting the meetings on them 11/15 or there abouts.
Krom, the Sir he uses is a knighthood from the Catholic Church that was awarded to him because of his charitable works. It's what made me decide to invest with a Nigerian political power broker in the first place.
I think he values the title enough he will not be openly taking avantage of the situation wherever he can. Its a matter of face.
Homeport, forced or contract labor is just a older form of tax. Landlords & nobles used to force people to work for them & keep part or all the production. If I was living hand to mouth, I would want what my hands did to be putting something in my mouth, not the governments. I'm sure most of these people have no idea why else the government might want to count them.
They must think that if they are counted they can be taxed - if the government doesn't know they exist they can't be
They had anounced that SNP would come up with the agreement for block 3 & 12 first and use it as a framework for all other agreements. I think it should go pretty fast from here.
Strategyone, about 90% of what accountants do is determining what is the income, the tax on it is not as complicated as the determination.
If I remember right, the drill locations in block 3 & 4 were submitted to the JDZ before SNP bought Addax.
Does this match others recollection?
Fairly soon in deep water is not very fast. Total took 4.5 to 5.5 years to develop the drilling plan for Akpo, after spending five years in exploration phase. It took two years to order and have built the FPSO. The 44 wells were drilled by two drill ships over a three plus year period.
The JDZ is a lot of teritory to explore and develop, even if you have the drill ships available.
Krom, what makes good business sence is that we have a legally constituted board running the company. The legality is based in state law, in some states nothing the board is currently doing is legal, in others the board serves untill legally replaced or re-elected. I don't know the specifics for Colorado, where ERHC is domociled. If Colorado allows the board to serve untill replaced or re-elected we have no problem with not having a meeting before their term expires. If it doesn't then everything they have done since their terms expired might be in question legally.
Expense is not relevent, legality is - the law dosen't care if Offer owns 90% if they are required to have a annual meeting they ARE required.
Someone needs to look at Colorado corporate rules and see what it says, there is worlds of difference between simple terms like may, should and must.
You are also not going to hire someone like the CEO of Total for $250,000
Umbra, I think SEO has the ability to wait - for whatever he wants - he does not need ERHC to live in the stile he is accustomed to.
Since he can wait he wont sell for less than he deems a good price, whatever that is he can wait for development down the road if he can't get his price. If he has what he is supose to be worth, or as I believe half of what he is supose to be worth he doesn't have to run a fire sale.
Would he like to sell out, maybe on his terms, I believe he always has the next deal or two or three sitting around waiting for him to make his move
What we were just discussing included the sale out/off of the JDZ, thats where the money came from
Is something going to happen soon - who knows - not one of us lowley minority stockholders
Imo will take a lot of development cash - it may indicate something more is going on - SEO will still have to be happy with the deal, so who knows what will happen - I have always believed there is a lot more going on than we know anything about - It doesn't mean any of these plans will actually happen - I think there has been a lot of almosts and maybes tried that didn't work/happen and we won't ever be told about
Steve
I think SEO has a take out price - if he gets that we are gone - otherwise we are arround for production. I think that we were still here because no one met his price for before drilling sale, someone posted recently that they knew he had been offered considerably more that $1 and turned it down - I think there has to be a "time value" for any offer, if he wanted $10.00 pre drill he thought it was worth 10 +x and was willing to settle for $10 now.
I think IMO indicates we could be closer to a sale/buy out - I don't think any of us will see any cash in the near term, however if ERHC does get a pile of cash and rolls it into Chad & Imo, I would expect a big share price increase
Degen, one thing I have learned here in my 6+ years is nothing deepwater happens fast - total took nine years to develop Akpo, even though they knew in 2001 they had a major find. They have sat and waited on Egina since 2005 and are currently developing - Egina South is up sometime soon & the fourth find in OML 130 doesn't have any possiable time frame set yet.
Even if they come up with anything from their studies and Totals block 1 drilling I would expect four years to pass before any production, and thats if SNP fast tracks it because they want the oil/gas/condisate - deep water is just on a different time schedule than land drilling
Someone posted a press release that quoted the CHV manager in Nigeria as saying that OBO was not commercial because of the cost of infastructure needed to get the oil to market.
Stocks, the crew of the pathfinder are there to drill the leasor provides the geoligists, oil resevoir engineers etc, I would doubt the pathfinder crew spent much/any time studing the 3D or 4D on the sites. The leasors staff would have already evaluated that & agreed on a location with JDZ staff.
Krom, SNP is the operator of the block bothe it and ERHC are invested in. While it is a third party, I would not think anyone would consider it independent.