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Retep Time will tell and I hope as much as you that the JDZ is loaded, but considering that the source is the promoters of the EEZ you do have to take into account that they are about to embark on the sale of potentially hundreds of million of dollars worth of licensing fees for their blocks. What else do you think they would say?
Beans
Retep to me, all the STP statements mean that there is an EEZ auction about to commence.
Beans
This MOU anticipates the farm-out of our EEZ rights.
How much cash will be raised by the imminent farm-out or outright sale of our EEZ rights? EEZ cashflow not for at least 5 years or more EXCEL farm-in could move that forward by a magnitude of years.
Just a thought
Beans
Rigs for Addax/Afren JV?
Just a thought
Beans
Regarding AA from Tullow's 1H Operational Outlook
The Blackford Dolphin and Eirik Raude drilling rigs will arrive in September and November
2008 respectively, followed by the Aban
Abraham and the Atwood Hunter in early 2009. These rigs will undertake an integrated programme
of appraisal and development drilling on the
Jubilee field and high-impact exploration and appraisal drilling within the greater West Cape
Three Points and Deepwater Tano licences.
Beans
Addax Petroleum awarded additional interest in deep water exploration license in Joint Development Zone
Wednesday July 16, 10:57 am ET
Additional 7.2 per cent interest in JDZ Block 4 license area
CALGARY, July 16 /CNW/ - Addax Petroleum Corporation (TSX: AXC and LSE: AXC) ("Addax Petroleum" or the "Corporation") announces today that it has been awarded an additional 7.2 per cent participating interest in Block 4 of the Nigeria/Sao Tome and Principe Joint Development Zone ("JDZ") by an independent arbitration tribunal. The award increases Addax Petroleum's interest in the license area from 38.3 per cent to 45.5 per cent. Addax Petroleum is also the operator of Block 4.
ADVERTISEMENT
Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "This award further enhances our leading position in this world class exploration region. I am very excited about the prospective oil resources of Addax Petroleum's entire deepwater portfolio and I am looking forward to launching our high impact drilling campaign. Due to our interests across four JDZ license areas, a focused drilling strategy will be undertaken to include a consecutive exploration campaign of up to 10 wells across the region to demonstrate the full potential of these assets. I believe these exploration assets will be an important contributor to the growth of the company and will deliver value to our shareholders."
In 2007, Addax Petroleum and ERHC Energy Inc. ("ERHC") entered into arbitration proceedings in respect of a 9 per cent participating interest in JDZ Block 4 that had been committed to a third party. When that party failed to fulfil its obligations, the 9 percent reverted to Addax Petroleum and ERHC. Under the arbitration proceedings, Addax Petroleum claimed entitlement to 7.2 per cent of the 9 percent interest, subject to the carried costs associated with the balance, being the 1.8 per cent to which ERHC was entitled. A panel of the London Court of International Arbitration confirmed that Addax Petroleum is entitled to the 7.2 per cent additional interest for no additional monetary consideration beyond the $18 million previously paid by Addax Petroleum to ERHC. Addax Petroleum will continue to carry the costs associated with ERHC's 19.5 per cent interest in JDZ Block 4.
Addax Petroleum has contracted to commence drilling operations in JDZ Block 4 in the fourth quarter of 2008, but believes that the drilling rig will not be delivered until the second half of 2009. In the interim, the Corporation continues to seek a rig of opportunity to drill the 458 MMbbl Kina prospect in JDZ Block 4 as early as the fourth quarter of 2008.
The JDZ was established in 2001 following the ratification of a formal bilateral treaty between Nigeria and the island nation of Sao Tome and Principe. The JDZ is located approximately 200 kilometres offshore Nigeria and is adjacent to deepwater areas where several large petroleum discoveries have been made. As at December 31, 2007, NSAI estimates the total best estimate unrisked prospective oil resources for identified prospects in the JDZ to be 2,323.1 MMbbl (990.5 MMbbl risked), of which the Corporation's working interest is 726.6 MMbbl (313.0 MMbbl risked), and the total best estimate unrisked prospective oil resources for the Kina Prospect to be 458.0 MMbbl (172.5 MMbbl risked).
Equator Exploration says in talks for collaboration on 2 Sao Tome blocks
LONDON (Thomson Financial) - Equator Exploration Ltd said it is in early
talks with international oil companies for collaboration over two blocks in the
Sao Tome e Principe.
The company said it has received expressions of interest from a number of
parties to take part in its interests in Nigerian territorial waters, OPL321.
Equator Exploration confirmed that it has obtained the approval from parties
to assign a 20 pct interest in the deep water block OPL323 to BG Exploration and
Production (Nigeria) Ltd.
It said it has also submitted for approval to Nigerian National Petroleum
Corp (NNPC) to allow the farm-out to be completed. But, the company said it has
not yet received approval from NNPC for the farm-out.
The company said the loan interest for 4.1 mln usd has been deferred until
the completion of the farm-out of OPL323 for which 17.4 mln warrants issued to
the lenders should be re-priced to 0.30 stg a share from 0.40 stg a share.
It said it has issued an arbitration notice to Peak Petroleum Industries
Nigeria Ltd as Peak has not yet made payments to the company towards
reimbursement of certain costs as part of the settlement agreement it had
reached to take over liabilities of Bilabri oil development.
Addax Petroleum announces third quarter 2007 results and 2008 capital budget
Budgeted Capital Expenditure
- the Corporation's capital expenditure budget for 2008 is $1,509 million, excluding new business acquisition considerations,farm-in fees and license signature fees;
- budgeted development capital expenditures amount to $1,175 million split 73% per cent to Nigeria, 23% to Gabon and the balance to the Kurdistan Region of Iraq. Development drilling is the largest item, accounting for $636 million or 54 per cent of the development budget;
- budgeted exploration and appraisal capital expenditures amount to $330 million including $175 million in Nigeria (excluding the
deepwater license area) and Cameroon, $90 million in deepwater
Nigeria and the JDZ, $42 million in Gabon and $23 million in the
Kurdistan Region of Iraq. The Corporation plans to drill up to 15
exploration and appraisal wells in 2008. The Corporation is
endeavouring to start exploration drilling on its deepwater
license areas as soon as possible in 2008. The Corporation is
actively seeking a drilling rig of opportunity to accelerate its deepwater drilling program and mitigate scenarios in which the
Aban Abraham drilling rig, already contracted to start drilling in late 2008, may be delayed.
Beans
Cash at June 30, 2007 $35,759,814.
Its all still there.
Do an EDGAR search for the Q.
Beans
Mugwump Loss from operations a little high
due to professional fees. The bump comes
from the 1/2 million litigation settlement.
Nothing surprising from my point of view.
Beans
Balance
I love to watch you guys work on the fly. Great morning and
even better topics.
Simply stated a reverse merger refers to who the surviving
entity will be. In this case the survivor is indicated to
be EEL. The company acquiring EEL does not necessarily have
to be a privately held company.
A statutory merger is where the acquirer takes over the ownership
and control of the target and remains the surviving entity.
Question to the Board - How does EO get taken out of this deal?
Cash is scarce in both companies if ERHC's cash is used to satisfy Peaks cash calls. Dilution? Preferred Shares? Manditorily Redeemable Preferred Shares?
Great Day
Beans
Careful it might be CROW!
Beans
Degenerate Gambler
You can buy the companies you named with Ameritrade through their US Pink Sheet Listings. The purchases are made using US dollars and there are no currency translations required. Although they are frequently thinly traded, the market makers adjust the price to reflect the current market value when they get a buy or a sell order. A few of the symbols are as follows:
afren afrnf.pk
addax petroleum adxtf.pk
artumus group amgrf.pk
bowleven bwlvf.pk
equator exploration eqrxf.pk
Hope that helps
Beans
The move was purely an economic decision based upon DOJ paying for half the costs. The problem is the truck the DOJ hired has yet to arrive at the new offices.
Beans
Oily
You must have a tax payment due.
Beans
Manny
What do you make of this company? Do you think they will actually get if off the ground?
Curios as to your thoughts? Do you own any shares?
Beans
HP
I can confirm Jeff's move from CVX to AXC. It happened when Tune originally posted the news.
Beans
Balance
Given the propensity for self-dealings and unfair practices which dilute the minority shareholders, the SEC instituted the Predecessor Cost Rules to prohibit unfair valuations for transactions with related parties. The bottom line is that the related party can sell to the issuer but the sales price cannot exceed what the related party paid for the assets being transferred.
Beans
Lugheads
I couldn't agree more. I also do not want to see any transactions betweeen Chrome and ERHC. Although this is completely out of our control.
beans
Balance
The cost is the amount actually paid by the predecessor. Cash paid would indicate the fair market value for the interests. There could be no step up in value. My concern would be the value used for the share price would be the closing price from the day the transaction was consumated. This value could be manipulated to some degree with a thinly traded issue.
Beans
If Chrome were to acquire properties and then sell them to ERHC for shares of ERHC, the transaction would fall under the Predecessor Cost Rules for Nonmonetary Transactions as listed in the SEC Staff Accounting Bulletins. Essentially, the sale to ERHC would have to be valued at the "cost" of the property to Chrome. So if Chrome acquired the interest in the properties free of cash compensation, the transfer of interest to ERHC would not be able to be valued any differently for ERHC's books. This is true for any transaction with an affiliate or principal involving a nonmonetary asset transfer in exchange for shares of the issuer.
Beans
Wondering out loud whether our new leader was educated in the CIS and prefers vodka with diet coke? Any thoughts?
Nicolae Luca,Technica1 Director
Engineer Luca holds a Masters degree in Mechanical Engineering from the University of Brasov, Romania. He joined the company as Construction Manager in 1998 and was later appointed Technical Director. A trained Mechanical Engineer and an Industrious Manger. He had his early education was at Ovidius Constantza in Romania.
Soft speaking, cool and collected, Luca Nicolae oversees the day-to-day running of the technical department of Chrome Oil Services Limited.
He is also responsible for all the technical Operations of the company as regard JointVentures, Partnership etc.
Surprisingly close to home.
Just curious
Beans
Because of Jakinta Moran's (spelling, from platts) reaction to her emails being published I'm not comfortable publishing who this came from.
Sorry
Beans
Mark
FYI from a certain journalist over the pond. I had emailed him asking if he knew the details of the JDA meetings with the Consortiums (especially Blk 2) regarding Drilling. Here is his reply:
sounds like stuff is moving a step further. Time to take notice methinks,
Here's the reply from one of my sources:
"In terms of the JDZ and meetings in Abuja, I can tell you that we are in the process of trying to organize a consortium of all JDZ operators in order to contract a rig for the initial drilling programs on all four blocks. In order to organize the consortium, we are effectively no longer looking for ad hoc single slots and unfortunately the queues for most drill ships to contract are quite long. We have identified one of the rigs with the shortest queue and are actively pursuing terms for it. We should also know more in the coming few months as to how the consortium comes together - and should then be able to discuss the drilling campaign in more detail."
Sounds good to me.
Beans
EQUATOR EXPLORATION 146.75 Up 7.90%
Any news or just another day in African Oil Exploration?
Beans
Equator up 4.21% on 14 times average volume.
Does anyone know why?
Check out Yahoo! Finance UK & Ireland.
EQUATOR EXPLORATION (LSE:EEL.L) Delayed quote data Edit
Last Trade: 136.00
Trade Time: 8:05AM ET
Change: Up 5.50 (4.21%)
Prev Close: 130.50
Open: 135.00
Bid: 136.00
Ask: 137.00
1y Target Est: N/A
Day's Range: 133.00 - 137.50
52wk Range: 85.84 - 388.00
Volume: 4,405,545
Avg Vol (3m): 313,207
Market Cap: N/A
P/E (ttm): N/A
EPS (ttm): 0.00
Div & Yield: N/A (N/A)
1d 5d 3m 6m 1y 2y
Good News - Dates are finally leaking out
for the drilling schedule.
Good find Rambus
Beans
Mark
A couple of weeks ago you said you had good news for the board but that you wanted to get confirmation before you made it public. I've been out of town and was wondering if you ever got confirmation?
Beans
Oilphant
My $.02 (Guess)
1. CVX's prior OBO announcement did not adequately disclose findings ("unacceptable" to JDA)
Another announcement to further clarify OBO1 results.
2. JDA not cooperating with CVX/XOM's way of thinking.
(Fallout coming) CVX/XOM will announcece the sale of their entire interest in OBO1 to SNP (Nigeria/China will push for first oil).
Sounds far fetched, but I would not have thought XOM would pass on round 2 preemptive rights either.
Who knows?
Beans
Kingpindg
Thanks for keeping me informed.
Beans
Baz
I was refering to Fish's post #54961 which
included Oily's Report.
I would like to know more than I do about
behind the scenes negociations.
Beans
Fishdog
I'm a long time lurker and not sure if I've heard of
Oily before. Who is he/she and what is their connection
to CVX or the oil business?
By the way, the info in their report sounds fantastic.
Beans
Fishdog
Wouldn't that be nice. It seems AXC agrees with you.
Beans
Addax Petroleum increases interest in JDZ exploration Block
Thursday April 13, 7:23 am ET
/NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN/
CALGARY, April 13 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum") (TSX: AXC - News) announces that it has increased its participating interest in Block 4 of the Nigeria/Sao Tome and Principe Joint Development Zone ("JDZ") from 33.3 per cent to 38.3 per cent by acquiring the 5 per cent participating interest held by Overt Ventures Ltd ("Overt"). The assignment of Overt's interest to Addax Petroleum has been approved by the Nigeria/Sao Tome and Principe Joint Development Authority ("JDA"). Addax Petroleum is the operator of Block 4.
ADVERTISEMENT
Commenting on the acquisition Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said, "We believe that the JDZ offers world-class exploration potential. This acquisition follows our strategy of investing in the JDZ as a core exploration area for Addax Petroleum."
In return for obtaining Overt's 5 per cent participating interest in Block 4, Addax Petroleum is obligated to pay:
- US$10 million to Overt as consideration for the interest, and
- US$5 million to the JDA comprised of a US$4.5 million signature bonus
associated with the acquisition of the 5 per cent participating
interest in Block 4 and an assignment administration fee of
US$0.5 million.
Block 4 covers a gross area of 857 square kilometers (211,773 acres) and the water depth ranges from approximately 1,800 to 2,200 meters. Seismic data acquired over Block 4 is presently being analyzed to delineate potential drilling locations.
Nigeria-Sao Tome & Principe JDZ
The JDZ is located approximately 200 kilometres offshore Nigeria and is adjacent to areas where several large petroleum discoveries have been made. The JDZ was established in 2001 following the ratification of a formal bilateral treaty between Nigeria and the island nation of Sao Tome and Principe. The JDZ is administered by the JDA.
About Addax Petroleum:
Addax Petroleum is an international oil and gas exploration and production company focused on Africa and the Middle East. Addax Petroleum is the largest independent oil producer in Nigeria and has increased its crude oil production from an average of 8,800 barrels per day for 1998 to an average to date of approximately 80,000 barrels per day in 2006. Further information about Addax Petroleum is available at www.addaxpetroleum.com or at www.sedar.com.
This announcement does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, common shares of Addax Petroleum to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful and, in particular, is not for release, publication or distribution in or into the United States, Australia or Japan.
The offer and sale of the common shares has not been and will not be registered under the US Securities Act of 1933, as amended, (the "Securities Act") and such shares may not be offered or sold in the United States unless registered under the Securities Act or an exemption from such registration is available. No public offering of common shares of Addax Petroleum is being made in the United States.
Certain statements in this announcement are forward-looking statements. Such statements are based on current expectations and are subject to a number of risks and that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.
For further information
Mr. Patrick Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47, patrick.spollen@addaxpetroleum.com
Mr. Mac Penney, Press Relations, Tel.: (416) 934-8011, mac.penney@cossette.com
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0) 22 702 94 44, marie-gabrielle.cajoly@addaxpetroleum.com
Mz157
Transfers of shares from your brokerage account to your IRA are prohibited.
Beans
Jdubs
It depends on serveral factors. Primarily the proportion of ownership by acquiring owners before and after the exchange, and the ownership %'s of the target owners before and after the exhchange. Most every share exchange is ran by the IRS for a letter ruling seeking their approval for a tax free status before they effect the exchange. Most of the stock swaps I've been involved with are tax free.
Beans
Aussie
I would venture a guess that the company would line up a buyer in a private transaction. Would not involve any exchanges.
Beans
Aussie
Coleman's shares are already included in the total outstanding shares as reported on the balance sheet as of the last Q (no further dilution upon sale). The 144 restrictive legend on the shares will be removed and the shares will be reclassified as free trading when they meet the restrictions. I would assume they already qualify as free trading or he would not have filed to sell them.
Homeport, If African Express Bank is Scheduled to be
liquidated as reported in the article posted earlier
NG News: NDIC gets court's nod to liquidate four
distressed banks, do you think they will sell the
ERHC Energy shares in a private transaction or will
they sell them into the market?
Who knows, maybe they have already been sold to obtain
liquidity to meet the NDIC Capitalization Requirements.
Any thoughts?
Beans
A copy of Sao Tome AG's Report
from Adelino Pereira can be found at (www.menas.co.uk)
Any subscribers in the house?
Rambus that was a good article with insight not
before reported. Thanks
Happy New Year to All
Beans